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So much wisdom here📝
For example:
“Well, defaults are the most easily manipulated statistic in the world. A default doesn't exist unless I, the lender, call it. If I don't want defaults in my portfolio, I simply don't call them.”
“I always tell people, don't ask the default rate of a private credit, ask the waiver rate, ask the amendment rate.
How much are they having to put hands on their credit to reorient the documents, to fit the reality of the company they're operating in?”
🎯
5.8. klo 20.00
Today’s guest, Andrew Milgram, spent $600M buying NYC taxi medallions at the peak of Uber's power—an investment which gives you a sense of Andrew’s style.
He describes a “K-shaped economy,” where one small group of companies does incredibly well while the rest struggle.
Amidst it all he tries to build unique views in unexplored areas—be that Native American gaming, tax credits, regulatory gaps, or taxis.
If you are interested in distressed investing, or the economy outside MAG7 and AI, this is a great listen.
Timestamps
0:00 Intro
0:55 Understanding the K-Shaped Economy
3:04 Middle Market Analysis & Data Insights
8:01 Challenges Facing Middle Market Companies
13:45 Distressed Investing Explained
22:27 The Taxi Medallion Investment Story
47:21 Engaging with Regulators and Stakeholders
48:32 Building Relationships with Taxi Workers Alliance
50:27 Taking the Taxi Operation Public
51:35 Challenges and Opportunities in the Taxi Industry
55:00 Investing in Distressed Assets
57:21 Negotiation Principles & Relationship Building
1:01:24 Employee Retention Tax Credit Opportunity
1:27:33 Private Credit and Equity Markets Insights
1:35:30 Personal Reflections & Motivations
1:38:33 The Kindest Thing
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