Andrew Beal Quotes
101 Andrew Beal Quotes (Beal Financial, Beal Bank, Daniel Andrew Beal)
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[On starting Beal Bank in 1988.] All the other banks were failing. What better time to start a bank? If everybody else is going broke, that simply means your competition is going away.
Andrew Beal
[In March 2001] You have to work very hard at being disciplined all the time when you underwrite loans so that, when bad times come, you don't have the worry that you made bad loans two years ago when times were good.
Andrew Beal
[In 2005] If people say I’m doing something crazy, that’s usually a good sign.
Andrew Beal
[In April 2009] Why do people not do the great deals and do all the stupid ones?
Andrew Beal
I’m not that much of a risk taker. I just take situations that people perceive to be high risk, and I decide that they can be managed to low risk.
Andrew Beal
People told me I was crazy.
Andrew Beal
I’m really very conservative.
Andrew Beal
[In October 2000] Unfortunately, development of a reliable low cost system is simply not enough to insure commercial viability.
Andrew Beal
[In October 2000] There will never be a private launch industry as long as NASA and the U.S. government choose and subsidize launch systems.
Andrew Beal
[In December 2001] Asking NASA to develop low cost space access is analogous to asking Amtrak to develop new low cost locomotives or the US Postal Service to develop new low cost electronic mail systems.
Andrew Beal
[In December 2001] Let’s all be thankful that Congress didn’t fund NASA to develop low cost personal computers to compete with Dell and Compaq and new low cost operating software to compete with Microsoft. With enough money, NASA will always succeed.
Andrew Beal
[In December 2001 on Beal Aerospace.] When Congress and NASA targeted $10 billion to fund competing launch systems, we threw in the towel. We simply could not compete with such government-funded boondoggles.
Andrew Beal
I am a good guy made to look like a bad guy for doing what every taxpayer does – appropriately use the law to minimize taxes.
Andrew Beal
Great facilities attract good people.
Andrew Beal
[In July 1996 on lending in Mexico] You try to lend where capital is scare. A lot of lending dried up down there. So we can fill the void.
Andrew Beal
[In July 1996] I wouldn't agree that (because) the loan is Mexican makes it a higher risk. We think the loans we're making are lower risk than many domestic loans made by traditional institutions.
Andrew Beal
[In July 1996 on when the non-performing loan market becomes tight again.] We probably just won't grow as fast.
Andrew Beal
[In September 1996 with the banks existing portfolio bringing in profits for at least 7 to 8 years.] We're very profitable but our growth will slow. There's a lot less product and more competition. The glory days of our business are over. We haven't identified many great opportunities right now. But we're very comfortable managing our existing portfolio.
Andrew Beal
[In November 1997 on Fermat’s last theorem and Beals Conjecture.] The mystery remains: Is there an elementary proof? I would try to understand why the solutions of the new equation can't be converted to solutions of the Fermat equation.
Andrew Beal
[On Beals Conjecture] I couldn’t come up with a solution that didn’t involve a common factor.
Andrew Beal
[In September 2000 on buying the former FINA headquarters.] Great facilities attract good people. Headquarters are not like branch offices that need to be in the center of depositors. A lot of corporations are moving out to the Legacy park area; it's becoming Dallas' premier business location.
Andrew Beal
[In March 2001] We're not particularly concerned about the prospect of a national recession. We see this area as being more resilient and stronger than other areas in the country, and that's probably the reason write-offs haven't ticked up recently here. Going forward, it's probably not going to help much if you haven't been careful in the past. You have to work very hard at being disciplined all the time when you underwrite loans so that, when bad times come, you don't have the worry that you made bad loans two years ago when times were good.
Andrew Beal
[In March 2001] A lot of tech companies never made it to profitability, and a lot of bankers don't lend money to companies that aren't profitable - they went to the venture-capital money.
Andrew Beal
[In March 2001] I'm not aware of any local community banks that have large credit-card operations, which is a buffer, and we typically stick with collateralized lending. The unsecured commercial lenders, which are usually the larger banks, have more exposure to economic downturns. Frankly, none of the banks make stock loans, which are typically funded through brokerage loans, and financial instruments that banks are involved with - like bonds - are up in value.
Andrew Beal
[In May 2001] We’re a very unusual bank because our whole business is buying distressed loans. We always have a high percentage of non-performing loans, but it's a very profitable area of business for us to buy distressed receivables and work them out. We never have charge-offs and always make lots of money. We'll have a record year this year.
Andrew Beal
[In May 2002 on Texans being able to buy convertible bonds that were originated outside of the state, but not ones that were originated in the state.] These transaction restrictions mean less available local loan and venture capital. Texas will also attract fewer businesses in general due to many fewer Texas-based banking decision-makers and will attract virtually no Texas-based capital markets or venture capital firms.
Andrew Beal
[In June 2002 on moving its charter out of Texas due to the state’s banking laws being too restrictive.] We will consider returning to Texas the moment that Texas adopts free market laws regarding commercial finance. Unfortunately, we have concluded that, regardless of any educational or lobbying efforts we might undertake, the probability of Texas laws being changed anytime in the immediate future is not great enough for us to delay re-chartering and moving the bank to a free market state. This conclusion is of paramount importance to us as we begin expanding into more large commercial structured finance transactions that are simply impossible to structure under Texas law.
Andrew Beal
[In July 2002] Due to the anti-competitive legal environment in Texas, the board of directors of Beal Bank has voted unanimously... to recharter the bank in a state with free market commercial finance laws.
Andrew Beal
[In November 2002 on a donation of $63,000.] I believe in conservative government, and I donated to the candidate who will keep government conservative.
Andrew Beal
[In November 2003 on Beal Bank being recognized for having the highest five-year return on average equity (54.2% for the second quarter ending June 30, 2003) in the nation among FDIC-insured banks above $500 million in assets.] We're very proud of that.
Andrew Beal
[In November 2004 on lending to
Donald Trump] We appreciate the opportunity to work with an outstanding company driven by one of America's leading entrepreneurs.
Andrew Beal
[In 1997] I had never been to Texas. My plan was to finish college at Baylor, but I got busy starting little businesses and never did.
Andrew Beal
I went to Las Vegas, got interested in playing poker and that’s it.
Andrew Beal
I happen to love rolling the dice sometimes.
Andrew Beal
[In March 2008 on the Federal Reserve agreeing to fund billions of dollars of Bear Sterns riskiest assets when it had just failed.] Please don’t put garbage in the Federal Reserve. My fear is that the Fed has little more understanding of the stench of the garbage than many of the current owners who bought all these debt instruments issued about 2004.
Andrew Beal
[In January 2008 on re-entering the loan market.] We're re-entering the market because of the fact that you can make solid loans again, and you don't have to compete with dumb money.
Andrew Beal
[On many of the loans other banks were making from 2004 to 2007] Stupid loans.
Andrew Beal
[In April 2009] This is the opportunity of my lifetime. We are going to be a $30 billion bank without any help from the government.
Andrew Beal
[In April 2009 on if he ever thinks of investing in hedge funds or private equity.] Just shoot me.
Andrew Beal
[On not buying any loans from September 2004 to September 2007] Every deal done since 2004 is just stupid.
Andrew Beal
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