On Monday, April 13, Marc Lasry, the co-founder of Avenue Capital Group and co-owner of the Milwaukee Bucks of the NBA, gave a talk at Brandeis titled “The Business of Basketball” in which he drew upon his experience in both basketball and finance. Lasry was born in Morocco and immigrated with his family to Hartford, CT. Scholarship money was essential for Lasry to attend college. He chose Clark University in Worcester, where he played Division III basketball.

Poking fun at himself, Lasry said, “I thought I was going to play professional basketball, hence why I went to Division III.”

After college, Lasry went to law school; however he did not work in law for long. He became interested in bankruptcy and began working at an investment firm specializing in distress. He explains that in his first year, he earned the company $25 million, but when they offered him a mere $10,000 bonus with the line, “next year’s your year,” he left. Lasry spent several years managing large scale distress funds, and after earning a sizable amount of money he left to work on his own.

“I did what you’re not supposed to do which is invest in only one or two names,” said Lasry. “The thing is when you’re young you always think you’re right.” He was, in fact, successful, doubling his money for five years.

“That’s why you’re hearing this story,” Lasry added. Eventually, he co-founded Avenue Capital where he is currently chairman and CEO managing over $10 billion in assets.

Moving on to basketball, Lasry stated, “I wanted to own a basketball team and the reason is: why not?” He first tried unsuccessfully to purchase the current Brooklyn Nets. A few years later, he purchased the Milwaukee Bucks with Wesley Edens. Lasry shared several stories from his time with the Bucks.

When he first met the team, Lasry bet one player that if he (Lasry) made a free throw he no longer had to pay the player, but if he missed he would double the player’s salary. Lasry pretended he was left-handed, missing shots until the player agreed to the bet. Then using his right hand, Lasry easily made the shot, shocking the player, who ultimately won back his salary in a game of PIG.

In another bet, a player’s confidence persuaded him to back off, the player making comments such as, “I know you think you played ball in college.” Lasry also pulled an anecdote from the Bucks’ playoff-clinching game in which he instructed OJ Mayo to “keep shooting,” to which he explained the coach had said to pass. “I know, but I pay you,” responded Lasry.

Lasry took many questions from the audience, speaking about his business experience, his thoughts on international finance, basketball and his personal philosophies. He discussed his view on stress, stating, “I don’t really worry about things I can’t control,” whether that be in business or basketball—when other teams have earlier draft picks, there is no way to change what players are available to you when it comes time.

He discussed his goals for the new Bucks’ arena. The plan, he explains is for the team to provide half the capital and the city or state to provide the rest. Often, he explains, teams threaten to move to secure financial assistance from the state, but he plans to seek a partnership.

During the Q&A, Lasry discussed his lifelong aspirations, stating, “I was hoping to be able to have some influence in the world,” and shared the advice he would give to his college-self and other students.

“Find the things you really love, because whatever you love you will succeed in,” said Lasry. He believes it’s okay to be undecided or unsure of one’s plans, explaining people in younger generations are always very concerned with “getting from one place to another.” He then expressed his view that young people expect people to care about their feelings, whereas members of his generation did not. In an anecdote, on his first day at a law firm, the senior partner called him in for to discuss a special project. He discovered, however, the task was to bring the partner a sandwich every day.

Lasry also disclosed what he looks for in employees. He seeks those who are smart, but “normal,” capable of answering questions so one can understand. “The greatest skill someone can have is to take complicated situations and simplify them,” said Lasry.

Near the end of the event, Lasry elaborated on the philosophies which he translates into business and life. He explains that everyone always thinks they’re right, and when one buys or sells stock, one thinks that is the right decision. Lasry emphasizes the importance of this risk-taking, believing it to be paramount to his success.

Explaining how he manages risk, he admits that in business he knows he will be wrong sometimes, but continues to say that, like in basketball, “if you miss, it’s not like you don’t take another shot.” He says one must have the attitude that they are right, that one must be in a position to keep making bets and taking risks. Though many would have stopped working after achieving success, Lasry explained, he affirmed, “I keep working because I love it.”