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Apart from our experience here at three days of the Milken global conference.
And you know what point does it draw a lot of crowds here of the best and the brightest of the biggest money and financial names a short time ago.
I spoke with one of them exclusively -- -- to -- -- -- is the co-founder and managing partner of crescent capital group.
But he's also the principal owner and chairman of the Milwaukee Burris because when you get that much money just got to -- baseball team right I asked him and a Fox Business exclusive interview about the atmosphere first here at the Milken global conference institute.
And here's what he told me.
The atmosphere is electric it's.
I think Michael likes multi sensory.
From the united dinner one night the president grew on them.
You invited to a conversation with Sumner redstone.
And yesterday's launch by the way with Tony Blair was was one of the great you know good two hours -- I've spent in any form listening to -- world leader.
Told -- he was here with us in this very chair and had some very pointed thoughts about the Euro zone and it was fascinating to talk about and you what we're just on a panel.
Talking about at love this title evolving opportunities in the capital markets campaign at a time when interest rates are so -- -- -- low in cash is almost to zero but it's evolving.
We -- IDS.
I was saying in the panel that I never imagined and I worked for Mike in the 1980s like felt that day and I Michael Milken and I never imagined.
High yield market yielding five point 4%.
Is in the 1980s we had some bonds that yield -- 5% per quarter.
Prince valiant 1820% means the end how do you dig up.
Investing ideas and share them with our our investor viewer audience.
Well we you know we did and this is a -- for twenty years and have over seventy investment professionals so a lot of what we find it's the most interest anger -- things that we directly source.
With the he had a huge amount of excess in the capital markets.
Smaller middle market companies in the United States and frankly in Europe still need cash.
-- capital the end so we're able to you know.
Directly source those opportunities and provide the capital what's the best investment the crescent capital has -- let me throw out the past three years that really have the best yields.
Not have at best but -- -- we try to find things over 10% we recently.
Made investment in major buyout firm one of the four firms that was at the conference yesterday -- won't say which one.
That just over three times debt to cash flow in over 12% coupon.
-- -- -- niche business what we look for his niche defensible businesses.
So we're able to find that in the end yeah that was a eighty million dollar -- -- company.
You know 600 million dollar deal likewise.
If you can from time to time trying to opportunities in the high yield market if you did.
You've got a tick you got to -- you have to look for companies have Mikey merger targets.
Companies that may be upgraded to investment grade half -- frequent sometimes companies that have issues you know we.
Made investment clear channel -- one point.
Recently where in the -- maturing 2015.
And we are -- by the bonds in the low eighties they've since moved up nicely because we thought that clear channel would be able to fix their capital structure.
-- -- a tried and true success story just gave you a whole bunch of ideas on how to how to make some money in this market that back thank you for sharing up let's move onto you wanna talk niche.
How about being an MLB owner of baseball team -- You are of course the principal -- chairman of the Milwaukee Brewers get to the payroll right off about here it's about 84 million now but.
Certainly less than what had been the franchise high last year.
What did your -- well come down.
You know what I've learned -- kind of the hard way baseball is that he should just -- a funeral you should react to what kind of players you can get.
He -- you know we were looking for the right actually since we signed Kyle Lohse who probably trending more to the higher eighties now.
For this year but it's really got to be opportune much like -- -- capital markets it's got to be opportunity driven.
We will add players and payroll at mid season if not the players -- there we keep performing the way we are.
But what I learned in like 20092010.
Signing players who don't really.
-- Danny Miller -- value just to -- out a payroll doesn't doesn't work just like putting golf right here.
We use so we use every metric we can from money ball metrics you know Kyle -- I mentioned.
Some of his money -- metrics is he has one of the five lowest pitches per batter.
In the National League so we we look at that but we also look at wins and you know old old school statistics.
Began picking on Kiley was 163 last year then.
That works and then of course -- be the unexpected events when it comes to players -- the Yankees have to deal with that all the time but.
You have Ryan -- on the left fielder who was linked to not suspended but links for personal enhancement drug abuse it and -- what happens there -- Has his role changed as a result of that -- it.
Yeah I think the answer to both is now Ryan nabbed during BP two years ago last year was runner up -- -- And still you know the clubhouse leader.
And you know.
Preformed through very high level is already hit seven home runs this year is the onus on the teams -- -- -- to deal with performance enhancing drugs.
Well beyond -- design I think I would say the onus is on the league and on the players and the players themselves.
-- went to police themselves.
Right and Wall Street's gonna police itself it just doesn't happen that way Markoff had not yet thank you very much pleasure thanks -- -- me on appreciate it.
And there you have it -- -- to nausea talking about.
Baseball and big bucks back to you David move --
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