Capital Allocators – Inside the Institutional Investment Industry Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
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Jul 25, 2022 Josh Friedman, Co-Founder and Co-CEO of Canyon Partners, shares his journey from banking at Goldman Sachs to building a $25 billion investment firm specializing in credit. He delves into the evolution of credit markets, discussing private lending and liquidity challenges. Friedman also emphasizes the importance of aligning incentives within investment teams to manage market fluctuations effectively. His personal insights on cycling and the mentorship that shaped his philosophy highlight the blend of passion and professionalism in investing.
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Unintentional Finance Career
- Josh Friedman's initial career path was in physics, later shifting to law and business due to family influence.
- He transitioned into finance, working at Goldman Sachs and Drexel Burnham before co-founding Canyon Partners.
Drexel's Innovation
- Drexel Burnham, under Michael Milken, revolutionized finance by creating new-issue high-yield bonds.
- This innovation empowered the private equity industry by providing faster and more tailored funding.
Canyon's Early Days
- After Drexel's collapse, Friedman and Julis started Canyon with limited business knowledge but strong analytical skills.
- Early success came from advisory work and capitalizing on depressed market conditions.