Capital Allocators – Inside the Institutional Investment Industry Jonathan Lewinsohn – Diameter Capital Partners (Manager Meetings, EP.05)
Aug 5, 2021
Jonathan Lewinsohn, co-founder of Diameter Capital Partners, and Kristen VanGelder, Deputy Chief Investment Officer at Evanston Capital, delve into the intricacies of credit markets. They discuss Diameter's strategic approach to investing and how Evanston backed Diameter from the start. The conversation also touches on the evolution of distressed debt investing, navigating crises, and the vital role of thorough research. Together, they emphasize the importance of adaptability and the influence of personal experiences on their investment philosophies.
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Early Investment Interest
- Jonathan Lewinsohn's father, an equity research analyst, instilled an early interest in investing.
- Lewinsohn developed an early focus on how businesses made money, even in mundane settings like supermarkets.
Top-Down Auto Industry Analysis
- At Anchorage Capital, Lewinsohn learned to prioritize top-down industry analysis before focusing on individual companies.
- Tasked with analyzing the auto industry, he predicted an oversupply of cars, foreshadowing the 2008 crisis.
Downside Protection and Narrative
- Focus on downside protection and consider how macroeconomic changes could impact investments.
- Think of companies and investment processes as narratives that shift with the market cycle.
