Dislocations in the Credit Cycle

Published on
September 22nd, 2017
Topic
Credit Market, Global Outlook, Volatility
Duration
38 minutes
Asset class
Bonds/Rates/Credit, Real Estate, Equities

Dislocations in the Credit Cycle

The Interview ·
Featuring David Meneret

Published on: September 22nd, 2017 • Duration: 38 minutes • Asset Class: Bonds/Rates/Credit, Real Estate, Equities • Topic: Credit Market, Global Outlook, Volatility

David Meneret identifies where to benefit from perceived disorder in the credit markets, taking a quantitative perspective to the inherent low volatility in the sector. The search for yield and riskier assets by insurance companies, utilizing higher leverage, with greater exposure to commercial real estate is brought into sharp focus by David, alongside the new reality for investors in the overpopulated US shopping mall space. Filmed on August 29, 2017, in New York.

Comments

  • JD
    Joe D.
    1 December 2017 @ 18:11
    Have to listen again. Lot's of meat here to digest.
  • DS
    David S.
    16 November 2017 @ 19:45
    Are the same firms rating the CLOs that rated the MBS? It would be interesting to see the range of ratings with percentages within a statistical sampling of AAA CLO. Looking at market risk, not to buy. DLS
  • OS
    Ollie S.
    16 November 2017 @ 05:57
    Mike is the main reason to have RVTV. David is one of the best too! Thank you!
  • DO
    Dylan O.
    4 October 2017 @ 03:56
    Definitely bring David back!
  • WM
    Will M.
    30 September 2017 @ 16:06
    All just continues to emphasize what a precarious path we continue to navigate. The demographics piece is particularly important for late medium to long term impacts.
  • SB
    Soham B.
    28 September 2017 @ 16:26
    Real Vision is such a bargain it's not even funny
  • MM
    Mario M.
    27 September 2017 @ 03:28
    Great interview. The interviewee was very knowledgeable. The interviewer helped to bridge the knowledge gap for people like me who are not experts in that field.
  • ES
    Edward S.
    26 September 2017 @ 23:03
    Going to parrot all comments and say that Mike is great. Also would like to see more on ABS/struct credit; perhaps a little light on non-agency 2.0 aka CRT.
  • MT
    Martin T.
    25 September 2017 @ 20:32
    Very interesting interview, really great credit insight. More of this please.
  • MA
    Mikael A.
    25 September 2017 @ 13:50
    Mike is the main reason to have RVTV
  • DR
    Daniel R.
    24 September 2017 @ 06:51
    Again - Mike is such a great interviewer.
  • ST
    Simon T.
    24 September 2017 @ 06:37
    A great master of credit, hunble gentleman and history is repeating itself - 10 years later - it may not be enough this time around
  • MD
    Mathieu D.
    23 September 2017 @ 22:02
    Another great interview by Mike, it was great to hear David again. I find the recent interviews in 2017 with David, together with Cyril Castelli from Rcube for the Macro picture, the series on the ETF as well as Nancy Davis on volatility compression, and the oil series providing great insight and credit ideas when blended together. It would be great to have more on the credit/structured finance space. Maybe someone in Europe for instance like Chenavari. For those who want to know a little more CLO & how the insurances purchases have changed since the GFC, this short paper is interesting https://insurercio.com/images/CLO_06-2017.pdf
    • MT
      Martin T.
      25 September 2017 @ 19:49
      They should interview you on structured credit Mathieu ;-). Best, Martin T.
  • GB
    George B.
    23 September 2017 @ 20:17
    Thank you David and Mike
  • dj
    daniel j.
    23 September 2017 @ 15:23
    Wow. Great, just great
  • HJ
    Harry J.
    23 September 2017 @ 02:38
    Great job Mike, tell me how the retail investor can make progress. Aside from going to cash and waiting for the crash.
  • RA
    Robert A.
    22 September 2017 @ 19:14
    Just an excellent video. Thanks once again Milton, you little curator extradoriere. Michael Green is getting better and better---been a huge fan of his for years, but RV has him continually upping his game.
  • AG
    Alex G.
    22 September 2017 @ 19:09
    I agree . more credit related videos and less on gold & geopolitics
  • GH
    Gary H.
    22 September 2017 @ 18:15
    I am a PM for an insurance company. Yes we're looking for yield but mostly at the expense of treasury holdings versus IG credit. Our CLOs are all AAA as well as CMBS holdings. I can't imagine we are the only institution where the bar was significantly raised after 2008 in terms or our investments. I honestly don't see much to worry about within insurance portfolios as I interact with these companies
    • MD
      Mathieu D.
      23 September 2017 @ 21:47
      Hi Gary, in this document https://insurercio.com/images/CLO_06-2017.pdf, you can see on p2 that the participation of the Insurance companies in the mezz paper has increased from 6% in 2006/2007 to 41% in 2015. I al so work in the Structured finance space and I can see that happening.
  • JG
    John G.
    22 September 2017 @ 15:42
    The lower grade credit market still has enough inefficiencies to make it interesting. Please keep credit related content coming. It also provides red flags for equity investors.
    • rr
      rlw r.
      23 September 2017 @ 17:13
      Exactly, the 'wiser' guys and the 'wise' guys. ('term' via Evergreen Gavekal guys)
  • HH
    HODL H.
    22 September 2017 @ 15:22
    Agreed. More Credit related content please
  • RO
    Rodica O.
    22 September 2017 @ 12:49
    Mike Green has by far the best topics and guests to develop great themes. Hats off to Mr. Green
  • RI
    R I.
    22 September 2017 @ 11:43
    This was great. More credit related RV content would be most beneficial. Needless to say, it is the largest asset class on earth.
    • DC
      D C.
      13 October 2017 @ 19:42
      Credit derivatives is scarily large.

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