FINANCIALHISTORY

“This won’t be the next GFC because the holders of the risk don't have the same asset-liability mismatch as the banks did in 2008; they have long-term capital to match long-term assets.”

“Alan thinks about the financial system the way a historian would, studying the incentives, guardrails, and market structure that determine how things play out.”

“Basel III and Dodd-Frank created System 3, effectively moving the risk-taking from the banking system to the investment system, making it perhaps the best system we've ever had.”

“The factory model is the industrialization of liability-gathering and asset deployment that is the root cause of everything happening in private markets today.”

“AI, creative destruction, and the resulting opportunity require a flexible financial system that can adapt to new technological realities faster than traditional bank balance sheets.”