We believe we’re entering a new era of dispersion in the performance of financial assets. Behind buoyant index averages are sharply bifurcated cohorts of winners and losers.
Often framed as rivals, private and liquid credit should instead be viewed as powerful complements for both issuers and investors. We believe these two markets are settling into a symbiotic coexistence, as the distinctions blur between the likes of direct lending and broadly syndicated loans.
The United States has been on a remarkable run: exceptional growth and innovation, multiple structural advantages, and the financial market dominance to match.
