Centerbridge Partners

“And that was really a sea change in opportunistic credit investing to the point that it's more than half our business now as opportunistic credit investors, We're lenders and not just LMEs. In fact, LMEs are only a small portion of it”

“We make sure that people have meaningful components of their compensation come from across the firm. You still may have a major, which is perhaps a majority of your compensation, but a substantial minority, and I mean substantial, will come from other areas in…”

“We have not seen softness. Any given company can go through a patch. We have some building products companies that we own. They're going through some stuff now. We haven't seen a particular sector of the economy start to keel over”

“First Brands and Tricolor. We looked at both for years. People said there's never been a picture of Patrick James. We flew to his office. We met him in person. We had the Tricolor management team at our office. We spent a lot of time with both these businesses…”

“Distress for control is just a buyout. The only difference between a distress for control transaction, buying debt, converting it to equity to own a company is that in a traditional bio you're using leverage to acquire a company. Distress for control. You're d…”

“The name center bridge, even though it sounds like just one of those other names involving a direction or a structure, there was some thought to it in that we were taking two strategies. Private equity, and now it's called private credit, but that phrase didn'…”

“What we learned over time, it's rare that you find someone who can hit 300 from both sides of the plate. People who are natural lefties or natural righties. So we evolved that terminology of being a switch hitter to having majors and minors.”

“What I learned back then, and it remains true to this day, no matter what anyone else may say to the contrary, credit investors do not know companies as well as private equity investors, and no one will ever convince me otherwise.”

“At some point, alternatives are no longer going to be an alternative. And they're like mainstream. And when that happens, it means it will be harder to generate outsized returns. That's what worries me. I think about that in terms of influx of wealth capital. …”

“When people get into the shoulda, woulda, coulda game, it drives me bananas because we all make mistakes. It's the nature of investing. If you're a professional, you don't need to be told by your coworkers, we should have done this, could have done that, it wo…”

“What I wanted Was a chance to do my own thing. I wanted to drive the bus. That was something that they were not prepared to do.”