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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)

More Information on the Guest

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Opportunities in Credit Markets with Tom Carney, Weitz Investments (Szn 5, Episode 26)Cover art, podcast season 5, episode 26

Opportunities in Credit Markets with Tom Carney, Weitz Investments (Szn 5, Episode 26)

Published October 31, 2023

This episode was released to premium subscribers on Oct. 26 without ads or announcements. More information about premium subscriptions is available on our Substack or Supercast.

Tom Carney, co-head of fixed-income at Weitz Investments, joins the podcast to discuss his (perhaps surprisingly) optimistic view of bond and credit markets.

Content Highlights

  • Carney’s views on the bond market. Interest rates have created a much-improved, encouraging environment for investors (1:33);
  • Opportunities include the non-corporate bond market, specifically the asset-backed securities market (5:38);
  • The guest has a unique view into consumer lending. There are defaults, but not more than usual (10:37);
  • Discussion of the mortgage-backed securities market. There too, defaults are not particularly prevalent (13:05);
  • How big of a concern is the Fed? (24:25);
  • Background on the guest (29:57);
  • What about his concerns facing markets at present? (38:09).

For more information on the guest, visit the website WeitzInvestments.com.

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Season 3, Episode 18: Bubbles Lurk in Sovereign Debt, Financial Engineering

Published August 3, 2021

With Michael Ehrlich, Director of Leir Research Institute at New Jersey Institute of Technology

Michael Ehrlich, director of the Leir Center for Financial Bubble Research at the New Jersey Institute of Technology, joins the podcast to discuss his views.

Dr. Ehrlich has identified two areas of concern: sovereign debt and financial engineering.

This is not his only area of interest however, as Dr. Ehrlich is passionate about early-stage venture/angel investing, which guides the discussion in the second half of the episode.

MoreSeason 3, Episode 18: Bubbles Lurk in Sovereign Debt, Financial Engineering
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