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Oaktree Howard Marks: Masters in Business (Audio)

Masters in Business

00:00

How Did You Get Lucky?

Barry Cevallos: Jeff Bezos left Trust Company of the West to go out on his own. He called us up and said would you help him get started? We put him in business organizationally, that was a pretty good investment. And then we bought a further piece because we wanted to get up to 20 percent. On the accounting rules if you have 20 percent we can include our share of their profits. It's called equity accounting and so we are 20 percent happy 20% owners of Double Line. That has been one of those great examples of being there at the right place at the right time with cash ready to do what you want to do.

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