How Oaktree's Head of Sourcing Finds the Next Great Deal

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 28 November 2024

⏱️ 53 minutes

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Summary

When it comes to credit investing (or really any investing), there's an analytic art in deciding the right price to pay for a security. But often that's only part of the challenge. First you need someone to want to sell it to you. In something like public-market equity, this usually isn't hard. Liquidity is deep, and the "ask" price is well known. In something like private credit, it's much trickier. Someone has to sell you the deal. Someone has to call you about it and tell you about it. So how do you get the call? And how do you know when to say yes? On this episode, we speak with Milwood Hobbs, the Managing Director and Head of Sourcing & Origination at Oaktree. Prior to this role, he was at Goldman Sachs, also in leveraged finance origination and sales. So he's been involved in numerous credit deals in his career. On this episode, he talks us through his role, what's involved in it, how he gets offered deals, and how he determines what opportunities are better or worse.

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1:24.9	Hello and welcome to another episode of the All Thoughts podcast. I'm Tracy Allaway.
1:26.2	And I'm Joe Wisenthall.
1:29.2	Joe, do you remember deal toys? Did you ever see those? I never got a deal. I never, I do know what they exist. Well, you wouldn't get a deal
1:34.1	toy unless you were working out. So I'm aware that they existed, but I don't, I never had one. I never saw
1:40.6	one. I used to be slightly obsessed with them. So were they toys? Or were they like, or were they those sort of lucite?
	...

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