Barry Ritholtz

DECEMBER 5, 2023

But there wasn’t an active m and a business, there wasn’t a leveraged finance business. But there came to be, in certain situations, buyers that were bootstrap, buyers that were, we would call ’em today, they then leveraged buyout financiers. And, and we wanted to have relatively modest leverage.

Mergers and Acquisitions (M&A) 69

Mergers and Acquisitions (M&A) Investments Valuation Numbers 69

Barry Ritholtz

OCTOBER 21, 2024

I had no money back in 87, but certainly, you know, some of the managing directors and other people that had some money, they, they made quite a, quite a bit of of profits on, on some of the left for dead Microsoft and others that were just, you know, sold to very low levels as 00:06:28 [Speaker Changed] Opposed.

Investments 59

Investments Numbers Marketing Leverage 59

Barry Ritholtz

AUGUST 20, 2024

And so it is important that at least you’re able to entertain that. So the actual source of profitability in that trade is not the level of the vix, but the shape of the vol surface. That’s amazing leverage. You need to be of sufficient size and you need to have at least five consecutive quarters of profitability.

Concentration 69

Concentration Valuation Marketing Investments 69

Barry Ritholtz

AUGUST 29, 2022

And this is part of the story I was so fascinated with was why would someone set-up a company where they deliberately turn over all the future profits to the — to the people? I run it at a loss. Is that the market share loss Jack was talking about? It’s unique. It just — it makes no sense. RITHOLTZ: It’s Marxist.

Profit and Loss 69

Profit and Loss Marketing Investments Benchmarking 69

Barry Ritholtz

JUNE 13, 2023

The exposure you get in investment banking, I was a leveraged finance banker by background. CHABRAN: Maybe because I come from a leverage finance background, as I told you, I tend always to focus on the downside. I think it was a great training. I think we learned a lot.

Investments 59

Investments Banking Entertainment Marketing 59

Barry Ritholtz

MARCH 27, 2023

And these were real bankruptcies, led by a supply-demand imbalance, too much leverage and not enough demand for the products. It’s a matter of making better decisions and being more profitable. That’s an amazing lesson in life, right, to take failure and losses as business as usual. MIELLE: Yes. MIELLE: It is money.

Investments 114

Investments Restructuring Profit and Loss Finance 114

Barry Ritholtz

JANUARY 24, 2023

And what was interesting was the first leveraged buyout of a public company happened when I was in graduate school. KLINSKY: In 1979, it was the first leveraged buyout of a public company. We had sold the family business, maybe buy another family business one day through a leveraged buyout. RITHOLTZ: That’s pretty safe.

Mergers and Acquisitions (M&A) 105

Mergers and Acquisitions (M&A) Investments Leverage Numbers 105

Barry Ritholtz

DECEMBER 14, 2022

And it became the most profitable private equity investment ever made and — it is true. And Blackstone’s funds through that period, generated substantial profits because we had made those good choices, not just about the investments — RITHOLTZ: Right. RITHOLTZ: Is that true? That’s amazing.

Mergers and Acquisitions (M&A) 64

Mergers and Acquisitions (M&A) Investments Construction Concentration 64

Barry Ritholtz

AUGUST 16, 2022

And so, you know, it was relatively, I wouldn’t say straightforward because I don’t think generating consistent profits has ever been something that’s so straightforward or so easy. And it’s always going to expect to lose some of those profits when the trend reverses, but still end up capturing the meat of the trend.

Profit and Loss 122

Profit and Loss Foreign Exchange Valuation Investments 122

Barry Ritholtz

OCTOBER 8, 2024

I mean, you know, realistically those contracts were really only worth the profit they generate in near term and putting a multiple on them didn’t make sense because there’s no annuity value, it’s not 00:30:24 [Speaker Changed] The pandemic. 00:30:24 [Speaker Changed] Right.

Healthcare 59

Healthcare Investments Pharmaceutical Profit and Loss 59

Barry Ritholtz

MARCH 12, 2024

And so, so we sort of felt pretty stupid for a while because we did a lot of losing trades in 2006 that were the, you know, that obviously didn’t come to fruition until the actual people could see the losses. So in mortgages, the borrower can stop paying maybe a year to two years before the lenders actually book a loss.

Profit and Loss 59

Profit and Loss Investments Marketing Securities 59

Barry Ritholtz

JULY 31, 2023

Ends up turning about $27 million of swap premiums into 2 billion plus in profit. The next quarter Netflix announced it’s like first subscriber, either slowing growth or loss, I don’t remember, and sort of kicked off this now two year kind of slow bleed of peak streaming. What’s keeping you entertained?

Treasury 52

Treasury Retail Economics Entertainment 52

Barry Ritholtz

JANUARY 14, 2025

I always assumed it was the opposite that alright, they’re, you know, like the 1 30 30 funds or whichever variation you’re looking at, I always assume that they’re leveraged up and even if they’re long, short, all that money’s put to work. What’s keeping you entertained? A lot of costs built in.

Investments 59

Investments Finance Profit and Loss Numbers 59

Barry Ritholtz

DECEMBER 24, 2024

These are ethically compromised executives who are just hell bent on increasing profits by any means necessary. And beyond that, you know, my book gets into how they have this pattern of lying, cheating, copying their way to the top and using their leverage in all these different industries to crush competition. Barry Ritholtz : Oh.

Mergers and Acquisitions (M&A) 52

Mergers and Acquisitions (M&A) Profit and Loss Retail Advertising 52