The following collection draws from a few of the many notable quotes in 2008 Pensions & Investments news stories that are worth remembering. They display the perspective, intellect, enthusiasm, worry, surprise and humor that investment management professionals bring to the business of managing institutional funds. In random order:
“If you look at periods of economic recessions in the U.S. since World War II, the worst-case scenario was in 1973-'74 and the worst (Standard & Poor's) decline from peak to trough was 48%.” Jonathan Armitage, portfolio manager and head of U.S. large-cap equities, Schroders PLC, New York, Oct. 27.
“Any dislocation in the markets creates opportunities.” Kevin Quirk, partner, Casey Quirk & Associates LLC, Darien, Conn., May 12.
“You'll see a sobering up of investors” who were chasing alpha, and a shift in the frame of reference from "we have to make more money' to "we can't afford to lose any money.'” Richard Ennis, chairman, Ennis Knupp & Associates Inc., Chicago, and editor of the Financial Analysts Journal, Oct. 27.
“The rating agencies have revealed themselves as useless at best, and even destructive. If they had not rated a lot of securities AAA, a lot of these securities would not have been bought and a lot of capital would not have been destroyed.” Julian Mann, vice president, First Pacific Advisors LLC, Los Angeles, Jan. 7.
“You have to be standing in order to take advantage of the rebound, of the enormous opportunities that are going to emerge.” Thomas Strauss, managing member and CEO and CIO of Ramius Capital Group LLC, New York, April 28.
“There's no light, no tunnel, no liquidity, no equity.” Jeff Barclay, managing director and head of acquisitions and development, ING Clarion Partners, New York, Dec. 8.
“For those of us who have been around for 20 years, this is one more bad cycle. I was on trading desks during 1987. ... I, for one, am glad right now I have those scars to prove markets will survive this cycle, too.” Deborah D. Boedicker, director of marketing, Strategic Investment Group, Arlington, Va., Oct. 13.
“People often ask me if I sleep like a baby and my answer is: yes, I'm up every two hours screaming. The volatility has just been remarkable.” Christopher Ailman, CIO, California State Teachers' Retirement System, Sacramento, Oct. 27.
