Boaz Weinstein – Finding Relative Value Amid Credit Market Madness

Published on
November 27th, 2020
Duration
66 minutes


Boaz Weinstein – Finding Relative Value Amid Credit Market Madness

The Interview ·
Featuring Boaz Weinstein

Published on: November 27th, 2020 • Duration: 66 minutes

Boaz Weinstein, founder and CIO of Saba Capital Management, made a name for himself at Deutsche Bank in the early days of credit derivatives. Since leaving to start his own fund he has continued to make a name for himself as a master of credit derivatives and relative value. In this interview with Real Vision’s Ed Harrison, Weinstein discusses how the current environment of tight spreads for pristine balance sheets and vulnerable companies alike is presenting some interesting relative value opportunities. Harrison and Weinstein also discuss Bill Ackman's recent reup on the same big CDS trade that has helped Saba return over 70% YTD, the Fed’s role in credit markets and credit ETF liquidity problems, and the opportunities Weinstein is seeing in closed-end funds. Filmed on November 23, 2020. Key Learnings: The credit of companies with close to zero percent chance of defaulting is trading at the same prices as companies with serious COVID risks is presenting RV opportunities. Closed-end funds trading at discounts to NAV are also presenting rare opportunities for yield in this low-rate environment.

Comments

Transcript

  • CW
    Claude W.
    7 December 2020 @ 23:44
    Epic interview, tremendous learning, need to get him back in due course!
  • TW
    Troy W.
    4 December 2020 @ 10:17
    Brilliant interview!
  • an
    antti n.
    2 December 2020 @ 21:53
    as a Credit pro, this is EPIC interview. Boaz is a total pro, explains everything - fantastic on flows and ETF technical. You guys must get him back later next year for an update on key market.
  • BG
    Borja G.
    2 December 2020 @ 12:47
    Great interview, please bring him back soon!
  • QA
    Q A.
    2 December 2020 @ 08:49
    Finally, getting back to some technical interviews on RV.
  • SH
    Stephen H.
    30 November 2020 @ 13:22
    Great interview Ed, really well done delivering some excellent content from an industry leader.
  • DB
    David B.
    30 November 2020 @ 01:52
    Awesome interview by Ed! Boaz the The Man in credit. Great content RealVision!!
  • IW
    Ian W.
    29 November 2020 @ 06:47
    Wow, that was an AMAZING video! My favorite from Ed so far. Let's get Boaz back on as well. I second the requests for more videos about credit. It's something I am definitely lacking in my understanding of. This interview went a long way to rectifying that.
  • RI
    R I.
    28 November 2020 @ 16:09
    Nice to see Real Vision (finally) give some airtime to credit. I mean it’s only the largest and most important asset class in the world, whereas equities are peanuts in comparison.
  • BD
    Ben D.
    28 November 2020 @ 01:21
    By far the worst part of this interview was that it ended so soon. As a someone going through university to get into the financial markets I learned a lot about credit and derivatives. I hope that Boaz will come back to RV in the future.
  • sh
    steve h.
    27 November 2020 @ 19:57
    very good interview....thanks
  • JP
    Jason P.
    27 November 2020 @ 19:32
    Ed Great interview and interesting you were trading GKO's in London in 97/98 . I was there doing same I have a question for you could you DM to discuss?
  • RM
    Richard M.
    27 November 2020 @ 16:56
    Super interview! As a regular retail investor I was not that knowledgeable about credit markets, but over the last year or so Ed has delivered so much insight into the credit markets (via his Credit Writedowns comments - shots, shots, shots!!! <smile>) that I felt a little more knowledgeable. But Boaz just took it up to a whole new level - super ideas on credit market structures and various mis-pricings. I really feel 'elevated' this morning due to this video, many thanks to Ed and Boaz!
  • RY
    Roger Y.
    27 November 2020 @ 15:46
    Well done.....very articulate Q&A.
  • GH
    Guy H.
    27 November 2020 @ 13:26
    Boaz is one of the great technical credit operators. Fantastic insights.
  • CT
    Chris T.
    27 November 2020 @ 08:13
    Nice interviewee!