Dan Zwirn, CEO and CIO of Arena Investors, returns to Real Vision to provide a strategic update on the world of credit. In this interview with Real Vision’s managing editor, Ed Harrison, Zwirn explains how, in a world of suppressed interested rates by monetary authorities such as the Federal Reserve, companies that are effectively underwater nevertheless manage to secure financing at attractive rates. Harrison and Zwirn discuss this phenomenon of "liquidity without solvency" in depth, comparing the ongoing fervor in AMC Entertainment Holdings to Hertz last summer. Filmed on January 28, 2021. Key learnings: In industries such as commercial real estate and the oil & gas sector, Zwirn sees several opportunities to enter the capital structure at a senior level while still earning a healthy yield. Arbitrage opportunities abound, such as going long convertible bonds while simultaneously owning a put option. For investors without access to these opportunities, Zwirn believes that they can consider hard assets such as real estate due to the devaluation of the dollar.