i think you want to be long and the
reason you want to be longing
you saw it from earlier in your program
there's going to be a huge amount of
money that's going to be spent you know
whether it's a trillion 2 trillion
dollars whether it's on infrastructure
whether it's getting money to middle
class america
but trillions of dollars are going to be
spent on this economy
that was billionaire investor mark
lazary on the clayman countdown on
september 29th of 2020 and boy was he
prescient since that day he told viewers
to go long the dow is up 25
nasdaq up 21
look at the s p up nearly 33
however since the first of this year red
red red and more red with the nasdaq in
particular taking kind of a shellacking
here is bond yields surge on the
prospect of higher interest rates and
more expensive borrowing costs so now
what's lastly straight lasry's trade
with this new backdrop let's ask him
joining me now in a fox business
exclusive avenue capital's mark lazary
to tell us how he's playing the game
this time around
and this time around i say this because
since the start of the year we we've
started to see a pullback and we know
what the backdrop is with the federal
reserve mark what's going on here
look i think i think now things are just
going to be a lot more difficult
they just are
interest rates are going up um you're
going to have you know the question is
whether gdp
remains up a little bit or if it's going
to be flat
with everything that's going on in
ukraine with higher food prices with
higher oil prices
there's just going to be a lot more
issues and when there's a lot more
issues that's not great for
the economy and it's not great for the
stock market so
i think what you're going to have at
least over the course next six months to
nine months is more issues so
um i would at least for us there's more
opportunities
because people need capital so i think
it's going to be difficult in the next
six months ahead okay this is so
interesting and i want our viewers to
try and and buck their fear because when
you told us all to go long that was
september of 2020 the lockdowns were
still very much in play and you said
this is a great opportunity now you're
saying it's going to be a lot harder and
some people would look at that and say
well wait a minute at least we're not in
the middle of a pandemic so they need to
flip the narrative in their own minds do
they not but
where is the best opportunity knowing
that rates are going higher
well i think you're going to have look
you're going to have opportunities in
the energy sector
um you're going to have a lot of
idiosyncratic opportunities i mean
things have gotten hit over the course
of you know the last couple months so i
i would try being a little bit more
conservative going forward um you're
going to find opportunities you're going
to find things that
somehow
people get nervous and you'll have more
sellers so
those will be the times for you to come
in and try to buy that's what we're
trying to do we're waiting for people to
get nervous we're waiting for people to
need liquidity and when they need that
we'll provide that liquidity but
obviously we'll charge quite a price for
that liquidity well that you bring that
up and i want to remind people that one
of the trades that you made during the
height of the crisis was that you
knowing that airlines were desperate for
cash
you bought airplanes from at least one
of them was it was it one or did it end
up being two airlines
yeah we bought from a couple airlines um
i would tell you those were really good
at the time i think today of course it's
uh
it's got a little harder uh simply
because of where fuel prices have gone
we obviously didn't see things happening
like they did in the ukraine but because
of that fuel prices are going through
the roof
um and you know they may even go higher
so that's going to be an issue and
that's actually one of the problems
you're having um out there today it's
why airlines you're finding flights get
cancelled um you're just finding more
issues in that space today yeah well
what you did back then was you you gave
them cash for their airlines and then
you their airplanes and then you turned
around and leased them to them at a very
very nice rate of 16 a brilliant trade
again you're a distressed guy so you
look for those chances you just
mentioned idiosyncratic opportunities
can you define something like that
yeah it's which you'll find you'll see
it either on the real estate side you'll
see it on the tech side so some of the
things like that we're doing today
is we're lending money
um to sort of startups who sort of need
capital but we're doing it at a senior
secured level we're doing things on the
impact space where again people need
capital so you've got to be i i think
find different opportunities
that's where it's going to be going
forward it's not going to be in just one
specific sector um you're going to
you're going to find that sometimes
people need capital and when they need
that capital that's when you should come
in and don't be worried about providing
that capital as long as you feel
that you're getting paid for that risk
one of the things i also remember back
in 2020 was in the middle of the
pandemic the lockdowns and we all know
this put digital and technology adoption
on hyper speed
barons asked you back then uh you know
about what you thought would be the post
pandemic opportunities and i believe
back then you said tech would be huge
but we could show you some of the etfs
for technology and year to date for
example the spyder select tech fund down
about 15 g tech which is goldman's
future tech leaders these are etfs down
26 percent qq is down 15 percent where
do you see tech now
i i think tech's come in quite a bit
part of that is simply because a lot of
money had flown into that space
so i think what you're seeing now is
there's been a repricing and that
repricing actually is pretty positive um
so i think now with that new repricing
you're going to see even more
opportunities that are there uh simply
because capital isn't that easy so the
harder capital is to come by the more
opportunity there is because you can
charge more for that capital today okay
that was an incorrect ticker we just put
up there it's g tech that we should have
seen the goldman future tech uh okay so
putting that aside i i do know that
there may be i don't know in the way you
guys think in the distressed investor
world an opportunity
or not with what's going on in russia
russia just endured what's called a
selective default the s p ratings agency
is saying that russia has defaulted on
some of its dollar denominated debt
because they insisted that they be paid
in rubles and clearly nobody's doing
that we've got sanctions and uh they're
they're um they can't access their
foreign currency reserves do you see any
opportunities when it comes to that kind
of distress that's related in any way
shape or form to russia
i think that's difficult it really is
and the reason for that
is you've got all the different
sanctions
um
you know i don't want to sort of make
geopolitical bets
that's not what we do and i think that's
what people are going to be doing
if you're doing that
i think you're taking a lot of risk
by doing it but if it works you could
get paid quite a bit
i just think you know that's going to be
a binary bet and if it works
you're
you'll do exceptionally well but if it
doesn't work i mean you're going to lose
all your money um so i think people have
to be prepared for that um i think right
now for us when we look at russia it's
not some it's not a place we want to
invest in
because we just don't know what's going
to happen and i can't tell you what's
going to happen
understandable we certainly don't i mean
we've got now russian troops on the move
coming from the east and out from
belarus back toward ukraine we're
watching that situation very closely uh
so your bucks your milwaukee bucks have
secured the third seed right the third
seed in the nba playoffs uh how do you
repeat you won it all last time
i think you know it's uh as long as we
stay healthy
um we're gonna have a shot at repeating
i think we've got as good a shot as
anybody i think right now we're favored
to win uh to win the east
so you know we're gonna play chicago
hope i think that'll be a fun series but
we're going to have three tough serious
series ahead um and as long as we're
healthy i think we'll get there i'm
pretty excited about it well we just
want to see the fan fest outside the
arena like you did last time that was so
much fun are you gonna do that again
yeah i know we will because it's great
weather um last year everybody loved it
so we'll start up again as soon as
oh so much fun i remember that we showed
so much of this and and look it's a lot
different because now people can
actually be inside
post covid so we're wishing the bucks uh
best of luck thanks so much mark good to
see you please come back
it was my pleasure thanks liz take care
mark lazary thank you very much