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Peter Troob is the co-Founder and CIO of Troob Capital Management, an opportunistic investor and family office with particular expertise in distressed situations. Prior to starting TCM in 2002, Peter spent six years focusing on distressed debt investing at Contrarian Capital and Everest Capital.\\xa0 He started his career as an investment banker, and after his tenure in self-proclaimed purgatory, he co-authored the entertaining book \\u2018Monkey Business: Swinging Through the Wall Street Jungle.\\u201d

Our conversation begins with life as an investment banking analyst, and turns to competing with large distressed funds, the frothy high yield market, trickery in the CDS market, high yield ETFs, idiosyncratic opportunities, diversifying family assets, managing teams, and learning from the dinner table.

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Show Notes

2:09 \\u2013 Start of his career

3:02 \\u2013 Peter\'s book Monkey Business

3:47 \\u2013 The life of an investment banker

4:22 \\u2013 Decision to leave the bank

4:50 \\u2013 His experience at a hedge fund

5:27 \\u2013 Some of his early mistakes

6:15 \\u2013 The dynamics of distressed debt investing

8:05 \\u2013 The appropriate size for a distressed fund

11:28 \\u2013 What should your expectations be if you invest in a large fund

13:12 \\u2013 Short credit thesis

18:00 \\u2013 Impact of private equity owned companies on defaults

19:49 \\u2013 Shenanigans we are seeing in the CDS market

24:36 \\u2013 Concerns about high yield ETFs

26:42 \\u2013 Investing family capital

29:16 \\u2013 Sourcing idiosyncratic deals

32:49 \\u2013 What Peter has learned about managing a team

35:43 \\u2013 Hiring millennials

36:22 \\u2013 Lessons from investing mistakes

43:05 \\u2013 What is it like working with family

45:58 \\u2013 Closing questions

\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 49:56 - Thinking in Bets: Making Smarter Decisions When You Don\'t Have All the Facts