Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities
Episode publishedPodcast: Goldman Sachs ExchangesGoldman Sachs Exchanges
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So when I think of AI in the credit markets, I think of it two ways. First is economically, because it's such a driver of our economy. It's hard to see how it's gonna actually accelerate from here. So the issue, if it decelerates, what's gonna be the impact? That's probably, to me, the biggest issue. If it decelerates, will people be taking down their economic growth assumptions? And then there's the trying to line up where the best opportunities are between the different markets. And it could be the investment grade market, could be the better risk adjusted opportunity.
Welcome to Goldman Sachs Exchanges, Great Investors. I'm John Waldron. I'm about to sit down with Steve Tenenbaum. Steve is the founder and CIO of GoldenTree Asset Management, a credit manager with over $70,000,000,000 in assets under management. He also happens to be one of the sharpest and most successful debt investors in the world. Today, I'll find out what's behind his success and where he sees opportunities ahead. Steve, welcome to Great Investors at Goldman Sachs.
John, it's great to be here.
So your first job was at Kidder Peabody,
I believe.
And then Mackay Shields? Yes. This is where you and I met.
Yes.
How would you describe your early career and lessons learned in those first couple jobs?
So when I think of Kidder Peabody, two year investment banking training program, focusing on M and A and high yield. And I went from an environment being a student where I had twenty five to thirty hours of work each week to having a hundred hours of work. So very overwhelming. I'm sure that you could relate, you know, from your experience at beer. And that was overwhelmed. So I had to have this strategy of, okay, what do I wanna accomplish? How am I gonna curate my day? And really be very deliberate about that. So that was probably the biggest memory of Kitter was, how do I approach a day? Wh
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