credit markets

“We've never had as much individual retail, so to speak, money in the credit markets as we do now.”

“When you start having that problem, you'll just see gapping. It will eventually happen. It'll work itself through. The ETF will then get smarter and better the next time around, but you'll have to live through that,”

“I mean, they are the proverbial tail that wags the dog. They are the marginal price setter. Every day, every quarter, every month, you see it. Flows are in, flows are out.”

“I just don't think it's ever going to get there because liquidity's dropped off. So the problem is, what does it matter from a factor basis if things aren't even trading? And we've entered this point in the credit markets and the debt markets in general, where…”

“If you own a land the size of a tablecloth, it gives you access to credit markets in rural economies around the world, in poor countries, and that access to credit markets lets you weather storms in a way. That if you have to pay for a big wedding, if you have…”

“When loans fall, they don't drift down. Usually they just collapse. They go from a hundred to 80. And if you didn't see that coming, that's a problem. And it can go lower and lower from there.”

“Sometimes you'll see risks in the credit market before you see them in the equity market. Sometimes it's the opposite. Typically the equity market is first and credit market is second, but it can vary.”

“I think the one difference about this may be relative to past credit bust, if you will, is we don't think there'll be a big moment of bust and a de-leveraging. To us, this might be a more long drawn out period where we can produce maybe more than equity-like r…”

“So it's on today, but I don't think it's terrible today. It's just, the markets are a little bit generous today.”

“As I say, if you do things nobody else wants to do, you can usually get a good deal. But then eventually other people figure out that it's a good idea. They flock in. It becomes more popular. And then of course, like everything, it gets overdone. Then the oppo…”

“Because the dealer community and capital's down by 90 plus percent over the last 15 years or so, the price movements that you see in credit tend to be very severe.”

“Even though we're sitting here in the summer of 2025, our credit exposure is at historic low levels.”

“There's less of a focus on safety today than there used to be. Again, another manifestation of late cycle behavior, but safety first.”

“In credit, that doesn't really exist. The way the law has worked is, it's a contract. It's not being analyzed under fiduciary duties law. It's not being analyzed under what the securities laws say about fiduciary duties. It's contract. What does the contract l…”

“Size and scale, we have found that the credit markets are far deeper Cheaper, more flexible, less covenant-laden, and friendlier to consolidations that are, let's call it, 15 to twenty million of EBITDA in size and scope versus something that's five. What does…”