LibreMax Capital
fund on 1 show · 5 statements across 1 episodes · said 11 times in 1 episodes since 2022
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5 statements about LibreMax Capital, every show
Lippmann: Running structured credit properly is impossible under $500M AUM
“We spend millions of dollars a year on data, and on a team to sort of process that data, and then on each of the sector heads where they're reading the documents, and they're parsing the structure and understanding this, so it's really difficult to do what we …”
Lippmann: LibreMax uses AI and quantitative models solely as screening tools
“We're not a quant shop in the sense that we don't take that price, but what we use this for is a sifting mechanism, right? So we'll put 10 bonds through the system, and that system will say, hey, I think you should buy these five, and you should avoid these fi…”
Lippmann: Third-party valuation software errors create alpha in structured credit
“Back when I started, each bank had their own internal software that valued these bonds. Now there are companies that sell those, and the good news about it is that everybody is looking at the same thing, and occasionally our guys are able to identify that ther…”
Lippmann: Fund managers cannot easily expand mandates later without style drift penalties
“When you start something, you can dub yourself whatever you want. And either people give you money or they won't. But one thing I've learned in the 12 years, it's very hard to then change. You can claim anything you want to claim. But afterwards, if you try to…”
Lippmann: Only 3 of 20 most likely LP prospects invested in LibreMax launch
“If you had given me the list of, say, 40 people I called, and you told me, write a list of the 20 most likely and the 20 least likely, I would have got, like, three right. Like, three of the 20 most likely gave me money, and 17 of the 20 least likely gave me m…”