“Look at SOFA spreads, the move index, credit spreads and term premia. Those are all warning signs of what could be going wrong or right.”

“Our global liquidity cycle this is shown as an index um it's basically an index of the underlying momentum of global liquidity so this is the underlying growth rate and you can see that it moves in four in five to six year spans or cycles”

“Senior bond spreads move from the low 60s to the circa 70 area; major bank T2 spreads drift from high 115-120 to low 130”

“In oil, we call it a crack spread… In soybeans, we call it a crush spread… At DRW, we call this the crunch spread”

“You have a billion in the fund, you might buy 1.3 billion worth of those stocks, then overlay some well thought out hedges. It might be something as simple as buying put spreads, you know, 95, 85 put spread”