"The “right” amount of concentration is unknowable in advance, but the more concentrated your approach, the wider the range of outcomes you need to be prepared for."
"Illiquidity isn’t a bug to be fixed. It’s a feature of private equity."
"Financial markets are currently pricing the AI revolution as though introducing a predator of this scale into the economic ecosystem will leave the rest of the food chain undisturbed."
"We’ve never had people in a more gambling mood than now. Since humans love to gamble so much, there’s more money in actually cultivating gamblers than there are cultivating investors."
"Illiquidity isn’t a bug to be fixed. It’s a feature of private equity."
"Financial markets are currently pricing the AI revolution as though introducing a predator of this scale into the economic ecosystem will leave the rest of the food chain undisturbed."
"We’ve never had people in a more gambling mood than now. Since humans love to gamble so much, there’s more money in actually cultivating gamblers than there are cultivating investors."