Private Capital: Intelligence for the Family Office Investor Jason Mudrick - The Debt Landscape
8 snips
Mar 16, 2025 In this conversation with Jason Mudrick, Founder and Chief Investment Officer of Mudrick Capital Management, listeners gain insight into the world of distressed investing. He shares stories about starting his firm post-crisis with $5 million, navigating the challenges of raising capital, and learning lessons from his toughest year focused on concentrated energy bets. Jason also explores the current debt landscape, the mechanics of creditor-on-creditor dynamics, and his intriguing thesis on AMC's future in the face of restructuring challenges.
AI Snips
Chapters
Transcript
Episode notes
From Law To Distressed By Chance
- Jason Mudrick left a law-track path after a Scadden summer and joined Merrill's M&A group, then pivoted to distressed after the dot-com bust.
- A chance meeting at Contrarian with John Bauer launched his career in distressed investing and led to a role building a post-bankruptcy equity fund.
Small Launch, Big Early Returns
- Mudrick started his firm in 2009 with $5 million of his own money and took $17 million in month two, launching in a volatile post-crisis market.
- Early returns of ~20% in six months and small size let them exploit niche distressed opportunities bigger firms ignored.
Painful Concentration In Energy
- 2015 was Mudrick's worst year due to concentrated energy bets when oil collapsed, creating extreme correlation across positions.
- The firm recovered in 2016 and capped future industry exposure after learning the diversification lesson.