Contributed by: Show Editorial Team
-Avenue Capitals primary focus is investing in distressed debt
-Avenue Capital manages $14 billion in total assets
-In 2014, Forbes listed Marc as 1 of the 25 highest-earning hedge fund managers with total earnings of $280 million
INTERVIEW TRANSCRIPTS: Marc Lasry, CEO/Co-founder of Avenue Capital Group with Matt Bird
Matt Bird – Host, Traders Network Show: 00:00
Welcome back to the Traders Network Show broadcasting worldwide in Greenwich, Connecticut. I’m Matt Bird. We’re here at the Greenwich Economic Forum. And my next guest is Mark Lasry. He’s the CEO of Avenue capital group and the co-owner or owner, of the Milwaukee bucks. So you just came off a panel in the main room. We’ve got some amazing thought leaders that have been attended today and spoke with the governor of Connecticut, the mayor here in Greenwich along with some of the top hedge fund managers in the world. Can you give our audience a little bit of a takeaway?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 00:34
Sure. I like, I think the reason everybody came is the main purpose is for people to try to figure out what they should be doing with their money, where they should put it, how to invest it. So you’ve got the governor here speaking about opportunities in Connecticut and you’ve got Ray Dalio talking about what’s going on around the world. You had a right before I went on, you had a panel on what was happening in China. So really what this whole thing’s about is information to give you more information so you can learn and try to figure out what you should be doing with your capital or for capital that you’re managing for others.
Matt Bird – Host, Traders Network Show: 01:14
You know, I can’t help but think of a underlying public private partnership thing because we’ve got the economic development group over on the Connecticut side, facilitating relationships that maybe normally would not otherwise happen less than an environment like Davos, World Economic Forum. How does this affect you in what you do?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 01:33
Look, I think for us, you know, you mentioned Davos, it’s actually interesting because here what they’re trying to do is sort of create a mini Davos right in Connecticut. And that’s fine. And that’s actually what you should have. You want to try, if you’re the governor of Connecticut, what’s your goal? To make Connecticut better right. It’s not that complicated. So what’d you’re going to try to do is who can you team up with? Who can you work with to try to make things better for the state? And you’re looking for capital sources. Where can they invest? What can they do? How can the state help? And I think for us, we’re, we’re going to end up doing is listening to what he’s got to say and see what the opportunities end up being. But his job is to try to do as best for Connecticut. Our job is to do what’s best for our investors while at the same time trying to help others.
Matt Bird – Host, Traders Network Show: 01:42
Do you have any few takeaways from the panelists today?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 02:25
I thought for me it was interesting there on the China panel there was a number of things I hadn’t focused on. Somebody had talked about that when you’re here you should be going to the second and third tier cities and then you’re going to see where the real growth is going. I thought what Ray was talking about I just think it’s fascinating listening to people cause we all do different things and sort of, I don’t think there’s ever a time when you don’t learn. So to me it’s trying to see what other smart people are doing and how they’re making money.
Matt Bird – Host, Traders Network Show: 02:55
You know, I looked back at today’s programming and I want to comment a little bit on Byron Allen’s performance today. Very moving, very touching, very prolific. What’d you think of his story? How he got to where he’s at today?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 03:10
So I apologize. I missed it. So I’m sorry. No, but I assume it was fascinating, but for me, I got here a little bit late. I didn’t come in until sort of one o’clock. So it’s been the people I’ve seen, they’ve been fascinating, but I wish I was able to see everybody.
Matt Bird – Host, Traders Network Show: 03:29
Are you going to be here tomorrow?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 03:31
I’m going to try.
Matt Bird – Host, Traders Network Show: 03:32
You’re trying. All right. So what can we expect in the next, let’s say five years at Avenue capital?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 03:36
I think for us it’s trying to find different opportunities. So for us right now, it’s in the airline sector. It’s opportunities in Europe, it’s opportunities in Asia. So really what we’re trying to see is where can we end up making above average returns where people are not economic sellers? I need people to sell because they need to sell, not because they want to sell.
Matt Bird – Host, Traders Network Show: 03:58
Interesting. Speaking of selling, should I be buying Milwaukee bucks tickets?
Marc Lasry – CEO/Co-Founder, Avenue Capital Group: 04:06
All day long, all day, all day long. You’re going to find us and you will see us winning an NBA championship this year, so you need to go buy your tickets. Everybody needs to go buy their tickets today.
Matt Bird – Host, Traders Network Show: 04:13
I love that. So I’ll listen. I know you’re busy, man. You got things to do. Thanks for coming by Marc. You’re watching the Traders Network Show. This concludes our coverage of the day one of the Greenwich Economic Forum. We’ll be back tomorrow with more guests. Similar programming. See you tomorrow.
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