Alan Waxman

And I think people get caught in these tunnels and have a hard time stepping back.

Either they don't have the periphery to look at it, or they don't have people around them that have been through cycles, but they get in these behavioral patterns.

and they have an inability to look back.

And I think whenever there's a crisis and people lose money, and we saw this in 0102, I saw a little bit in August 98, definitely saw it on GFC, saw it in COVID before the Fed bailed everyone out and made some people that shouldn't have looked smart look smart, but that's a whole other thing.

I think people are surprised when that happens, but it's all right in front of you.

In 0607, you could have looked at what's happened.

There's over 100% loan-to-value loans to houses.

Anyone could get a mortgage.

There are all these mortgage renters just pumping with no consideration for credit quality.

And I think just the tunnel vision of ignoring not only the risk units on that particular deal, but the risk units of what's around you.

That's one of the biggest mistakes that people make.

And I don't know if people are surprised by that, but it's very hard to evaluate risk units if you're only looking at it through one lens versus multiple lenses.

That's what we learned back in 2001, 2002.

We had all those 10 disparate businesses where no one was talking to each other.

And that's why they were actually put together.

I give David Vineyard a ton of credit.

He's probably the best CFO, in my opinion, ever on Wall Street.

He is one of my mentors.

He is exceptional.

We're the biggest investor out there.