“We also episodically hedge what we call black swan risk. We look for, you know, the event that could cause a market crash. And the way we manage that risk is by buying these sort of asymmetric instruments, credit default swabs, various kinds of options to hedge.”

“The second way is to hedge out your dollar risk, which means that you still buy the US stocks, but that you sell some dollars to try and smooth out any risk on the currency side.”

“Absolute return investing, on the other hand, it's not just a long only fund. I can go long. I can go short. I can put on relative value trades. I can use synthetics like credit default swaps.”

“We really found that the split was always like 70 percent wholesale, 30 percent G2C, but grocery really became such an impulse buy… I see them as living together in unison.”

“The way I like to think about it is… Black Swan events… Gray Rhino events… silver linings… typical way you see companies think about this in their annual risk snapshot.”