Steven Romick
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Steven Romick reads as The Navigator because he charts across multiple outcome scenarios rather than steering toward a single fixed destination. At FPA Crescent, his explicit rejection of volatility as a risk proxy in favor of capital-structure resilience shows a leader reading terrain rather than trusting instrumentation.
“They left more of this speaking to clients to me, which I had the history with them and allowed them to a greater degree focus more on the portfolio and not have the static from having clients whisper in your ear, the portfolio is going down. I'm scared. What are we going to do? What are you going to do? What am I going to do?”
“You know, we bought a number of businesses in the travel industry, including bookings.com and Marriott. We bought businesses that were impacted by directly by COVID. We added to some of our financial services businesses. AIG gave as an example that we felt that would certainly get through to the other side.”
“Experts and so forth. And then we'll go about our financial models. And our models don't suggest what might happen in the coming quarter or even 2022. But over the next few years, we want to have a view as to what this business might look like in a low base and high case.”
“Oh, I didn't know. I mean, I mean, just full disclosure. We had no idea it was going to be short or long. I mean, that article you referenced in the New York Times was, you know, as you stated, we're thinking about where the world's going to be down the road five to seven years. I didn't know how long this was going to last.”
Masters in Business: “Steven Romick on Portfolio Investments (Podcast)”
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