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The biggest opportunity in investing is always in the parts of the market that nobody finds exciting.
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Credit is the lifeblood of the economy. People obsess over equity returns while the credit markets quietly generate superior risk-adjusted income.
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We do not win by hitting home runs. We win by not striking out. Consistency beats brilliance over any meaningful time horizon.
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Insurance is not a boring business. It is the most elegant asset-liability matching machine ever invented.
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The firms that will dominate the next decade are the ones that control origination — not the ones that just allocate capital.