Invest Like the Best with Patrick O’Shaughnessy
Business:Investing
My guest this week is Marc Lasry. Marc is a pioneer of distressed debt investing and the CEO of Avenue Capital Group, which he co-founded with his sister in 1995. Avenue manages $13 billion today. More recently, Marc and Avenue have become active investors in sport. He owned the Milwaukee Bucks when they won the NBA championship in 2021, and has since made investments in sports as diverse as sailing and bull-riding. In our discussion, we talk about his journey building a big investing firm, the evolution of distressed investing, and the opportunities in sport today. Marc shares some great stories throughout about travelling with President Clinton, winning the NBA championship, and raising his first fund. Please enjoy this great conversation with Marc Lasry.
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For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(00:00:00) Welcome to Invest Like The Best
(00:03:40) Marc Lasry's Early Confidence and Competence
(00:06:03) Distressed Credit Evolution and the Allure of Sports Investing
(00:08:15) The Milwaukee Bucks: A Championship and Investment Success Story
(00:14:54) Exploring New Frontiers: Bull Riding and Women's NCA
(00:18:33) Venturing into Sailing with Larry Ellison's League
(00:22:27) The Economics of Sports Team Ownership
(00:25:19) The Vast Universe of Sports-Related Investment Opportunities
(00:29:36) The Evolution of Distressed Investing
(00:34:05 The Common Thread Through Marc’s Business Endeavors
(00:40:24) Marc’s Most Memorable Investment (Not Including The Bucks)
(00:43:40) The Dynamics of Working with Family in Business
(00:45:32) Finding Happiness and Perspective Amid Financial Success
(00:51:03) Diving into the World of NBA Owners
(00:55:19) Exploring New Ventures: Sports, Real Estate, and Beyond
(00:59:03) The Art of Deal-Making and Navigating Risks
(01:06:10) The Kindest Thing Anyone Has Ever Done for Marc
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John Harris - Resilience and Imagination - [Invest Like the Best, EP. 230]
Florian Hagenbuch and Mate Pencz - Everything Will Be Bought Online – [Founder’s Field Guide, EP. 37]
Gabriel Leydon - Designing Digital Economies - [Invest Like the Best, EP. 229]
Assaf Wand - Innovation in Static Industries – [Founder’s Field Guide, EP. 36]
Dennis Lynch - Delivering Alpha in Adapting Markets - [Invest Like the Best, EP. 228]
Henrique Dubugras - Building the Financial Center of Gravity – [Founder’s Field Guide, EP. 35]
Justin Fishner-Wolfson - Secondary Investing in Private Markets - [Invest Like the Best, EP. 227]
Peter Reinhardt - Learning How to Sell – [Founder’s Field Guide, EP. 34]
Brent Beshore - Learnings from a Year of Unexpected Events - [Invest Like the Best, EP. 226]
Jeremy Cai - Manufacturer to Customer – [Founder’s Field Guide, EP. 33]
Eli Dourado - Frontiers for Productivity - [Invest Like the Best, EP. 225]
James Reinhart – Lessons in Process Power – [Founder’s Field Guide, EP. 32]
Andrew Sugrue - Investing in Paradigm Shifts - [Invest Like the Best, EP. 224]
Alyssa Ravasio - Supply, Demand, and the Outdoors - [Founder’s Field Guide, EP. 31]
Josh Buckley - Identifying Legendary Start-ups - [Invest Like the Best, EP. 223]
Thomas Tull - New Physics of Business - [Founder’s Field Guide, EP. 30]
Paul Enright - The Buy Side Primer - [Invest Like the Best, EP. 222]
Trevor McFedries - Building Web 3.0 - [Founder’s Field Guide, EP. 29]
Chris Dixon - The Potential of Blockchain Technology - [Invest Like the Best, EP. 221]
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