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private equity

Season 2, Episode 4: Private Credit is Fentanyl, With Gregory Obenshain, Verdad Capital

“Investors are hooked, and it won’t end well”

Gregory Obenshain, director of credit at Verdad Capital, joins the podcast to discuss his concerns about private credit investing.

Obenshain and Verdad Capital founder Dan Rasmussen recently penned an article in Institutional Investor: “High-Yield Was Oxy. Private Credit Is Fentanyl.” Subtitle: “Investors are hooked, and it won’t end well.”

In this 29-minute conversation, Obenshain tells listeners about his thesis.

Content:

  • How private equity has become the dominant player in this market (4:02)
  • The lending is a lot more dangerous and indeed riskier than the high-yield bond market (7:39)
  • Obenshain’s background (15:03)
  • Historical returns for private credit investments (19:50)
  • Ramifications of new lenders entering the market (22:22)
  • Potential timing of an unwind (24:17)
  • More constructive ideas for investors (25:27)

For more information on the guest and his firm: VerdadCap.com

Not intended as investment advice.

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Season 1, Episode 10: Timeshare Companies: Unloved, Misunderstood, Underappreciated

Featuring hedge fund manager Michael Kahan of North Peak Capital

Shares of timeshare companies have not done particularly well lately. That is understandable considering the options investors have elsewhere as well as the state of the economic cycle in the US.

This week’s guest, Michael Kahan of North Peak Capital Management, likes one particular stock in the sector. Content: The value proposition (2:33), the stock (3:15), drivers of revenue growth during recessions (6:00), more on the hedge fund (16:30), entry points (19:35).

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Season 1, Episode 7: Governance Arbitrage, With Henry D. Wolfe

Wolfe’s thesis: it’s time to admit the public company governance model is broken

The general assumption that management and governance of public companies are efficient, is false. So says Henry D. Wolfe in his recently-released book, “Governance Arbitrage: Blowing up the public company governance model to maximize long-term shareholder value.”

Content:
The underlying thesis (3:00), what needs to replace it (5:30), why institutional investors have to play a key role (7:44), the advantages of the private equity model (8:45), Wolfe’s contrarian investing priority (16:26), Costco the optimal model (21:30).

For more information: https://governancearbitrage.com/

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