Tony Yoseloff
14 statements across 1 episodes · 3 bullish · 3 bearish · 1 people on the record · first statement May 8, 2023 by Tony Yoseloff · across every show →
On the record as a speaker too: Tony Yoseloff's record, appearances and statements → this page counts the times other people say the name.
Everything said about Tony Yoseloff, oldest first
May 8, 2023 negative
Holding equity positions too long drives thesis creep and underperformance
“We typically find that if our teams have held stocks for too long, it's usually not a good thing. It's better to be trading in and out of them. There's also a risk of thesis creep, quite frankly. Where you start out in something for one thing and then you wind…”
May 8, 2023 positive
Fallen angel debt offers large volume and high margin of safety
“What I like about that is you have indiscriminate sellers who often want to get out because of ratings downgrades. You typically have extremely good collateral backing you, and you've got large volumes of debt, so you can put both a lot of money to work and yo…”
May 8, 2023 negative
Macro overlays often add portfolio risk rather than reducing it
“Because we run our portfolio without leverage and because of how we manage our portfolios, we don't use macro overlays. And I'm not even sure that macro overlays often would be risk Reducing. I think it much might be an additional risk that you're putting on t…”
May 8, 2023 positive
Risk management uses proactive review over automatic pod-shop sellouts
“We tend to operate differently than some of the pod shops in that regard, where typically hitting a test leads to a conversation versus an outright sellout, although typically it's conversations well in advance of hitting a test as people get closer to tests.”
May 8, 2023 neutral
Risk arbitrage carries jump-to-default risk with no trading out
“To use a credit term on risk arbitrage, there's a lot of what I'm going to call jump to default risk in risk arbitrage, where if a deal goes bad, it typically is going bad very quickly and in an unexpected way because a lot of risk arbitrage deals have probabi…”
May 8, 2023
Effective leadership succession cannot succeed within 6 to 12 months
“You can't just say, hey, I want to retire, let's get this set up for six to 12 months, like, and expect it to succeed. This is something we worked on in different guises for a decade, and I think there was grooming well before that in terms of my taking over t…”
May 8, 2023
Successful leadership succession requires genuine desire to retire
“The person in charge has to actually want to retire for this to be successful. A lot of times the person in charge may pay lip service to wanting to retire, but they don't really want to leave. That's what creates some of the problems or some of the issues.”
May 8, 2023 positive
Davidson Kempner plans to remain an independent private partnership
“I expect we're going to stick with this approach. It's worked very well for 40 years at this point. It's become more old fashioned, but because we continue to invest our own capital, we fortunately have had the balance sheet That we've been able to not do that…”
May 8, 2023
Davidson Kempner partners must keep most of their net worth in firm funds
“We require all of our partners to keep the lion's share of their net worth invested at Davidson Kempner, and we want to be one of the largest investors in any individual vehicle, and we are collectively by far the largest investor across all of the vehicles”
May 8, 2023 neutral
May 8, 2023
Distressed workout peers are simultaneously allies and adversaries
“The way options to credit works, especially in workouts for distressed situations, is literally at the same time, you could be on the same team as somebody or you could be on a different team as somebody all at the same time. And so sometimes other actors in t…”
May 8, 2023
Calibrate downside risk and loss probability before considering upside
“The first questions I ask are, how are we going to lose money? How much money can we lose? On this, I always assume that if someone asks me about an investment that they're interested in, that they think there's upside to it. So I always want to calibrate the …”
May 8, 2023 bearish
May 8, 2023 neutral
Firms maximize success by launching adjacent strategies rather than wandering afield
“I want to make sure if we're doing new things that we're maximizing our chances of success. And I think you can maximize your chance of success if you're already doing it in some guise, or it fits in nicely and neatly to what you're doing versus going too far …”