Quote

The assets you want to buy are the ones people have to sell.

People want to make sure there is flexibility to reallocate assets. They are trusting us to make the asset allocation decisions.

Capital isn't this pile of money sitting somewhere; it's an accounting construct.

So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.

Capital is that part of wealth which is devoted to obtaining further wealth.

In capital we trust. Capital is our savior, our holy grail, our fountain of youth, or at least health, for banks.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

You will always need more capital than you think, because it will always take you longer to reach profitability than you can imagine.

I really believe that if capital doesn't come to the entrepreneurs, the entrepreneurs have no choice but to go to the capital.

Big banks have long had private equity divisions that put up capital for deals too complex or risky for individual shareholders to finance.