Cordillera Investment Partners
36 statements across 2 episodes · 12 bullish · 5 bearish · 1 people on the record · first statement Mar 24, 2022 by Chris Heller · said 25 times in 3 episodes since 2022 · across every show →
Mentions by year
brought up most by Ted Seides (13), Chris Heller (9), Greg Dowling (3)
tap a year for its mentions
2024 13 mentions in 1 episode
Everything said about Cordillera Investment Partners, oldest first
Mar 24, 2022
Heller: Cordillera insures whiskey inventory based on projected one-year-ahead aging value
“For whiskey, we insure a year ahead from the aging curve, so whatever the value is today, we actually insure it for a higher value for what we predict the value of the whiskey will be a year ahead. So if we get wiped out for some reason, the collection for the…”
Mar 24, 2022
Mar 24, 2022 positive
Heller: Entering undiscovered asset classes yields outsized returns before competition arrives
“One prong is being early to an asset class before competition and capital has competed away returns. Is useful and beneficial, and we came at this first and foremost from a return perspective. You can be early to a place where the world hasn't found yet. That'…”
Mar 24, 2022 negative
Cordillera exited music publishing and litigation finance after returns compressed
“When we were early on, we were investing in things like music publishing and litigation finance, which was in our minds, very cutting edge at the time in 2014, you know, fast forward to today and the whole world has found music and litigation finance, and subs…”
Mar 24, 2022 negative
Mar 24, 2022
Heller: Cordillera requires viable exit markets to exist at underwriting
“When we underwrite a deal, we have to know exactly that there's a viable market to exit that deal today. It can't be, hey, look, this is a great idea. Let's invest in it now and figure out if five years, six years down the road, something will develop to sell …”
Mar 24, 2022
Mar 24, 2022 positive
Heller: Cordillera structures deals to take revenue share in operating partners
“Today, the way that we structure is we will, the fund, our funds and our LPs will get a revenue share in that business. So we will get the return of the assets themselves. And then if the operating partner can build a big business around that, our LPs will ben…”
Mar 24, 2022 bearish
Heller: Litigation investments take far longer to liquidate than anticipated
“Like, I think the big takeaway, whenever somebody asks me, because we've done lots of things in litigation, what is your takeaway? It's that they take forever. And it takes way longer, no matter where you are in that space. It just generally takes longer to ge…”
Mar 24, 2022
Mar 24, 2022 neutral
Mar 24, 2022
Cordillera evaluates investments in aging cheese alongside spectrum and precious metals
“We also have expressions of this in wireless spectrum licenses that we invest in. There's some precious metal strategies that we invest in. And so, and then we're looking at a deal right now in cheese and aging cheese.”
Mar 24, 2022 neutral
Dec 2, 2024
Heller: Most PE firms lack time to source and structure niche assets
“I mean, we have to spend a lot of time to find these things. We have to spend a lot of time to structure these things. We have to spend a lot of time to understand these things. And I think it's something that a lot of other Private equity firms, asset manager…”
Dec 2, 2024 positive
Dec 2, 2024 neutral
Dec 2, 2024
Dec 2, 2024 positive
Dec 2, 2024 positive
Dec 2, 2024 neutral
Heller: Cordillera took 18 months to underwrite its initial whiskey investment
“Whiskey as something that when that came across our desk six years ago, we knew nothing about investing in whiskey. Literally nothing. Three different groups pinged us and said, hey, you got to look at what's happening in the aging curve. I didn't even know wh…”
Dec 2, 2024 negative
Heller: Cordillera avoids fast auction deals to maintain diligence time advantage
“So I think the thing that we think about most is our single biggest advantage is time. If we're doing our job correctly, We are not looking at assets or looking at deals with a ton of competition where you have to have an LOI or a term sheet in within two week…”
Dec 2, 2024
Dec 2, 2024 neutral
Dec 2, 2024 positive
Heller: Unscalable operational friction and bespoke structuring create niche investing's moat
“Our business is not super scalable. By definition, if we've got twenty billion dollars in a fund, we're not doing niche things anymore. And so there are lots of things and struggles that keep people away. But in that struggle and in the fact that it's hard and…”
Dec 2, 2024 positive
Heller: Alternatives' promise is early outsized returns and idiosyncratic diversification
“What was the original promise of alternatives? It's twofold. It is first, by being early to finding an asset or an idea or an investment, you can extract outsized returns before the world finds them. And secondly, finding assets that have non-correlated idiosy…”
Dec 2, 2024 positive
Dec 2, 2024 positive
Cordillera takes equity, warrants, or revenue share in partner operating businesses
“We didn't used to take warrants or equity or a revenue share in their business. We do today, because oftentimes when we put an operating team in business, they could generate a track record, and then they could go out and raise more capital, and we want our en…”
Dec 2, 2024
Heller: Decide on niche asset investments at 80% to 85% understanding
“Oftentimes, we have to get 80 to 85% of the way there, and that extra 10 to 15, always, you could spend another year or two to try to understand it, but sometimes you have to move and you have to make a decision, and that's typically about then understanding T…”
Dec 2, 2024 positive
The best operators always leave behind an easily discoverable wake of superfans
“The best people in the world in any industry always leave behind a wake of superfans. People that just love them, are shouting from the rooftops about them, and it's not hard to find them. When you have to really search to find someone to give a reference, or …”
Dec 2, 2024 positive
Cordillera finances specialty inventory including whiskey, wireless spectrum, and data center land
“And so we have the theme around specialty inventory financing. And the way that that manifests itself is in very different things like whiskey and wireless spectrum licenses and land for data centers, but underlying it might be some actual same thing, liquidit…”
Dec 2, 2024 neutral
Non-correlated cash flows suffer secondary correlation if reliant on PE exits
“And we might find the most non-correlated business and its cash flows are not correlated with general GDP cycles. But if we own that asset or that company and we want to exit it to another private equity firm or take it public, even though we might have a non-…”
Dec 2, 2024
Dec 2, 2024
Dec 2, 2024 positive
Heller: Niche alternatives exploit the gap between perceived and actual risk
“And I think our original supposition and now bolstered by 10 years of being in this business is that that's not actually the case. Now, there are absolutely risky things in this niche space, and there are lots of things that you don't want to invest in, but wh…”
Dec 2, 2024 negative