Keep pulling the thread on Tony Yoseloff.
The rapid increase of the base interest rate from zero to over 5% in the 16 months starting in early 2022 is the primary driver of current opportunities in opportunistic credit.
Tony Yoseloff predicts a revival in M&A activity in the US, anticipating that the next presidential administration will adopt a more accommodating antitrust stance.
Tony Yoseloff argues that the recent strong performance of absolute return strategies is driven by both higher interest rates and increased market dispersion.
Tony Yoseloff believes market dispersion will persist for a long time, which will continue to support returns in absolute return strategies even if short-term interest rates decline.
The year 2022 was the worst for fixed income in 100 years and possibly the worst in United States history.
Opportunistic credit as a strategy tends to be inversely correlated with growth equity and venture capital, making it an effective portfolio diversifier.
Tony Yoseloff estimates that to deleverage in the current rate environment, companies need to raise $20 to $40 of new equity for every $100 of debt on their balance sheets.
Davidson Kempner opened an office in Hong Kong in 2010, followed by smaller offices in Mumbai and Shenzhen, to access the China and India markets.
Davidson Kempner launched its first private equity-style fund for opportunistic credit in 2011 to invest in less liquid, longer-duration opportunities.
Brexit has been detrimental to the UK economy, which has struggled for the past seven to eight years, partly due to a loss of human capital.
Germany's economy is currently in a very difficult position, which is expected to create significant investment opportunities.
The valuation gap between US and European equities is largely attributable to the high concentration of technology companies in the US market, a sector that is much smaller in Europe.