PAR and Ray Galkowski, CFA

As always, please thoroughly review the legal disclaimer tab. Thank you.

Prior to June 30, 2013, Ray managed a private investment partnership. At the time, Ray and PAR focused exclusively on value investing strategies, so most of this blog consists of posts on value investing. Although PAR Wealth Management attempts to incorporate value investing strategies into its wealth management practice, PAR Wealth Management is an entirely different business from the type of business Ray and PAR did when managing a private partnership.  A description of Ray Galkowski and PAR Wealth Management can be found at:

Structured Finance “First-Loss” ≈ the Margin of Safety:

Over the first sixteen years of his career–before Ray founded PAR in 2003–Ray was promoted to leadership positions in the capital markets risk assessment and risk management and Ray was Head of several large businesses at Wall Street firms that were listed on the New York Stock Exchange.

Structured finance transactions have “first-loss” protection that absorbs losses before senior bond holders have to bear them. As lead analyst or department head, Ray was responsible for sizing that first-loss protection in thousands of transactions that totaled to several hundred billion dollars of debt. No senior bondholder suffered losses in any transaction for which Ray was responsible.

In 2003, Ray created an investment and wealth management firm and began applying his risk-management skills in portfolio management. Benjamin Graham’s margin of safety concept resonated with Ray because sizing the margin of safety in any investment is substantially similar to sizing first-loss protection in structured finance transactions.

Ray can be reached by email at: or by calling:  (561) 337-5252.

¹Registration with any government authority does not imply a certain level of skill or training.


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