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Exchange-traded funds

Opportunities in High Yield, Private Credit and More: AJ Giannone, Allio Capital (Szn 7, Epsd 7)Podcast episode cover art feat AJ Giannone

Opportunities in High Yield, Private Credit and More: AJ Giannone, Allio Capital (Szn 7, Epsd 7)

Published March 31, 2025

AJ Giannone, the chief investment officer of Allio Capital Management, joins the podcast to discuss why high yield and private credit present compelling opportunities for retail investors — despite the apparently advanced state of the economic cycle.

This podcast was recorded on Monday, March 17, 2025 and was made available to premium subscribers the very next day. For more information on premium subscriptions, visit our Substack.

Not investment advice! Do your own research, make your own decisions.

Content Highlights

  • High yield debt: this does not appear to be a good time to invest in this asset class, especially through listed funds. Or is it? (1:18);

  • The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is one way convenient and low-cost way for retail investors to access this asset class (5:05);

  • Another iShares product, iShares BB Rated Corporate Bond ETF (HYBB) is a so-called ‘smart beta’ approach… (7:43);

  • The guest is not particularly concerned about a recession, or at least not the performance of high yield should one come to pass. Even then, the default rate should not increase dramatically (9:51);

  • Private credit is another niche corner of the credit market that has recently been open to retail investors via ETFs VPC and PCMM, among others (12:39);

  • Background on the guest (22:52);

  • Some of the macro signals he watches and what they are telling us right now (28:01);

  • There is still upside in European equities (33:54);

  • What about the US market? (38:19)

More Information on the Guest

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Hard Assets the Place to Be in ’23: Kyrill Asatur, Centerfin (Szn 4, Ep. 34)

Published December 8, 2022

This podcast episode brought to you by Covey — Covey is designed to find, reward, and train the next top investment managers —from any background—that anyone can copy, so everyone can win.

Kyrill Asatur, co-founder and CEO of Centerfin, joins the podcast to discuss his view on asset allocation going into 2023: why he is bullish on hard assets like energy and bearish on fixed income — and why the inflationary environment is likely going to stick around.

Content Highlights

  • How Centerfin was set up coming into this year and what went into its contrarian decision to avoid fixed income (4:06);
  • Current views on the market after a tough year (5:25);
  • Centerfin’s take is to be long hard assets, including commodities and commodity-linked equities while continuing to avoid fixed income like bonds (7:44);
  • The environment is different now. There has been a regime change since 2017. Inflation can’t just be exported anymore (9:48);
  • There will likely be a recession. Once we emerge from it, leading industries will probably be different than they were in past recoveries (11:18);
  • Why Centerfin is bullish energy and how they are playing it (12:55);
  • Their chosen ETF to get exposure to clean energy (14:48);
  • There is no need to buy international (ex-US) energy stocks (16:36);
  • Short discussion on the concept of introducing different prices for different uses of energy (18:48);
  • Re-shoring from China with Apple (AAPL) moving all its production out of the country and how to potentially play that trend (20:46);
  • Background on the guest and what got him to start Centerfin (25:53);
  • Distressed investing remains out of reach for most investors but Centerfin is considering ways to change that… (30:52);
  • The bullish case for copper (39:13);
  • How best to gain exposure to uranium (40:00).

More on Kyrill Asatur and Centerfin

This podcast is for informational purposes only. Nothing here is intended as investment advice. Do your own research, make your own decisions.

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‘Options Mike’ on the Coming Year-End Rally for Stocks (Szn 4, Ep. 33)

Published December 1, 2022

This podcast episode brought to you by Covey — Covey is designed to find, reward, and train the next top investment managers —from any background—that anyone can copy, so everyone can win.

Michael Pisani, aka Options Mike, joins the podcast to discuss why he’s anticipating a year-end rally in stocks. 

Content Highlights

  • It’s been a tough year for stocks and risk assets. That may be about to change (2:10);
  • Jerome Powell and the Fed have twice this year fooled markets into anticipating a pivot. But something has changed and the FOMC is no longer unanimous with its hawkishness (4:04);
  • There is still a lot of cash still on the sidelines (6:46);
  • Specific areas of the market Pisani likes here. And specific stocks, primarily Ford (F) and to a lesser extent General Motors (GM), both as longterm plays (11:42);
  • Another stock he’s bullish on: Snowflake (SNOW) and several that are candidates to go to zero (12:33);
  • An easy contrarian play: ARK Innovation ETF (ARKK). Yes, really (15:46);
  • Pisani’s take on cryptos (18:31);
  • Background on the guest (23:44).

More on Options Mike

Not intended as investment advice.

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