Off the record
“Companies are in denial. We run a downside scenario with different assumptions and then we say: ‘You have a five billion hole in your balance sheet.’ They are pissed off, we continue on that journey for about four weeks, and then they capitulate”
Patience is a virtue in banking
“Activists have crawled into a ditch. First, they had portfolio problems. Second, they realised that you can’t go torture some company because you think you have a great opportunity”
One activist critic points out that coronavirus is a humanitarian crisis. If it was a financial crisis, things would be different
“If all PE sponsors pulled down their capital calls, how many pension funds would be able to meet them?”
One investor points out the flaw in all of those private equity dry powder numbers
“Kids come to us for financial advice, or to their peer group, but not to their parents.