Scott Chan

The best idea that won that year was really from our private equity division, the head of our private equity division, Margo Wirth, who thought that preparing for a recession is like the best idea. And that won because as we were thinking about how we handled the 08-09 crisis, we thought we could improve on this. And so we spent

The best idea that won that year was really from our private equity division, the head of our private equity division, Margo Wirth, who thought that preparing for a recession is like the best idea. And that won because as we were thinking about how we handled the 08-09 crisis, we thought we could improve on this. And so we spent

The best idea that won that year was really from our private equity division, the head of our private equity division, Margo Wirth, who thought that preparing for a recession is like the best idea. And that won because as we were thinking about how we handled the 08-09 crisis, we thought we could improve on this. And so we spent

you know, a year, year and a half in front of, before actually COVID hit, you know, how are we going to plan for the next crisis? And so we were ready to deploy significant amounts of capital over a pathway to the private markets. That didn't happen. What happened was we saw a V-shaped recovery.

you know, a year, year and a half in front of, before actually COVID hit, you know, how are we going to plan for the next crisis? And so we were ready to deploy significant amounts of capital over a pathway to the private markets. That didn't happen. What happened was we saw a V-shaped recovery.

you know, a year, year and a half in front of, before actually COVID hit, you know, how are we going to plan for the next crisis? And so we were ready to deploy significant amounts of capital over a pathway to the private markets. That didn't happen. What happened was we saw a V-shaped recovery.

The biggest thing that we were able to do was really invest back into the global equity markets, which if we didn't rebalance the portfolio, say, we might have been 10% off of our target in global equity, because it kept declining rapidly at that point in time.

The biggest thing that we were able to do was really invest back into the global equity markets, which if we didn't rebalance the portfolio, say, we might have been 10% off of our target in global equity, because it kept declining rapidly at that point in time.

The biggest thing that we were able to do was really invest back into the global equity markets, which if we didn't rebalance the portfolio, say, we might have been 10% off of our target in global equity, because it kept declining rapidly at that point in time.

So we rebalanced and we were getting set to really target a lot of dislocation in the private markets, but it rebounded in a V-shaped way to the degree that no one got the opportunity really to place significant amounts of capital in that.

So we rebalanced and we were getting set to really target a lot of dislocation in the private markets, but it rebounded in a V-shaped way to the degree that no one got the opportunity really to place significant amounts of capital in that.

So we rebalanced and we were getting set to really target a lot of dislocation in the private markets, but it rebounded in a V-shaped way to the degree that no one got the opportunity really to place significant amounts of capital in that.

And that was way different than 08, 09, where there was this long path of being able to deploy capital and some of the best opportunities were in the private markets. What's interesting about market dislocations is the cause and what tends to be an opportunity at that time. It changes dramatically from one crisis to the next.

And that was way different than 08, 09, where there was this long path of being able to deploy capital and some of the best opportunities were in the private markets. What's interesting about market dislocations is the cause and what tends to be an opportunity at that time. It changes dramatically from one crisis to the next.

And that was way different than 08, 09, where there was this long path of being able to deploy capital and some of the best opportunities were in the private markets. What's interesting about market dislocations is the cause and what tends to be an opportunity at that time. It changes dramatically from one crisis to the next.

Yeah, the lesson learned is keep enough firepower and liquidity to really invest when there are dislocations. In this case, we end up putting on some very, very significant futures positions in the global equity markets. That's a form of leverage, for example. And we were very much rewarded in rebalancing the portfolio in that way. And that's hard to do.

Yeah, the lesson learned is keep enough firepower and liquidity to really invest when there are dislocations. In this case, we end up putting on some very, very significant futures positions in the global equity markets. That's a form of leverage, for example. And we were very much rewarded in rebalancing the portfolio in that way. And that's hard to do.

Yeah, the lesson learned is keep enough firepower and liquidity to really invest when there are dislocations. In this case, we end up putting on some very, very significant futures positions in the global equity markets. That's a form of leverage, for example. And we were very much rewarded in rebalancing the portfolio in that way. And that's hard to do.

You got to check your gut because the markets are down. They can be down 20%, 30%, even 40%. And here you are buying into it. That is not easy to do, even if you have a plan, right? Because it just doesn't feel right. You feel that the next day and the next day after that, markets can continue to go down. It's hard to have the discipline to do that in reality.

You got to check your gut because the markets are down. They can be down 20%, 30%, even 40%. And here you are buying into it. That is not easy to do, even if you have a plan, right? Because it just doesn't feel right. You feel that the next day and the next day after that, markets can continue to go down. It's hard to have the discipline to do that in reality.