PDI Picks – 10/1/2018

Chasing special returns


A poll asked our New York Forum audience to name the most promising strategy over the next year. It produced an interesting answer.

“Predicting the end of the cycle is very difficult, if not impossible.” So said Cliffwater CEO Stephen Nesbitt in his introductory remarks as day one chair of our New York Forum last week.

Nesbitt’s comment hinted at the caution that was subsequently expressed by many participants at the event. Truth number one is that no-one really knows when the long-benign credit cycle will come to a juddering halt. Truth number two is that it’s best not to be too bullish in an environment where there seem to be more questions than answers.