"The good girls go down with the bad, and I think that we're going to see all of them underperform for quite a while even though there are great ones out there." - Wilfred Frost [05:47]

"It's like a sort of runaway horse being confronted with a human being for the first time, they don't really know what to do." - Jim Mellon…

"Our best year wasn't the year we made the most money our best year was the year we had only a 7% return in tangible equity it was 2008 and that outperformed everybody and that was our finest moment in a relative sense." - Jamie Dimon [00:02:54]

"I tell people if you said the market's going to fall 40% there's only a 10% chance that's 4% that's one PE…

Quotes

"It is easier to sell one's signature than a bale of silk and it was also more profitable." - Joseph Wechsberg / Merchant Bankers 00:04:58 "We must not let in daylight upon magic." - Traditional Merchant Banking Motto 00:07:20 "Lawyers like to complicate matters. We like to…

"We worshiped efficiency and gave up resiliency. We wanted consumption but we didn't focus on production." - Scott Bessent [24:00]

"I think of it sometimes like a firearm, it can be used for extraordinary virtue and extraordinary mischief." - Scott Bessent [29:11]

"The worst thing you can do is to get out over your…

1. Executive Briefing (TL;DR)

• The Core Thesis: The current macroeconomic environment presents unique valuation anomalies, particularly with resilient, technology-driven economies like Israel and structurally sound U.S. mega-cap growth companies trading at unwarranted discounts. Long-term capital compounding relies on mimicking proven frameworks, such as Berkshire Hathaway's insurance float model, while…

• "Saying there are bubbles and saying you can make money from bubbles are not the same thing." - Cliff Asness [00:25:15]

• "Timing the market based on pure valuation is... a suicidal quest." - Cliff Asness [00:03:23]

• "If you're long a thousand stocks and short a thousand…

Note - This podcast was recorded on Tuesday, 23 June 2026

• "Markets are about something a bit more than just who had the better mousetrap. It's all these different players sitting around the table with various incentives... you've got to understand the human aspects." - Mike Schumacher [00:11:31]

• "He thinks markets do best... when people in the…

"If you worry, you don't need to worry. And if you don't worry, you need to worry. Because if you don't worry, you're not taking care of the things that you should worry about." - Ray Dalio [00:11:47]

"I think my core competency is insecurity... insecurity allows for curiosity because if you're insecure, you don't think you're the smartest person in…

Note: This episode was recorded on 7th June, 2026.

"America is the biggest bubble... AI is a huge trend so was the internet but I think we will see some tradeoff in global markets at some point." - Ashish Dhawan [00:15:02]

"China has 6 million factories and we have about 300,000 factories... I think the structural thing because we're so…

1. Executive Briefing (TL;DR)

• The Core Thesis: The United States maintains unparalleled capital market supremacy and national security strength, but this long-term dominance faces structural headwinds from fiscal indiscipline and erratic regulatory policies like shifting tariffs. Sustaining the U.S. dollar's primacy requires a bipartisan commitment to long-term fiscal constraint, policy stability, and a…

"I remember getting the elevator at home and saying like literally I hope when I come back we're still in business and CNBC had a van parked outside of our four walls trying to get that bankruptcy footage." - Ken Griffin [00:01:08]

"I understand risk i've grown up in risk i've run towards risks when sensible people have run away from them and…

Executive Snapshot: Master Philosophies

| Leader | Organization | Core Cultural Metric / Mandate | | :--- | :--- | :--- | | Nikolai Tangen | Norges Bank Investment Mgmt. | Culture as a leading indicator: Balance sheets show the past; culture shows the future. | | Ken Griffin | Citadel | Absolute Meritocracy: Explicitly optimize for winning; eliminate participation trophies. | | **Michael…

"We as the UAE and as Abu Dhabi and as Mubadala refuse and will not be defined by a few weeks of disruption and volatility, but rather we're going to be defined and we are defined by the decades of stability that we have shown as a country and as institutions that is underpinned by a clear long-term vision." - Waleed Al Mokarrab Al Muhairi…

"Bureaucracy, complacency, and arrogance will take down a company; bureaucracy is like the petri dish of politics." - Jamie Dimon [00:06:41]

"You can be great at process, but if you like the process and not the outcome, you are just a good bureaucrat." - Jamie Dimon [00:09:40]

"The input…

"Just because you read Intelligent Investor in 2025 doesn't mean the stock market is going back to 1949." - Ashish Somaiyaa [00:14:51]

"If you try to maximize anything, Mr. Market will definitely turn around and minimize you one day." - Ashish Somaiyaa [00:51:17]

"Generalization…

"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…

"The financial services industry is pretty consistent on... the independence of the Fed is critically important." - Charlie Scharf [00:01:04]

"I just wouldn't paint the picture of private credit separately from bank credit... there are people that do it really well... and there are those that have piled in that are just looking for growth." -…

"The best way to get rid of poverty, the best way to put a nail in the coffin of poverty, is to give somebody a job." - Ajay Banga [00:23:24]

"I use the words that this could be instead of being a light at the end of the tunnel it could be a freight train coming your way." - Ajay Banga…