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My background's a little bit different from most fixed income portfolio managers. I run
an absolute return fund; there were no absolute return funds back in 2005.
It's been an incredibly difficult road, but I love the product that we offer to investors,
I love the process, I love my team. Because we have to work hard. We can't rely on markets
to move the right way for us at all times. Each person is incredibly important. If one
person doesn't do their job correctly, the machine breaks down. What you count on is
getting very reliable parts to the machine.
Just because something has been accepted, you know, for decades, doesn't necessarily
mean that it's optimal.
A lot of people know that have an interest in a small business. So it's automotive
service, automotive parts. That is one of the most cyclical businesses you can ask for.
And it gives me great clues to what the economy is doing.
Every weekend I'll go in there and I meet with some of our biggest customers. You get
a real feel for what the economy is doing.
What we do is high pressure. No two days are ever the same in the office; it all depends
on what volatility, what markets are doing.
It's been quite an evolutionary process, quite a learning process along the way, but like
I said, going back to the lessons I learned as a kid, that's how we do things, and I wouldn't
change a thing about it.