liquidity: everyone on the record — The Minutes https://minutesof.com/on/liquidity/ Everyone on the record about liquidity: 24 verbatim quotes from 6 people, December 2012 to August 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:03 +0000 John Williams: Williams argues historical scholarship shows monetary policy extends beyond short-term rates to https://minutesof.com/q/b2e9c632-f082-487f-b2e2-3079b4600e49/ https://minutesof.com/q/b2e9c632-f082-487f-b2e2-3079b4600e49/ “However, this narrow understanding of monetary policy is alien to the history of monetary economics and central bank practice.” — John Williams, NY Fed speeches liquidity John Williams: Williams details rapid liquidity drain: ON RRP fell from $200 billion to near zero, reserves dr https://minutesof.com/q/fd735666-0001-48b1-9312-d0f1b15a5b6a/ https://minutesof.com/q/fd735666-0001-48b1-9312-d0f1b15a5b6a/ “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, NY Fed speeches liquidity Scott Bessent: Bessent explains the buyback increase responds to consistent strong demand from market particip https://minutesof.com/q/31a65555-ce89-4030-a899-dd5087ce132a/ https://minutesof.com/q/31a65555-ce89-4030-a899-dd5087ce132a/ “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.” — Scott Bessent, Treasury press and remarks liquidity Scott Bessent: Bessent announces Treasury is doubling buyback operations from $2 billion to at least $4 billio https://minutesof.com/q/6dddb59c-268e-4550-98be-7d51d3abee8b/ https://minutesof.com/q/6dddb59c-268e-4550-98be-7d51d3abee8b/ “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, Treasury press and remarks liquidity Scott Bessent: Bessent announces Treasury will double buyback operation sizes from $2 billion to at least $4 b https://minutesof.com/q/916393f5-7767-47d8-bfe8-98d45dd7095f/ https://minutesof.com/q/916393f5-7767-47d8-bfe8-98d45dd7095f/ “The current maximum size of $2 billion per operation will be at least $4 billion per operation.” — Scott Bessent, Treasury press and remarks liquidity Marc Rowan: Rowan references recent gating of direct lending funds as negative liquidity discussion in the ind https://minutesof.com/q/35476c29-e358-4141-b6e8-7ebf3c95c09f/ https://minutesof.com/q/35476c29-e358-4141-b6e8-7ebf3c95c09f/ “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.” — Marc Rowan, i101 Tue, 04 Aug 2026 22:00:07 +0000 liquidity Marc Rowan: Rowan dismisses redemption concerns, saying Apollo handled $750 million in first quarter outflows https://minutesof.com/q/8ae8c1e7-a21b-40ed-b719-674c07f446ff/ https://minutesof.com/q/8ae8c1e7-a21b-40ed-b719-674c07f446ff/ “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, CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 liquidity Marc Rowan: Rowan argues public and private markets both contain risk; the key difference is liquidity, not sa https://minutesof.com/q/245af8cf-6d4d-4672-be3e-7016560da06d/ https://minutesof.com/q/245af8cf-6d4d-4672-be3e-7016560da06d/ “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, Marsh Fri, 06 Feb 2026 21:54:43 +0000 liquidity Bill Gurley: Gurley questions if Yale model works when universally adopted, notes Yale itself selling $6B. https://minutesof.com/q/e64f76a4-2e08-434f-973a-d7ac71178786/ https://minutesof.com/q/e64f76a4-2e08-434f-973a-d7ac71178786/ “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.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 liquidity Marc Rowan: Rowan notes investment grade bonds take five days to sell, predicting poor trading in risk-off mom https://minutesof.com/q/5f3b9b3c-78a9-4cb6-a9c3-9f0c03e62ef4/ https://minutesof.com/q/5f3b9b3c-78a9-4cb6-a9c3-9f0c03e62ef4/ “Takes five days today to sell an investment grade corporate bond. We should expect in every risk off moment public credit to trade poorly.” — Marc Rowan, Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 liquidity Marc Rowan: Rowan challenges the perception that public markets are safe and private markets risky. https://minutesof.com/q/277bcf60-ecbe-492a-9755-99df1a9e77f3/ https://minutesof.com/q/277bcf60-ecbe-492a-9755-99df1a9e77f3/ “We have a perception that what's public is safe and what's private is risky. But what if we're wrong?” — Marc Rowan, Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 liquidity Bill Gurley: Gurley says late-stage investors enable two-year employee liquidity at OpenAI and Stripe, removin https://minutesof.com/q/da209ba2-0265-4fbe-8e68-e23dd54d8d0e/ https://minutesof.com/q/da209ba2-0265-4fbe-8e68-e23dd54d8d0e/ “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.” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 liquidity Marc Rowan: Rowan states that trading capital in fixed income markets has declined to just 10% of 2008 levels. https://minutesof.com/q/b450c199-5d31-4b57-b270-0d94aefd2555/ https://minutesof.com/q/b450c199-5d31-4b57-b270-0d94aefd2555/ “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.” — Marc Rowan, CNBC Television Fri, 20 Sep 2024 13:38:12 +0000 liquidity Marc Rowan: Rowan states that selling an investment grade public corporate bond now takes five days due to liq https://minutesof.com/q/3f510ab2-1eb9-45a6-b219-3ddc2d746c7e/ https://minutesof.com/q/3f510ab2-1eb9-45a6-b219-3ddc2d746c7e/ “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, CNBC Television Fri, 20 Sep 2024 13:38:12 +0000 liquidity Marc Rowan: Rowan questions why $12-13 trillion in 401k plans are daily liquid for fifty-year investments. https://minutesof.com/q/f09ed83b-b4c9-44f6-baa5-e76a9a9d7e1f/ https://minutesof.com/q/f09ed83b-b4c9-44f6-baa5-e76a9a9d7e1f/ “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, Yahoo Finance Mon, 06 May 2024 16:23:24 +0000 liquidity Marc Rowan: Rowan says Apollo has no daily or quarterly liquid money, structured to exploit illiquid assets. https://minutesof.com/q/183775d3-3b02-43ab-a7ab-a96b87ab68af/ https://minutesof.com/q/183775d3-3b02-43ab-a7ab-a96b87ab68af/ “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, Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 liquidity Marc Rowan: Rowan argues retirement systems know their liquidity needs for ten years and should get paid for i https://minutesof.com/q/69be1527-0a25-4fb3-88a6-8682ba49f0a5/ https://minutesof.com/q/69be1527-0a25-4fb3-88a6-8682ba49f0a5/ “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, Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 liquidity Stanley Druckenmiller: Druckenmiller expects 800 billion in treasury issuance by year-end as liquidity conditi https://minutesof.com/q/f049b61b-b689-4ce7-bcfc-a797c9f27b8c/ https://minutesof.com/q/f049b61b-b689-4ce7-bcfc-a797c9f27b8c/ “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.” — Stanley Druckenmiller, Bloomberg Live Wed, 07 Jun 2023 15:27:20 +0000 liquidity Marc Rowan: Rowan says $8 trillion in equity printed since 2008 created a fabulous credit entry point as it's https://minutesof.com/q/b12322d7-8423-451b-945a-cd3c802e709e/ https://minutesof.com/q/b12322d7-8423-451b-945a-cd3c802e709e/ “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.” — Marc Rowan, Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 liquidity Marc Rowan: Rowan reframes public versus private markets as fundamentally about liquidity rather than risk. https://minutesof.com/q/1d4daa1f-225e-4b95-8e27-c5e50630de20/ https://minutesof.com/q/1d4daa1f-225e-4b95-8e27-c5e50630de20/ “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, Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 liquidity Marc Rowan: Rowan argues institutions should get paid for liquidity risk rather than equity or credit risk. https://minutesof.com/q/2be56cc4-0f89-44db-8dea-161e7acb6e88/ https://minutesof.com/q/2be56cc4-0f89-44db-8dea-161e7acb6e88/ “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, David Rubenstein Wed, 20 Apr 2022 11:09:09 +0000 liquidity Gavin Baker: Baker says investors are running a new metric: days of solvency with zero revenue. https://minutesof.com/q/a73e3844-5c2f-4c63-ad2a-4773621bc803/ https://minutesof.com/q/a73e3844-5c2f-4c63-ad2a-4773621bc803/ “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.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 liquidity Gavin Baker: Baker says investors are running a new metric: days of solvency with zero revenue. https://minutesof.com/q/4892898f-28b6-435f-bbd1-ff65292b0b52/ https://minutesof.com/q/4892898f-28b6-435f-bbd1-ff65292b0b52/ “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, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 liquidity Bill Gurley: Gurley says no LP in Benchmark's history has ever asked them to provide liquidity faster. https://minutesof.com/q/76427795-dc05-469d-a2c8-2a3e76beb837/ https://minutesof.com/q/76427795-dc05-469d-a2c8-2a3e76beb837/ “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?” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 liquidity