Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Jonathan Lewinsohn – Diameter Capital Partners (Manager Meetings, EP.05)
Feb 2, 2026
Jonathan Lewinsohn, co-founder and portfolio manager at a multi-billion dollar credit firm with roots at Anchorage and Centerbridge. He discusses spotting COVID dislocations early, Diameter’s flat, process-driven credit platform, how they size distressed and illiquid trades, and the role of shorting and liquidity in avoiding crowding.
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From Law Clerk To Distressed Investor
- Lewinsohn transitioned from M&A and law to distressed investing after clerking for Judge Richard Posner.
- Anchorage gave him his first chance in distressed despite a nontraditional background.
Top-Down Then Bottom-Up Analysis
- Start analysis with industry-level, top-down models before diving into company specifics to spot fragility early.
- That approach exposed auto industry overcapacity before the 2008–09 crisis.
Prioritize Downside Over Expected Upside
- Obsess over downside scenarios and quantify potential losses before sizing positions.
- Ask how crowded a trade is and keep dry powder for better opportunities.
