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Herb Wagner

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86

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2025-09-22

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2025-09-22

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1. “Where are their problems as a big event happened that's maybe caused people to run away from a market? And then as an aristocrat, you can really understand. It's important to know what you know, but it's more important to know what you don't know. And I'm a huge believer in that. That's really stuck with us. We look at a lot of odd things. And you have to ask yourself, can you really understand the key risk? So often you think you can, but you can't. So that's something that we spent a lot of time when we're looking at a different market or an opportunity. That's the key question that we're always asking ourselves.”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

2. “We were really trying to compound capital over a long period of time. The way we do that is we have an open mandate. Our clients have given us a lot of trust that we can look across a lot of different global markets. And we can look for areas of structural mispricings. We go in, we underwrite assets, and we can buy things cheap with the cattles. We'll do it and we can't. We'll move on. I feel like our job is to find really attractive risk adjusted returns. We have a global mandate to do that. And I'm also a big believer, we don't have to know everything. Often people will say, oh, what do you think about European stock market? I don't really know a lot about it. I don't follow that closely. And so I don't really have a view. We have this saying here that investing, you don't get paid for difficulty points. It's not like diving. Where the tougher the dive, the higher your score, that doesn't exist in markets. And so one of the things we try to do, and I try to do, is really have a sense for, okay, what can we know where our assets price? Where is there a lot of stress?”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

3. “Joke around like we haven't seen a good financial fraud in a long time, but I've seen a lot of those in my career, and I think we'll see those going forward as well. And so that will lead to good opportunities. If I go back to my example of 10 people used to do distress investing back in the early 90s, now I don't know the exact number, 500 to 1,000. It's some huge number. And they're all smart. And by the way, in the early days, we used to be the only ones that would hire bankruptcy lawyers, financial advisors. So we had this real edge. That actually lasted for probably up until the last 10 years ago. Now everybody hires the best bankruptcy lawyers. Everybody hires the best financial advisors. It's just hard to get your edge. And then if I think about the other stuff that we're doing, it's the opposite end of spectrum. It's differentiated. It's not competitive. And so those are the things that we always gravitate to.”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

4. “What's going on in that market right now? It strikes me as pretty competitive and not really a great place to find attractive risk adjusted returns. And it's never been through a credit cycle. So we don't really know how private credit is going to perform when things don't go well, which will inevitably happen. We'll have a recession at some point. But we've had a lot of our competitors on the public side just aren't doing that anymore. And then the last thing I'd say is the markets are enormous. The credit markets continue to get bigger and bigger. At some point, you'll have an SBB happen, which happened in 2023 when you had the run of the bank. That whole thing collapsed in over maybe a couple days or a week. You had Credit Suisse that had a very quick demise. And so I do think there'll be a lot of things that will happen episodically that will lead to opportunities. The telecom space was a mess last year. We found things to do in telecom. Business fundamentals will change. We will see volatility. There'll be a horrible hurricane that hits Puerto Rico or some area that will cause bond prices to change a lot. There'll be a big financial fraud like I.”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

5. “Couple things that say to me this could be a really great place to invest. So, number one, the number of assets in the credit markets that are held by vehicles that offer daily liquidity is growing dramatically. So mutual funds, ETF, passive vehicles, the percentage of the market's assets that are held with those vehicles continues to grow. Number two, there's not a lot of liquidity in credit markets. And so when retail investors or people decide to pull money out because the dealer community and capital is down by 90 plus percent over the last 15 years or so, the price movements that you see in credit tend to be very severe. When you have something happen when there's a shock to the system, it used to be you had weeks or maybe a month to buy something, but now you have days because the volatility is so great because of the fact that you have money coming out for selling. Dealers don't really have the capital to absorb it. So you tend to get a lot of volatility and credit. The third thing is I'd say a lot of our competitors have moved to doing private credit. When I look at”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

6. “I have been a credit investor most of my career. I've invested in a lot of different pockets of the credit markets. It's clearly a lot harder today to invest in credit than what it was when I was working at First Chicago. So we do keep a very close eye on the credit markets. Even though we're sitting here in the summer of 2025, our credit exposure is at historic low levels. Spreads are tight. There's a lot of capital. And when I look at where new issues getting done, how there's covenants. Now in credit, you have these LME fights that are going on, these knife fights between creditors at Canoroad value, or could be an opportunity. So there's a lot of changing dynamics that are happening in credit right now. However, I do believe credits have been historically pretty volatile because you tend to have money coming in and out of those markets, especially during times of stress. I am very excited about the credit opportunity set for the next three to five years. We don't see it right now. But if I think about the dynamics of the credit markets, there's a”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

7. “And the other credit markets, you started buying loans at two times cash flow and selling them at four. The world's changed a lot since then. How do you think about the credit markets today and how that's changed?”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

8. “It's through a lot of experience and is spending time with a lot of different types of people. So the way that we have found is best is by finding people who have worked with him, who have a positive or even a negative impression of them. The other thing I often will do is I've been doing this long enough where if I'm looking to invest in a company, I probably will have a friend who I've known for a while who also knows the individual that we're looking to invest in. Being able to call people who I trust and really ask them how they think about a specific leader, that has been helpful as well. The third thing too is what people do, not what they say. And so it's looking at their history, looking at what they had done, looking at their data. So often what I do today is I'm probably more reliant on the numbers and what people are doing, the actual facts, or that's what's in front of you, less so than just sitting down with somebody and having coffee and walking away and saying, boy, that guy is trustworthy.”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

9. “Other big one is how I value the leader of an organization, mostly a CEO. So I would say the value that I give to leadership is significantly more today than what it ever was in the past. This actually applies to CEOs, but it also applies to leaders in the government or if I'm trying to do something with a not-for-profit, how a leader can influence an organization and what type of impact they can have. The way that I weight that in an investment or when I'm thinking about partnering with somebody is significantly more than what it ever was in the past. I think that's just through a lot of bumps and bruises. And over the years, and a lot of investments, when you invest with great leaders, you're always surprised on the upside. When you invest with mediocre leaders, it seems like you're always surprised on the downside. And so that was a big change as well.”

   2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Underwriting correct, stocks go down. We ended up pivoting a number of years ago. We don't want to be dependent upon what the market tells us something is worth. And that's why a lot of what we do is catalyzed. So that was one of the big, huge change that I made in my investing style, probably starting about 10 years ago, was not buying things just because they're cheap, but really looking for catalyst. What's fascinating to me as well is one of the reasons that value investors have underperformed in the last 10 years is that there's a lot of technological disruption that's taking place. And it takes place faster than it used to. When we underwrite a mediocre business and we project out cash flows, if I go back and look at those, which we often do, decline is always often faster than what you think it's going to be. And so I think that's the curse of the value investor is buying mediocre businesses at cheap prices, that has not been a good strategy. And so luckily, we realized that years ago, and we really.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

11. “Then we ended up moving into reinsurance and different credit derivatives. So it's a pretty broad mix of products. But I think the common denominator is it's out of favor. It's hated. You can have a view that's different than the market. You can understand why it's cheap and you can have a view for what it's worth when you can buy things at a discount to that and there's a catalyst and you go ahead and do it. When I think about traditional value investing to me, that's buying cheap stocks. So cheap price to book, cheap on enterprise-valued EBITDA. What's interesting is years ago, we did that. We did a lot of that. And that used to result in good investment returns. I'd say probably about 10 or 12 years ago, that stopped happening. What I found was we were buying situations where we have a differentiated view that we're trading at a big discount to what we thought they were worth based on the metrics we had always used historically. But what was happening was our underwriting was correct. Stock of stocks would go down. And so that was happening over and over again.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

12. “When I think about value investing, to me, what I think about is really trying to find misunderstood, mispriced assets in a whole variety of markets. And it used to be back when I was just getting started, it was buying cigar bots like Warren Buffett and Benjamin Grant used to talk about. For me, really what it's more about identifying areas where there was structural mispricings than actually doing fundamental work and valuing what securities or assets are worth in these areas. When you can value them and you can buy them at a big discount to that and there's a catalyst to help you realize value, you do it. And when there isn't, then you don't have to invest. When I think about the different areas of what I've done over the years, it's pretty broad. Take, for example, we did a lot of stuff with credit, high yield, distress, and then we moved into structure products, did a lot of stuff in South Korea for a number of years, Japan.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

13. “Start as an analyst, I ended up rising through the ranks over the years. The model of how Bao Posts invest, I think, is actually very similar in a lot of ways to how FinePoint invests. And so I was at Appaloosa for a couple years. I was at Bow Pois for 14 years. Clearly, the DNA of Bow Post is going to rub off me a lot more just because of that. It just was a better fit for who I thought I was as an investor and how I liked to invest and how I thought I was going to be successful.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

14. “Structure, the research orientation, the long term orientation, it just struck me as something that I could be more successful. It has fit more with my personality.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

15. “The thing that's unique about Dave Tepper is, I don't know many people who have been as successful as he has in multiple asset classes. He started as a high yield bond trader. He did a lot of distressed debt, did a lot of credit, but then he did a lot of emerging markets, did a lot of sovereigns. And now when I listen to Dave talk, I think about him as being a macro investor. I mean, he has incredible insights on almost any market rates, currencies, et cetera. And he's been successful in all these different areas. It's very, very unique. Seth was also successful across a lot of different asset classes. I think for me what it was is I looked at myself more like Seth than Dave. Dave has a very unique talent. But when I was at Appaloosa, a lot of it was feeding information to Dave. Dave making decisions. I wasn't sure I could ever be like Dave working at Outpost because Seth mentors folks. I just thought that I could develop and grow a lot more under that.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

16. “First thing that jumped out to me was you'd walk in during the day and it was quiet. And everybody had their heads down. Everyone was reading, doing research. And I remember thinking to myself, wow, this is a research organization. Like they're investors, but they're really researching incredibly deeply what they're doing. As you start to understand the Boplist philosophy, like they're really trying to understand situations that they're in better than anyone. They bring in outside resources. They're incredibly smart people. They're very long-term oriented. I always say to people, everyone thinks they're long-term investor. I think less than 5% of people are truly long-term investors based on my experience. But they were truly long-term. The model there was really hire great people, Seth would mentor you, give you resources, help you invest, invest alongside of you. And then as you did better, you'd get more responsibility and you'd hopefully grow and have a bigger impact. That was very refreshing to me. It was a culture of intellectual.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

17. “I got a call from somebody who knew Seth who said Seth was looking to add to the team. My wife and I went and had dinner with Seth when I was in New York and we just really hit it off. Seth is an incredibly kind, thoughtful and crazy smart phenomenal investor. He was willing to mentor me. He was willing to invest in me. I felt like he loved investing and he wanted to do it for many, many more years. It was phenomenal people there that I got to meet as well. So sometimes you just meet people with things just click. And when I met Seth and spent time with him, I was like, wow, I can really learn a lot from this guy. And I can hopefully learn how to become a good investor from him. And then we were off to the races.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

18. “Appaloosa has more volatility than what Bow Post does. So Bow Post has a very robust hedging program, just a much different culture of the organization, more diversified in terms of what they owned. And so Dave tended to be a lot more concentrated, a lot more aggressive. And he didn't mind where in volatility. I think that was something that he was very comfortable with. At Baupost, it was also a value strategy, less trading-oriented, more just really fundamental based. There was some private assets that they were doing as well. But you're right, they're two incredibly talented people with really different investment philosophies that have both been just incredibly successful.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

19. “In 1998, but Dave had this ability to traverse multiple markets, think incredibly sharply and simply about macro risk. And when there was massive dislocations amongst fundamentals and prices, he would really jump in price assets, learn how investors were thinking about them, and be very aggressive at the right time. When there wasn't great things to do, he would do nothing. When I think about the variety of things that we did there and the variety of areas that he's been successful in over time, it's very, very unusual. So I felt like I learned a lot. I felt incredibly fortunate to have worked with Dave and to have learned from him and to watch him invest.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

20. “When I graduated with my MBA, I moved to Boston. I first went to Putnam. I was there for a short period of time. And then I got to call from Dave Tepper to go work at Appaloosa. Another incredibly fortunate thing, Ted, for me, is I've worked for two of the best investors of my generation. Dave Tepper and Seth Carman. I mean, it's incredibly fortunate. I did research on both of them before I went to go work for them, but I had no idea how talented either one of them was and how much I learned from them as well. So went to Appaloosa and went to go work for Dave. And one of the things I learned from Dave, he's an incredibly talented investor, but he has a nose for opportunity that I've never seen before. He is like a moth to flames in terms of trouble, risk changing, pricing changing. He look at any asset class can really understand the fundamentals. I was there when we had the Asian financial crisis. We found great opportunities there. I was there during the Russian default back.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

21. “I love to job first Chicago offered where you could actually get your MBA at night and they would help finance that. And Chicago is a great city where both university of Chicago and Northwestern have night programs. And so I was working during the day. I was getting my MBA at night. Actually, funny enough, I met my wife during my MBA, and we've just passed our 29th year anniversary. So it's fantastic. You meet great people, but I was working a lot. And I think I just looked at the bank and thought there was a cap to what I could do there. And there was a lot of smart people that were in front of me. The group was highly successful. But once again, I wanted to learn not only what they were doing, I wanted to think about different asset classes, think about different parts of the public markets. I wanted to grow. I wanted to be a great investor. I was there for four years, I think. I feel like I learned a lot, but I just had a thirst to learn more.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

22. “When I was in the early 90s. But if you're an industry that's growing like a weed, you get so much more responsibility faster. You learn. You become a pioneer with very little amount of experience. And so if you can do that, there's tons of great things fall from it. So I was an early investor in distressed debt when I went to Appaloosa when I was young as well. And that was one of the first larger hedge funds that existed. And that whole industry ended up exploding. So I've been the beneficiary of these massive tailwinds behind me. So that's another thing I was encouraged folks to do.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

23. “Rain on issues. Over time, by doing that, I just got to meet a lot of great people, but also it got phenomenal guidance for my career. And then over time, I ended up mentoring people. And actually, I think being a mentor, you actually learn more than being a mentee. Often young people will say to me, what advice will you give to us? And I always tell people three pieces of advice. One of them is find a mentor. Just ask somebody. Most people will say yes. If somebody says no to you, they're never going to be a good mentor anyway. So that's fine. I also tell people, don't worry about how much money you make when you're in your 20s. It doesn't matter. Just take a job where you can learn, you can grow, you'll get good at it. The money will follow. But I find there's just way too much focus on people trying to maximize their income at a point in their career that it really doesn't matter. And the third thing I say, which I was a huge beneficiary of, was get into an industry that's growing, a business, an industry, or something that's growing. Because if you are, like I think about distressed debt investing,”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

24. “From inside the bank. And so we were instead of often buying these loans, then when they were going bad, we actually were going out, learning about what the recoveries were going to be. And then we started buying loans from other banks. And we actually built a pretty good business during the early 90s doing that. At the time, I didn't know that was going to be a big chunk of my career. I didn't know that was going to be an exploding asset class. I didn't know it was going to be nearly as profitable as what it was. Back then, we used to valued every company at four times cash flow and you'd buy them at two times cash flow. And you would make jobs and gobs of money for many, many years. One of the things I learned from that job was that I've always believed in finding mentors and also mentoring people. I've been the benefit of phenomenal mentors throughout my career. I mentioned Gene Legrand, one of my very first mentors, but throughout the years, I always would go to people that I respected and I say, hey, do you mind if we grab coffee or grab lunch once every couple months? I really respect you. And I find you to be very insightful. And I'd love to pick your.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

25. “I have to say I've had a lot of really good fortune in my life, but one of the most fortunate things was when I was at the bank, a position to open up in this group called distress debt trading. This is back in the early 90s and what this group did was when the bank had a loan that went bad, they would just sell it. This group used to do the selling of the loans. There was a woman who used to run the group named Gene Legrand, who actually was one of my very first mentors who they figured out were selling these loans for 20, 30 cents in the dollar and the buyers are recovering 70, 80, 90 cents in the dollar. At the time, there was a very small universe of people who bought distressed loans. You had Sam Zell, you had some of the Drexel spin-offs, you had a group of Fidelity, but it was probably 10 people that we were trading these loans with. But the bank figured out, wow, instead of selling these, we actually should be buying these loans. And so they were one of the very pioneers in distress debt investing that figured out they had old workout people that were in the group. So they had the bankruptcy expertise. They had capital.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

26. “Me and saw what they were doing, and I said, I don't want to do that. So I took a risk. I left Pete Marowick and actually went to go work for First Chicago, which was really my very first investing job.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

27. “1990. I graduated, so I went to Miami, Ohio. As you remember, there's a pretty big recession back then. So I had a finance degree, I had an accounting degree, always wanted to do investing, didn't know a lot about it, but it was always intrigued by it. But at the time, Wall Street's firing people, blaming people off, and so I didn't have the opportunity to go to Wall Street. My very first job was working at Pete Morwick as an auditor. From the first time I started working, the one thing that I vividly remember at that first job is that I felt like I've always felt like in life like I was running a race. And because of my background, because of where I grew up, I was starting this race way behind the starting point. And so for me, the only way to get ahead was to work my butt off. I've always had this mantra that nobody was going to outwork me. My very first job, my peers are working 40, 50 hours a week. I'm working 80 or 90 hours a week. I got promoted very, very early as part of that. What I also remember is I befriended somebody their five years ahead.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

28. “I was younger, I would say I had a lot of interest. I played a lot of sports, I worked a lot, but it wasn't really. I remember my mom was super proud of me. And that was a huge spark for me. Wow, I did something. My mom was so happy. She's been a huge influence in my life. So that was the biggest spark. And then once you start doing well, you get good grades. That feels good. You get all types of opportunities. And so it really builds on itself.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

29. “Bust their butts, and you can't support yourself. When I was doing that, I remember thinking to myself as someone who's in a small town, I want a lot more. I have to focus on my education. That's the only way that I'm going to achieve the goals that I really want to achieve.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

30. “Newspapers. And then on the weekends, you have to collect for the newspapers so that you buy the newspapers for 65 cents. You sell them for 90 cents. If people don't pay you, that's out of your pocket. I learned early on that my brother, who's five years younger than me, who was super cute. And if I brought him along, we got better tips. So I used to always haul him along whenever I collected from a newspaper. But it teaches you the responsibility. You have to show up. People don't get the newspapers at 4.30 in the morning. They're not happy. I did that for four years. The thing I also remember at that time was I used to think to myself when my friends are sleeping, I was out hustling. So some of the other jobs, which is a bus boy, that was a pretty tough job. But I will say you learn how to deal with all types of people. So if I'm in the golf course and I'm catting, you have an angry CEO who's having a bad round or you're in a restaurant and you have a customer who's really unhappy, you have to deal with those folks. I also learned that there's a lot of really hard working people in our economy that get up every day and”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

31. “I grew up in a small town in southwest Ohio, Beaver Creek, Ohio. My mother was a teacher, my father drove an oil truck. When I look back at that time, the most formative thing to me was the fact that my parents really believed that we should have jobs. We should be working when we were in school. So if you ever wanted to buy something, you had to make money for yourself. So we were really encouraged to have jobs at a very young age. During that time, I started out as a paper boy when I was 11 years old. I remember the kid that had the paper out was the only kid in the neighborhood had money. And so when he ended up quitting, I really wanted that job. And so I was 11. You had to be 13. I begged my parents. I begged the paper company to let me do it because it was a route in the morning. I had to wake up at 4.30. I had to deliver newspapers every day, 40 newspapers for an hour. But I was able to convince them to do that. And so as an 11-year-old, you're running your own business. You're taught responsibility, whether the rains or snows or sleets or has a blizzard, you have to get up and deliver the news.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

32. “That means your entire team gets on demand coaching. Grounded in the behaviors that drive results and build the kind of followership that retains your top Use Alex. Team at capital allocators”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

33. “Including some of the most respected names in asset management. Randall introduced me to AI leadership coach is team built on forty years of proprietary research. To what the best leaders and”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

35. “Including the evolution of value investing, sourcing miles wide, conducting research and diligence miles deep. Construction portfolios. Current opportunities. Japan and reinsure.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source

36. “One of the things that's fascinating about Japan is most experienced investors have some horror story about invested in Japan. And so when I started getting into it, what I realized was people don't like invested in Japan. There's a real institutional bias against it. Ted S And this Is Capital Allocators Guest on today's show is Herb Wagner. Managing partner of Fine Point $4 billion opportunistic value hedge fund he founded 11 years ago after spending 14 years at Baupost and two at Appaloosa under legendary investors Seth Carmen and David Tepper respectively Conversation starts with Herb's hard work as a youth in small town Ohio, this fortuitous early entry into distressed investing in hedge funds, and mentors who shaped his investing career. We then dive into the DNA that Herb carried forward to FinePoint.”

    2025-09-22 · Capital Allocators · Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460) · IDENTIFIED FROM THE TRANSCRIPT · source