San Francisco

“The other thing that has us very excited is that we think that Silicon Valley is only going to last for so long. If for no other reason, California is becoming very business unfriendly. If Gavin Newsom wins the gubernatorial race, And he does to California wha…”

“I think we were, 99 was the only class of Harvard graduates that sent more people to San Francisco than New York City, which was a leading indicator of what was going to happen, and it did happen a year later.”

“Because I was in emerging growth technology, there was a whole network of people that I knew from my nine years in San Francisco that were venture capitalists, growth equity investors, CEOs, and that provided a really nice database for me when underwriting new…”

“I'll probably get in trouble for this, but San Francisco has moved so far to the progressive end. They've lost a 100,000 residents out of 900,000 people.”

“And so the worst office market in the United States is San Francisco, where 30% of the space is vacant or trying to be subleased, which is staggering.”

“So we don't own anything in San Francisco or New York. We own a couple hotels in New York. We own no office, no residential anymore, and we've been active in these markets. We got out years ago, way before COVID.”

“We were still from 2020, we're still only say 30% of occupancy in New York, San Francisco, around 20%.”

“The thing that kills me dead, and this is a work one, is when I meet with folks, and they tell me about what a good investor they're in, because they're in companies A, B, and C, and the number of times that I hear, literally in the course of a week, the same …”

“So you've seen a lot of talented entrepreneurs who were originally from Latin America, who moved to San Francisco or New York, all moving home to do startups, because now there's capital that you can fund businesses.”

“So engineers, despite the challenge of Wall Street, were always at a discount to the Bay Area. The cost of living in San Francisco became much higher than New York in the last five to seven years.”

“And where we are today is we have a 190 people at the firm. In three offices, New York, Chicago, and San Francisco, we manage money exclusively for wealthy families. There are about a 180 families where we're overseeing their wealth, and that's thirty two bill…”