Jillian Jaccard Murrish – Alternative Credit

Hosted by
Bill Brewster

Bill Brewster is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

Jillian Jaccard Murrish stops by The Business Brew to discuss co-founding and running Pier Asset Management; an alternative credit firm. Pier delivers fixed income yield by investing in alternative credit, which they define as all nonbank lending. Typical loan sizes in Pier’s portfolio are loans less than $250,000.

This was a fun conversation and touches on an asset class that hasn’t been discussed much on this program. As always, nothing is investment advice and do your own due diligence! Jillian’s credentials are as follows:

Mrs. Murrish is a co-founder and Chief Executive Officer of Pier Asset Management. Prior to founding Pier, she was Executive Vice President of Capital Markets at Patch of Land where she built one of the first institutional whole loan sale programs in the real estate marketplace lending industry, secured $750M in loan purchase commitments, managed the firm’s warehouse funding, and lead equity capitalization efforts. Prior to her time in marketplace lending, Mrs. Murrish worked with technology clients in the Capital Markets group at a leading middle market investment bank, Houlihan Lokey. She has completed the Series 7, Series 63, Series 65, and Series 79 examinations. She is a graduate of the Loyola Marymount University Honors Program and has a B.S. in Accounting and a B.B.A. in Finance.

We hope you enjoy the discussion.

The investment strategy discussed in this podcast is only suitable for eligible investors and there is no guarantee that the investment strategy will be successful or meet its goals. Any discussion of targeted returns reflects the intended interest rates paid by borrowers and is not reflective of returns to investors. Also, nothing in this discussion should be regarded as a representation, warranty or prediction that any specific transaction will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to avoid losses, including total loss of their investment. Inherent in any investment is the potential for loss. This podcast discussion is solely for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.”

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Album art photo taken by Mike Ando. Please see https://www.mikeando.com/.

Thank you to @mathewpassy (on Twitter) for the show production.

Audio

  • ~8:20 – Why there is a market for nonbank smaller dollar loans
  • ~13:00 – BNPL for dentists and how Alt Lenders work on the backend of the transaction
  • ~16:15 – How Jillian thinks of interest rate risk
  • ~19:00 – Why all lending/BNPL is really specialty finance regardless of what they call themselves
  • ~23:50 – Why seasoning facilities are win/win and how taxes create an opportunity
  • ~25:00 – Winning business by tailoring solutions to customer needs
  • ~29:40 – How Pier thinks about stressing its loan portfolio
  • ~33:50 – What Pier actually does
  • ~39:00 – How Jillian views her duty
  • ~44:00 – Sources of repayment
  • ~44:45 – Starting a firm and picking a work partner
  • ~53:50 – Why risk tolerances should align among partners
  • ~56:05 – Jillian’s tension about having a baby and feeling like she needed to generate returns for investors.
  • ~65:30 – What types of LPs make up Pier’s LP base

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

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