Capital Allocators – Inside the Institutional Investment Industry Herb Wagner – Opportunistic Value at Finepoint Capital (EP.460)
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Sep 22, 2025 Herb Wagner, Managing Partner of Finepoint Capital, shares insights from his journey in distressed investing and hedge funds, having built his expertise under legendary investors. He discusses the evolution of value investing, emphasizing catalyzed investments and strong leadership. The conversation highlights Finepoint's strategies in Japan, focusing on governance reforms and engagement tactics. Herb also explores opportunistic reinsurance post-Hurricane Ian and anticipates credit volatility, showcasing the firm’s disciplined approach to sourcing and decision-making.
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Early Hustle Shapes Work Ethic
- Herb learned responsibility early delivering newspapers and handling collections as an 11-year-old paperboy.
- He credits those jobs for his work ethic and belief no one would outwork him.
Prioritize Mentors, Learning, And Growth
- Find mentors and ask for help; most people will say yes and accelerate your learning.
- Prioritize learning over pay in your twenties and join rapidly growing industries to gain outsized responsibility.
Research-First Culture Matters
- Baupost operated as a deep research organization where quiet, long-term fundamental work mattered most.
- That culture of intellectual honesty and long horizons shaped Herb's investment approach.
