portfolio

“Even if you're just, if you're not a portfolio manager or not responsible to outside investors, I would still argue it's worthwhile writing down your thoughts on what you're doing. Because it just clarifies where true north is. And so what I found through the …”

“I think direct management of portfolios is a wonderful training for someone who ultimately becomes an allocator because you get used to pulling the trigger, you get used to being wrong and having to extricate yourself from mistakes and understanding the nature…”

“I've never seen sustainable efforts to reliably manage currency risk as a way to generate positive returns in portfolios.”

“I think we're going to find that the portfolios that applied that logic to the greatest degree are the worst performing. And so that behavior will be significantly curtailed, whether it's through regulation or whether it's through investment committees and end…”

“Need to build socially resilient portfolios, meaning if we have widespread and acute social inequality, that's just going to lead to reduced social cohesion. You have more social unrest, and that's really value eroding for everyone in the system.”

“There's usually 12 to 15 names in the portfolio in various degrees of progress.”

“Any family, any individual who's trying to think what their portfolio should be, and put their blinkers on, and just look at the securities portion, is in my view, making a mistake of excluding other factors that really make a difference.”

“The traditional way of measuring relationships really leaves a lot of information on the table. You're either describing a small portion of that return, or you're just building portfolios that don't have, aren't dynamic in terms of how those relationships chan…”

“Well, I want 10 ideas that give me 200 to 400 basis points of performance, or I want six ideas that give me 300 to 400 basis of performance, and I want to minimize my losses to 50 basis points. And if I can have a handful of 50 basis point losses, that tells m…”

“I think the heuristic is at least once a week, If not a couple of times a month, you want to come in, you want to look at your portfolio, and you want to say, based on all the inputs that I'm getting every day to assess these, if there was a mistake and this b…”

“Or you can do what we did, which is a 10 to 15% position in the portfolio, which is sizable in a portfolio like ours.”

“I knew that one of the big problems with CIOs is they stay too long. And I do think portfolios need refresh.”

“You've got to be willing to put some good assets in a portfolio, as well as the ones you want to get rid of, because you have to remember on the other side, the secondary investor is going to go to their IC. They're going to present the transaction. You need s…”

“Where we've gotten on that front is that categories are just communication devices. You can't really boil a portfolio like we're all running into four headers and have it accurately describe what's going on.”

“And the portfolio isn't sized based on the highest IRRs. A lot of times the highest IRRs have the fattest tails to them.”

“It's very hard to be nimble with a 700 plus billion dollar portfolio. What we need to do is to build a portfolio that is resilient through a broad range of macroeconomic conditions.”