Profiting from Mispriced Credit Risk

Published on
January 13th, 2020
61 minutes

Profiting from Mispriced Credit Risk

The Interview ·
Featuring Daniel Zwirn

Published on: January 13th, 2020 • Duration: 61 minutes

Daniel Zwirn, CEO of Arena Investors, kicks off Debt Week by bringing his unique credit framework to Real Vision. Zwirn argues that a decade of cheap money has worsened credit quality, but that nevertheless there are lucrative fixed-income opportunities on the long- as well as short-side. He warns of the risks he sees in leveraged loans (as well as the CLOs that package them), noting the "asset-liability mismatch" as one of his most severe concerns. Other topics include: regulatory change, interest rate risk, and idiosyncratic plays in energy and real estate. Filmed on January 6, 2020, in New York.



  • JM
    Julius M.
    29 June 2020 @ 06:59
  • HE
    Henry E.
    22 January 2020 @ 13:15
    I’ve listened to this video several times and always learn something “new”... Chocked full of great insight. Worth the time...
  • DD
    Dmitry D.
    20 January 2020 @ 14:54
    Daniel's breadth of knowledge and depth of understanding are amazing! Such a great communicator too. Somehow he reminds me of Mike Green
  • SA
    Scott A.
    20 January 2020 @ 14:30
    Would be curious to see some remarks by the down voters as this is the best interview I have seen in a long time. RV should give Mr. Zwirn his own channel. If anything I felt the questioning could have been better. I mean, when he discussed creating a position that did not need a bid, who could you not ask for an example/explanation?
  • BO
    Brandon O.
    15 January 2020 @ 12:25
    This was an absolutely excellent interview.
    • DD
      Dmitry D.
      20 January 2020 @ 14:03
      Indeed! Instant classic.
  • SW
    Scott W.
    15 January 2020 @ 18:36
    This is a masterclass of the highest quality, plain and simple. In a perfect world we'd have visuals to accompany so that the lesser lights (me) can better keep up.
    • NS
      Nir S.
      16 January 2020 @ 14:11
      Plus 1 on that.
    • HK
      Hari K. | Contributor
      17 January 2020 @ 01:14
      Agreed, this guy has a visceral knowledge of credit. Well known in the HF world, too.
  • DS
    David S.
    13 January 2020 @ 10:19
    Excellent interview. I agree a major debasement of the currency is the only way out. Since the FX market is all fiat currencies and everyone will continue to try to devalue their currency faster than their neighbors, the US may continue to have a strong dollar and stock market. I do not understand what will break the system. Any ideas? DLS
    • DM
      Don M.
      13 January 2020 @ 11:28
      Using the reserve currency as an economic weapon.
    • CB
      C B.
      13 January 2020 @ 19:19
      Civil Unrest a la Occupy Wallstreet
    • CM
      Christopher M.
      14 January 2020 @ 14:57
      QE for the people
    • DS
      David S.
      14 January 2020 @ 18:35
      If we are going to do a massive QE, it should be infrastructure - roads, bridges, internet. DLS
  • PG
    Philippe G.
    13 January 2020 @ 20:14
    Great conversation! Please bring Mr. Zwirn back soon!
    • RK
      Ron K.
      14 January 2020 @ 07:16
  • ml
    m l.
    13 January 2020 @ 21:09
    Commercial lender he mentioned ??? Anyone know ???
    • RV
      Ryan V.
      14 January 2020 @ 00:35
      I put every publicly traded bank on a dartboard and let my blindfolded cousin throw a dart. After bouncing off the ceiling fan the dart hit $OZK
  • SP
    Steve P.
    13 January 2020 @ 23:53
    Markets are never going down! The bear market is over! I am holding $SPy short at $315 and suffering greatly. $SPY will never fall below $315 ever again. In my honest opinion.
  • SW
    Suzanne W.
    13 January 2020 @ 18:10
    I learned a lot about debt from this interview. Thank you Real Vision!
  • JH
    Jesse H.
    13 January 2020 @ 13:59
    Excellent...and terrifying quite frankly. Either crisis or long-term malaise in progress now. 2020 is gonna be an interesting year.
  • RD
    Ron D.
    13 January 2020 @ 13:16
    Loved this. 2 very strong communicators on a topic that desperately needs that. I usually phase out in debt related videos, even though I desperately want to learn more about it. Zwirn has a way of phrasing and framing things that is easier to understand and contextualize. A lot stood out in that regard. Very helpful, great work.