While renowned investors like Seth Klarman and Warren Buffett, York Capital's founder believes that if he can't find opportunities to invest, "I'm not looking hard enough."
"It's our problem, not the market's problem," he said during a talk at the Context Summits conference in Miami. The billionaire co-owner of the NBA's Milwaukee Bucks said the opportunities he is watching right now are in Japan, following corporate governance reform that has let activism grow in the country, a post-Brexit United Kingdom, and deleveraging European banks.
Those banks, he said, are being forced to sell off parts of their balance sheets at what he considers to be a discount.His $17.6 billion firm takes a "rifle-shot" approach to investing in the US though to produce uncorrelated returns as the stock market continues to surge. He finds opportunities around mergers and in the credit markets, he said, but US equities are challenging — not dissimilar, he said, to the run-up before the dot-com bubble crashed.