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We are not in the business of predicting markets. We are in the business of managing risk.
risk— Institutional Investor interview, 2015
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The goal is not to have the best year in the industry. The goal is to never have the worst year.
investing— Bloomberg profile, 2018
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If you are not willing to fire people who lose money, you will eventually have nothing left to manage.
management— Financial Times interview, 2012
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Diversification only works if your strategies are genuinely uncorrelated. Most funds think they're diversified and find out in a crisis that they're not.
diversification— Absolute Return magazine, 2009
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The system has to be bigger than any individual in it. That includes me.
philosophy— New York Times profile, 2020
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Capital should follow performance. It sounds obvious. Almost nobody actually does it.
capital-allocation— Hedge Fund Intelligence conference, 2016