PODS

“And I think what the pods do really well is they put it in writing. They tell you what your percentage is going to be, and then you go and you make money. And so that to me seems to be effective. And then what they do is they put a whole lot of handcuffs on yo…”

“We are also tracking the real-time KPIs, because that's what everybody's using. So I would call that today table stakes, to know what the pods and the short-term investors are seeing in the data, and so sometimes it's helpful to say, oh, they're going to miss …”

“That doesn't really exist anymore in broad strokes. It's been diced up. You've got the distress funds, you've got the pods, you've got some single managers left, but there's not so much capital going to broad opportunistic mandates. It's become more specialize…”

“It would be very hard to build a team if you started from scratch today of 10 very great senior analysts with just generalist frameworks because they're coming from single manager hedge funds often or pods where they've had a specialization.”

“80% of the returns of these pods are generated on quarterly earnings or the day after quarterly earnings, which means they are looking out for one quarter.”

“And the pods have grown four X since Long Pond has existed.”

“At a lot of these multi-managers, there are a couple of pods, and maybe I am out of date, who are running a disproportionate amount of money with really good returns. The reason they have a disproportionate amount of money is because they have a long history o…”