Alan Waxman, CEO of Sixth Street, shares insights from his journey from Goldman Sachs' Special Situations Group to building one of the most flexible investment firms in the world. He discusses the concept of "unitizing risk and return" across asset classes, his firm's unique approach to go-anywhere investing, and notable deals including Spotify, Airbnb, and Real Madrid. Waxman explains how Sixth Street's culture of collaboration and entrepreneurial mindset enables them to create bespoke solutions for CEOs through whiteboarding sessions. He also reflects on mentorship, the importance of asking questions, and building a firm that prioritizes being investor-first while maintaining strong culture and values. TIMESTAMPS: 0:00 Intro 0:38 The Formative Goldman Sachs Experience 5:58 Unitizing Risk and Return 10:09 Facing the Tiger: Culture and Values 24:55 The Genesis of Sixth Street 34:09 Spotify and Airbnb Investments 37:52 The Flexibility of TAO 41:42 COVID-19: Playing Offense 44:42 Analyzing Risk and Business Models 48:35 Investing in Sports and Live Experiences 54:44 Developing Investment Themes 58:16 Personal Development and Firm Culture 1:19:00 The Future of Sixth Street 1:21:52 The Kindest Thing #InvestLikeTheBest #SixthStreet #AlanWaxman #PrivateEquity #Investing #GoldmanSachs #Spotify #Airbnb #RiskManagement #AlternativeInvestments Presented by Ramp: https://ramp.com/business-cards?utm_s Sponsored by AlphaSense and Ridgeline: https://www.alpha-sense.com/invest/ https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. 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
In this episode of Invest Like The Best, Patrick O'Shaughnessy is joined by Alan Waxman, CEO of Sixth Street Partners. Alan dives deep into the evolution of the American financial system, explaining the historical guardrails and incentives that led to the modern boom in private credit. He introduces the "Factory Model" of investing, warning against the dangers of asset-liability mismatches and deteriorating underwriting standards in today's wealth channel. Beyond high-level macroeconomics, Alan shares his highly effective one-page personal organization system for maximizing return on time and balancing left-brain tactics with right-brain creativity. They also discuss the rapid adoption of AI, navigating career stages from your 20s to your 50s, redefining personal success, and the firm’s core ethos of always "facing the tiger." Timestamps: 0:00 Intro 13:48 The Rise of Private Capital 16:29 The Factory Model 22:19 The Wealth Channel 30:53 Asset-Liability Mismatches 44:17 AI & Creative Destruction 47:30 Personal Organization System 54:02 Career Eras & Success 59:19 Face the Tiger #Investing #PrivateCredit #Finance #AlanWaxman #SixthStreet #PrivateEquity #Economics #WealthManagement #Productivity #Podcast Presented by Ramp: https://ramp.com/invest Sponsored by Vanta, WorkOS, Rogo, and Ridgeline: https://www.vanta.com/invest https://workos.com/ https://rogo.ai/invest https://www.ridgelineapps.com/ ****** Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. 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