The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Victor Khosla is unmistakably The Navigator, framing his career as reading and riding macro waves rather than forcing outcomes. His 2008 pivot away from pure distressed cycles shows course-correction practiced as deliberate discipline, not improvisation under pressure.
“Really interesting. But this is, but what we find is this business of investing in aircraft, it's a very cyclical business for us because we have a very high rate of return expectation. So it's not an every year business. And what's really helpful for us as we do this, Barry, we own a company called Ducalion.”
“So, and what they did was they encouraged me. So I had a couple of very supportive people I worked with, you know, success begets more success. So we ended up getting the resources to hire a bigger and bigger team, ended up setting up a business in London.”
“More capital was much more institutional in how it worked. It had much more of a structure and process around it. And I worked with Cerberus, I worked with more capital between them for a total of about four years.”
“And if you hit COVID or if you hit a financial recession, it's really hard to dig yourself out of 80-90% debt. So what we saw was a whole class of toll roads, which are supposed to be core infrastructure, safe.”
Masters in Business: “Building a Global Private Credit Firm and 'Trading' Planes with Victor Khosla”
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