When you're on a hot streak like that and you think you can do no wrong, risk is rising,

even though mentally you're thinking, oh, I must be good. I got this. I got it covered.

I'm Ted Sides, and this is Capital Allocators.

My guest on today's show is Jeff Aronson, co-founder and managing principal of Centerbridge Partners,

a $43 billion alternative investment firm he started in 2005 after two decades at Angelo Gordon.

Jeff's career spans 40 years of investing across credit and private equity through multiple market cycles, giving him a front row seat

to the evolution of the alternatives industry. Our conversation covers Jeff's path from

law school to distressed investing, lessons learned under mentors

John Angelo and Michael Gordon, and the founding of Center Bridge with Mark Gologley

to bridge the world of private equity and credit. We discussed the firm's distinctive model

of investing on both sides of the balance sheet and sector teams, building culture and compensation

systems to reinforce collaboration, and adapting

strategy through changing credit environments. Jeff also shares his perspectives on late-cycle

market behavior, the shifting dynamics of private credit, partnerships with insurers and

banks, and the challenge of staying differentiated as alternatives

become mainstream. I hope you enjoy the show, and if you do, this week, why not reach out to your

parents? If they're anything like my folks, they probably aren't that technologically inclined

and might need to learn how to use the podcast app on their phone. Reach out to them, send your love, and show them how to use the app, and then tell them

you might want to listen to Capital Allocators.

Thanks so much for spreading the word.

Please enjoy my conversation with Jeff Aronson.

Jeff, excited to do this with you.

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