Larry Robbins Quotes
101 Larry Robbins Quotes
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[In the fall of 2013.] In 1996, I earned my first real paycheck.
Larry Robbins
[In the fall of 2013.] I grew up in the Midwest as a student and a hockey player. Playing hockey, you quickly learn that it is a team sport where everybody is good and that you need to work hard, and you need to work hard throughout the whole game.
Larry Robbins
[In the fall of 2013.] Any hedge fund that’s been around for 12 years is obviously one that has had some success. That success is what allows us to be responsible philanthropists.
Larry Robbins
[In the fall of 2013.] My father worked at a horse racetrack and taught me how to handicap horses when I was young. I have met several skilled handicappers over time, but none of them has made the Forbes 400 list, and for good reason.
Larry Robbins
[In January 2014.] The current environment is opportunity heavy, and it’s return heavy. We’ve been taking advantage of it rather than having our bats on our shoulders while they’re throwing underhanded softballs.
Larry Robbins
[In January 2014.] Cash holdings were near all-time highs. That’s like having LeBron James [Four-time winner of the National Basketball Association’s Most Valuable Player Award.] on your team and benching him,
Larry Robbins
[In January 2014 on having suggested to the CEO of Tenet that he borrow money to repurchase stock and consider making acquisitions.] Tenet did the logical thing.
Larry Robbins
[In January 2014 on getting simultaneous bachelor’s degrees in systems engineering and in marketing, finance and accounting.] I didn’t want anyone to be able to talk over my head.
Larry Robbins
[In January 2014 on the hedge fund business.] You don’t need a Rolodex, and you don’t have to belong to the right country club.
Larry Robbins
[In January 2014 on building his own 1,200 square meter (13,000 square foot) ice rink to play hockey with his four sons aged 10 to 14.] It’s our family’s field of dreams. My wife’s the architect, and my kids skate circles around me.
Larry Robbins
[In January 2014.] It is just human nature to wish for a little bit more…
Larry Robbins
[In April 2014 on analysing 76 occasions in which Glenview had owned a stock that dropped in value by more than 25% over the past three years.] If we had sold, we would have avoided $98 million in losses. But that would have cost our investors $2.2 billion in gains. Stop-losses would have cost us that.
Larry Robbins
[In May 2014 on being bullish on managed-care operators Humana and Wellpoint.] There’s an alarming outbreak of old people in the United States.
Larry Robbins
[In May 2014 on being bullish on managed-care operators Humana and Wellpoint.] Have weathered the storms.
Larry Robbins
[In July 2014.] For the San Antonio Spurs, no player finished in the top 25 in points per game. So how did San Antonio walk away with the big gold trophy? Team beats individual.
Larry Robbins
[In July 2014 on what will be the actual price that the US government will sell US Treasury Bonds bought during the Q.E. program.] It’s a lot easier to ride a bicycle with training wheels, than it is to ride a bicycle by ourselves. Will the economy reach the escape velocity? Will we be able to move forward and have the economy grow at a reasonable pace? And will markets have reasonable stability without the training wheels that the fed has given us?
Larry Robbins
[In July 2014.] The opportunities in the next 2 to 3 years in a quote unquote ‘normal environment’ or as normal an environment as we’ve seen since 2008. How can companies move forward? For us that involves a healthy dose of capital deployment. Borrowing rates are as cheap as they’ve ever been. And not only can companies borrow cheaply they can borrow it cheaply for an extended duration. A company we own Monsanto just issued 50 year debt at 3.3% after tax. So the most exciting opportunities we see in the market today are companies flush with cash, that have significant debt capacity, that are defensive and growing, and that are trading at cheap valuations – maybe not as cheap as two years ago, but cheap to where they could borrow in the markets today and could enhance value and enhance the rate of return to shareholders. Whether it be through share purchase, or creative acquisition.
Larry Robbins
[In July 2014.] One of the big knocks about companies borrowing money is ‘Doesn’t it increase the risk profile?’. But if a company can borrow money for 20, 30 or 50 years then that’s almost permanent capital at such cheap prices, that all of us in our personal lives would love to have someone say ‘Hey look - we’ll give you all the money you need and just pay us 3 percent interest a year and pay us back in 50 years.’… That’s a pretty low bar to jump over.
Larry Robbins
[In October 2014.] While oil falling is bad for energy companies, and it is potentially globally destabilizing, if you’re the U.S. consumer, you see your wages going up 2 percent, you see the cost of commodities going down 4.5 to 5 percent. As a U.S. consumer, that’s quite good news unless you happen to be long energy.
Larry Robbins
[In 2011.] It really is not just a job, it is a passion.
Larry Robbins
[In July 2013.] Think like an owner, not like a trader.
Larry Robbins
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