Alan Waxman

So as part of Amoresco is basically a bunch of loans to radio and TV companies.

Back then, this is before direct lending or private credit, because there was a lot of asset value to the radio stations and TV stations, but they had no cashflow, a traditional bank couldn't finance them.

So what these guys had done, this is a little pocket in this big bank called Amoresco.

They basically had gone out and given these companies first lien loans,

at like 15% coupons and warrants for 10 to 30% of the company.

You can imagine it's breaking my brain.

They called it stick value, but they would take a radio station, a TV station.

And these things traded, they were sold all the time of say $200 million and they would lend the first $50 million.

So from their perspective, going back to sort of risk units, they were the first 25% of the value of the company in a first lien loan.

which at the time broke my brain.

And the guy who ran that was a guy named Steven Plus.

Steven Plus, who's now Sixth Street's chief risk officer, he's about 15 years older than me.

We ended up buying the portfolio.

It's about $400 million portfolio.

And I was basically in charge of the portfolio.

And Steven's a slow talking Texas guy.

You meet him and you're like, is he going to get out the sentence or not?

But he's one of the smartest guys out there.

The fact I got a job at Goldman Sachs is pretty lucky.

He basically for two years taught me finance, taught me investing, taught me about risk units, taught me everything, taught me about how to go through documents.