Andrew Milgram - Full-Contact Capitalism - [Invest Like the Best, EP.436]

In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Andrew Milgram, founder of MarbleGate Asset Management, about his approach to distressed investing in the middle market and his concept of the K-shaped economy, where larger, well-capitalized companies thrive while middle-market businesses struggle with declining EBITDA and cash flow. Milgram discusses MarbleGate's strategy of sourcing deals directly from regional banks, emphasizing the importance of understanding the human element in distressed situations, and shares insights from his $600 million investment in New York City taxi medallions, including becoming a taxi driver himself to better understand the market. He also touches on the potential impacts of tariffs on the middle market, the challenges and opportunities in private credit, and the importance of active operational involvement in distressed asset investing.