"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…

"I think the analogy I made was with the 20s because it's a time when there were major technology breakthroughs... and fragmentation started to also significantly change the way the world worked." - Christine Lagarde [00:00:38]

"It's imperative for Europe and for the Europeans to appreciate, value, and vote for the value delivered by social…

• "The strongest comparison... is to the TMT internet.com bubble of 98 99 2000." - Howard Marks [00:05:46]

• "Risk means more things can happen than will happen." - Elroy Dimson (quoted by Howard Marks) [00:23:38]

• "Maybe you're searching among the branches for what only…

"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…

"Our business today is really built around raising capital from the largest pools of money around the world and then turning around and deploying that capital into the largest and most attractive investment themes around the world." - Connor Teskey [00:00:15]

"Probably two-thirds, maybe even 70% of what we invest in today was not an investable asset…

"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)…

"[What] we do as investors is generally try to find pockets of mispricing—so almost by definition, if we're doing our jobs well, things are at least partially out of consensus." - Lauren Hochfelder (On the nature of successful investing) [00:01:46]

"I remember being at this dinner with some of my greatest industry colleagues... I'm talking about buying industrial…

"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…

"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…