Commentary
The Great Unwind (Final of a Series)
“The easy money has been made; the harder money is left.” We noted this recently from an experienced asset manager…
Read MoreThe Great Unwind (Third of a Series)
Our characterization of the current economic picture as a “precession” took into account the second quarter’s negative GDP data. But…
Read MoreThe Great Unwind (Second of a Series)
News reached us last week of the demise of the Choco Taco. Or not. Cousin to the Klondike Bar, this…
Read MoreThe Great Unwind (First of a Series)
One of the enduring mysteries of human behavior is our perpetual discomfort with the present. Why can’t today be more…
Read MoreRelative Value in the Loan Market (Part Two of Two)
Last week’s June CPI report showed inflation running at 9.1%, higher than May’s number, dashing hopes that consumer prices had…
Read MoreRelative Value in the Loan Market (Part One of Two)
In our series on portfolio construction [link] we looked at how liquid and illiquid loan managers assemble quality all-weather assets.…
Read MoreWhy Portfolio Construction Matters (Last of a Series)
“Broadly syndicated loans are liquid, so have high volatility that exaggerates credit deterioration,” one market observer told us recently. “The…
Read MoreWhy Portfolio Construction Matters (Third of a Series)
Many direct lenders have oriented their platforms around financing only businesses backed by private equity sponsors. While non-sponsored strategies have…
Read MoreWhy Portfolio Construction Matters (Second of a Series)
“What’s the key portfolio strategy managers should employ for success?” “Diversify!” That’s how one top PM answered our question. There…
Read MoreWhy Portfolio Construction Matters (First of a Series)
What makes for successful portfolio construction in private credit? That was one of the questions panelists addressed at the Private…
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