Dislocations in the Credit Cycle

Featuring David Meneret

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.

Published on
22 September, 2017
Topic
Global Outlook, Credit Market, Volatility
Duration
38 minutes
Asset class
Bonds/Rates/Credit, Equities, Real Estate
Rating
43

Comments

  • JD

    Joe D.

    1 12 2017 18:11

    1       0

    Have to listen again. Lot's of meat here to digest.

  • DS

    David S.

    16 11 2017 19:45

    0       1

    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 11 2017 05:57

    0       0

    Mike is the main reason to have RVTV. David is one of the best too! Thank you!

  • DO

    Dylan O.

    4 10 2017 03:56

    1       0

    Definitely bring David back!

  • WM

    Will M.

    30 9 2017 16:06

    1       0

    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 9 2017 16:26

    0       0

    Real Vision is such a bargain it's not even funny

  • MM

    Mario M.

    27 9 2017 03:28

    3       0

    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 9 2017 23:03

    2       0

    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 9 2017 20:32

    3       0

    Very interesting interview, really great credit insight. More of this please.

  • MA

    Mikael A.

    25 9 2017 13:50

    0       0

    Mike is the main reason to have RVTV

  • DR

    Daniel R.

    24 9 2017 06:51

    3       0

    Again - Mike is such a great interviewer.

  • ST

    Simon T.

    24 9 2017 06:37

    4       0

    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 9 2017 22:02

    8       0

    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

  • GB

    George B.

    23 9 2017 20:17

    1       0

    Thank you David and Mike

  • dj

    daniel j.

    23 9 2017 15:23

    1       0

    Wow. Great, just great

  • HJ

    Harry J.

    23 9 2017 02:38

    5       0

    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 9 2017 19:14

    16       1

    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 9 2017 19:09

    8       7

    I agree . more credit related videos and less on gold & geopolitics

  • GH

    Gary H.

    22 9 2017 18:15

    9       1

    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

  • JG

    John G.

    22 9 2017 15:42

    11       0

    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.

  • HH

    HODL H.

    22 9 2017 15:22

    17       0

    Agreed. More Credit related content please

  • RO

    Rodica O.

    22 9 2017 12:49

    26       1

    Mike Green has by far the best topics and guests to develop great themes. Hats off to Mr. Green

  • RI

    R I.

    22 9 2017 11:43

    40       0

    This was great. More credit related RV content would be most beneficial. Needless to say, it is the largest asset class on earth.