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17 results for “exit strategy”
...exit much at all but we had a successful investment going into 2011 and I just remember calling up the CEO of the business and just saying most of the management teams really start thinking about exits around this point in time. You're four or five y
30:42 / 32:00
from transcript30:42 – 32:00
...to ultimately exit? There's a couple of factors, Ted, that went into that. For one thing, we were getting close to the end of the continuation fund. I think we had two years left in the continuation fund. We had obviously developed a tremendous reput
45:47 / 46:47
from transcript45:47 – 46:47
...How have you gone about the ultimate decision process of whether to redeem from a manager? Terminations are a long time coming. Generally, folks get on a watch list. We had a situation over '23 and '24 where performance was poor. This is a public man
42:47 / 43:54
from transcript42:47 – 43:54
...convexity. And so we have embedded stop losses within everything that we do, and that gets us out of the way. We got out of all of our equities in the February, and so we thank god. But that's why we built things the way we've built them. Now one of
29:15 / 30:21
from transcript29:15 – 30:21
“PE-like duration with venture-like IRR but high cyclicality creates exit challenges”
...exit question has become more the issue for them. So then it's who are you what are you doing from a secondary's perspective? What are you doing from a continuity funds perspective? How can you enter
22:30 / 23:05
market insight22:30 – 23:05
Lot of the multi PM pod shops, there's certain drawdown and they're out. What's your game theory around that? There's the pre mortem, and there's the mortem. So you try to do your best to figure out what the pre mortem. You've constructed a portfolio
44:12 / 45:15
from transcript44:12 – 45:15
because if you're trained to the two x gross is acceptable, it's hard to shake that later. That's a tough lesson to unlearn. From there, we have a dedicated investment sourcing team, and they are breakfast, lunch, and dinner out trying to find new sp
18:00 / 18:59
from transcript18:00 – 18:59
There are several drivers of turnover, and I think what you might be getting at is there are sometimes where that person reaches a certain inflection point in his or her life and career and said, you know what? I this is not the path. Like, I was tal
36:04 / 37:01
from transcript36:04 – 37:01
...my view of the strategy is I I think it's much more of a macro story. And crisis just happens to be a very extreme macro environment, so the strategy is really about
23:14 / 24:26
from transcript23:14 – 24:26
those that were the gen one spin outs that we backed, they're on gen three now. They're referring as people who didn't even work at the firm when they left ten years ago. Usually, what happens is when you're considering leaving your firm and you've d
18:30 / 19:51
from transcript18:30 – 19:51
The pressure of a drawdown often creates the innovation to get better. If you just fire people at that point, someone else gets the benefit. We've certainly been the beneficiary of that. I could give you examples of PMs that have left some other plac
35:16 / 36:23
from transcript35:16 – 36:23
...that strategy. They somehow find something to do all the time everywhere in the world. And so one of my deeply held convictions and when I look at the managers who I identify the most with over my career, they all make money in very different ways, b
26:11 / 27:16
from transcript26:11 – 27:16
...is a strategy that people are drawn to traditionally to reduce volatility and drawdowns, which on average, historically, it does. And that's kind of the what we call the left tail, chopping off that left tail. And, however, one of the cool things abo
24:05 / 25:05
from transcript24:05 – 25:05
...in a strategy that's like this, they tend to revert. They tend to be cyclical. And so there is a premium to being patient with strategies and not just picking, you know, those at the bottom of the list and saying, okay. Well, that doesn't work anymor
10:36 / 11:36
from transcript10:36 – 11:36
...strategy. That assumption You're dead right. Has been the winning strategy. You are dead right. But from time to time, we get attempted regime shifts by central bankers. Attempted. And that's when we need to be on guard. And when central bankers priv
1:06:01 / 1:07:16
from transcript1:06:01 – 1:07:16
The markets were small, but vol was low. And so what happens when vol is low is some people accept a lower return, and some people lever up to make the returns equal. People like me, we accept a lower return. We communicate that because the thing tha
53:53 / 55:09
from transcript53:53 – 55:09
I'm going to allocate X to it knowing that if X goes to zero, we're still the going concern as a fund manager. And, you know, years later, they're selling those things in the seventies and eighties and taking profit and moving on. But the lesson ther
25:29 / 26:32
from transcript25:29 – 26:32
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