The Baylor CIO will fire a public equity manager who shifts from being always fully invested to holding 10% in cash, even if performance is good, because they do not want to be the guinea pig for untested market-timing behavior.

“And so if somebody is like we're fully invested all the time and then I wake up some morning and they have 10% in cash, yeah, they're getting fired because like I don't want to be the guinea pig, right?”

The market is moving toward yield curve control, which is characterized as 'money printing light'.

“We're moving towards yield curve control, which is essentially money printing light.”

All of Muddy Waters Capital's short-side biotech positions have been disasters: either the company was acquired before the collapse, or the fund covered at a loss before the stock fell 90%.

“everything we've done in biotech on the short side is has been a disaster. Um you know it's either been bought out and then someone's written it off or we shorted something and you know lost money on it and then the thing went down 90% and people ping me like a great great job and I'm like oh we covered it and lost money.”

The poor track record of curing brain diseases is probably because, by the time of intervention, the relevant critical period has already closed.

“probably the reason that we're so terrible at curing diseases of the brain is because by the time we get around to intervening, the relevant critical period has closed.”