“I was literally in 2021, I was holding 80 to 90% cash just saying, listen, I'm not going to give this government my money and lend it to them for 10 years at 50 basis points.”

“Total Fund Management… combine our asset allocation function with our treasury function. Asset allocation is what you want to buy. Treasury is how do you pay for it.”

“I've held as much as 90% of this fund in cash at one time and as little as 10%.”

“If you buy companies at 4x… you’re buying 10 M worth of cash flow… you’ll have cash flow from subsidiaries to fund later deals.”

“Scott Besant… buying $6 billion in bonds… you’re talking about $6 billion versus a $40 trillion treasury market… it seems like it’s clearly failed because long-term rates have marched significantly higher”