149: The $5 Trillion High Yield Debt Markets: Trouble Ahead or Compelling Returns? - With Victor Khosla, Founder & CIO of Strategic Value Partners
Money Maze Podcast
Money Maze Podcast
4.8 • 216 Ratings
🗓️ 1 August 2024
⏱️ 33 minutes
🧾️ Download transcript
Summary
Victor describes himself as the ‘Accidental Investor’, initially hired as a strategic consultant for a Citibank project in the 1990s, only then to join them to help develop their credit business.
He recaps his journey from India through Citi, Cerberus, and Moore Capital, before founding his business with the assisted funding from Moore Capital, to identify and buy out-of-favour debt instruments whether distressed or mispriced.
Victor describes today’s markets, the differences between the US and Europe, opportunities that are emerging from private equity indigestion and reduced exits, allied to significant refinancing needs.
As the owner of Swissport, the world’s largest baggage handler, he recounts their post-COVID purchase and the debt/equity swap, and where ownership of the debt in this - and many other instances - means a further need for involvement on the business operations side.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to the Wall Street Shuffle in the money wrestle. |
| 0:16.0 | Welcome to the MoneyMaze podcast. I'm Simon Brewer and along with my co-founder, Will Campion. |
| 0:22.3 | We created this show in 2020 to explore and unravel some of the mysteries surrounding the |
| 0:27.4 | investment and business worlds. |
| 0:29.2 | ... to make a mark if you want to make money. You need the luck to make a buck if you want to be good. Epishtra. Episodes are available on audio via our YouTube channels and we're available on audio via most |
| 0:42.7 | podcast platforms and on video via our YouTube channel and we're active on all major social media |
| 0:48.7 | platforms to stay up to date with every episode please do sign up up to our newsletter at MoneyMasepodcast.com. |
| 0:55.9 | And we'd like to thank you for listening. |
| 0:57.6 | If we could ask one favour, we'd love you to tell a friend or colleague about us. |
| 1:02.7 | Thank you. |
| 1:05.2 | So, gross out Berlin, here we are in Berlin for super returns, and it's incredibly exciting, |
| 1:13.3 | and there's a lot of people, but fortunately, the senior citizens have gathered here |
| 1:18.2 | to be able to have a conversation that I hope is really interesting, because in a world |
| 1:22.5 | where private equity and private debt are on the lips of allocators and others, there are few people |
| 1:29.8 | who have a long history in specialising in all types of credit. |
| 1:35.5 | So I have in front of me what a gentleman who describes himself as an accidental investor, |
| 1:41.7 | which we're going to come to, but Victor Kozler, who is the founder |
| 1:45.9 | of strategic value partners, is here today at the conference, and we're going to have a |
| 1:51.5 | conversation that I think is going to cover lots of different areas. So, Victor, welcome. |
| 1:55.9 | Thank you. Thanks for having this, Ireland. |
| 1:57.7 | Pleasure. Well, we discovered, not having met before, that we were both at Citibank for a time. |
| 2:03.7 | You were born in India, but you described yourself as this accidental investor. |
... |
Transcript will be available on the free plan in -239 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from Money Maze Podcast, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Money Maze Podcast and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.