Opportunities Across the Credit Curve

Featuring David Meneret

David Meneret is a veteran of structured credit markets and his new fund, Mill Hill Capital, is sizing the opportunities and seeking out the inflexion points, in a world of building concern over auto lease delinquencies and commercial real estate with retail exposure. Filmed on February 9, 2017 in New York

Published on
10 March, 2017
Topic
Lending, Fixed Investments, Credit Market
Duration
38 minutes
Asset class
Currencies, Bonds/Rates/Credit, Real Estate
Rating
14

Comments

  • JM

    Justin M.

    22 3 2017 18:32

    2       0

    Another excellent interview. I really like Michael Green as an interviewer; he is truly brilliant and capable of going in depth into so many different disciplines. The guest is equally talented. I hope to see him in some follow on interviews. Thanks to both for sharing their knowledge.

  • TT

    Timothy T.

    20 3 2017 06:17

    1       0

    Excellent. Was doing exactly what he was doing during GFC. Go to 2nd/3rd lvl underpriced risk. Linking volatility to credit is under-appreciated.

  • RZ

    RICK Z.

    19 3 2017 02:28

    1       0

    Excellent interview, there is this assumption that the Fed can't raise interest rates, "very much" Based on Low saving rates that continue to deteriorate, and overindebtedness and leverage, he would have to assume that the Fed hasnt , or won't sometime in the future, lose control of monetary policy , if they haven't already.

    We shall see

  • BC

    Burton C.

    18 3 2017 01:49

    0       3

    I thought we had agreed to knock off the uh-hugs interspersed through out the interview. I am distracted by this.
    I do want interviews on bonds

  • JC

    John C.

    17 3 2017 13:56

    1       0

    excellent interview. As a former High Yield guy I can really related to the craziness that continues on in the credit markets. Amazing how he can dial down into the different subsectors too. Really interesting stuff thanks.

  • DS

    Dustin S.

    14 3 2017 16:41

    5       0

    High quality. Another institutional level discussion with a derivatives focus.

  • JS

    John S.

    14 3 2017 13:21

    3       0

    I've already gotten my money back from RVtv many times over, but this was honestly the first video I've gotten a lot of in a couple months. Great stuff and please press the subject to dive deeper fast

  • NH

    Neil H.

    13 3 2017 19:34

    2       0

    learned a lot from this interview. bring him back at a later date.

  • DT

    DAN T.

    13 3 2017 17:33

    10       0

    Great interview...BUT...Just when he was getting ready to transition from how he approached shorting CDOs/ABX to how he's now shorting retail/CRE via Life Insurers, you interrupted him and never returned to it - the most important part of the interview.

  • AG

    Alexander G.

    13 3 2017 07:07

    3       0

    Fantastic! Thanks so much for this insightful interview. Definitely worth having him back.

  • GS

    Greg S.

    13 3 2017 03:38

    5       0

    Great to see the interviewer and interviewee on an equal level. Great questions, great answers. I really like this type of session. Great help in filing away information that should be considered in position sizing.

  • RA

    Robert A.

    12 3 2017 18:48

    6       0

    Excellent interview, Mike is really adding a lot on both sides of the table. I always thought the concern for Pharma was Generics and Politics---never thought through the Debt angle. RV always delivers that "extra insight" relentlessly.

  • AB

    Andrew B.

    12 3 2017 06:35

    2       0

    That was seriously informative. Lots to analyse stemming from this interview - and that's on the EQUITY side!

  • TS

    Todd S.

    12 3 2017 01:31

    1       1

    Well done.

  • GT

    Graham T.

    11 3 2017 18:05

    3       0

    love the insight into life insurance and healthcare. you would think as a maths tutor that the third derivative would come as no surprise to me but DUH , RV hits the spot.

  • RI

    R I.

    11 3 2017 16:02

    12       0

    To echo a few comments below, Michael Green is consistently insightful. Moreover, there should be a greater focus on credit/fixed income/bonds is warranted given the size of the market and opportunities to exploit its inefficiencies vis-a-vis security type, credit ratings, duration, convexity, company-specific risks, macro factors, etc.

  • MD

    Mathieu D.

    11 3 2017 12:57

    7       0

    Great interview once again by Michael Green. Please bring him back. More credit people would be appreciated, I always find that they go deeper in their analysis. Great job.

  • AH

    Andreas H.

    11 3 2017 09:58

    2       0

    Very good!

  • gb

    gabriel b.

    11 3 2017 06:48

    6       0

    Mike continues to give great interviews. Loved the discussion about finding ways the short parties once or twice removed from an a problem who still have a lot of exporsure at much cheaper carry.

  • RA

    Ricardo A.

    10 3 2017 21:00

    13       0

    Interviewer is top notch. Interesting to hear someone from the CLO space, these people are amongst the first to see stress (in the BB-C space) and good canaries in a gold mines.

  • SM

    Sam M.

    10 3 2017 19:47

    4       0

    <3 Mike Green

  • LA

    Linda A.

    10 3 2017 18:35

    31       0

    2017 is the bust of commercial, auto & student loans just like 2008 was the bust of the housing mkt. And who holds these loans? BANKS again. So why are the "so called experts" piling into financials? I don't buy the net margin interest if there are ensuing bankruptcies & loan write-offs. There will be no refinancing of loans if interest rates are only going up. In my opinion, that is the wrong trade. The CEO of Urban outfitters stated that "we are witnessing the commercial bubble burst" In addition, oil is dropping again because shale producers have become so competitive. Who holds these oil & shale loans- banks again. CB's have destroyed the economy by destroying large segments of the mkt - consumers, savers, pension funds, corporations (buy back stock instead of investing in their co) all in an effort to save the banks. QE has enabled banks to buy back their insolvent paper & continue to gamble in more derivatives. I see inflation in everything I buy & rates are ~ 2.5%. Once this qe money gets unleashed, it will be hyperinflation. If the CB's keep printing it will cause the currencies to devalue to the point of being worthless. Ronnie Stoeferle is right- monetary inflation, asset inflation then price inflation. The right trade to be in is in precious metals - just my opinion.

  • AB

    ARIEL B.

    10 3 2017 17:56

    5       0

    A lot of this inflation should start to roll over soon as base effects fall out. Longer term, debt, demographics, tech, will way down on inflation. Hard to Fed raising rates much and the ECB slowly taking away the punch bowl without some sort of accident .Great interview Mike. Well done.

  • RM

    Richard M.

    10 3 2017 17:37

    12       0

    Wow, another great interview involving Michael Green (he is fantastic!). Really learned a lot when they were talking about the subprime debacle of the 2007-8 period. Really fascinating deep dive in to all things credit. Awesome job once again RVTV!!!

  • Nv

    Nick v.

    10 3 2017 13:04

    1       0

    On inflation - lower interest rates lowered owners equivalent rent as rates fell for 35 years. Owners equivalent rent is now running at over 3% as rates are going up.
    China is also now exporting INflation from DEflation for more than a decade
    Inflation is in a cyclical upswing which has significant upside.