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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)

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The Looming Iceberg Ahead of the US Economy (Szn 7, Epsd 1)

Published January 28, 2025

Les Rubin, Main Street Economics

Les Rubin of Main Street Economics joins the podcast to discuss his chief concern facing not just markets and economies, but the world at large: US sovereign debt.

This podcast episode was recorded on Wednesday, Jan. 22, 2025 and released to premium subscribers the same day. Information on premium subscriptions, including the vast benefits, are available on our Substack.

Content Highlights

  • The US economy is headed to ‘serious problems’ and the guest’s mission is to educate people to the gravity of the situation (1:47);
  • Debt and fiscal deficits are nothing for the US. But its debt/GDP ratios is reaching a breaking point (2:57);
  • How soon might the breaking point arrive? (5:30);
  • Is there anything from the new Trump administration that might turn the tide? Elon Musk’s DOGE program has promise… (11:02);
  • What about tariffs? (16:22);
  • Background on the guest (20:36);
  • The need for more education: not just financial literacy, but economics (23:55).

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Opportunities in Closed-End Municipal Bond Funds (Szn 6, Epsd 21)Podcast episode cover art featuring Jonathan Browne, RiverNorth Capital

Opportunities in Closed-End Municipal Bond Funds (Szn 6, Epsd 21)

Published November 21, 2024

With Jonathan Browne, RiverNorth Capital

Jonathan Browne, portfolio manager at RiverNorth Capital, joins the podcast to discuss investment opportunities in municipal bonds, specifically through the closed-end fund structure.

Content Highlights

  • Quick primer on closed-end funds and their difference with mutual funds and ETFs (1:18);
  • Municipal bonds and what to look for there (16:01);
  • What kind of yield can investors expect from this asset class? (23:31);
  • Background on the guest (26:50);
  • Rising interest rates and inflation are certainly a risk for muni bonds, but the risk/reward is set up constructively… (30:59);
  • Muni closed-end funds: a contrarian pick (37:28).

For more on the guest, visit the website RiverNorth.com

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