Jefferson: Structured credit requires a bazaar mindset instead of a mall mindset
Brett Jefferson · Brett Jefferson – Inefficiencies in Structured Credit at Hildene Capital Management (First Meeting, EP.19) · May 25, 2020 · at 25:19
Brett Jefferson, founder of Hildene Capital Management, contrasts structured credit sourcing against standard liquid debt and equity markets.
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“If you're dealing in equities, you're dealing in high yield bonds where you can just go and buy a bond. I call it like shopping at the mall. You go to the mall, you know what you're going to buy. What we do is like going to the Turkish Bazaar and you show up with money. Okay, and you're looking around, and if there's one vase over there that you're saying, wow, that's a valuable vase, and no one else sees it. If you don't buy that vase, there's no other vase. So you have to be ready to source it, to get it, to buy it, and you can't have this mind frame, like I'm looking for this, and this.”
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