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Insightful Investor
#52 - David Chene: Non-Sponsor Backed Private Credit
Jan 7, 2025
David Chene, co-founder and co-portfolio manager of Kennedy Lewis, delves into the world of non-sponsor backed private credit. He draws intriguing parallels between Ironman racing and investing, emphasizing adaptability and strategic planning. Chene shares insights on the growth of private credit as a sought-after asset class, its appeal due to yield premiums, and how it serves as an alternative to traditional bank lending. He also discusses the importance of management strategies and explores investment opportunities in underinvested sectors like energy.
01:04:58
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Quick takeaways
- David Chene emphasizes that discipline and mental fortitude gained from endurance sports are crucial for successful investment strategies.
- Kennedy Lewis has shifted focus to non-sponsor backed lending, capitalizing on market changes away from traditional bank financing.
Deep dives
The Discipline and Mental Strength of Endurance Sports
Participating in endurance sports like Ironman races fosters discipline and mental fortitude, traits that are essential in the investment landscape. The rigorous training involved teaches the importance of patience and preparation, as well as the ability to adapt to unforeseen challenges. This preparation mirrors the unpredictable nature of investing, where failing to anticipate challenges can lead to disappointing outcomes. Achieving success in such physically demanding events can instill a sense of accomplishment that translates into building a resilient investment firm.
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