Alan Waxman - Building Sixth Street - [Invest Like the Best, EP.433]
Episode publishedPodcast: Invest Like the Best with Patr...Invest Like the Best with Patrick O'Shaughnessy
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Something I speak about frequently on Invest Like the Best is the idea of life's work. A more fun way to think about it is that I'm looking for maniacs on a mission. This is the basis for our investment firm, Positive Sum, and it's the reason why I'm so enthusiastic about our presenting sponsor, Ramp. Not only are the founders, Kareem and Eric, life's work level founders, certainly maniacs on a mission, they have created a product that is effectively an unlock for founders and finance team to do more of their life's work by streamlining financial operations, saving everyone their most precious
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Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc. My
guest today is Alan Waxman. Alan is cofounder and CEO of Six Three, one of the most unique investment firms with a go anywhere, do anything mandate across asset classes, geographies, and time horizons, and over $110,000,000,000 in AUM. He describes his journey from CIO of Goldman Sachs' Special Situations Group and the frameworks he brought with him to lay the foundation for Sixth Street. Allen details their famous investments like Spotify and Airbnb during challenging periods, their innovative sports partnerships with Real Madrid and FC Barcelona, and their $30,000,000,000 CAL vehicle that al
was lucky that I even got into that group. I met a gun on an airplane. Basically, I was a international relations major at Penn. No finance history or anything. Got out of school, and I was basically working in the mail room for a bond only management firm called Fisher, Frances, Treason Watts. And it's punching books, and all my friends, they all had jobs. Basically, at Penn, I had 35 interviews, didn't have a job offer out of college. That's why I ended up in the mail room. But I was always interested in companies. I just didn't know a lot about it because I didn't have a corporate finance b
What made that group tick? I'm curious about all aspects of it, the recruiting, the culture, the investing style, the low loss rates.
It's really the ability to unitize risk reward across different asset classes, geographies, sectors, return profiles, duration profiles, take our real estate type investment, compare it to a US corporate loan, compare it to buying a company, compare it to starting a company, and we unitize risk units and return units. And we did that across a bunch of different sectors, a bunch of different geographies, and asset classes. And just that skill of being able to do that, you're constantly comparing relative risk units and return units, and it gives you ability to find the best risk word at that ti
you say more about this notion of unitizing ris
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