David Bonderman Quotes
101 David Bonderman Quotes (TPG Capital, Texas Pacific Group)
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Nobody in my generation ever started out in private equity. We got there by accident.
David Bonderman
There’s no deal unless you can persuade somebody to sell you their company.
David Bonderman
This is a financial services business, it’s not brain surgery.
David Bonderman
If you don’t have a brand and you’re dependent on someone’s else’s brand, you’re getting disintermediated by the distribution system.
David Bonderman
[In February 2010] The way you get capital into the system is to attract it, not to repel it…
David Bonderman
One hundred trillion dollar note of Zimbabwe. Literally printed by the bank of Zimbabwe. A hundred trillion dollars. It was worth three dollars when issued it and then nothing the next day.
David Bonderman
Private equity allows me to make long-term decisions and make investments in companies that are not valued by the market.
David Bonderman
We don’t want our money to be taken. Instead, we want to build a local presence.
David Bonderman
We always insist on a modicum of control.
David Bonderman
[In 1983 in the U.S. Supreme Court in response to a question about his opponent’s argument.] The problem with the SEC’s theory is that it’s wrong.
David Bonderman
[In May 1996 – then owner of Continental Airlines on why he struck out on his own.] It seemed like the right time to take off your clothes and jump into the frying pan.
David Bonderman
[In May 1996] Generally speaking, you like to dance with the girl that brung you, and if you can’t sometimes you have to shoot her.
David Bonderman
[In February 2004] Anybody who has a substantial fund has that fund because they have a proven track record that investors like…
David Bonderman
We have been willing to undertake complicated and somewhat contrarian transactions.
David Bonderman
[In February 2004] We are indeed amongst the most global, big private equity firms.
David Bonderman
I think the right way to look at private equity is as an illiquid equity investment which ought to be competing in the investors’ minds with the public markets. As a result, the private equity firms should deliver returns significantly higher than what the public markets do.
David Bonderman
That the players who are successful and continue to be successful will not have a lot of trouble attracting capital. The people who can’t do that will fall by the wayside.
David Bonderman
[In February 2004] The private equity world is a relatively small one.
David Bonderman
Being a good private equity investor is more complicated than it seems.
David Bonderman
To ultimately be a successful private equity investor… you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments.
David Bonderman
Some things you can teach and some… you can’t.
David Bonderman
A very important characteristic is having a nose for value.
David Bonderman
Some of the very best private equity people, in my experience, are people who start out as stock pickers – people who really understood value, how to take a company’s financials apart and couple that with good judgment about businesses, macro trends, and where things are going.
David Bonderman
[On succeeding in private equity in February 2004] The more you start out with the right kind of personality, the right kind of smarts and the better the training you get, the more successful you’re likely to be.
David Bonderman
One of the highlights of being in the private equity world is that you need to learn a lot and very quickly about different businesses.
David Bonderman
[On private equity in February 2004.] You’re always investing in new businesses, which is a learning experience in itself. I think that is a wonderful thing and I think it makes for intellectual challenge and for continued personal growth.
David Bonderman
Don’t do something you don’t like. Look for a job that makes you excited to get up and go to work everyday.
David Bonderman
Don’t worry too much about what you’re going to be doing when you get out of business school – life will come your way.
David Bonderman
[In June 2006] Alitalia is a company that could be very interesting. I can’t deny that. TPG will not go near Alitalia until the government has decided on the company’s future and therefore on its privatization.
David Bonderman
[In November 2008] Since a lot of hedge funds have a side pocket with a two to three to four year lockup period, that means that liquid assets are under great pressure. And guys like us who have the capital should be buying them.
David Bonderman
[On
Marc Lasry] Marc does an excellent job.
David Bonderman
[On Nicolas Berggruen] He’s a smart and creative investor.
David Bonderman
[In March 2007] Transparency is important.
David Bonderman
[In June 2008 on TPG’s April 2008 deal to save Washington Mutual (WaMu).] Where WaMu gets to is more important than when it gets there. This it the strength of private equity. We can be patient.
David Bonderman
[In June 2008] Private equity does better in bad markets than in good markets.
David Bonderman
[In June 2008] To buy inexpensively is always better.
David Bonderman
[In June 2008] Why would I answer that?
David Bonderman
[In June 2008] My 15-year-old daughter can run this country better than the current president.
David Bonderman
[In June 2008] This administration has been in cahoots with ostensibly independent regulators. They have been priming the pump as if this country has been in recession a long time. We’ve had low taxes and have increased spending wildly and that is obviously unsustainable over the long term. We will pay the price for years of the excesses under our current president, Mr Fillmore.
David Bonderman
[In June 2008] The current president’s policies will drive the dollar to zero.
David Bonderman
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