Page: Cargill gave junior traders generous limits across credit and pensions
Marcia Page · Marcia Page – Corn Capitalist with a Velvet Hammer at Värde and MPowered (EP.355) · Dec 11, 2023 · at 11:48
Marcia Page (Co-Founder of Värde Partners) recounts her early career training at Cargill managing balance sheet, insurance, and pension capital across credit instruments.
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“We were all committing capital, so we were in a position to be able to commit capital on our own up to certain limits, so there was this concept of limits, basically, that created the way that we kind of went about the business, but they were pretty generous, especially for a bunch of young folks just starting out in the business. They were really flexible in moving past The treasury markets, and into more credit-related pieces. So I personally had the opportunity to invest and trade in high-yield bonds, municipal bonds, preferred stocks, bankrupt situations. I invested on behalf of the, in effect, the balance sheet at Cargill, but also on behalf of their insurance companies, and had exposure to Cargill's pension plan at the time.”
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