YouSaid · the spoken record

Marc Lasry

lines on the record: 87
first: 2024-04-30
most recent: 2024-04-30
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I was so sad back then. But I think when we look at life, there are people who helped you get to where you are. And I don't even know if you got to meet them. For me to go to Clark on a full scholarship, it was academic. They were the only school who gave me a full scholarship. That's why I went. And it was great. And because of that, I was able to then go to law school and I was able to do what I did. If I hadn't I mean, yes, I would have found a way to go to college or something, but you needed money. I'm not saying it's right or it's fair, but the fact that others helped you do that. There are people who have huge influences on your life that you don't fully appreciate.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, that's interesting. I think probably for me it was when I went to school being able to get a scholarship because I don't think I could be where I am today without people who helped you get there. The other ones is I want to thank every girl who said yes to me when I was in high school for a date, they were just purely kind. I think people just felt bad. I was not a player or whatever. I was one of those geeky folks. So, for all of you who I was able to take out on a date, thank you.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“You could have made a lot of money in my business by getting control of a company, firing everybody, and liquidating that company for the assets. I never ever wanted to do that. To me, that had no interest, even though you could make more money. And the reason for that is why do you want to try to do things that are going to hurt others? And yes, you can make more money doing that. But I think in life, if you're smart enough, you can figure out ways where you can make money.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“I would tell you, Toe is you want to win, but you don't want to hurt the other person. And what I mean by that is I don't think whenever we've negotiated, we've tried to get the last dollar. You want to do a deal that is good for you and ends up being fair. And the simple reason for that is what you find out over time is if you have a really good reputation, it's shocking how many deals come to you. If your reputation is you're just trying to rip somebody's lungs out, Yes, you will. You'll be able to do that, but you're not going to have a lot of those deals. It's just hard.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“You've got to be passionate about that. If you're a baseball team owner, there's 81 home games. You should be at those games. Part of what a fan wants to see is that you're involved, that you believe in it, for them to be excited, you need to be excited. So I think it's hard. Baseball's hard just simply because there's so many games. Football's easier because you can go twice a week. So it's easier to go to a game. I think hockey is a great sport. You either love it or you don't. I love soccer. I wish it was more scoring. But the purists will tell you no. A beautiful game is one that's one zero. I'm like, no, that's a boring game. But you've got all these different things.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“You'd go to LA. I mean, that was actually one of the reasons if I lived in Milwaukee, I wouldn't have sold. But you don't. I think if you could own a franchise, I think Nick's would be great. I think giants or jets, football team's actually a great franchise to own. Think about it, you only have 18 games and you're getting paid $10 billion on your meteorite for that. Very good. Yeah, it's pretty good.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Too small. It's a lot of work. You make it up in volume. Yes, I can go buy a $10,000 claim. So, okay, big deal. I bought it $5,000. I made $5,000. Nobody really cares. But if I go buy a hundred of those, if I go buy 500 of those, yes, but it's a lot of work to go do that.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, God. That would be when I was able to buy trade claims. So under bankruptcy, under the old bankruptcy code, it was a convenience class, and a convenience class was nobody knew what that would be, whether it was claims of $10,000 or $25,000 or $50,000 or $100,000 and below. But that convenience class, you always needed a class to vote in favor of a plan. So the way they vote in favor is you gave them 100 cents. So back then you could buy these claims for 10 cents, 20 cents, 30 cents, 40 cents on a dollar, and you were getting 100 cents. So it was a great, great business. It wasn't scalable, but it was a phenomenal business.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Because in that space, we were always investing in airlines in the distress fund or in planes. So it's, hey, how cheap could you buy an equipment trust certificate? How cheap could you buy this plane? You had people who needed sell assay and you'd buy that. So that's sort of why. And then you saw, look, we're seeing huge opportunities there, but we can't do as much in the main fund. Let's go do a specific fund for that. So that's why we do it. Private equity, you need a team. I mean, it's totally different.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the team and what they were able to do, what Sean Foley, who runs that fund, what him and his team were able to do. I mean, it was huge.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the opportunities you buy older planes and then you lease them out and then you're buying a plane at a discount to what it's worth because people really want to just fly on new planes. And we thought as the airline industry kept on growing, but as travel kept on growing, you were going to need more planes and people would lease those planes out and we'd make money on that. And if that didn't happen, you could strip the planes out for parts. And at the very least, you were going to make your money on the asset value of the plane and where you made real money was if you could lease them out and then strip it for parts. So it's a great model as long as people are leasing planes. When all of a sudden nobody's flying and takes two to three years for things to come back, it had a real impact. I think we were down 75%. We're back up now, but I think that was because of the hard work.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's just geopolitical. It's exogenous events. It's things that you and I can't control. It's bad things happening. And you and I never would have thought we have an airline fund. And people would go, what do you think is the worst thing that happens? Like, oh, worst case, maybe it's down 1%. 2%. People are always going to be flying. COVID comes and it drops 95%. People couldn't go into stadiums. People couldn't do anything. What can happen that will change the way people act? And it's usually negative things. It's not a positive event. It's going to be a negative event. So that's what I worry about.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes That's not a mentor. That's somebody who's helping you. And that's fine. There's nothing wrong with it. A real mentor is somebody who wants you to do well and is trying to help you do well. That's hard. It's hard for all of us, especially in this business, because this is a zero-sum business. And if you're lucky enough to find somebody in this business who's doing that, it's rare.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“You just have to care. I think part of it is to me, David Boterman, I would tell you, is my mentor that a mentor is somebody who wants you to succeed, whether he succeeds or not, which you find most people are happy for you to succeed as long as it's”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Minor league baseball, AA, AAA. How many of those games have you ever gone to? But in Europe, I mean, in the UK, you've got Premier League Championship League, League One, League Two, and people are as crazy about the team in League Two as they are about their premier league team. So it's very, very different. And so because of that, that means people love sports and people are passionate about it. People who have a passion of something, I should be able to create and build something that can take advantage of that.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I think it's the same thing. I think Europe is always five, ten years behind the US. I know Europeans hate it when I say that. Look, in Europe right now, the biggest sport is soccer. The biggest thing about European sports is relegation and promotion. So I think it's just hard because there you do have to spend money. And if you don't spend money, you get relegated. So think of that. You don't have a choice of making money. You've got to constantly be spending. So I'd want to be in leagues where you're not doing that, where actually if you spend the money and you spend the time and you create something that you still have that, that it doesn't get relegated. So I think there's massive opportunities in Europe and in, I would say, in Asia, in sports, because that's very much a sports culture. You tell me here we have”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Think you want to try to build where do you think there's going to be growth? So if I was starting out today, I would tell you the biggest growth is going to be probably in women's sports. Why? Because the cost of it is much lower. And I think you're starting to see that the next generation wants to be more involved in women's sports. So I want to try to buy a bunch of women's teams. You would try to do that in one city if you could. It's just hard to try to do it in the city. I think I love architecture, so I'd love to try to do the real estate side. And I'd love to try to build buildings that I thought are beautiful, but that people would want to either live in or work in.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow. I'd probably try to build a sports business because I think that's unique and different. I'd like to build a real estate business. I think things that bring people together is always interesting and try to use the fact that I can deal with people pretty easily. So I'd want to be in a business where you're constantly dealing with folks.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but you'll have a great time with Matt and Alex. So they will appeal to both groups of people. You'll be with them and they'll go, wow Really great guys. I want to give them money because I think they're great guys. Or you go, wow, those guys are really freaking smart. I want to give them money because I think they're freaking smart. The fact that you can do both is why I think they're going to build a great firm. It's why I gave them money. I don't want to just give money to people who I think are just smart. I want to give money to people who I think have both of those qualities because in our business, that's really rare.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“That I think are super talented. I got to meet when we were doing sculpture. I got to spend more time with Jeff Yass. I thought he was really smart. And would I give his firm money? Yes, because I came away thinking Jeff is really smart. Ross Stevens, Ed Stonebridge, same thing. I thought he's really smart. Bill Ackman. You bump into people and it's those people that you want to give money to.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's just being in the business what you do is you meet a number of people to me someone like David Blitzer is exceptionally talented in what he's doing. Yes, he's at Blackstone and Blackstone's a great firm. But when I think of Blackstone, I think of David. To me, Josh Harris was somebody who when he was at Apollo, I didn't think of Apollo. I'd give money to Josh. Now would I give money to Apollo? Yes. But why? Because I think Mark Rowan is super talented. And I think Mark's doing a great job. Then you look at younger individuals, folks that I've given money to. I've given money to Matt Perlman and his partner, Alex. I think they're the next generation. Folks like Boaz, Weinstein, Jason Mudrick, Steve Ross on the real estate side, and then just different folks that are out there.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think just age is a big factor. You've got three groups of owners. You've got the owners who bought the teams. 30 years ago. You've got owners who bought teams 10 years ago, and then you've got owners who bought them today. And the ones today are much younger, have made money much earlier, much quicker. And then the ones who are much older, who are in their 70s, bought the teams for like $20 million, $15, $50 million, $100 million. So their net worth is actually tied up in the team. And I would say the folks who 10 years ago, teams were expensive, but not stratosphere. Today, a team is $3 or $4 billion. A football team is $6 or $7 billion. It's a different level of wealth.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Being in a room with NBA owners, people have very, very different views because everybody's made money a different way. Everybody's got different political beliefs. It's fascinating to be in a room where you've got 30 folks who've done exceptionally well, but in totally different industries. So they view their industry as being the right industry. It's actually very interesting.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“And then, you know, the part that's funny. So in between the ceremony, they go and they put plastic all over the locker room so that you can go spray. So all of a sudden there's some professional guy who comes in and tapes up the whole locker room with plastic. Because you walk in, you're like, what the hell just happened here? But that, and then as we're going in, my daughter would go, there's somebody outside who says he wants to come in. Is he allowed? I'm like, yeah, sure. And so we had more people in the locker room that we should have had because people were just asking if they could come in. I was like, yeah, why not? It's a great time. It was a lot, a lot of fun.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“And then the part that you'll find really funny because we all see it on TV is when everybody's popping the champagne. So you've had champagne. Nobody pours champagne on their eyes. It actually is a burning sensation. It really hurts. And that's why you see people with guns. And I always thought, oh, what wimps people are going in with goggles? They can't have a little water. Pepper spray. Yeah. But I didn't know it was because it stung. I thought it was just they didn't want to have stuff. So, in the beginning, I don't have my goggles on. I'm like, oh my God. This works. We're the goggles”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“On national TV. Oh, look at him. He dropped a drum. I don't know how people got my phone number. I'm being serious. I must have gotten a thousand texts. Congratulations. I'm happy for you. I'm like. Thank you. Who is this? Thank you. Who is this? Say a quarter of the text was who is this? Who is this? And you find it's a friend of yours from 10 years ago or five years ago and you go, thank you so much. But it was actually a really cool experience to share, to be there. I remember I went up to a number of the players afterwards and I said, let's be honest, couldn't have done this without me, right? And they go, no, we could have. I was like, really? Hi, see you later.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“You win, you go out there, and my whole family's there, and we're so excited because all of a sudden you realize you're going to win. And you've got the championship ceremony and you go out and I start lifting the trophy really slowly because I have no idea how heavy it is. And finally I realized, okay, yeah, I can take it. I can put it over my head. Because last thing you ever want to do is drop. Drop it. Yes.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“I was lifting the trophy. It's actually funny beforehand, the NBA takes you through and says, okay, if you win, the trophy's here, you're going to lift it up. And here's how we're going to do it. I'm like, okay, great. I don't know how heavy is it. Do you mind if I just practice? And they go, no, no, no. You can't touch it because then you're going to get your fingerprints on it. And the camera, we don't want to see fingerprints.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“President Biden called me President Obama called me. President Clinton called to congratulate. Although that was really cool. I mean, I got to go to the White House. We got honored at the White House and we brought all the players. I thought that was a unique experience. I get excited about the fact Gary Day I won the lot”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“No, that's exactly it, but people go, oh, it's so complicated. It's not that complicated. You own a basketball team where we won the championship.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Have too many demons when they do well and are so worried of what is somebody's ulterior motive. To me, it's like, I don't really worry about your motive. I'm happy. I'm in that situation. Yes, I get it that at times people want it to be friends because I own the basketball team”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Would you rather do not win the lottery or win the lottery? And that's actually why I'm happy. I always think back to the fact I won a lottery. And yes, it's complicated by winning the lottery. Yes, it's complicated by having success. And I always try to say to people, you've got a choice. You can either win the lottery or not win. And if you win, you're going to have other issues. But if you don't win the lottery, you also have other issues. So which one do you want? I think what ends up happening is people forget of how hard you work to try to achieve success. And then they start focusing on the negatives of that success as opposed to the positives. And I was lucky enough to grow exponentially. And I'm always thankful for that. I think people.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I won the lottery. People win the lottery. The first day, they're so excited. And then you start hearing about, oh, the only reason somebody wants to be my friend is because I have money. The only reason somebody wants to do this is they want me to help them. They want me to do this. I always just go back. I won the lottery.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“And you either end up really trusting, liking each other, or it goes the other way. You just don't ever want to spend time with each other because of all the difficulties you've gone through. My daughter works here, but the reason she works here is I think she's, I know I'm biased, but I think she's really talented. My son worked for us when we were with the bucks. And I think he did a phenomenal job. He now works in the commerce department. I think it's hard working with your kids. I think it's hard working with any family member. But you either are able to and there's a level of trust or you're not.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“My partner is my sister. I don't know if that works for everybody, for us, it works extremely well. Sonya and I started this together and there's just a huge amount of trust. And also we have different skill sets. So we don't feel like we're competing against each other. And I think when your partners with a sibling, it's very much about trusting them to do what they do really well and them trusting you to do what you do really well and not constantly looking over your shoulder. And I think with Sonya, we've split up the firm in different ways and she's phenomenal what she does. And it's actually worked out very well. But I think part of that is you've got to have a pretty close relationship. We shared a room till we both went to college. I don't think it's because we wanted to. I don't think I was dying.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Have you ever seen that? No, everybody's smart. So, what separates it? It is trust. It's the fact that you're explaining things to investors. And when you've made a mistake, say, look, we thought this was going to be what it is, it wasn't. And if people trust you, they give you more capital because they believe in what you're doing. So I think that's why you've seen certain firms really grow and others not grow as much.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Everybody's smart. It's not. I always love, oh no, he's really smart. Oh, shocking Go get money to the dumb guy. Nobody does. I've never heard. I need the dumb guy. That's the guy. That's my guy. Need the dumb guy. That's the guy. That's my guy.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very much about trust. It's about you constantly telling people who have a lot of capital with you what you think is good, what you think is bad, admitting mistakes when you've done something wrong or you've made a bad investment. I think it becomes really a very strong relationship that you're developing and you're building and to keep on getting more capital. People have to trust you. People know you're smart.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“To learn how to deal with stress, how to deal with things going down, how to understand you were buying Ford Bank that we'd start buying it at 80-90 and it went all the way down for 30 cents. And we kept buying it all the way down. And part of that, everybody goes, oh, yeah, you know, when things go down, double down. It's not that easy. The reason it's not easy is the market's telling you you're totally wrong. Remember, when you're buying something, somebody's selling it. person who's selling it thinks it's gone lower as things were going down the amount of work we kept doing to try to make sure that we were right is the value of that asset correct that taught me quite a bit you had to always refresh what you were thinking and try to look at it in a different way it's not easy making money but it's a process and i think as time goes on you actually learn how to avoid a lot of mistakes”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“For us, TXU was one of those investments where we started buying the bonds at $40, 50 cents, did a tremendous amount of work. It became a huge position for the firm. We bought a tremendous amount of it. It went all the way up to 110. And there was one issue that we didn't think was an issue. And we should have sold at 110 and we were holding out for 115. And decision came down in the court and bonds went down from 110 to 50 60 cent. And I learned a lot from that, which was trying not to always get the last dollar. Our thesis was right in what we were doing. And then what ended up happening towards the end is we became an arbitrage firm. And that's not who we are. I think on that, you learn quite a bit from that. You learned quite a bit in 2008. I think 2008. Was a great year”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“And then next day, so we saw you had turnover. You're like, okay, I give up. It was the same thing with, I would say, the bucks. The biggest question was, do we go for talent? And you can see that certain teams have tried to do that. Or do you build a team? In sports, somebody's got to be the number one option. Somebody's got to be the number two option. Somebody's number three. You can't have four people who want to be the number one option. It's sort of the same thing in investing. You can't have four people who are deciding what to do. You can have one person who decides what to do. And there's a team and people recommend, but ultimately somebody's got to decide that. There's got to be a senior portfolio manager or you can have two where if you're running a lot more in assets. But I think for us, we've tried to be more of a team.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“If somebody creates issues, they're gone. I always marvel at pension plans and folks who say, well, we see that you've had some turnover and you're like, yes, The reason you have turnover is sometimes you fire people who are not good. Horizon as you fire people who are difficult, and somebody will go, Yes, but you've had turnover go, right? So sometimes you fire people who are not good, sometimes you fire people who are difficult.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“I take the same attitude in life and with the box. The biggest question you have at your firm and with a team is do you hire talent or do you hire people who are team players? So here we can hire somebody who's a huge money maker but by doing that maybe they're not the best team player and causes huge issues within a firm. So what you really want to do is you want to have team players and still you're the bucks, team players who are going to win a championship here you want to have team players who are going to generate good returns. And I think it's hard. I mean it is. It's a lot easier sometimes to suggest higher talent and tell everybody deal with it. I think for us at the firm, we've always made sure that if it's collegial that we've got to get along, that we work together. So we've got a lot of tenure with the senior folks.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“At the time, you sort of looked at it and said, yeah, but that's a scale business. I don't want to focus on that. I want to try to generate higher returns. We've done really well, but at the same time, we probably should have grown those other businesses.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“To invest. And we didn't go into other things. Should we have done direct lending? Yes. Should we have done private equity? Yes. There's a lot of things we should have done.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“By 10 years Now, would you do that today? Would you return 12 billion of capital and just shrink your firm? As a business, you wouldn't do that. Back then, the focus was, no, I'm just, all I want to do is try to make return. I think you've seen people go down both roads where they've ended up growing their firms and trying to generate returns. And part of the ways they've done that is use more leverage. I think for us, we were always trying to do things on a lever basis. I had a lot of my capital here. In retrospect, should we have tried to grow the firm more? Probably. I think for us, it's fine. We're running about 12, 13 billion. I think we've done it where we were just focused on returns. But the biggest problem I would tell you is we were very focused on, we were a credit shop. We were distress. So there wasn't a lot of that for about 10 years. There is now. So we were raising smaller funds because there was less.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great question. I think when you're going through it for all of us, today these are businesses. They really are. And if I had known what I know today, I probably would have done things differently. It's just back then when you're getting started and you're growing, your focus is really on returns. That's not on building a firm. It's how do I make someone money? And you're just very, very focused on that. I think in 2012, we were running about $25 billion. And I didn't see a lot of distress opportunities. So I ended up returning 12 plus billion to investors. And the reason I did is I said, look, we're not seeing as much on the stress side. We think it'll come back in two or three years. So we're going to return this capital. We're going to sell things. And then we'll come back to you in two or three years to raise money. I was only off.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Think part of it, I'm always super curious. I just want to learn. And I think part of that when I was a kid, my mother, we went, we didn't really have much money, so we had gone to a book fair and my mother bought funk and wagnall's encyclopedia, the world encyclopedias. And she said, you need to read this, the whole thing from beginning to end in one year. And you learned a ton of useless information. But it's like all of a sudden you're learning about the world. You're learning about different things, different species. And I found it fascinating. And so what I love is I actually think in life, and we all see this, people either have the happy gene or they have the miserable gene, no matter what happens in the world. Everything's bad or everything's good. To me, everything's good. It's all positive. I just want to keep learning and meeting interesting people and being in interesting situation.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he loved the game. He loved meeting everybody. It was always just fascinating being with him. I loved it. I thought for somebody who wasn't born in this country, the fact that I could be with someone who was the ex-president of the United States and travel and do all these things for me, I just loved it. I loved meeting people. I loved learning from him. He would explain history. He's a brilliant guy. So it was fun. It was a lot of fun.”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source
“Seems okay to me. No, Mark, I'm telling you it's ugly. I said, okay, we leave, we go to the meeting. I'm like, what do you care about the lamp for? He goes, oh, I just want to see if they record everything. And then we come back, and the land is gone It's just like always he loved”
2024-04-30 · Invest Like the Best · Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371] · IDENTIFIED FROM THE TRANSCRIPT · source