It’s March Madness time and I’ve been very busy doing analysis and figuring out my picks. But I’m not a basketball fan and I spent a total of about 10 minutes making my selections for the pool I do with some of my friends. I haven’t even watched a single college basketball game this season and had no idea who was in the tournament before I looked it up on Google. Most likely I’ll be donating the $45 I spent on that pool.
No, I’ve been busy reaching out to asset managers. I was able to get 4 tapes this past week. This weekend I’ve been scrubbing them and putting my due diligence process to work to figure out what my picks are going to be. I’m a big fan of checklists and my non-performing note checklist has come in very handy. I’ve also made some revisions to it as I’ve gone along. I recently signed up for Noteproz and it has been amazing. There is no way I could have made it through that many assets without it. My systems and processes are definitely getting better and more efficient. I want to make sure I am improving continuously in everything that I do, whether that be sourcing, marketing, or setting up the core processes for my notes business.
One of the beautiful things about notes is that there is a huge supply out there in the market. Even though there are more note buyers than there may have been in the past there are still more than enough notes to go around. You just have to go a little work to tap into that supply but it is definitely there (ok, actually sometimes its a lot of work….). I like notes more than basketball because as a buyer I can afford to be picky. Being picky isn’t just a nice option, but its an imperative to make sure I do right by my funding partners. Compare this to the NCAA basketball tournament where there are a limited number of games available to wager on. I much prefer to spend my time on notes where there is an abundance of opportunity. Whether you are betting on basketball or buying notes, I hope all of your picks this month turn out to be winners.