"Markets can be wrong for a really long time even if you are right... I think the efficient markets hypothesis I learned in business school is garbage." - Rick Rieder [00:06:29]

"Markets are vicious when they know you're in a bad spot they tend to find you." - Rick Rieder [00:07:05]…

"When I look at important emerging industries um and I see a company with a large customer base they may not be profitable yet but they're doing good things in this world a world I want to live in and their stock's down... What's the reason?" - David Gardner [00:22:15]

"I don't invest in companies whose fundamental business is to take money from…

"Our focus has been 40 years now with just one mission, just extraordinary risk-adjusted returns." - Nicolas Giauque [00:01:20]

"Don't lose money. Rule number two: Remember rule number one." - Nicolas Giauque [00:03:57]

"An investment thesis is not a religion. It should be provable wrong. If…

"Great fortunes are not built in noise. They are built in the silence of conviction." - Nikunj Dalmia [00:01:07]

"If you are a country and you know that the events are not designed by you and lot of things happen around you on which you don't have a control, it is a tough time." - S. Naren…

"Has there ever been a more dangerous environment on every level... population bust, climate change, geopolitics, trade war, actual live war in two or three places... if you think the future looks one of the two or three best futures that we have ever had in the last 100 years, you're smoking dope." - Jeremy Grantham [00:00:45]

"Every Yorkshire worth his…

"This theory [Black-Scholes] only works in a world where there are no crashes where all the motions are small and predictable. They must be wrong." - Jean-Philippe Bouchaud [00:06:01]

"It's very hard to arbitrage trend following... Momentum is not only a Fama-French factor but it takes on its own life." - Jean-Philippe Bouchaud…

"You cannot increase the taxes in US you cannot bring austerity so the only way out is for them to inflate because inflation is a kind of a tax which does not get noticed very easily." - Ravi Dharamshi [00:03:00]

"The war might happen at a particular point in time or place in time but it is really won in the manufacturing floors on the shop…

"Our message to our clients is have a plan, stick to that plan, rebalance. It's about time in the market, not timing the market, and that's what drives long-term financial success." - Rick Wurster [00:36:52]

"The average age of our new client is in the 30s and about a sixth of our new clients is under the age of 24, so we really are seeing…

"Last 16 incidences when you've had a rising power compete with an established power 12 have led to war." - Ashish Dhawan [00:05:34]

"Our goods trade as a percent of world goods trade is only 1.8% Which makes no sense for a country that represents 16 to 17% of humanity." - Ashish Dhawan…

"The gray bubbles are associated with great investment ideas that get overdone... Railroads are the best example followed by the internet." - Jeremy Grantham [00:00:00]

"When you look around you you have to say that the biggest thing for getting on in life is to be confident." - Jeremy Grantham [00:09:27]

"The only…

"The future's very hard to go and identify, but I noticed the people who are very good traders are the people who react the quickest to changes because they're not so set." - Lloyd Blankfein [00:13:02]

"You can recover from losses and live to fight another day; you can't recover from being dead." - Lloyd Blankfein…

"it is a revolution in some ways probably as important as the internet 30 years ago" - Francois Rochon [00:06:07]

"i would not let the market decide how much the companies are worth because it wouldn't be less listed on the stock market... I let the companies own uh really indicate to me what they're worth" - Francois Rochon…

"we already come through the rough So maybe it's just a time correction that you're looking at and post that life should be quite easy" - Kenneth Andrade [00:01:58]

"a doomsday scenario is when your population stops growing and actually starts declining And I think that's that's the biggest problem that us not us as a country but us us as a specy…

"Experience is what you got when you didn't get what you wanted." - Howard Marks (Reflecting on his early career losses with the Nifty Fifty bubble) 00:04:41

"Good investing is not just a function of buying good things, but of buying things well." - Howard Marks (Discussing the critical difference between asset quality and asset pricing)…

"If you look at today you're not going to make any money. If you try and look ahead and what might change and how investors might perceive something ahead... that encapsulates what we look at." - Stan Druckenmiller (On anticipating market perception) [00:03:31](https://www.youtube.com/watch?v=z_pk4eBDaLA&t=0h3m31s)

"My advantage is not IQ, it's trigger pulling... I have a very narrow form of intelligence…

"Your spreadsheet is always so wrong, you know it's usually wrong in the bad direction... and the biggest difference between when it's wrong in the bad direction and the good direction is the person running the company." - Andrew Reed (On the limits of quantitative analysis in early-stage investing) [00:07:22](https://youtu.be/JReNZ9X2IE0?t=7m22s)

"You can't find the companies with the 90th percentile…

"Risk was always the first thing that mattered... I love George Soros's definition... which was: 'Not knowing what you're doing.'" — Sir Chris Hohn (Defining his investment philosophy) [01:57](https://www.youtube.com/watch?v=wPNs8DZ0FvE&t=117s)

"I hate competition. Competition erodes your profits and maybe you don't make any money at all... Competition and disruption are the whole thing." — *Sir…

"Competition kills profits. That’s as simple as that. Substitution eliminates your business." — Chris Hohn (Discussing the importance of moats) [02:32](https://youtu.be/M01NZc2QlDk?t=152)

**"Growth without barriers to entry is not a combination that you want. You can have profitless growth. The airline industry over a hundred years has had a lot of growth... but airlines as a business cumulatively and…

Executive Summary

In this episode of In Good Company, Nicolai Tangen interviews Mike Gitlin, CEO of Capital Group, to explore the management philosophy behind one of the world's largest investment firms ($3+ trillion AUM). The conversation centers on Capital Group’s unique "Capital System," which mitigates risk by dividing funds among multiple portfolio managers and analysts rather than relying…

"It's not a bubble when everybody thinks it's a bubble. It's going to be a bubble when we get to the other side of this." — David Craver 12:48 (Discussing AI market sentiment)

"I used to be able to read a press release and tell you what the stock was going to do the next day. And that is no longer the case." — David Craver…

Executive Summary > In this episode, Dmitry Balyasny traces his remarkable journey from a seven-year-old immigrant from Kiev, Ukraine, who spoke no English, to the helm of a $30 billion multi-strategy hedge fund. The core thesis of the conversation centers on the architecture of a hedge fund, arguing that success stems from building a scalable "business" rather than a personality-driven…