Partner/Head Trader, GoldenTree Asset Management
Education: B.A Sociology, University of Pennsylvania, PA
Mentors: Steven A. Tananbaum, CEO/CIO, GoldenTree Asset Management; Leon Wagner, Chairman, GoldenTree Asset Management, David S. Blitzer, Senior Managing Director, The Blackstone Group
Joshua Press was the first external hire for leading alternative asset management firm, GoldenTree. Since joining the firm in 2000, Press has served as the head trader for GoldenTrees multiple funds, growing the firm from $60 million to over $9 billion in assets under management.
Working closely under CIO/CEO, Steve Tananbaum, Press is responsible for ensuring best execution of trades and for everything going in and out of the portfolio, with a specialised focus on high yield and credit derivatives. Tananbaum says that Press is an integral member of the GoldenTree team. He is the consummate professional and leads by example. He is someone you want in your bunker when you go to war; he has helped create an excellent culture at the firm.
Like most financial firms, 2007-2008 presented some of the largest challenges for Press. [The industry] clearly has a lot of work to do to regain the trust and confidence from investors that experienced significant losses through this unprecedented period of time says Press. He notes that the pain of 2008 is starting to come to fruition, on the flip side of the coin we are seeing incredibly attractive investment opportunities with high margins of safety. Nowhere is this more apparent than in the credit markets. For those firms that have the analytical capabilities to successfully sift through the rubble there will undoubtedly be investments made that will lead to staggering returns for years when the storm is finally behind us.
Press started his career on the floor of the New York Stock Exchange with Floor Broker Network, after two years he joined the MBS desk of Credit Suisse First Boston and then moved to First Dominion Capital LLC as a vice president, supervising high yield bond trading for three CDOs totalling $2.5 billion.
Press hopes to continue to grow GoldenTrees funds. When the dust finally does settle, we will have demonstrated to our investors that despite some of the bumps along the way, over time we have consistently outperformed the markets and our peers. If we do that - and I am confident we will - I am extremely hopeful that GoldenTree will be my end game says Press.
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