Who is on this subjectordered by the date of their first quote here
5 of 6 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 2 Apr 2020 — a date, and nothing else. It is not a claim about who reached a view first.
-
Bill Gurley
3
thin
11 Dec 2012 – 10 Jun 2025
-2669 d
-
Gavin Baker
2
thin
2 Apr 2020 – 2 Apr 2020
+0 d
-
Marc Rowan
13
20 Apr 2022 – 4 Aug 2026
+748 d
- Stanley Druckenmiller 1 thin 7 Jun 2023 – 7 Jun 2023 +1161 d
- John Williams 2 thin
-
Scott Bessent
3
thin
The chronologysourced and dated, oldest first
-
-
Bill Gurley
Gurley says no LP in Benchmark's history has ever asked them to provide liquidity faster.
“And we've never once, never in the history of the firm as I ever recall a limited partner calling us and saying why aren't you getting us liquidity faster?”
-
-
-
Gavin Baker
Baker says investors are running a new metric: days of solvency with zero revenue.
“Days of liquidity with zero revenue has been the acid liquidity test that I think a lot of investors have been working through.”
-
Gavin Baker
Baker says investors are running a new metric: days of solvency with zero revenue.
“Days of liquidity with zero revenue has been the acid liquidity test that I think a lot of investors have been working through. And then from a broader perspective, I think a couple of insights.”
-
-
-
Marc Rowan
Rowan argues institutions should get paid for liquidity risk rather than equity or credit risk.
“I often say you can take equity risk. You can take credit risk. The risk these institutions should always get paid for is liquidity risk.”
-
-
-
Marc Rowan
Rowan reframes public versus private markets as fundamentally about liquidity rather than risk.
“We now know public can be risky as well. We now have found out that private can be both safe and risky. What we're talking about is differing degrees of liquidity.”
-
Marc Rowan
Rowan says $8 trillion in equity printed since 2008 created a fabulous credit entry point as it's withdrawn.
“Equity we printed $8,000,000,000,000 from 2008 until 2022. Exactly what was supposed to happen happened. Now that we've started withdrawing it, entry point for credit is fabulous, has adjusted very quickly.”
-
Stanley Druckenmiller
Druckenmiller expects 800 billion in treasury issuance by year-end as liquidity conditions reverse from earlier stimulus.
“So you're going to probably about 800,000,000,000 in treasuries issued between now and year end. The Fed will be continuing on with QT.”
-
Marc Rowan
Rowan argues retirement systems know their liquidity needs for ten years and should get paid for illiquidity.
“Liquidity liquidity is a risk to everyone but in differing degrees. So if you are a retirement plan or a retirement system, you know your liquidity requirements for the next ten years.”
-
Marc Rowan
Rowan says Apollo has no daily or quarterly liquid money, structured to exploit illiquid assets.
“There is no daily liquid, quarterly liquid money at Apollo. We are ideally situated to take advantage of less liquid assets. We've structured ourselves that way.”
-
-
-
Marc Rowan
Rowan questions why $12-13 trillion in 401k plans are daily liquid for fifty-year investments.
“What are these people invested in? They don't know. Well, I'll tell you, on the whole, they're invested in daily liquid mutual funds and ETFs for fifty years.”
-
Marc Rowan
Rowan states that selling an investment grade public corporate bond now takes five days due to liquidity issues.
“By recent measures, it would take you five days to sell an investment grade public corporate bond today because there is no liquidity.”
-
Marc Rowan
Rowan states that trading capital in fixed income markets has declined to just 10% of 2008 levels.
“We're just finding out, for instance, that there's no liquidity in fixed income markets. That trading capital in the world is 10% today of what it was in 2008.”
-
-
-
Bill Gurley
Gurley says late-stage investors enable two-year employee liquidity at OpenAI and Stripe, removing IPO pressure.
“one of the things they're doing is they're supporting massive founder liquidity and employee liquidity. And so that's happening at Stripe, that's happening.”
-
Marc Rowan
Rowan challenges the perception that public markets are safe and private markets risky.
“We have a perception that what's public is safe and what's private is risky. But what if we're wrong?”
-
Marc Rowan
Rowan notes investment grade bonds take five days to sell, predicting poor trading in risk-off moments.
“Takes five days today to sell an investment grade corporate bond. We should expect in every risk off moment public credit to trade poorly.”
-
Bill Gurley
Gurley questions if Yale model works when universally adopted, notes Yale itself selling $6B.
“What if everyone goes to 50% illiquid? Will it still work? I think that's a provocative question. But I think that's what happened for sure.”
-
-
-
Marc Rowan
Rowan argues public and private markets both contain risk; the key difference is liquidity, not safety.
“What if private is safe and risky, and public is safe and risky, and we're talking about differing degrees of liquidity in different markets? I think that's what we're seeing.”
-
Marc Rowan
Rowan dismisses redemption concerns, saying Apollo handled $750 million in first quarter outflows easily.
“And so for us, $750,000,000 in the first quarter, dollars $750,000,000 out in the first quarter, this is not of any moment.”
-
Marc Rowan
Rowan references recent gating of direct lending funds as negative liquidity discussion in the industry.
“The most recent discussion that's had across our industry on liquidity has been in the negative context of the gating of direct lending funds over the past few months.”
-
-
-
Scott Bessent
Bessent announces Treasury will double buyback operation sizes from $2 billion to at least $4 billion starting September 9, 2026.
“The current maximum size of $2 billion per operation will be at least $4 billion per operation.”
-
Scott Bessent
Bessent announces Treasury is doubling buyback operations from $2 billion to at least $4 billion starting September 9, 2026.
“This change is effective September 9, 2026 and will be in effect for the remainder of this refunding quarter (through November 4, 2026).”
-
Scott Bessent
Bessent explains the buyback increase responds to consistent strong demand from market participants in longer-dated nominal sectors.
“This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants, as evidenced by the significant volume of high-quality offers Treasury routinely receives in longer-dated buyback operations.”
-
John Williams
Williams details rapid liquidity drain: ON RRP fell from $200 billion to near zero, reserves dropped $350 billion.
“Between early July and mid-September—when the TGA reached around $800 billion—the ON RRP fell from a balance of about $200 billion to de minimis levels, and reserves fell by $350 billion.”
-
John Williams
Williams argues historical scholarship shows monetary policy extends beyond short-term rates to broader liquidity and longer-term rates.
“However, this narrow understanding of monetary policy is alien to the history of monetary economics and central bank practice.”
-
Where they overlapsame programme, same subject
- Invest Like the Best also carries Bill Gurley and Gavin Baker on this subject, at different times.