Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman

**Patrick O'Shaughnessy** (0:04)
Hello and welcome, everyone. I'm Patrick O'Shaughnessy, and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, methods, stories, and of strategies that will help you better invest both your time and your money. You can learn more and stay up to date at investorfieldguide.com.

**SPEAKER_3** (0:24)
Patrick O'Shaughnessy is a principal and portfolio manager at O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (0:46)
This week's episode is very unique. It is the first episode devoted to bonds, just not the kind of bonds you might be expecting. My guest is Ira Judelson, who is the leading bail bondsman in New York City. I met Ira through my friend and former podcast guest, Danny Moses, who is also a part of this conversation. I've always had a passion for understanding how different businesses work. In this case, this week we are exploring a different business but also a different world.
Ira's story is larger than life. He is as authentic and hardworking as they come. In both his book and this conversation, there is a lot about family, loyalty and hard work, principles which really resonate with me.
You'll emerge from this hour with an appreciation of hustle and what it takes to get ahead. I can't stop thinking about our discussion on how sources of power in any career morph through time, a framework that can help anyone think about their work and where to apply effort. The conversation goes all over the place, but suffice it to say we discuss Bond Collateral, Dominique Strauss-Kahn and DMX, and that is but one small fraction. Please enjoy my conversation with Ira Judelson and Danny Moses.
Before you came in here, Danny was telling me about a recent TMZ article at Rao's, and I was going to wait till later in the conversation to get into Rao's, but I figured maybe we'll start there. I've actually never been to Rao's and most people listen out. I know. Most people listening either will have been or certainly know of it. So let's just start somewhere interesting what Rao's has meant to your business and your career.

**Ira Judelson** (2:17)
Well, Rao's is obviously the eatery in Harlem that you can't get a table. There's no reservation and it's almost like owning your own condominium. It's your table for the night and you get a certain amount of tables a year when you're on the books there.
And being there and being in the business that I'm in, because I'm also in the title business, which I deal with a lot of developers, anybody could buy or use tickets to a Nick game and to a Yankee game to take your clients out. But when you take them to Rao's, and there's 12 tables in the whole place, and you're walking in, Leo DiCaprio is on one side, and you got Bo Deedle on another side, and in the back is Jason Gedrick, and then I was there one night with Tommy Mottola, Mariah Carey, Danny DeVito, Jim Carrey, and then you got us in there, who basically just came off the streets.
It's an unbelievable mix. And the people there, Frankie Pellegrino just passed away, who was just an icon, just a beautiful man, respected all over New York, a great actor and a great singer. And just being in there, the warmth and the family that they make you feel like you're eating in your kitchen with the greatest people that want to get into that place. And taking people there, I mean, I've taken every one of my friends there.
And obviously I was there the other night and Fat Joe was there and I brought Fat Joe with me. And Fat Joe is my partner. You know, we have a business called jimmedup.com, which is supposedly where we're gonna do an app for the industry of criminality. So you could find anything you want on the app. You could find a lawyer, civil criminal, a bail bondsman, a DNA specialist, anybody you want in the legal field. And Joe jumped behind this. And Joe's a friend and we went there the other night. And next thing you know, they're playing all the way up and lean back and Joe's dancing and singing and the place is going wild and it's one o'clock in the morning. And then next thing you know, TMZ hears about it and they're calling and they're like, tell us about it. And the next thing you know, the Daily News found out about it and it's just wild. It's just a wild night. But Rao is a great place and I have to take you there one night.