Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]

Invest Like the Best with Patrick O'Shaughnessy

Colossus

Technology, Business, Investing

4.7 • 2.5K Ratings

🗓️ 30 April 2024

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest this week is Marc Lasry. Marc is a pioneer of distressed debt investing and the CEO of Avenue Capital Group, which he co-founded with his sister in 1995. Avenue manages $13 billion today. More recently, Marc and Avenue have become active investors in sport. He owned the Milwaukee Bucks when they won the NBA championship in 2021, and has since made investments in sports as diverse as sailing and bull-riding. In our discussion, we talk about his journey building a big investing firm, the evolution of distressed investing, and the opportunities in sport today. Marc shares some great stories throughout about travelling with President Clinton, winning the NBA championship, and raising his first fund. Please enjoy this great conversation with Marc Lasry. Listen to Founders Podcast For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus, the only investment research platform built for fundamental investors. Whether you’re trying to get up to speed on a new market or keep tabs on a portfolio company, Tegus is the end-to-end investment research platform you need. With Tegus, you can quickly understand a company's business model, drivers, benchmarks, and management quality. To monitor an entire market, download our pre-built financial models — or update your own with the latest data using Tegus’ new Excel Add-In. Tegus gives you all of this and more, all bundled into a single software license. Find out why 95% of the top 20 global private equity firms are Tegus customers. Learn more and get your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like The Best (00:03:40) Marc Lasry's Early Confidence and Competence (00:06:03) Distressed Credit Evolution and the Allure of Sports Investing (00:08:15) The Milwaukee Bucks: A Championship and Investment Success Story (00:14:54) Exploring New Frontiers: Bull Riding and Women's NCA (00:18:33) Venturing into Sailing with Larry Ellison's League (00:22:27) The Economics of Sports Team Ownership (00:25:19) The Vast Universe of Sports-Related Investment Opportunities (00:29:36) The Evolution of Distressed Investing (00:34:05 The Common Thread Through Marc’s Business Endeavors (00:40:24) Marc’s Most Memorable Investment (Not Including The Bucks) (00:43:40) The Dynamics of Working with Family in Business (00:45:32) Finding Happiness and Perspective Amid Financial Success (00:51:03) Diving into the World of NBA Owners (00:55:19) Exploring New Ventures: Sports, Real Estate, and Beyond (00:59:03) The Art of Deal-Making and Navigating Risks (01:06:10) The Kindest Thing Anyone Has Ever Done for Marc

Transcript

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0:00.0	This episode is brought to you by Tegis, the only research platform built for fundamental investors.
0:05.0	How hard do you work to get the insights you need to make a great investment decision?
0:09.0	How many hours do you spend digging through public records and expert transcripts or manually updating complex models?
0:15.2	Investors should compete on their ability to analyze investments, not how well they aggregate data.
0:20.3	That's why TIGAS offers a unified end-to-end research platform that combines robust qualitative content sets, up-to-date financial data,
0:28.0	management and culture checks, and more, all in the same easy to use streamlined user experience.
0:34.0	95% of the top 20 global private equity firms use Tegis,
0:38.0	shouldn't you?
0:39.0	Learn more and get your free trial at Tegis.com slash Patrick.
0:44.5	You may have heard me reference the idea of maniacs
0:47.0	on a mission and how much that idea excites me.
0:49.9	Well, David Senra is my favorite maniac
0:51.8	on one of my favorite missions with his
0:53.3	weekly crafting of the Founders Podcast. Through studying the lives of legends, he
0:57.8	weaves together insights across history to distill ideas that you can use in
1:01.8	your work.
1:03.2	Founders reveals tried and true tactics,
1:05.7	battle tested by the world's icons
1:07.8	and has David's infectious energy to accompany them.
1:10.8	With well over 300 episodes,
1:12.4	your heroes are surely in the lineup, and his recent episode on
1:15.7	Oprah is particularly great. Founders is a movement that you don't want to miss.
	...

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