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“The higher the yield somebody offers you, the more risk involved. Whatever else they say is bull crap.”
“Big banks like JP Morgan or what we call too big to fail banks... these banks are so well capitalized and so wellrun and have so little risk in their systems. They do not invest in these things.”
“But all this bad credit is only bad because the companies that they lend to aren't paying it... is the majority of businesses in America backed by private credit? And the answer is absolutely not.”
“So when it was a private credit or equity product um it's it's it's actually debt a lot of it when when it was a private product KKR sold it to us and when it went public we dumped most of it because usually after these things go public they trade at a discount.”
“And so, that's why private credit's screwed because if you don't can't get rates lower, then they can't refinance these loans lower, then they just can't pay them and then they go bad. And that's what's happening.”
“So I think the best example would be post World War II. So post World War II was probably the most successful postwar venture that Europe and the United States did by helping Germany and Japan rebuild their economies and put in new democratic governments.”
“What what I mean in fairness though, they did have 500 kilos of that missing highlyenriched uranium after, you know, we we were inspecting that and watching that before our B2 bomber strike last summer, June or July.”
“So, I mean, where does that I mean, what conversations are y'all having with clients right now who are saying, 'Hey, I've got extra money. Do you throw it into the index now? Do you wait? No. Do you keep some cash for a rainy day? You know, what are you telling people? Uh, it's risk off. It's risk off.”
“Now you get this war and what happens with the war whether we win or lose or whatever ends up happening is it adds a level of uncertainty and that level of uncertainty is quite high. So you have to revalue the S&P at a lower price earnings ratio because we don't know how this will come out.”
“But Claude co-work exists right now and we're using it right now and we're like building stuff on it. It's the coolest stuff ever. Like Agent Force is [__] It's It's not a real thing.”
“The epiphany I had was this concept that AI is like books smart but it has no experience right. And so humans have experience and so if you add AI to you what you do you become a superhuman.”
“I look at it as the opposite problem. It's an opposite problem. they're not going to be able to deploy the capital fast enough because of bottlenecks and the bottlenecks. So that the it's a race to see who can solve the bottleneck so that their AI systems will work best first.”
“And the market is expecting two rate cuts this year. How many rate cuts are we actually going to get this year, Ross? Zero. Zero. don't do not expect rate cuts.”
“the best part of the inflation story is the one place we're not seeing inflation is in labor. We're not getting employees coming in here saying, 'I'm quitting for another job because they're going to pay me 20% more.'”