The Ledger, every show

Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.

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CAPITAL ALLOCATORS Assertion Supported
Lyon: Private equity falsely held 2022 valuations flat despite public market plunges
“If you looked at 2022, the S&P was down 20%. The NASDAQ was down 30%. Let's say private equity lives somewhere between those two worlds. Private equity was flat for the year.”
David Lyon Nov 17, 2025 ▶ 26:51 David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
CAPITAL ALLOCATORS Assertion Supported
Lyon: Direct lenders now hold $2B per deal, competing with syndicated loans
“Today, direct lending competes with the syndicated loan market. Big players have hundreds of billions of dollars. They will hold two billion dollars in a name, so it's no longer a cottage industry supporting the underbanked. It is a direct competitor to the sy…”
David Lyon Nov 17, 2025 ▶ 20:24 David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
CAPITAL ALLOCATORS Assertion Contradicted
Lyon: Top 10 PE firms raise two-thirds of all asset class capital
“The vast majority of capital being raised in private equity, I think the number is two-thirds, is the top 10 firms.”
David Lyon Nov 17, 2025 ▶ 27:20 David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
CAPITAL ALLOCATORS Assertion Supported
Lyon: COVID syndicated loan distress lasted 8 days versus 294 in GFC
“During COVID, syndicated loans traded below 80 cents for eight days. During the GFC, 294.”
David Lyon Nov 17, 2025 ▶ 30:06 David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
CAPITAL ALLOCATORS Assertion Supported
Lyon: About 93% of pre-GFC CLOs generated positive equity returns
“I'm not a CLO guy, but something like 93% of the CLOs formed before the GFC had positive equity returns.”
David Lyon Nov 17, 2025 ▶ 1:05:44 David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
CAPITAL ALLOCATORS Assertion Supported
Lyon: Unitranche borrowing costs moved from 6.25% in 2021 to around 9%
“Used to be able to borrow Unitronch back in 21 at six and a quarter percent. Now those numbers are around nine and changed today. They were 13.”
David Lyon Nov 17, 2025 ▶ 24:05 David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
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