LIQUIDITY

Liquidity matters more than earnings in the short run. The Fed is the most important variable in markets. Always.

The 2008 crisis taught us that liquidity management is as important as return generation. Surviving to fight another day matters more than any single trade.

Real estate is illiquid. Our secondary market lets investors sell positions early. That changes everything.

Liquidity is overrated in good times and underrated in bad ones. That cycle is what keeps pricing inefficient in credit markets — and that inefficiency is our business.

Liquidity is the one thing you can't buy when you actually need it.

I'd rather have a portfolio of B-plus managers with great liquidity terms than A-plus managers who lock up my money for five years.

In a crisis, the only thing that matters is liquidity. You can be right about every position and still go bankrupt if you can't meet margin calls.