Commentary

Top Ten Myths About Private Credit (Fourth of a Series)

This week in our continuing special series on the private credit myths, we come to: Myth #3: “We’re late in the cycle, so loans now are risky.” Let’s first take the issuer side of the equation. One of the virtues of private credit is being available when public markets are shut or expensive. Invariably those

Top Ten Myths About Private Credit (Third of a Series)

We continue our special series this week with : Myth #2: “Private credit is the next market bubble.” The same notion that private credit is crowded drives the view that strong investor demand will lead to a burst market bubble. It’s a myth that’s applied regularly to leverage loans. The universe of broadly syndicated loans

Top Ten Myths About Private Credit (Second of a Series)

Responding to last week’s discussion of the relationship between age and happiness [link], several readers asked what country has the happiest residents? According to the World Happiness Report [link], Finland topped the list of 156 countries. The US was 19th, and South Sudan as the least cheerful place to live. Finland is perhaps a surprising

Top Ten Myths About Private Credit (First of a Series)

A Dartmouth College professor has found that middle age is even more depressing than we thought. The good news? Things start looking up pretty quickly after that. In a recently published study, David Blanchflower found unhappiness is a U-shaped curve, bottoming out when people are 47.2 years old. These results were consistent with residents in over

2020 Hindsight

Remember your summer internships in high school? Neither do we. There’s a vague recollection of delivering mail for a financial advertising agency on Wall Street. (It’s also where we first encountered the term “Lead Left,” but that’s another story). Wolf Cukier’s stint at NASA’s Goddard Space Flight Center last summer could have been equally tedious.

Of Bubbles and Gum

Her name was Lola. At least that’s what Danish archeologists are calling the female whose DNA was discovered in birch bark she had chewed 5,700 years ago. The sticky resin was used prehistorically to fix broken tools, for medicinal purposes, and for gum. The discovery was notable because no other remains of this ancient inhabitant

“The Best Place to Be” (Last of a Series)

The name George Laurer may not be familiar to our readers. But his invention certainly is. Mr. Laurer, who passed away two weeks ago at the age of 94, created the bar code. The UPC is now a universal feature of consumer products, but prior to its adoption in 1974, cashiers had to manually input

“The Best Place to Be” (Third of a Series)

A dictionary of Latin words, called the “Thesaurus Linguae Latinae,” was begun in 1893 by a team of German researchers. So far their successors have reached the letter R. With extraordinary luck and effort, “zythum” (an Egyptian beverage) will be reached circa 2050. For a so-called “dead language,” that seems like a lot of work

“The Best Place to Be” (Second of a Series)

As a long-term observer of (and participant in) the credit markets, we’ve learned the most interesting times are not when things are going swimmingly for issuers or investors. Life becomes intriguing at the inflection points, when established trends begin to shift. These moments are often apparent only in hindsight. The Great Recession, for example, ended

“The Best Place to Be” (First of a Series)

Earlier this month your correspondent traveled to Tokyo and Seoul, in part to assess how institutional investors view private debt there today. One highlight was serving on a panel at the Private Debt Investors Forum with several other experienced asset managers. The panel headline was “Global Debt Under the Microscope.” Andrew Hedlund, PDI’s top reporter