YouSaid · the spoken record

Matt Cherwin

lines on the record: 77
first: 2026-03-13
most recent: 2026-03-13
sittings or episodes: 1
sources: podcast

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“I wish I knew a fraction of what we are applying at Merrick any point before we did this. If I knew a drop of what we're doing when I sat in other seats, yeah, I'll put that all in the, I wish I knew”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“I just think it's not, you know, it doesn't have to be a commitment for life. Just look at it as what's something I'm interested in being interested in. I think you can pick the kind of people you work with and you want to be around good people who will teach you, who will support what you're doing, and just say, I'm going to give this a spin for three to five years. And if I like it, I love it. Maybe I'll sign up for another five. But, you know, you have an opportunity to try something out and see if it's for you.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“I am in front of a computer screen and reading so much and I read so much analytics, research, et cetera. When I get home, it's a little bit more like hang out with my wife and kids and it's a little TV.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I've worked for some pretty amazing people. And I tried to learn from everyone. I just had the bosses that I've had are, you know, legends in this industry, whether it's Bruce Richard, T. M. Perlow, Jimmy DeMar, Matt Zems, Daniel Pinto. I mean, these are people who defined these markets, and they all had a huge impact on my career.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“He's going to change everything, right? So he believes we're going to have a big productivity dividend from AI and we're going to have a big productivity dividend from deregulation. And then that would allow you to have lower rates and a smaller Fed balance sheet at the same time And if he gets a little bit of what he needs to craft that argument, We're going to have a very different second half of 26th than the first”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“With a background I've had, and we've talked about, and I've seen a lot of things blow up, like we could come up with a lot of examples of things that could go wrong. I think they're underestimating the things that could go right or what the power of financing and the mechanics around financing and the provision of liquidity and credit spreads when they're good and when they're tight and when the machine is flowing, what that financial engineering can really do to both recover value and create value, I think they're underestimating that. The other quick thing is... In the middle of the year, If Kevin Warsh ends up sitting in that seat and if we get a little bit of the setup that he's looking for,”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“You'll see the favorite question. All right. Yeah, so it's a great question. We touched on a little bit. They're underestimating the power of this flywheel.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“It is this like false crutch. I also, in many, many conversations have said to people, I think you're right. In fact, you've convinced me. I believe you are right. I'm just saying you know, you're going to get fired long before we know the answer to this question. Okay, let's take everything we thought, everything we've known, and let's put it into the context of how do we apply this in markets, what's going to happen, what's everybody else doing, and how do we take advantage of that.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“And when you start looking at that side of the balance sheet first, then you understand things a little bit better. And then also with my traders and all the people I work for, it's really great because some of the people I hired a long time ago, they're MDs of places. It's actually take a lot of pride in the people I've worked with who have gone on and done fantastic things. I really, really hate the phrase money good. Okay, I don't think anybody should be allowed to say it.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think I've seen that personally. Enough telling liquidity disappears. I think I would just wrap that up. I make two comments to people. I say like, one, you don't go out of business because your assets. You go out of business because your liabilities.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“So, actually, like stocks being removed all the time. Anyway, it's just an example of how we're pulling on threads. And we're finding where we can best take advantage of it. And like, what are the next couple steps? And ultimately, we're looking for what's something that's already gotten better except the price hasn't changed yet.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“It's true. And so you can see there are certain companies that are buying buildings, knocking them down in DC and building brand new ones. And there are buildings that are being taken offline to convert to RESI. By the way, everything we wrapped up in what we said, the conversion from Office Rezi is actually spinning faster now. In DC.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's not just New York, it's Miami. It's actually San Fran has come a long way. There are certain buildings there that we like. We actually, I would say a little bit out of consensus. We like DC, not the government buildings, but nice offices. Like we said, this is administration that's in the business of being in business, which means you got to go see them and make your case you want to get some business done, which means you need lawyers with a nice conference room that need a decent office and et cetera, et cetera. I mean, like it sounds a little glib, but it's true.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Commercial real estate office. So that all came to be from us pulling at the thread of how the financial system works. We talked a little bit about the new G-sibs. And what you had was everybody was going back to work, back to the office, but took longer than we kind of, looking back on it, that took a long time. The part of the financial system that was changing were those new G-SIBs, Apollo, Aries, KKR, Blackstone, BlackRock, and they were coming back to the office and they were growing. And they were finding that two things. One, they needed nice offices to kind of, you know, get everybody where they want him to be, but also they were growing.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we really thought that one of the places to extract from the flywheel is in securitized markets. Actually, as an example, like, we've been very focused on Trophy Quality Office and Gateway Cities. And this goes back a little ways.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“And looking at these, it's really about like, it's a starting place for a conversation. Okay, because you do need to know where it's coming from and what's the attribution, what's the return attribution, where are you hoping it comes from, and what's the risk attribution, and very importantly, what could go wrong. Understanding that what you're trying to achieve, but knowing where the exits are, I think it's really a philosophy to risk and to managing risk to make sure you're pointed to achieve your goals while managing your risk properly and knowing what you would do if things changed, right? You have a plan and then things change.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think I believe managing risk at scale is a skill. You have your numbers and you want to know what those are, and those are indicators, and those are starting places. Var is a number and a starting place and an indicator. Stress is unnumber. DVO1, CSO1. These are, I like to look at the world in a stress-based framework, and we create a bunch of different stresses. Some are quite simple. Rates go up, rates go down. credit crunch, a flight to quality. Some we had our little like, you know, we were getting a little punched. We had one we call QE forever and Eva.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“The lack of connections made through these markets and the lack of extracting from some pretty obvious pockets are an opportunity like we talked about to improve your return and reduce your risk. And it's a process. So it's just as much a process in a machine through which you're extracting alpha from the market. We have our views. We hope to be right. It's also a process through which you work through these markets that you extract all the time. And the mandate is pretty clear. Like as I think of it, the mandate's very clear. You need to make money when markets go up and you need to make money when markets go down. Every day, every month, every quarter, every year, and you probably won't. That's the mandate. That's what you're going for. And it's quite simple when you frame it out that way.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“What it can be achieved. So that is one of we look at our portfolio and say we want to have about 20 trades in it. And a trade is not one line. A trade could be 30 line items, but the flywheel is a trade. It's a little bit of maybe even a bigger, higher order one. We look at what is happening at that moment, is there something to take advantage of, but also what are the ripple effects of what's happening in that moment and what does the market need to do? What is it going to do? Does it understand this? And then we unpack it and say, like, where's the opportunity? So coming back to what we talked about, we believe when you look at the world through this lens. We look at markets through the Marick Lens.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Is this still what we think? Are we positioned with the best version of it? Do we have the bonds that are going to contribute to what we are trying to achieve? Like right now, we're very focused on the flywheels that exist within financing markets. And if you think about what does that mean? Okay, so rates come lower. Rates go lower. We talked about that a little bit. But credit spreads are also really tightening. And when rates are lower and credit spreads are tighter, your cost of borrowing has gone down, means you can refinance all sorts of assets. It means some assets are even at that point in time worth more, valued highly. Now that it's worth more, you've got a lower LTV loan that you could take out an even tighter credit spread on. And how did these spin? And what is it? So this is very much what we're thinking about now. I think the market completely underestimates the power of those flywheels.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you balance this out? Yeah, I mean, we have longs and shorts across the book, within mortgages, within credit. We're long what we like and short what we don't to keep it super simple or long what helps contribute to our thesis or vice versa and protect the convexity profile that we're looking to achieve. We trade every day. We are active in these markets. It's part of more of a sort of a medium-term thought process how they're going to play out. But every day is iterating on that.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Rate moves and mortgage prices go up, are some of the money managers just going to sell 100 billion over time and do you kind of neutralize it? So I think it's helpful. It's indicative. Here's the real takeaway for us. Okay, so at that moment, how do we trade this? What's the price? What's the next step? But then we're really thinking from there, like what does this mean? What's going to happen next? And sort of coming full circle what it really does is show you how hard they're going to try to drive the mortgage rate down, to drive rates down overall, to sign up for an agenda and a plan to get rates down. Okay, so some of it is what do we do in that specific market and some of it is how's it informing our view of the bigger picture?”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“In a $12 trillion market. Yeah, if you've got $35 trillion in treasuries outstanding and yeah, yeah, it's a big number and it moves the needle, but what they really want to move it and keep it there. Like that's a little bit of the hard part because don't forget that the Fed owns 2.2 trillion. So they're going to buy 200 billion. Didn't give a lot of information and that sort of helped them in that moment. The lack of information after probably led some of it to kind of like bleed out and unwind a bit, but the Fed owns 2.2 trillion.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they had been, and that's a great point they had been. But buying 200 billion with like an aftermarket tweet and nobody knew like, is it going to be 200 and then another 200? Are you going to start buying? Are you going to buy 40 tomorrow? How's this all going to work? This exceeded even our expectations, and you saw right away, I think we were positioned for that type of event. We were positioned to take advantage of some of the policy risk as opposed to get hit by some of the policy risk. You could see that there was a massive short-covering rally right after that. And you could see that that wasn't necessarily people's expectations and how they were set up for it.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“It's both. We look instantly at like what does this mean? What was our expectation now? And in that instance, we expected the GSEs, who will be the ones who actually buy it, we expected the GSEs to be buyer. I think our view was a little bit at the high side or out of consensus even. We thought this is going to be a support mechanism for this market over the course of the year. Fannie and Freddie are going to buy a lot of this stuff.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Boom, bomb in the agency mortgage back market. This is a there are $12 billion of these things outstanding in the agency mortgage market. It's $9 trillion, hundreds of billions of a trade every day. And that was aftermarket. Post tweet. And what do you do when that happens? So then.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“There's that, there's that. We look at some of those first time issuers. We have, like, we have some things in the book. We have something called the North Star Playbook. Which is what are companies and bonds that have clear missions and objectives that they can execute on that are aligned with us with the instrument that we have or misaligned or that they're not able to execute? But some of it, it's actually not just about the novel structures. Let's look at agency mortgage-backed securities. Those have been around for a long time. Okay. A couple weeks ago. Tweet from the president, or whatever we call a post on truth social 4 26 p.m. I've instructed my representatives to buy 200 billion of agency MBS.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Only some of it comes to the securitized market because it's just not that market. It's not big enough for it. So it comes to the corporate bond market. So that to us is like... That's the type of opportunity that piques our interest, where we say this is something that looks like ABC. and being wrapped up and put into a different market that is asking one, two, three. And those are good questions, but it's really like put it all together, look at all the factors. What are the additional, are you getting more structure? Are you getting less? Are you charging for the risk? Are you paying away for it? So the AI CapEx boom to us is actually like a source of very cheap risk for us to look at. And each one has a little bit of a different flavor, and we're very opinionated about which ones we like.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Changing a little bit of how you frame that question. AI is a really, really interesting thing in financial markets as well. Okay, so I don't think we're there yet, but we're going to get to a place where people are using it for risk management. They're using it for compliance. They're using it for KYC. Put all that aside. The most interesting to me right now is we look at the AI CapEx boom. And we say, Here is a product that is commercial real estate with securitization technology around it. You're talking about where is it? Is it built? If not, how long is it going to take to build it? Who are the tenants? How long are the leases? What are they paying? What's it worth when it's all done? Is there residual risk like you have in an auto lease?”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Use it every day. We build stuff more quickly. We build our own tools and we build them more quickly than we ever could before. You know, the guys on the team, they're building stuff at their desk in a week that would have taken a year to do somewhere else, literally. And I know because I've been in that. And then once you built it, it would have taken like six months to get approval to release it into your, et cetera. This is like light speed versus what we used to do.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, yeah. That's been a big learning for us. They read it. So when we were doing all this, you know, my wife was like, yeah, why would you want to do something for anybody else? And I thought to myself exactly, what are we going to work hard route? What are we going to make sure succeeds? The thing that we put our name on the door, our reputation, that we believe. Other people don't get it, that we believe is the right way to approach these markets, that we believe can extract from a setup which is one of the best that we've ever seen. So if you tick all those boxes, why would you do it for anybody else?”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it was like our 900th version of the deck, and we were just getting a little punchy. We were like, it made us laugh. Okay. You got to have a sense of humor. It made us laugh. So we're like, this is going in Every investor brings it up. They bring it up and they love it. And you know what to us? It's like, wow, you are reading every part of the deck. And also, it's nice to know you have a sense of humor. But getting back to it was like...”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“And at the very end, I put, you know, this is my background simple. I was here for 10 years. I was there for 16 years. And then we put like a little one year nugget on the end of the timeline that just said chillin' with no G. No G, just C-H-I-L-I-N.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“I took like about a year off. You know, it's a riot. So in our deck, we put a little timeline of my experience and Derek's experience just to help people understand who hadn't met us who we are.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“I was getting to the point where I was like, okay, I feel great. I want to do this. I miss markets. I love this. I want to get back to it. And I want to do it in the way that I want to do it. How long have a gap?”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Because he just needed to talk to someone. And I learned a lot in that. And I met some of the most interesting people in Venture Cap, in Alts, in private equity, et cetera. And it was just more a way of learning parts of the system. But it got to the point where after my academic wander through the wilderness, I was like, okay, you know what? At the time we had three teenagers living at home and it was an amazing time. I used to always say you should be able to retire in your 40s and go back to work in your 50s. Like that's the way business should work. Obviously that's a luxury that very few have.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“The real point I wanted to make also that I don't want to lose is this is putting our name on the door. Okay, it's our name. It's our reputation and that really cemented it for us. That was something we really wanted. I took some time off, which was fantastic. And I met some of the most amazing and interesting people in the world. When you're unaffiliated, people speak to you in a different way because they have no one to talk to. Okay, I sat down with the CEO of one of the world's largest pension fund, sovereign wealth funds, and we had it, and I never met the person before. We had an hour-long conversation.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think she said in a little bit more of a spicy way, but we were like, yeah, that could work. All right. Let's do that.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Alpha extraction in Sanskrit, or some something, you know, and Derek's wife one day was like, enough, it's Marick, Matt and Derek. Now go do some real work.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Because we spent way too much time trying to think of what's a clever name. They've all been taken. Good luck in New York. Means, you know.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Within our lane, okay, sticking to our knitting, what we believe we know very well, what we know we have a differentiated insight into. and extracting from that. The team is phenomenal. They have a ton of buy side and sell-side experience. They work very well together. It's very exciting to be, I mean, and additionally. Doing this together like Derek and I doing this together, putting our name on the door, like Marek is Matt and Derek. Right.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of We just define what we do. Okay, we are who we are. We do it the way that we do. Right now we're running a hedge fund which trades these products as tools in the toolbox as widgets. We do it in one collaborative portfolio. So our setup, our structure, we've got an amazing team. We have specialists in rates, in mortgages, in non-agency mortgages and ABS in credit in CLOs. I am on the phone every day with traders and salespeople myself. We trade it as one book.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“What do we want to do because we see a very large addressable opportunity where we have a unique perspective, a defined lens, and a way of applying that to these big liquid markets that we think very strongly we can take advantage of in a way that people simply haven't had the opportunity to learn about and to understand and apply to these products with the type of flexible mandate that we have, which boil down means we look at the world a little differently. These are big addressable markets which have dislocations, volatility, and opportunity all the time. And we can use that combination to achieve what's a very, very simple goal, improve the return a little bit while reducing the risk a little bit.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's even simpler than that. We look at the world through our lens. We look at the world through the Merrick lens of money, capital, credit, liquidity, and regulation, which drives economies, markets, and prices. That helps us understand the drivers of the capital markets that we sit within, helps us understand monetary policy, housing, finance, commercial real estate, finance, understand both the gearing of it. Then you can look at something and you can say, okay, I'm looking at Cittigroup. I could buy it, I could sell it, I could understand what they're doing in the markets they have a footprint in, what that means for the markets. Do I want to buy that? So like, where are the flywheels? What does it spin to next? So everything we were doing was very much about”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I think, quite simply, there are some things that banks can do and some things that banks can't do. There are some things that they can do and that they don't want to do. In my career, I've always been involved in these types of markets being rates, mortgages, kertized products, corporate credit, the equities related to that around these types of specialty finance operating companies, and always felt that when you have the various lenses to these products being Understand but take advantage of the risk and return in a more elevated and efficient way.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“You're going to hear a long narrative from him for his time in that seat, we need to step back from the day to day and the minute by minute information and think about the big picture and the trend and where we're headed and be a little more forward looking. I think that's the kind of guidance that you will get from that chair.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“A problem for credit? Is it a problem for rates? Are those the same thing now? One of the most interesting things, and I would just say before we get back to your question, is what was really interesting observation to us was during the last government shutdown, whatever mini version of that we're going through right now, it was almost in the data was not forthcoming. And then Vole went down. So it was this sort of like... Little bit like if we don't know maybe nothing's happening, but what it also was was a little bit to what you were saying is Things were a little less hyper focused, they actually were a little less jumpy around small moves. And that was a big takeaway, big takeaway for us. It's a big thing you're going to hear from Kevin Warsh if he ends up in the chair seat.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“And our investment thesis and the portfolio risk and construction and diversification that we'd like to have. But the markets are hyper-specialized in very, very large markets. So you get some of those episodes where it's like, oh, crowded trade, we got to get out. I think the question of does the administration react to the markets? Does the markets react to the administration? It's something that we've actually focused on quite a bit. We actually wrote another piece in June of 2025 that we called the Warsfed. And it was just about what could happen. And we sort of went through to your point, like the concept of risk-free rate and credit spread are completely intertwined and commingled now and they don't exist separately. So I think that's some of the concepts you're getting at. Like, is this?”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, look, I love the term, and I think we've seen some of those episodes last year we saw around the whatever we call Liberation Day in April. There were a couple days where treasuries and mortgages said like enough, okay? That's it. And we're either going to have one of those days where they are giving stuff away or you got to pull back. And I think what we saw was the administration did pull back. So I think in some level, it's still there. But part of what we do at MARIC and what influences our thought process is big parts of this have been really broken down. The markets are so big now that it's been broken into specific functions. Like people have a thing to do and they do that in a narrow mandate. We have a more flexible mandate to us. The products, their widgets, their tools in the toolbox for us to achieve our goals.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source
“But really, it will be a catalyst potentially for change in the middle of the year. And then we have a bias within markets to strip back some of the layers of regulation and away from whether you support that or not. I can tell you, because I've been on the other side of it, the layers of process and bureaucracy and spending your time back solving instead of what could we do better when you change what your goal is and how you're pointed, you're going to get different results. We think that combination is spinning flywheels in the market now that in our opinion, people are just, they're underestimating the power of some of these flywheels.”
2026-03-13 · Masters in Business · Risk and Reward with Marek Capital Co-Founder Matt Cherwin · IDENTIFIED FROM THE TRANSCRIPT · source