Macro Challenges and Credit Opportunities: Davidson Kempner’s Tony Yoseloff

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 31 October 2025

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Davidson Kempner’s Tony Yoseloff, managing partner and chief investment officer, discusses the current market moment, the keys to investing across different market cycles, and where he sees opportunities in the alternative investing landscape. This episode was recorded on October 20, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to another episode of Goldman Sachs Exchanges and great investors.
0:09.2	I'm Tony Pascarello, global head of hedge fund coverage in Goldman Sachs' global banking
0:14.5	and markets division.
0:16.4	Today, I have the pleasure of speaking with Tony Osloff, the managing partner and chief investment officer of Davidson Kempner Capital Management.
0:25.0	Davidson Kempner is a hedge fund with approximately $37 billion in assets under management.
0:30.3	Tony joined Davidson Kempner in 1999 and has helped navigate the firm through market cycles along the way.
0:37.2	While Davidson Kempner has
0:38.4	many different strategies, the firm is known for its focus on opportunities at credit and event-driven
0:44.1	investing. We're going to talk about this current market moment, keys to being a successful
0:49.3	credit investor, and where he believes the opportunities are in the alternative investing landscape today.
0:56.2	Tony, welcome to great investors.
1:00.7	So let's start with a quick level set on Davidson Kempner.
1:04.2	What's the history? What's the heritage of the firm?
1:06.5	So Davidson Kempner actually started out as Marvin Davidson's family office.
1:10.9	Marvin Davidson was a senior executive at Bear Stearns in the 1970s.
1:14.9	He left in 1981, and his goal was basically to be able to manage his own money in a way that
1:20.3	was non-correlated to the overall markets, but to still be able to generate strong returns.
1:25.1	So he started literally in his townhouse.
1:28.6	So this was in the basement floor of a townhouse on the Upper East Side. Give me a year. When was this? So 1983 is when the firm
1:34.5	started. Tom Kepner joined him a couple of years later. And the idea was to basically pair
1:40.2	investing in opportunistic credit situations, which was Tom's expertise from his time at Goldman Sachs, to investing in different arbitrage situations, particularly risk arbitrage because that would have been big in that era. And those were some of the areas that Marvin ran at Bear Stearns. Fast forward to 1987, Tom approached Marvin, said, hey, I think we've got a good thing going here. Maybe we can take in some outside money.
2:02.0	So Marvin said, well, I don't want to spend my time on this, but sure, if you want to do it, let's go for it.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Goldman Sachs, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Goldman Sachs and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.