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

  1. “I said to him, sir, is there any way we can get a picture? I don't think I'll ever meet again and President goes. Absolutely. Vladimir, you come over here now. Vladimir, we're going to take a picture. Is that all right? And Putin goes, no picture. Clinton, without missing a beat, goes, All right, let's hurry up now. It's fascinating to me how people who nobody says no to. Really They don't really care. And the fact we're taking this picture with Putin just because I want to have a picture and President Clinton is like, yeah, absolutely. We'll do that. You just got to meet, I won't say which country we were in. We're in a country in the Middle East and President Clinton goes. See that lamp over there? I go, yes, sir. He goes, I hate that lamp. I think it's one of the ugliest lamps I've ever seen. I was like, okay.”

    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

  2. “Oh my God. I think it's, I got to meet Putin with President Clinton. And it was at Davos. And I got to meet all these people. And I went, we'll go and meet. Economic advisor. Meeting with Putin, and then I come over and I'm saying hello, and so on. And I ask President Clinton, I can do his voice really well. Do it. All right.”

    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

  3. “Got to be really good, obviously, on the credit side. They've got to actually also be very good on the restructuring side so that if there's an issue you can deal with it. And I would say you can't be small. You've got to be large. Back then, people would go, well, look, I'm small, I'm nimble, I'm quick, I can do this, I can do that today. Nimble quick means nothing. I could destroy you. You're nimble quick. You need to be large. The big difference”

    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

  4. “They were changed to make it better for creditors as opposed to debtors. And that one change ended up making bankruptcies instead of being five or six years, you now would have an 18 months to 24-month bankruptcy. Things became more streamlined. And you ended up, I think now you've still got a lot of fighting among different asset classes and different groups. the timing element has all gotten condensed. I think that's been a big change. Also, the increase in capital has made it worth it for people now to fight, whereas back then because time was an asset that the debtor had, you actually settled a lot more. And even though somebody may have been junior to you, they could hold you up for two years. So it was worth it to work it out. Today, it's not. And so you're litigating more, you're fighting more. It's gotten harder.”

    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

  5. “I think back then you needed to understand law and you needed to understand numbers because bankruptcies were extremely complicated and bankruptcies would take anywhere between three to six years and it was a strict priority so you were constantly fighting and then the bankruptcy laws were changed”

    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

  6. “I think because 30, 35 years ago, when I went to work for them in nineteen eighty eight. They gave me $150 million. I was the largest distress fund in the world, in the world. And the reason why you have this lineage from them is there were about four or five families back then who had a lot of capital. So therefore, in my opinion, they attracted some of the smartest people because Would give you capital, and very few people back then had capital. I mean, imagine if I'm running 150 million, I'm the largest fund. Most people back then were running 50 million, 100 million. And so you could go to the Bass family, you could go to a number of other families, and they put a lot of people in business. And because of that, I think there was one of the reasons why they did exceptionally well.”

    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

  7. “From David, I learned a lot. David was one of those rare individuals, in my opinion, that was exceptionally book smart and exceptionally street smart. And normally, people are one or the other. And David was both, and you saw that in situations and how quickly he could figure things out, but also how he could communicate with everybody. Everybody really liked him. Whether if you were an analyst, you could talk numbers with David. And not only could he keep up with you, he'd be better than you. But if you just wanted to talk about how you're going to grow a company, what are we going to do on the marketing side? Here's my vision. You could actually talk to David and you thought you'd be able to communicate with him and you'd understand things. He was one of the first people I ever worked for in this business that was able, in my opinion, to do both. And not only do both at a high level, but at the top.”

    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

  8. “I think there's two things you're going to be doing. One, you will be doing credit, so you'll lend people money on that. You're going to be lending at 10 to 15 percent. It'll be the same thing we're doing on the credit side. On the equity side, you're going to want to be generating high teens to low 20s returns. I think today, because of the lack of capital, you're going to be able to do that pretty easily. But as more and more capital comes in, that's going to get harder. But that's the same in any asset class.”

    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

  9. “I would say it's hundreds of billions of dollars. I would have thought it was a lot smaller. And as we started doing this, the amount of deals and the amount of I would say opportunities we see is staggering because it's in everything, it's on the real estate side. It's on do we want to build hotels near a stadium? Do we want near Reno? Do we want to build restaurants? Do we want to do food services in the arena? What are we doing? Anything that's sports related, I think is just massive opportunities.”

    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

  10. “So, the great thing about gambling What gambling does is increase the engagement that people have with whatever they're gambling on. So I'm not going to make money on the fact that people are gambling. That's going to be fan duel, draft kings, or whoever people are doing it with. They've already got that monopoly. But the more people who bet on a particular game means there's more people watching that. The more people who watch that means my ratings go up. The higher my ratings are, the higher media deal I'm going to get. So I think it's just part of the ecosystem. And the whole thing in the ecosystem is how do I make you become a Knicks fan? How do I make you become a Bucks fan? Because the more people who watch, the higher I'm going to get paid.”

    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

  11. “Think today, yes, but I think within three to five years, absolutely not. I mean, I think there's a number of firms out there that are getting started that want to do the same thing. So I think you're literally in the first inning of investing in sports. I think as private equity comes in as more institutional capital comes in, you're not going to be able to do the bull writing. You're not going to be able to do the sailing. You're going to be paying much higher pricing for this because it's going to become a much more efficient market.”

    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

  12. “It is because ultimately you have more people who want to own a team, especially in their community than you have teams. And whether that's baseball, basketball, ball riding, sailing, golf, whatever it is, but you're seeing the rise of women's soccer. You're going to see the rise of women's volleyball. There are more people who have the means and the wherewithal to own a team and want to grow it within that community. I think you will have teams. So it is a big factor. And then if those teams can make money, then you've increased the amount of people who will want to buy them.”

    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

  13. “Ends up saying, look, when we have the Olympics, you ever watch that? Go, yeah. I go, you ever watch curling in the Olympics? I'm like, yeah, I do. And he goes, well, let me explain the sport to you. I'm going to have somebody roll a ball on ice to a circle. And the person in front of them is going to shave the ice to make it either go slower or faster. I would have said that's the dumbest thing I've ever heard. Yet I'm fascinated when I watch it. And what he explained is people love watching the best in the world compete, period. And that's why people watch on TV because they want to see the best in the world compete. I've always remembered that so that when I'm investing, it's let's do things where it's the best people in the world compete because that's what people want to watch.”

    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

  14. “And I'm looking at that going, I don't know, it's not for me, but now would I invest in that? Sure, if I saw that a million Americans are watching it, it's not what I like. It's what people like. The one that I always find fascinating, and somebody explained this to me really well, this immedia executive that you would know who runs a large company.”

    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

  15. “People love watching it. You got to go back in time. Imagine somebody comes to you and goes, Look, I got a great idea. Here's my idea. I'm going to film people just smacking each other and just slapping each other. And you're like, okay, nobody wants to watch that. What are you crazy? No, I'm not funding that. Yet that's become a really popular sport. I don't know how you train for it. The other one that's actually really weird, but requires a tremendous amount of skill, it's on a ping pong table that's at an angle. And all you can do is you've got to hit the ball. It's got to hit your side, then the other side, but you can only do it with your feet or your head.”

    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

  16. “Yeah, it's more than an NBA level. And I wouldn't have told you there's two million people in the United States who love sailing and who want to watch it, but there is. So what that tells you is their next media deal is going to be multiples of what the first one was. And that's how we look at things. And for right now, for whatever reason in sports, you can actually 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

  17. “I would tell you three to five years ago that's a venture deal. And you hope that he'll be successful, but nobody knows. He does a deal with CBS Sports for forty million dollars a year global because they think about a hundred thousand people are going to watch that. Okay, I would actually think that would be logical. Fast forward to today, so in three years they just had a race about three or four weeks ago. So they have about 20 races a year. And in that race, they had about 2 million Americans who watch that. So you look at that and go, where did that come from? How'd you go from a hundred years?”

    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

  18. “Put me on a boat that rocks. I just want to get off. But that's the same thing. So Larry Ellison, three years ago, starts a sailing leap. He starts it with about $250 million. If you think about that, why does he do that? Because he's a big proponent of America's Cup, believes that people love sailing, and says, I'm going to create 12 teams. I'm going to have Team USA, Team Canada, Team Australia. I'm going to do all of that. Okay.”

    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

  19. “But think about that. So four years ago, I don't think people would have been interested or would have watched it. And you saw that from the meteorites that the women's NCA got. Well, you fast forward to today. You had 18 million Americans who watched it. By the way, that's more that have ever watched an NBA game. It's more that I've ever watched a playoff game. It's more that it's ever watched a baseball, the World Series. It's actually more than I've ever watched immense NCAA game. So you look at that and go, that came out of nowhere. But now that you know that people are watching it, do you think you want to pay more for a woman's media rights on the women's NCA? The answer is yes. But five years ago, I would have told you I have no idea. And so what we're trying to do is see what people are doing and invest 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

  20. “About it, we own a percentage of the league. And when you end up figuring out with that percentage, which you will own or the meteorites, I think the value of these teams in two to five years will be five, 10, 20 times what you paid for it. Here's an interesting statistic that's just happened. So I don't know if you watch The Woman's Final.”

    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

  21. “You have roughly the same amount of people watching a bull writing event that watch an NBA game. It really is. And what that tells you is you have 350 million Americans that some love bull riding, some love basketball, some love baseball. So we ended up doing that. And the teams at the time were worth about a million or two. And three years later, they were worth 25 million. For people who bought them then, they made anywhere between 10 to 20 times on their money in three years. We bought a team for 25 million and we decided to put a team here in New York. We're going to do it out of the Barclay Center. But the reason we did that is we think the next media deal is going to be, it could be somewhere around 50 million, 100 million, 200, 500 million a year. I don't know what it'll be, but it's definitely going to be more than zero. And if you think...”

    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

  22. “Loving to watch it on TV, loving going to the rodeos, to the bull writing events. So I started doing work. What I learned was at the time they did their media deal with CBS boards, they got paid zero. And the reason they got paid zero is CBS was like, look, we have no idea if anybody's going to watch it. If they do, great. We'll make a lot of money. And if they don't, we're not going to put it on. But there's a production cost and everything. And so they do that. And within span of three years,”

    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

  23. “What I'm trying to do when we're investing in sports is I don't know what people will like. I don't know what you want to watch. What I do know is what people are currently watching. And you know that from the ratings. So bull riding, it's really rodeos that have been around for 50, 100 years. People love it. And I had heard about it from a number of friends who had invested in it and said, you need to take a look at this. You're going to be shocked at how many people are actually.”

    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

  24. “I don't think I've ever heard a Nick fans say that, especially about Dolan. But nobody worries about what a donor has to spend. They want the owner to spend as much as possible because all they care about is winning. And you actually feel that. You hear it all the time. And that's why I said you sort of become a steward of an asset. And hopefully we did a really good job when I owned it.”

    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

  25. “And the community, the fans, everybody else, that's who owns the team. And you feel you have an obligation to them to try to win. If you think about it, there's no fan that says, are you a Knicks fan? Don't go, oh, I really feel bad for Dolan if he's got to spend X.”

    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

  26. “Think that's true. I think most people buy a team, buy it because they believe the value is going to go up. Nobody's buying something saying, oh, I can't wait for this to drop. I don't think it's a vanity play. I think it's an economic play. And there's a belief that the value will go up. And part of that is, very simply, to get pricing goes up five to 20% a year. Sponsorship goes up 5, 20%. Advertising goes up 5 to 20%. So I think you will make money if you decide that you don't want to win. And I think that's what ends up happening. It's not a vanty play. What ends up happening is you quickly realize, and I know this may sound a bit hokey, but you actually realize you're a steward of an asset. I'd love to tell you you feel you own the team. I think you're just the owner at that present time.”

    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

  27. “Within the first 10 minutes. So for me, I thought it was time to sell and I thought it was a great price. I'm not saying prices may not go higher. I think they will. But I think it'll be hard for teams to increase in value Five to ten times over 10 years, I could see teams increasing in value two to three times. And that would make sense. But I think you can take that capital and sort of do the same thing in that amount of time. So, yeah, it was a unique experience”

    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

  28. “I remember it. And then I go running into the locker room and I remember I was a doctor, how bad is it? And doctor looks at me and goes, listen, I know you're not going to believe this. It doesn't feel like he tore anything. I go, no, that's impossible. And Giannis goes, no, I heard a pop. And so they've got to do the MRI. And the MRI comes back that everything's fine. What he had heard, there's a water sack inside your knee, and that's what he heard pop. And it just refills up. All right, so now Yannis is gone and somehow Trey Young ends up entering his ankle because he's walking backwards and steps on the foot of a ref and now he's gone. So you've got to be very good, but you've got to get lucky. And I think we were very lucky. And I think the following year, we got a little bit unlucky. And then last year, definitely unlucky because Giannis got hurt.”

    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

  29. “But most people don't because that's when you have the highest value is when you win. And when I looked at it, I thought we won in 2021. I thought we could win again in 22 and in 23. And you also realize how hard it is to win. And you've got to get very lucky. And I think when we won. Everything worked out really well. Kevin Durant's foot wasn't an inch bigger. He would have made that three. We would have lost. Yannis in Atlanta ends up having what I thought tore every ligament in his leg. If you see the video of that as well, Christmas.”

    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

  30. “So you quickly come to the conclusion that it is not any fun to go and try to make money because that means you're going to lose. And why would you want to go watch a team you bought just lose? So you end up spending the money and you literally spend pretty much everything you make. And the reason for that is you actually do want to win. And the value of your team actually will increase if you win. But the problem is you should sell right when you win.”

    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

  31. “We had the opportunity today not three five ten. Like, well, that's fine. I'm going to buy it for 100 times. We're going to have this new media deal. I think the value will go up. And from your media deal, you're getting 30 million a year. I thought it would go up to 60 to 75 million a year. And if we got that, you'd make all this money and we could sell the team. And the team would hopefully double in price. The media deal came in. It was three times. So instead of us getting 30 million, we got 90 million. And the value of the team doubled. And so now you actually can make money. And the dirty secret about sports is you go into it assuming you're going to make money. And then you find out that if you want to win, you've got to specify all the 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

  32. “I think why people at times have a hard time buying a team. Why do people have a hard time understanding the value of a team? I was no different. I'm not going to tell you I was. I think for me I had invested in the Brooklyn Nets and I had a minority piece. And when the Bucks became available, you understood the economics of basketball. So the Bucks were making about $5 million a year. And so you would think in my business, I'm trying to buy a company for three to four times. Private equity is trying to buy company seven to eight times. And everybody thinks you're crazy if you spend 20 times.”

    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

  33. “And it was always, I think, people Google you, and then once they found out you did, they'd want to take a picture. But all of a sudden, literally you're going up to a total stranger. And within a few minutes, we both love the same thing. And I just found that amazing. And I actually think it's one of the things that people don't fully appreciate about sports, how it does bring people together. And so for me, the bucks were a unique opportunity and worked out extremely well. But I see that you can do the same thing investing in other leagues and other sports.”

    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

  34. “There's a number of reasons. First, I think it's misunderstood. I don't think people fully appreciate all the different opportunities you have in sports, how media plays a part in it, how sponsorship, ticket sales, and then the other big reason is I actually think it's a uniter. People just love sports. It doesn't make a difference who you are. If we're all wearing the same jersey, for some reason we all love each other because we're all cheering for the same person. So you don't look at what nationality, what color somebody is. One of the things I loved about owning the bucks whenever I was traveling, wherever you were, whatever city, sometimes you'd find somebody wearing a yarnister jersey. And I'd go up to them and go, oh, are you a big bucks fan? And they would start talking to you about why they love Yannis or why they love the team. And then they would ask me and I'll go, well, you know, shockingly, I actually own the 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

  35. “So, I don't understand. He goes, Well, sometimes people just would have actors come in and I just want to make sure it's the same. I just thought it was fascinating. I've never heard of that. This is in. I'm trying to think when this was. This was in 1995, 96. We had just gotten started and you're just meeting characters all the time.”

    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

  36. “It all depends on an investor, Gustav Levin, who actually founded Perrier when he came in here. He was about 75 years old, and he comes in, and back then he had a Kodak and Somatic, and he's taking pictures of the people who work for me, taking pictures of the office. And I was like, oh, okay. And everybody's like modeling. We're all standing there doing whatever we're doing. And he literally took 24 pictures. And at the end, I was like, okay, so why is that? He goes, oh, I just like to have pictures of my investors. I was like, okay. And he goes, but I'll come back in three or six months. And that's when I'll decide if I'm going to invest. And he comes back and he's got the pictures with him. And he goes, I want to just make sure same people are here. I was like, okay, yeah, they all are.”

    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

  37. “Oh, wow, that's a great question. That's actually fascinating. I've never really thought about that. I think part of it is I always grew up. I had a mom who always told me you could do anything. So I just grew up believing I could do anything. I don't think there was a moment when I thought, oh, wow, I could do this. I think when we left Morocco, we came to the United States. Everything was about education. Everything was about learning because we didn't really have any money. So the only way you were going to go to school was by scholarship. I think it was a belief that my parents instilled in me.”

    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