NISA Investment Advisors

“I think of a NISA investment advisors who are just, you know, along now with legal in general, really own the liability-driven investing space in America.”

“So fortunately, with a lot of work, we got those ISTAs set up at that moment to be collateralized fully in each direction. So we'd post, they would post, and that kept us out of a lot of trouble in oh eight, oh nine, and still a scary time in a lot of ways, bu…”

“In the last year and a half, Clients have systematically increased either their allocation of fixed income, or they've increased their hedge by adding more derivatives to the portfolio.”

“I think there's increasingly a view that some component of hedge fund returns are known inefficiencies, and, you know, could be inefficiencies in the commodity market, et cetera, that are not extractable, and you shouldn't pay two in 20, and maybe not even one…”

“We recently actually were just in the midst of launching, of all things for a fixed income manager, a high yield product, which we've never had, and super excited about it. It's more of a systematic strategy than a deep fundamental credit.”

“So that's our physical side of the house, which is well north of two hundred billion now. The remaining AUM are in derivative overlay strategies, and those are quite heterogeneous.”

“I don't need to go on CNBC and say, here's what my rate call is, because we think those are really, really poorly compensated risks, even if you get it right more than you get it wrong.”

“Our physical assets, over half of them are Boring old U.S. Treasuries, but they work. They get the job done on hedging, and they're great collateral.”

“Something got ingrained in me in that employee ownership's a big deal on quality, and he was asked millions of times to franchise, and he never did. He thought that would lead to mediocrity, and so I think I also learned things about, you measure your growth.”

“There's a lot of things pitched often by the dealer side, Wall Street side, that we don't really believe in, and we will go in and talk to clients, and we've frequently done this. We put some Surgeon General's warnings on things. We're like, here's where that …”