Who is on this subjectordered by the date of their first quote here
3 of 3 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 2 Oct 2024 — a date, and nothing else. It is not a claim about who reached a view first.
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Gavin Baker
1
thin
2 Apr 2020 – 2 Apr 2020
-1644 d
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Marc Rowan
2
thin
2 Oct 2024 – 3 Sep 2025
+0 d
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Howard Marks
2
thin
24 Mar 2026 – 12 Jun 2026
+538 d
The chronologysourced and dated, oldest first
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Gavin Baker
Baker notes that highly leveraged names like Domino's were among the best performers after 2009.
“Go back to what were the best stocks coming out of June 2009? Netflix, booking.com, Ulta Beauty, Domino's Pizza. Domino's was a name that was incredibly levered.”
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Marc Rowan
Rowan contrasts bank leverage of 12-14x with zero leverage at typical institutional investors and mutual funds.
“A bank is levered 12 to 14 times. The typical institutional investor is levered zero. The typical mutual fund levered zero. Typical BDC levered 1.5 times. Typical retirement services company levered eight times.”
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Marc Rowan
Rowan distinguishes between traditional private equity and a new model of private equity without leverage or fund structures.
“I think we're heading to a world where we not just have private credit, but we have equity that is private, not just private equity.”
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Howard Marks
Marks observes a 17-year period without profound low points led people to forget leverage risks.
“And from March of o nine until, let's say, January '26, there generally were not profound low points. And when good times roll on that long, people forget about the possibility of bad times.”
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Howard Marks
Marks notes declining rates made financial engineering and leverage particularly effective at generating returns.
“In this period we've been through of declining interest rates, financial engineering helped a lot, merely owning assets with leverage helped a lot, things regularly went to premium valuations.”
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