Investors / stance tracking
What Marc Lasry is saying
CEO, Avenue Capital Group
12 dated public stances tracked since 2018-10-31, most recently 2023-05-15. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Marc Lasry's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Marc Lasry is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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12
tracked stances
10
themes
0
side flips
2023-05-15
last heard
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| Private Credit | 2 | 2 bullish | 2023-05-15 | |
| DISTRESSED DEBT | 1 | 1 bullish | 2022-05-04 | |
| High Yield | 1 | 1 bearish | 2018-10-31 | |
| INTERNATIONAL SPORTS LEAGUES (AFRICA/ASIA BASKETBALL, NON-US SOCCER) | 1 | 1 bullish | 2023-05-15 | |
| LTV | 1 | 1 bullish | 2023-05-15 | |
| SPORTS ANCILLARY / FAN-INTERACTION AND IN-GAME WAGERING PLATFORMS | 1 | 1 bullish | 2023-05-15 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2023-05-15
Private Credit
bullish
Marc Lasry · video
Banks are structurally pulling back from lending and won't return for 1-3 years, creating an oversupply of deal flow where non-bank lenders can charge 12-15% on senior secured loans with strong collateral while facing no bank competition
“today, you can make loans at 12 to 15%. Because nobody else is making them and you're senior and you're secured”
90d +9.0% · 180d +12.1% · 1y +27.4%
Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)
2023-05-15
LTV
bullish
Marc Lasry · video
Lending to professional sports franchises at approximately 20% loan-to-value provides exceptional collateral coverage given structural appreciation in franchise valuations driven by media rights growth and sports gambling, yielding near-equity returns with…
“you can lend it around a 20% loan to value, which you can't find anywhere”
Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)
2023-05-15
SPORTS ANCILLARY / FAN-INTERACTION AND IN-GAME WAGERING PLATFORMS
bullish
Marc Lasry · video
Sports gambling and real-time social wagering among friends (e.g. in-game prop bets) is structurally increasing sports viewership and fan engagement, creating outsized opportunity in platforms that enable that interaction
“I think the opportunities are immense on the ancillary things to sports. That's what I want to focus on”
Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)
2023-05-15
WOMEN'S SPORTS
bullish
Marc Lasry · video
Women's sports is in early-stage exponential growth and represents an undervalued entry point compared to established US men's leagues where valuations are already elevated
“I want to get involved in women's sports. I think that is going to grow exponentially”
Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)
2023-05-15
US REAL ESTATE HARD MONEY LENDING
owns
Marc Lasry · video
Bank pullback from real estate lending lets private lenders step in at elevated rates on senior secured real estate loans where collateral coverage is strong and the lender is being overpaid for actual default risk
“we're lending money on the real estate side. It's really hard money lending. You're getting overpaid for that”
Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)
2023-05-15
INTERNATIONAL SPORTS LEAGUES (AFRICA/ASIA BASKETBALL, NON-US SOCCER)
bullish
Marc Lasry · video
Sports leagues outside the US carry materially lower entry valuations than major US franchises while sharing the same structural tailwinds of global media rights growth and sports gambling adoption
“I want to get involved in leagues outside of the US, in basketball league in Africa, in basketball leagues in Asia, and soccer teams”
Marc Lasry – Avenues of Opportunity (Capital Allocators, EP.315)
2022-05-04
Private Credit
owns
Marc Lasry · video
With distressed opportunities scarce, senior secured private lending at 8-12% with modest leverage offers attractive risk-adjusted yields as a substitute strategy
“we just lend money and we're lending money anywhere between eight to twelve percent at a senior secured level”
90d -3.0% · 180d -2.0% · 1y -6.0%
Bucks Owner and Avenue Capital Group CEO Marc Lasry on Bloomberg Wealth
2022-05-04
DISTRESSED DEBT
bullish
Marc Lasry · video
Rising interest rates increase debt servicing costs and economic stress, creating more distressed situations that benefit distressed debt investors
“with rates rising that's actually good for us because the more issues there are in the economy...that's beneficial for what we try to do”
Bucks Owner and Avenue Capital Group CEO Marc Lasry on Bloomberg Wealth
2018-10-31
High Yield
short
Marc Lasry · video
HY spreads at 380 bps don't compensate for risk given that 80% of new issuance is covenant-light with lower coupons, leaving bondholders with no protections when distress arrives
“you make a great case for shorting liquid credit — yes, we're shorting the high-yield index”
Avenue Capital CEO Lasry Loves Uncertainty, Issues
2018-10-31
TSLA
bullish
Marc Lasry · video
Tesla's $40B+ equity cushion makes its 90-day trade receivables essentially risk-free, but irrational market nervousness creates 10-12% annualized yields on paper that should price near par
“we're making 10-12% on a piece of paper that we should be making much less on”
Avenue Capital CEO Lasry Loves Uncertainty, Issues
2018-10-31
USTS
owns
Marc Lasry · video
Power companies with debt that must be restructured are pricing in excess distress, creating buying opportunities in the restructuring process
“right now we're buying quite a bit in sort of power sector... companies that are having issues because their debt has to be restructured”
Avenue Capital CEO Lasry Loves Uncertainty, Issues
2018-10-31
long USTS / long USTS
basket
Marc Lasry · video
Distressed retailer bonds (JC Penney, Neiman Marcus) are supported by underlying real estate value that exceeds bond prices, creating asymmetric credit entry points
“JC Penney would be a name that people would know, Neiman Marcus would be another”
Avenue Capital CEO Lasry Loves Uncertainty, Issues
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