Josh Friedman is the Co-Founder and Co-CEO of Canyon Partners, a $25 billion multi-strategy firm that specializes in credit-related analysis across distressed securities, securitizations, risk arbitrage, and real estate. Josh founded Canyon in 1990 with Mitch Julis, his roommate from their time at Harvard Law School and Business School.

Our conversation covers Josh’s background at Goldman Sachs and Drexel Burnham with Michael Milken, the founding of Canyon, its investment philosophy, key stages on its path, and structure of the organization. We then turn to Josh’s thoughts on the evolution of credit markets, liquidity, competitive dynamics among creditors, opportunities, and risks. We close with Josh’s advice for investment committees based on his experience as a Trustee at Harvard Management, Los Angeles County Museum of Art, and CalTech, among others.