Hildene occasionally misidentified underlying banks in early TruPS portfolios
Brett Jefferson · Brett Jefferson – Inefficiencies in Structured Credit at Hildene Capital Management (First Meeting, EP.19) · May 25, 2020 · at 41:58
Brett Jefferson is the founder and Co-CIO of Hildene Capital Management, discussing the underwriting hurdles of analyzing thousands of small community banks backing TruPS CDOs.
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“There was a time for a while where we did not have a hundred percent of the actual banks. And I'm going to tell you that there's a lot of first national banks in this country. There's a lot of first Cherokees. There's a lot of bank ones. I mean, there's 8000 banks in the country and they're all over the place and you think you've got it right. And then all of a sudden you're like, we actually had the wrong bank.”
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