Marc Lasry is a distressed debt investor/lender - notes on one of his recent interviews below:
7:30 Bankruptcy investing
Buying claims of Lionel Trains at 20 cents on the $ though the reorganization in six months would pay out 60 cents in cash plus 20 cents in stock.
13:00 Less competition ...
... And knowing your niche as best you can. Understanding 1-3 names a year really well and getting information faster by going to bankruptcy courts where claims were filed rather than waiting for it in the mail.
32:00 Current opportunities
Senior secured loans available at 12-15%. Get paid more or take less risk. Factor in geographic risk premia.
Though we focus on stocks, we look for similar downside protection in earnings and/or assets.
China - no, HK - yes: to participate in Asian growth (though he's approaching as a debt investor with better contractual protection).
Lasry lost some money in Russia on aviation assets.
53:15 Chess/Poker relevance to Investing
Chess: to think 5-10 moves ahead but don't overthink.
Poker: mathematics and how people act.
1:02:30 Believe in your thesis
Mr. Market may do anything - just have the time for your thesis to play out.