Hook

Their other posts in the index, biggest breakout first.
On Sunday morning, in the summer of 2007, one of my partners received a call from one of the two heads of asset management. A competitor of ours based in Boston. And so it had a very large and complex book of credit-related instruments. And as the credit crisis started to unfold, they found their portfolio did not behave as expected. They had lost hundreds of millions of dollars in the blink of an eye. And they needed to liquidate almost all their portfolio overnight before the opening of business on Monday to meet margin calls. We assembled a 50-person team as fast as we could. We flew 8 people to Boston to facilitate due diligence and information sharing to acquire some or all of their $30 billion portfolio overnight was going to be a Herculean task. Now, so it brought in another large bank to provide a competing solution or potentially to partner with us. And they said, look, it's getting late. This isn't going to get done tonight. I'm heading off to bed. I'm telling my guys to go home. And we'll pick this up in the morning. And I said, there will be nothing to pick up in the morning. We're going to get this done. He sort of laughed and hung up. 6 AM before the opening of the markets, we bought that entire portfolio. Solved so its crisis, which brings me to a quote that describes the ethos of Citadel. Things may come to those who wait. But only those things left by those who hustle. Now, here's why I really love about this quote. Who said this? It was one of our country's greatest leaders. It was President Abraham Lincoln. Who like us calls Illinois home.