Investors & Operators Ep. 128: Sal Naro, CIO & Senior Managing Director, Coherence Credit Strategies at Tiptree Advisors
Feb 6, 2025
47:08
Topics:
- 2025 US Economic Outlook
- Transparency in Managing Investor Money
- When Hesitation Costs More Than Failure
...and so much more.
Top Takeaways
- “First loss, best loss”—why smart investors (and leaders) know when to cut bait. Know when to cut your losses and move on fast. One of Sal’s main investing principles: first loss, best loss. He never doubles down on or gets emotionally attached to a losing investment. If the market signals he’s wrong, he exits. The same goes for leadership—holding on to bad hires, failing strategies, or misaligned partnerships can cost you more in the long run.
- The best investors think like elite athletes. Always think multiple steps ahead. Sal compares investing to sports—the best players anticipate, not just respond. Like a second baseman reading the game before the ball is hit, great investors and leaders plan for every possible outcome, including the worst. AI and tech help, but in the end, success comes from decisiveness, adaptability, and trusting your process.
- Trust is built in tough moments. Be upfront, especially when things go wrong. Managing other people’s money is a big responsibility—families and futures are on the line. Sal and Jordan agree that communicating openly and quickly earns trust that lasts far beyond a single deal. Because people may forget what you said, but they’ll always remember how you made them feel.
About Sal Naro
Sal Naro is a seasoned leader with 4+ decades of experience. As Chief Investment Officer and Senior Managing Director of Coherence Credit Strategies at Tiptree Advisors, a division of Tiptree Inc., he has led high-performing investment teams and strategies. Most recently, he oversaw a top-performing liquid long/short credit hedge fund that has earned multiple accolades for its success.