Alan Waxman - Private Credit and the Modern Financial System - [Invest Like the Best, EP.466]

And welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus along with all of our podcasts at Colossus.com. Mm-hmm. Patrick O'Shaughnessy is the CEO of Postative Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Some.

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc. Um This is a unique conversation. It's my second with Alan Waxman, the founder and leader of Sixth Street, one of the largest private capital investment firms in the world. Him and I have been going back and forth about the history of financial guidelines and incentives and how those systems through time shape the system that we live in today and shape outcomes in the financial markets. We thought it would be a neat opportunity to walk through in great detail what he calls system one, two, and three, going all the way back to nineteen thirty three and the initial regulation glass Steagel, which kicked off system one.

We then go through system two from two thousand to two thousand and eight in the global financial crisis. And then go into great detail for the system that we're living in today. The reason all this history is interesting to me. is that ultimately it's about The incentives and the ways that investors and investing firms make money.

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