Jul 25, 2022
Josh Friedman is the Co-Founder
and Co-CEO of Canyon Partners, a $25 billion multi-strategy firm
that specializes in credit-related analysis across distressed
securities, securitizations, risk arbitrage, and real estate. Josh
founded Canyon in 1990 with Mitch Julis, his roommate from their
time at Harvard Law School and Business School.
Our conversation covers Josh’s background at Goldman Sachs and
Drexel Burnham with Michael Milken, the founding of Canyon, its
investment philosophy, key stages on its path, and structure of the
organization. We then turn to Josh’s thoughts on the evolution of
credit markets, liquidity, competitive dynamics among creditors,
opportunities, and risks. We close with Josh’s advice for
investment committees based on his experience as a Trustee at
Harvard Management, Los Angeles County Museum of Art, and CalTech,
among others.