Invest Like the Best with Patrick O'Shaughnessy Alan Waxman - Building Sixth Street - [Invest Like the Best, EP.433]
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Jul 15, 2025 
Alan Waxman, co-founder and CEO of Sixth Street, takes listeners on a captivating journey through innovative investing. He shares insights from his days at Goldman Sachs and how they shape Sixth Street's unique strategies. Waxman discusses significant investments in Spotify and Airbnb during tough times, and the exciting sports partnerships with Real Madrid and FC Barcelona. He emphasizes the importance of an ego-less hiring approach and Sixth Street's 'face the tiger' philosophy, which encourages a culture of collaboration and adaptability in dynamic market landscapes.
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Alan's Start at Goldman Sachs
- Alan Waxman started at Goldman Sachs with no finance background and got into a special situations group by being curious and asking many questions.
- This group's flexible mandate across asset classes and geographies shaped his investment philosophy.
Unitizing Risk and Return
- Sixth Street unitizes risk and return across asset classes, sectors, and geographies to find the best opportunities.
- They constantly migrate to new themes with shelf lives of 12 to 36 months to avoid crowded trades and overleverage.
Hire People Over Themselves
- Hire nice, team-oriented people who are 'over themselves' to avoid internal silos.
- Seek individuals who think critically and can compare diverse investment opportunities like playing tennis.