A self-proclaimed “credit geek”, Sheldon Stone, a co-founder and portfolio manager at Oaktree Capital Management, held a guest lecture in my finance class. Mr. Stone, a guest of my professors Suh-Pyng Ku and Randolph Westerfield, provided an interesting overview of his firm, the high-yield debt market and his investing approach. Mr. Stone manages approximately $16B in high-yield bonds and he is at the forefront of his industry, so I feel lucky to have had the chance to listen to one of the great investors in today’s high-yield bond market. What follows is a summary of my notes, so please excuse any gaps, as Mr. Stone was covering a lot of topics at a quick pace.
To lead things off, Mr. Stone provided an overview of his firm, (more…)
I came across a great quote from Howard Marks, the Chairman of Oaktree Capital Management. In his memo titled Tell Me I’m Wrong, he states, “As I see it, every investor is either predominantly a worrier or predominantly a dreamer.”
I love this quote because it succinctly sums up the personality trait differences and the job function differences of debt versus equity holders. Which one are you?
Today my teammates and I competed in the internal USC Venture Capital Investment Competition, an intra USC business school competition to determine which team will represent USC at next year’s official VCIC competition (a national case competition put on my UNC). The basis of the competition is to act the part of a venture capitalist, listening to entrepreneur pitches, conducting due diligence, selecting a company to invest in, and structuring a deal.
Our 6-person team, including two VC(ish) guys, a marketing guru, a business development (more…)
Giants fans, for the first time in 56 years and the first time in my life, we can proudly say, “The Giants Win the World Series!” Being in Los Angeles rather than San Francisco for this event has been a little bittersweet, but thanks to the Internet and a good friend I have been able to share in the celebration. Below is a great video of the revelry from missionlocal.org and a photo of the intersection of Polk & Vallejo sent to me by a friend. My heart is with you San Francisco.