stocks

“And we're not going to see if we have five percent return on stocks, we're not going to have 15% returns on private equity. But historically you've gotten a three or 400 basis point premium, and maybe we'll get that kind of premium again, and that's real money…”

“Anybody who buys a stock, it's the same as being long a call and short a put, you know, at current level. And so if you decouple those things you can be a naked put seller and that's less risky than owning, owning the stock because the puts are out of the mone…”

“That really is the big innovation, is this idea that digital wallets will be able to hold all different kinds of assets. You'll be able to hold shares of stock and bonds and pieces of real estate, maybe the mortgage to your home, like all these different sorts…”

“If you're selling somebody, you know, a shitty stock or mutual fund, whatever, they're giving you know, 10 grand. And sure, that sucks to lose that, but when you're selling life insurance policies to somebody, and you're asking for giant commissions premiums, …”

“I was with Mike Milken recently, and he specifically said the reason he likes bonds as opposed to stocks from an investment standpoint is, I don't need other people to buy them. I just need them to pay me off. So I'm happy being the only person buying them. In…”

“And like, to me, it's gotta be a lot easier to pick stocks than to drive a car for a computer.”

“For most stocks, there tend to be two or three sort of key issues. You might call them linchpin issues, perhaps, and the ability to find those things and dwell on them as soon as possible tends to be very helpful”

“So today, and it's not so dissimilar from what it was back then, today it's about four or 5000 stocks that are long, four or 5000 stocks that are short.”

“Japanese general public's financial literacy is not as high as I hoped, and there's a very strong sort of, like, a resistance or, like, hesitation among Japanese people to invest in stock because they think it's risky.”

“Similarly, hedge funds or absolute return, I've typically divided that into two categories, equity-oriented strategies, i.e. Long short, because there we assume you're going to have a . Seven-ish correlation to stocks. But you're going to have less volatility …”

“What we began to notice in 2019 was stocks were behaving unpredictably, even if you really knew the fundamentals. It was as if the things that we were doing in the short run Didn't matter at all.”

“In the end, you have to have some price work. You have to find a way of paying a few thousand good analysts to help price the equities, and I don't know how they will work it out. It's over my pay grade, but one day in the distant future, there might be a very…”