Credit
11 interviews, newest first.
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Fall 2020
Ray Kennedy
Hotchkis & Wiley
Ray runs Hotchkis's high-yield bond portfolios. He talks about buying credit in March 2020, what the Fed's support did to the market, and which pandemic-hit borrowers he thought would survive.
CreditDistressed -
Winter 2020
Paul B. Kazarian
Japonica Partners
Paul went from corporate white knight in the 1980s to Fortune 500 CEO, and then became one of the largest holders of Greek government bonds, with $4 billion, during the euro crisis. He explains why he rejects the standard risk/return framework.
CreditDistressedInternational -
Fall 2019
Ellen Carr
Weaver C. Barksdale & Associates
A high-yield portfolio manager and CBS adjunct on the traps in fallen-angel bonds and how intangible assets are changing what counts as collateral.
Credit -
Winter 2019
Dov Gertzulin
DG Capital
Dov invests across the capital structure in mid-sized companies: distressed debt, post-reorg equities and other special situations. He covers the tech bubble, buying distressed debt in 2008, and Contura, Tropicana Entertainment and Twin River.
DistressedSpecial situationsCredit -
Winter 2016
Craig Effron
Scoggin Capital Management
Craig moved from commodities to stocks. He talks about managing risk, creative ways to express a thesis with limited downside, event-driven case studies, and the distressed credit he saw in Puerto Rico and energy.
Special situationsDistressedCredit -
Spring 2015
Eric Yip & Mark Unferth
Alder Hill Management
Investing across the capital structure and bringing a credit view to equities. Eric shares what he learned working for Carl Icahn and David Tepper.
CreditSpecial situations -
Winter 2014
Jim Grant
Grant's Interest Rate Observer
Jim on a career in financial journalism, why the global financial system needs an overhaul, and how skepticism makes better journalists and investors.
Macro and marketsCredit -
Winter 2014
Justin Muzinich
Muzinich & Co.
Justin on looking at credit ideas, running a credit-focused asset manager, and the opportunity he saw in European debt.
CreditInternational -
Winter 2013
Dan Krueger
Owl Creek Asset Management
Why distressed debt is Dan's favorite place to hunt, and how the math of averaging down can create very good risk-return setups.
DistressedCredit -
Fall 2009
Howard Marks
Oaktree Capital Management
Howard on starting at Citibank in its 'nifty fifty' years, why he disliked being director of research, and the philosophy behind Oaktree and his memos: do an excellent job at a few things.
CreditDistressedCareer advice -
Summer 2009
Steve Moyer
'The mother of distressed cycles.' Steve explains why the debt build-up made a wave of distress foreseeable, and what the cycle meant for value investors.
DistressedCredit