Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.8 • 806 Ratings
🗓️ 25 July 2022
⏱️ 63 minutes
🧾️ Download transcript
Summary
Josh Friedman is the Co-Founder and Co-CEO of Canyon Partners, a $25 billion multi-strategy firm that specializes in credit-related analysis across distressed securities, securitizations, risk arbitrage, and real estate. Josh founded Canyon in 1990 with Mitch Julis, his roommate from their time at Harvard Law School and Business School.
Our conversation covers Josh’s background at Goldman Sachs and Drexel Burnham with Michael Milken, the founding of Canyon, its investment philosophy, key stages on its path, and structure of the organization. We then turn to Josh’s thoughts on the evolution of credit markets, liquidity, competitive dynamics among creditors, opportunities, and risks. We close with Josh’s advice for investment committees based on his experience as a Trustee at Harvard Management, Los Angeles County Museum of Art, and CalTech, among others.
Transcript
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| 0:00.0 | Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets. |
| 0:10.5 | Ten East brings benefits of having your own family office without the cost and headaches of doing so. |
| 0:16.8 | It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner. |
| 0:24.2 | Michael and his investment team offer members the opportunity to co-invest by offering at their |
| 0:29.1 | discretion. Michael and his team source, diligence, and commit material personal capital to each |
| 0:35.3 | investment. The opportunities shared on the Ten East platform |
| 0:38.9 | offer exposure to private credit, real estate, niche venture and private equity, and other |
| 0:44.5 | idiosyncratic investments that typically aren't available through traditional channels. |
| 0:49.2 | The principles have over a decade track record of investing in these types of exposures |
| 0:53.5 | across more than 350 |
| 0:55.7 | transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting, |
| 1:01.8 | just as you'd expect from an institutional investment organization. I've known Michael for about a |
| 1:07.0 | decade, and after becoming impressed by the quality of 10 East offerings, its research |
| 1:11.6 | process, and high-quality investment team, I became an advisor to the organization, an investor |
| 1:17.1 | in multiple offerings. You can learn more and join me as a member at 10-east.com. That's the number 10, |
| 1:25.4 | east.co.O. |
| 1:33.4 | Capital Allocators is also brought to you by SRS Aquium. |
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| 1:59.2 | M&A payments, digital stockholder solicitation, |
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