Hedge fund titan Larry Robbins is involved in a business known for risks, but on Wednesday he had some uncharacteristically conservative advice.
Speaking at the prestigious Sohn Investment Conference, which has become known over the past two decades for featuring the world's top investors giving hot stock picks, Robbins instead went with a boat analogy.
He told attendees that when the water gets rough, like it has been for the markets in general but the hedge fund industry in particular, they should "just hang on tight."
"As investors, make sure you stay true to that," Robbins said. "Follow where the boat's going and don't get caught up in the different waves."
Robbins heads Glenview Capital Management and some of his most prominent calls have been centered in the health-care sector. Last year, Robbins apologized in a letter to investors for failing "to protect your capital" as his flagship fund lost money.