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speaking of performance and that third dimension that you were talking about earlier we've got an audience of thousands of investors here today that are eager to hear about you know your lessons and replicate some of your success with oak tree what's the right way to create a market framework to invest in this environment when I go on TV which I do a half a dozen times a year they always want me to say buy or sell in or out risk on risk off and I think this is too simplistic uh too black superficial right I think think so the way I think of it is this you mentioned uh thousands of people in the audience every investor everybody in the audience should have a sense for what their normal risk posture should be it depends on their age their assets their income the relationship between their uh uh income and their needs the number of dependence they have uh what their aspirations are how how uh how much they can tolerate risk what is their intestinal fortitude there are a lot of things that go into it but I mean from zero which is no risk to 100 which is complete risk I think that everybody should have a sense for what's right for them and that would help them Define their normal stance in terms of aggressiveness and defensiveness and you know uh what is the right balance for you I always say to people uh you know people come to me for financial advice I say which is more important to you keeping what you have or making more and they say both you can't do both with equal emphasis every attempt to make more introduces the possibility of of not having any more what you have today so you have to decide the balance between aggressiveness and defensiveness and then if you're uh really bold you can think about varying it over time uh as the circumstances required as I mentioned before oak tree we don't get in and out of the market we don't defer bargain purchases because we think we know what the future is going to hold in terms of Market action but we do vary our aggressiveness and we've done it a few times in a big way over the course of my career um and and what were those times well I mean just to give you some examples um late 04 early 05 we were very worried about the market so we went defensive sold a lot of assets shrunk funds liquidated funds raised the for new Investments um uh September 08 lemman Brothers goes bankrupt um uh everybody thought the world was going to end and the financial system was going to melt down we turned extremely aggressive uh and we invested uh I think I think 650 million a week on average for the next 15 weeks that's 10 billion dollar in a quarter and and obviously that was a good decision and then uh let's see 2012 you know from from 2000 to 2012 if you invested in the S&P 500 you made no money zero return as I recall so I came out with the memo called deja vu all over again I think it was called and I said you know back in 79 most of your viewers may not remember but uh there was a business week ran an article the death of equities and basically what it said is equities have done so badly that nobody will ever buy them which makes absolutely no sense if they've done badly that means they must be cheap and people should buy and that was the same condition in 2012 and I wrote deja vu all over again um and uh and so forth so the point is we do vary our degree of aggressiveness and defensiveness we vary our degree of fundraising how how much money we should have under management clearly when the when the opportunities are better we should have more money when the opportunities are less good we should have less and I think that's an important thing that distinguishes oak tree uh is that we're willing to have less uh when it's appropriate see today I'm in a fairly normal posture except uh increasing my aggressiveness uh I think that the conditions for The Bargain Hunter for the lender for the asset buyer today uh are better than they have been since the global financial crisis which ended in 20 2008 so you know we've we've been tough times for The Bargain Hunter for the last 14 years I think we're in a better situation today so uh I would increase my level of aggressiveness
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