Dominique Mielle was a partner and senior portfolio manager at Canyon Capital, a $25 billion fund, where she worked for twenty years. In this episode we discussed her career in the world of distressed investing, her book, and the hedge fund industry in general.
- 3:00: The WorldCom bond trade.
- 6:30: Dealing with a losing investment.
- 9:00: Importance of expertise and networks in distressed investing. Distressed investing as a game of chess.
- 11:40: Distressed investing as an apprenticeship business.
- 14:15: Generalist vs. sector specialist model.
- 17:30: Hertz bankruptcy.
- 20:40: Airline bankruptcy investing and Equipment Trust Certificates.
- 28:00: How distressed investing changed over the past decades.
- 32:00: Navigating the financial crisis in 2008
- 35:00: Mental resilience and losses.
- 38:00: Losses are unavoidable.
- 39:20: The business of investing: building a CLO business, raising capital.
- 40:59: Pitching, fundraising.
- 45:00: Women in hedge funds. “In 20 years, I only met one other female partner who was doing distressed. And she's a friend of mine.”
- 48:30: Implications of hedge funds as a mature industry.
- 51:25: Pitching and communicating ideas.
- 53:45: Managing a team of analysts.
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