"The Trifecta of learning throughout your life is always have great teachers, great partners personally and professionally and great students to teach."

Today's podcast is with Mitch Julis, the legendary co-founder of Canyon Partners. Mitch was the keynote at the Circulus Family Office Summit in the fall of 2025. We talked about his background in the Bronx, how Lowell Milken took a chance on a young lawyer, his years at Drexel under Mike Milken, starting his own firm with his business school roommate Josh Friedman, the debt landscape today, and his fascinating concept of structural alpha. We were all pleased to be a student of Mitch Julis that afternoon, and I know you will enjoy the talk as well.

Mitch Julis is Co-Founder, Co-Chairman, and Co-CEO of Canyon Partners, a $28 billion multi-strategy alternative asset manager with a strong emphasis on credit and special situations. He previously led a distressed and special situations team at Drexel Burnham Lambert and practiced bankruptcy and creditors' rights law at Wachtell. He has published extensively on bankruptcy and distressed investing. Mr. Julis holds degrees from Princeton University, magna cum laude, Harvard Law School, magna cum laude, Harvard Business School, and received an honorary doctorate from Yeshiva University.

He and Co-Founder Josh Friedman received Institutional Investor's "Lifetime Achievement" Award in 2014. Mr. Julis is a trustee of Brown University, a trustee of Yeshiva University, and a trustee emeritus at the Asia Society. He previously served as a trustee at Princeton University and the Lincoln Center Theater. He is also noteworthy in helping to establish the Harvard Law School Program on Jewish and Israeli Law and received an Honorary Fellowship from the Technion – Israel Institute of Technology.

Please enjoy my conversation with Mitch Julis.

Canyon Partners: https://www.canyonpartners.com/our-team/

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NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E11

©2026 Joe Reilly

Everyone knows about liar's poker, but do you know about the other game played by the Salomon traders?

Today's guest is Curtis Arledge, Chairman and CEO of Mariner Investment Group, a $10 billion multi-strategy fund based in New York. He started his career studying lasers at Princeton before finding himself at the epicenter of the mortgage-backed securities boom at Salomon Brothers. He was an early employee of BlackRock and served as CEO of BNY Mellon's investment management arm. Join us for a deep dive as we discuss the fax machine era of trading, the other game played by the Liar's Poker desk at Solly, and why he believes the 40-year tailwind of falling interest rates has finally come to an end. Curtis is obsessed with investment talent and has lots of great lessons in this interview.

Curtis Arledge is Chairman and Chief Executive Officer of Mariner Investment Group and a member of the Firm's Management and Risk Committees. A founding member of Mariner, Mr. Arledge returned to the Firm in 2019 and is responsible for overseeing all aspects of the business and developing new business lines. Mr. Arledge previously served as the CEO of BNY Mellon Investment Management and was also responsible for the firm's Markets Group. Prior to BNY Mellon, he was the chief investment officer for fundamental fixed income portfolios at BlackRock, Inc. Mr. Arledge also worked as senior research associate with the Forum for Growth & Innovation at Harvard Business School. A graduate of Princeton University with a B.S. degree in Electrical Engineering, Mr. Arledge is an Advisory Council member at Princeton's Bendheim Center for Finance. He previously served as Vice Chairman of the U.S. Treasury Borrowing Advisory Committee and was inducted into the Fixed Income Analysts Society Hall of Fame in 2014. Mr. Arledge is a senior independent non-executive Director of Soter Holdings Limited, parent company to Soter Insurance Limited, a provider of specialized insurance products tailored to the digital asset economy, as well as a member of the Advisory Board for NEWITY, an SBA Lender for small businesses.

Please enjoy my conversation with Curtis Arledge.

Mariner Investment Group: https://www.marinerinvestment.com/about

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E10

©2026 Joe Reilly

Today, we are joined by Laurence Russian, a Founding Partner at ABS Global Investments, which manages more than $12 billion in assets. Laurence's career began at the legendary Brazilian investment bank Banco Garantia, the predecessor to 3G Capital. After a tenure at Credit Suisse, Laurence and his partners struck out on their own in 2002 to build a firm that prioritizes specialist expertise over generalist breadth.

In this episode, we trace the 22-year evolution of ABS into a data-driven powerhouse managing billions for some of the world's largest pension plans. While many firms rely on off-the-shelf data, Laurence and his team built their own ecosystem to track specialists in everything from Taiwanese semiconductors to Middle Eastern fintech.

Today, we dive into the convergence of public and private markets, exploring why ABS is taking significant stakes in late-stage giants like OpenAI, Anthropic, and Cerebras. We discuss the "Goldman Sachs of Brazil" influence, the art of firing managers, and why local boots on the ground are the only way to find true alpha in emerging markets.

Please enjoy my conversation with Laurence Russian.

Laurence Russian is a Founding Partner and Portfolio Manager at ABS Global Investments. He is a member of the firm's Management Committee and Operating Committee. Prior to co-founding ABS, Mr. Russian was a Director in the Alternative Investments Group at Credit Suisse Asset Management. He joined the firm in 1998 following Credit Suisse Group's acquisition of Garantia.

Mr. Russian joined Banco de Investimentos Garantia in 1994 to help build the firm's alternative asset management business. He began his career in 1993 at Scudder, Stevens & Clark.

He holds a BA in Economics from Ohio Wesleyan University and an MBA in Finance from New York University Stern School of Business. He is also a CFA charterholder.

ABS Global Investments: https://www.absinv.com/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, leave us a rating or review. I appreciate it.

S5E9

©2026 Joe Reilly