Armen Panossian on Credit in a Time of Rising Rates

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 22 September 2023

⏱️ 69 minutes

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Summary

Bloomberg Radio host Barry Ritholtz speaks with Armen Panossian, managing director and head of performing credit at Oaktree Capital Management LP, which has $179 billion in assets under management. He oversees the firm’s liquid and private credit strategies, and also serves as a portfolio manager within Oaktree’s global private debt and global credit strategies. He previously worked for Pequot Capital Management, where he worked on distressed debt strategy. Panossian holds an MS degree in health services research from Stanford Medical School; a JD degree from Harvard Law School; and an MBA from Harvard Business School. He serves on the advisory board of the Stanford Institute for Economic Policy Research and is a member of the state bar of California.

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0:00.0	Together, we have the opportunity to build a more sustainable and inclusive future.
0:06.0	At the Bloomberg New Economy Forum, we help make this possibility a reality
0:11.0	by cultivating new connections among global leaders that transcend geographies, industries and ideologies.
0:18.0	Because when global leaders work together, the outcomes benefit all of us.
0:23.0	Learn more at BloombergNewEconomy.com
0:31.0	This is Master's in Business with Barry Rittholz on Bloomberg Radio.
0:38.0	This week on the podcast, what can I say?
0:41.0	Another extra, extra special guest.
0:44.0	Arman Pinocian is head of performing credit at Oak Tree Capital Management
0:49.0	where he works with the likes of Bruce Karsh and Howard Marx.
0:54.0	He is also the incoming COCEO, a job he will take the reins at in the first quarter of 2024,
1:03.0	helping to run Oak Trees.
1:05.0	I want to say it's about $179 billion in client assets.
1:11.0	I found this to be just a master class in everything you need to know about
1:17.0	Distressed Credit Investing, Private Credit, the role of the economy, the Fed, interest rates, inflation,
1:27.0	bottoms-up credit picking, and how to manage a firm and a fund in light of just massive dislocations in your space,
1:38.0	as well as the overall economy.
1:41.0	You've probably heard some aspects of this from the various interviews I've done with Howard Marx
1:47.0	talking about the Distressed asset fund they set up in 2007.
1:52.0	That's very much a top-down view from what Howard Marx was setting up.
1:58.0	But here you have the guy who is part of the team running the fund day-to-day right into the teeth of the collapse of the financial markets
2:09.0	in the great financial crisis.
	...

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