Howard Marks
👤 SpeakerAppearances Over Time
Podcast Appearances
But that was 95.
Then I think we moved to 98.
I said, okay, I'll take that other stuff.
For the life of me, I couldn't figure out the difference between Explorer and email, but I got there eventually.
We tend to increase our AUM in bad times.
And of course, that is the best time to put money to work.
Or when you think there's going to be a bad time.
Yes, that's right.
In advance of bad times.
That job is still open for you.
Most firms, if they have a very successful fund, will follow it up with another fund, which is larger on the back of that.
But if you think about it, if you had a success in a given area,
the good performance of that fund is synonymous with appreciation.
In other words, everything in that area is now more expensive.
So I would say you should raise less money, not more.
And that's the way we operate.
And if you look at our funds, we've been in business three or four cycles.