Steve Rattner
10 statements across 2 episodes · 2 bullish · 3 bearish · 2 people on the record · first statement Nov 18, 2019 by Steve Rattner · said 1 times in 1 episodes since 2024 · across every show →
On the record as a speaker too: Steve Rattner's record, appearances and statements → this page counts the times other people say the name.
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2024 1 mention in 1 episode
Everything said about Steve Rattner, oldest first
Nov 18, 2019
Rattner: Willett willingly pays high fees if net performance is demonstrably superior
“I believe that it's a little bit of reverse engineering, that I'm willing to pay almost any level of fees if I believe the net performance is going to be superior. So we have people that we pay very high fees to, because I really believe they're exceptional pe…”
Nov 18, 2019
Rattner: Bloomberg's family office fortunately launched with mostly cash in 2008
“We actually opened our doors for business, his business on January one of 2008, which I mentioned because you know what happened in 2008. And so we went right down the water slide with everybody else. Fortunately, most of our money was in cash in 2008.”
Nov 18, 2019 negative
Rattner: Over-diversifying across 100 fund managers guarantees index-like mean reversion
“If you do the math, right, a firm has, let's just say, a hundred managers. So each manager has one percent of your capital on average. And each of those managers has 20 top positions. What is that? Five basis points of your capital is in some given position. N…”
Nov 18, 2019 negative
Nov 18, 2019 positive
Rattner: Willett's most successful managers are fiercely independent owner-operators
“We like owner operators. We want Firms that are owned by the people who are actually managing the money, not part of some colossus. We want the lead person, or lead couple people, if that's what it is, to just be so driven that you can feel that they taste thi…”
Nov 18, 2019 positive
Rattner: A company's primary fiduciary duty is to responsibly serve its shareholders
“And I'm almost with Milton Friedman, who wrote that famous New York Times Magazine piece in 1970, which said that the job of a company is to go out and make money ethically, legally, responsibly, but ultimately to serve the shareholders.”
Nov 18, 2019 negative
Rattner: Firing underperforming fund managers rarely creates value compared to holding them
“One of the things that I force the team to do once a year is go back and look at our terminated managers, because it's easy to fire a manager. And in most firms, you fire a manager, nobody's ever going to ask you again, well, how did that manager do? Did you m…”
Nov 18, 2019
Nov 18, 2019
Rattner: Banking and private equity skills do not translate to asset management
“People assume, and maybe Mike assumed this, that because I had been a banker and a private equity guy, I could run an investment management firm, but it's like asking a cardiologist to look at your elbow that you think you might have broken that's really belon…”