Amen on the fact based conclusions and ability to pivot based on them.  The dark side of telling ourselves "downside" stories is it can also lead to inaction, missed opportunity and a lack of partnership.  I'm all for credit discipline but I have seen a lot of story-telling at ORIX in its credit decisions. In the direct business I think it has really hurt us.

Jeffrey Bede  |  Group Head  |  ORIX Growth Capital |  10900 NE 4th Street, Suite 2300  |  Bellevue, WA 98004  |  t  |  425-440-2632     c  |  202-494-1776     e  |  jeff.bede@orix.com  |  www.orix.com  |  www.orix.com/capital-solution/growth-capital/

-----Original Message-----
From: ironlady@stagen.simplelists.com [mailto:ironlady@stagen.simplelists.com] On Behalf Of Jha, Christine
Sent: Thursday, September 07, 2017 11:45 AM
To: ironlady@stagen.simplelists.com
Subject: Re: Telling Ourselves Stories Practice

I would call that Professional Skepticism.

Regards,
Christine

Deputy Chief Financial Officer
ORIX USA Corporation
214 237 2308 (office)
972 322 0966 (cell)

Sent from my iPhone

On Sep 7, 2017, at 1:37 PM, Gunnerson, Erik <EGunnerson@marinercapital.com<mailto:EGunnerson@marinercapital.com>> wrote:

I can relate with Geoff on many points.  As credit investors we are frequently assessing downside risk because our upside case is typically a return of principal.  Maybe this leads to crafting stories behind specific situations, but I believe it could also lead to more thoughtful diligence and better execution.  The key is knowing when to pivot away crafting a story to recognizing facts and drawing fact based conclusions.

Erik Gunnerson
Managing Director
Mariner Investment Group, LLC
1717 Main Street, Suite 900
Dallas, TX  75201
O: 214 237 2344
C: 646 704 4224

From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Chang, Geoff
Sent: Thursday, September 07, 2017 7:26 AM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: RE: Telling Ourselves Stories Practice

I'm with Christine.  I have a natural inclination to craft a story behind every situation.  I'm not a conspiracy theorist, but I like thinking about what the counterparty is contemplating because I believe that helps inform the direction of my feedback or choice of diction.  I played a lot of chess as a child with my father and he was constantly teaching me to think many steps ahead as well as to anticipate the opponent's strategy.  I don't think it is necessarily bad to tell ourselves stories, provided one is not so wed to the story that they cannot recognize and admit when they are wrong and pivot.  When I was younger, I lacked that ability to discern, admit and pivot.  Now, after learning these lessons the hard way in both professional and personal circumstances, I am conscious of that fact that the story I believe could always be wrong and as such, mentally prepare in a manner of speaking for that potential outcome.  The head of my group, Ted Thorp is adept at this and I've learned from watching him navigate situations as well.

I don't think Wade is unaware.  I think the reverse is more likely than not.  He could very well be open-minded naturally and by virtue of his legal background and current line of work, similarly acclimated to gathering facts for difficult situations before forming opinions and taking action.  And in that manner, he is a unique asset in his line of business.

Geoffrey S. Chang  |  Managing Director  |  ORIX Leveraged Finance ORIX USA Corporation  |  485 Lexington Ave., 27th Floor  |  New York, NY 10017
t  |  212-468-5870     c  |  917-860-5946     e  |  Geoff.Chang@orix.com<mailto:Geoff.Chang@orix.com>  |  www.orix.com<http://www.orix.com/>  |  www.orixlf.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.orixlf.com_&d=DwMFAg&c=l6wIEjFZ2r6NRbgTeJOW4HMPY8FVASe8l9IlzHzRYYs&r=EHRVDYmGsNRZ23dTKmUAa5PMk6ZDhTb4aJgzW5p-lxc&m=XkQXpqZtP-XtZ7bv-lKGvbjg_GchTHuaQcO8k481p98&s=ZftcCn2xl420-JW9lzIGxp3Qz1yv8VIfsb3Z5-dbCxA&e=>

From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Jha, Christine
Sent: Wednesday, September 06, 2017 6:23 PM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: RE: Telling Ourselves Stories Practice

I am in a somewhat different boat or maybe I have just missed the boat completely.   I would normally take the perspective of glass-half empty as to how someone reacted or their reactions.  Now, I try to take the perspective of glass-half full on their reactions unless they articulate something differently.

Christine Jha | Deputy Chief Financial Officer | ORIX USA Corporation
1717 Main Street, Suite 1100 | Dallas, TX 75201 | t 214 237 2308 | c 972 322 0966 | e christine.jha@orix.com<mailto:christine.jha@orix.com>  | www.orix.com<http://www.orix.com/>

From: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com> [mailto:ironlady@stagen.simplelists.com] On Behalf Of Holt, Wade
Sent: Wednesday, September 06, 2017 2:52 PM
To: ironlady@stagen.simplelists.com<mailto:ironlady@stagen.simplelists.com>
Subject: Telling Ourselves Stories Practice

So I've been trying to work through the Telling Ourselves Stories worksheet.  I'm having trouble identifying applicable situations.  I can't decide whether that is because I tend not to tell myself stories in general, or if it is due to a complete lack of awareness in this area.

<image001.jpg><http://www.orix.com/>

<image002.jpg>

<image003.png>

Wade Holt  |  Managing Director  |  Special Assets ORIX USA Corporation  |  1717 Main Street, Suite 1100  |  Dallas, TX 75201
t  |  214-237-2374     e  |  Wade.Holt@orix.com<mailto:Wade.Holt@orix.com>
www.orix.com<http://www.orix.com>

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