Tremblant Capital

“As I said earlier, we own 25, maybe 30 stocks and our holding period is usually two to three years on a name.”

“Because somebody exits a firm, And they were getting X percent of the economics. And then there's a bleed out for a number of years where, you know, three or five years where they get some portion of those economics. You have enough of that. And then the peopl…”

“For me, 20, 25 names is probably about right. We can do a lot of research. So you say, well, we should have two to four percent positions. We don't really outsize massively anything. A big position for us might be five percent.”

“Well, now there's finally a real cost of capital again. And we think it's a phenomenal shorting environment. Why? Because there's a whole bunch of people that are carrying a ton of debt that was basically for free, which is not for free anymore. And so what we…”

“We got invested in Apple in January of oh four. It was our largest position for years. In October of oh eight, the stock fell 50% and stayed there for six months.”

“And so I think on August first, I think we had seventy two million AUM, which was pretty good.”

“What I found is people who are talented don't want to keep going to the quote head person and saying, Hey, I think we should buy da da da. And the person who spent three hours on it is saying, Hey, this is really compelling. And the head guy's like, nah, I don…”

“We are the opposite. We talk about little data. We want to go find that one thing that's going to drive success or failure and bring a lot to bear on that one thing, and that is where we spend all of our time.”

“You're not going to outmodel the other guy. We're going to build models. Figure out the one driver that will dictate success or failure to your thesis, and then spend all your time on that one thing.”

“Know in advance what the failure plan is, and so what I concluded was that I'd fund the business for 24 months, and if by month 25, I was not cash flow break even, then I should shut down.”

“We've never had gates on our strategies. We don't need them because we're super liquid.”

“Everybody at the firm gets paid first on how we perform for our clients. And secondly, on the relative contribution to that performance.”

“In what we do, everything's infinitely liquid. We're not in privates.”

“I think there is a lot more conversation around active ETFs from people who look like us. Start as long short funds, this kind of stuff. I think you'll see a lot more. I don't know why you wouldn't, because for your own money, it makes too much sense.”

“You sell when it hits your price target, and nothing else has changed. It feels good when it goes up. I think it's gonna go higher. Really? Your opinion? Or is that a fact-based decision? You gotta be fact-based. You gotta stay rigid. So you said the stock was…”

“We're not interested in good ideas. Like, Hey, I think if this, and this happens, we can make 15%. It's like, well, that's good, but we're long-term investors. And so we're looking for things that we think can double or more in three years or less.”

“We made a bunch of money in BlackBerry, and then we lost a bunch of money in BlackBerry. We were early, one of my partners was like, this mobility thing is going to scale much faster than people think, and the winners are going to be Apple and Google and Black…”

“The people who are in the portfolio manager seats, they're managing positions for the entire portfolio. These are not carve-outs. It's, hey, you're going to take a two to four percent position for the firm, and you're going to decide when to do that, and you'r…”

“By our one year anniversary, we had just under a billion dollars AUM and then we grew from there.”

“We took our money away from Lehman Brothers in the summer of oh seven.”

“We measure the risk of our counterparties. Very simple. We look at the CDS of anybody who holds our client's money. If the CDS goes above a certain level, we pull our money. There's no conversation. We do not get paid to take that risk. We need counterparties …”

“You cannot get promoted here unless you can show that you're developing people because we want to develop talent internally, and that's worked out really well for us over time”