Scott Bessent

14 statements across 1 episodes · 4 bullish · 1 bearish · 1 people on the record · first statement Nov 4, 2024 by Scott Bessent · said 24 times in 10 episodes since 2021 · across every show →

On the record as a speaker too: Scott Bessent's record, appearances and statements → this page counts the times other people say the name.

Mentions by year

brought up most by Ted Seides (13), James Aitken (4), Josh Wolfe (3), Paula Volent (2), Eric Peters (2)

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00224420212022202320242025episodesmentions per episode
2025 11 mentions in 4 episodes 3 per episode
2024 10 mentions in 3 episodes 3 per episode
2022 2 mentions in 2 episodes 1 per episode
2021 1 mention in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Scott Bessent, oldest first

Nov 4, 2024
Insight
Bessent: Liquid markets are like cards and backgammon, not chess
“The liquid markets game are cards and backgammon. It is luck and how are you going to manage the hand you're dealt?”
Scott Bessent Nov 4, 2024 ▶ 38:18 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 bullish
Disclosure
Bessent: Gold is my largest position in a long-term bull market
“Then I think we are in a long-term bull market in gold. I think we're seeing reserve accumulation by central banks. I follow it closely. It's my biggest position.”
Scott Bessent Nov 4, 2024 ▶ 55:23 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 negative
Assertion Not checkable as stated
Bessent: Mortgage book author's fund lost 100% during the subprime crisis
“We had a very distinguished mortgage manager come into the office. I think he'd actually written the Wiley book on mortgages and tell us what a great buy mortgages were halfway through the crisis, and I think his fund went down a hundred percent.”
Scott Bessent Nov 4, 2024 ▶ 8:44 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024
Insight
Bessent: Portfolios cannot survive being concentrated, illiquid, and leveraged all at once
“One of my risk management techniques have been, you can be one thing, but not many. You can't be concentrated, illiquid, and leveraged. I prefer to be liquid and then to use leverage.”
Scott Bessent Nov 4, 2024 ▶ 50:06 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024
Insight
Bessent: Bad government regulatory policy creates highly profitable investment opportunities
“That was really my first go with seeing how bad policy creates good investment opportunities.”
Scott Bessent Nov 4, 2024 ▶ 18:31 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 positive
Insight
Bessent: Great external managers provide big thematic trade ideas and SPVs
“A very good manager is someone you're proud to be invested with. They have good returns and you never have to worry about the phone call that things have gone pear-shaped. So that's a very good manager for an outside manager. A great manager would be someone w…”
Scott Bessent Nov 4, 2024 ▶ 31:08 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 neutral
Opinion
Bessent: LTCM's 1998 collapse was relative value gone amok, not macro
“Long-term capital had blown up in 1998, And that wasn't really macro, it was more RV gone amok.”
Scott Bessent Nov 4, 2024 ▶ 32:15 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024
Assertion Partly supported
Bessent: Soros bought Jon Corzine's $3.5B Italian bond liquidation in 2011
“I think five days in, the biggest trade I'd ever done was John Corzine's firm got liquidated out of their Italian bond position, and it was a three and a half billion dollar trade. I still had the index card that I worked it out on. JP Morgan called us, and I …”
Scott Bessent Nov 4, 2024 ▶ 36:22 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 neutral
Assertion Not checkable as stated
Bessent: Ray Dalio pitched his research newsletters door-to-door in the 1980s
“All these CEOs and getting all this great exposure, and also getting great exposure, people like Leon Cooperman, Byron Wayne, Ray Dalio used to come in and sell us this newsletter.”
Scott Bessent Nov 4, 2024 ▶ 13:52 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024
Insight
Bessent: Cutting risk in December is almost always right
“When I look back, almost every time that I've taken it down, it's been the right thing to do, because there's always a counter trend.”
Scott Bessent Nov 4, 2024 ▶ 48:59 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 positive
Insight
Bessent: Allocators Get Best Results Adding to Good Managers in Slumps
“There was a very good study from the Common Fund that said one of the most successful strategies for allocators that when you believe in the manager, and I always tried to do this when I was at Soros or any investment committee that I'm on, When a manager has …”
Scott Bessent Nov 4, 2024 ▶ 51:53 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024
Insight
Bessent: Failed economic policies still generate massive, lucrative market price gyrations
“The policy decision doesn't have to work. But it can cause a lot of price gyration.”
Scott Bessent Nov 4, 2024 ▶ 46:48 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 neutral
Insight
Bessent: Macro investing requires episodic home runs rather than steady win rates
“A lot of macro tends to be more Babe Ruth than Ted Williams, and the investors grow impatient, they pull out, you have a big year, big two years, the money comes back in, rents and repeat.”
Scott Bessent Nov 4, 2024 ▶ 51:18 Scott Bessent - Macro Maven (EP.415)
Nov 4, 2024 positive
Insight
Bessent: Microeconomic company data drives macro decisions better than aggregate models
“My style, still the Duquesne style, is that the micro drives the macro. We can get a huge amount of information from what companies are telling us. We can't predict the PCE deflator better than anybody. We can't have a better model for LEI, but if trucking com…”
Scott Bessent Nov 4, 2024 ▶ 21:30 Scott Bessent - Macro Maven (EP.415)
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