The Golden Age of Absolute Returns? With Davidson Kempner’s Managing Partner and CIO, Tony Yoseloff
Tony Yoseloff, Managing Partner and CIO of Davidson Kempner, discusses; navigating the global credit cycle & where dislocations create opportunity, understanding private credit, direct lending, and rising pressure in private markets, why higher rates and dispersion could favour absolute return strategies, the private debt logjam, and opportunities beyond the U.S., from European credit to lending in India
In the world of global credit and event-driven investing, there are few firms that have been both quietly competitive, whilst simultaneously successful and long-standing.
Founded over 40 years ago, Davidson Kempner have navigated cycles by identifying the opportunities which emerge from dislocations and complexity when the power between borrowers and lenders shifts.
In this conversation, we discuss if it’s possible to assess where we are in the economic cycle. Tony then disentangles the term “private credit”and explains where he believes blockages and problems exist.
He talks about the interdependence of private equity and private debt, and why he thinks the market may be underestimating the time needed to work through these issues.
He explains where he sees capital as scarce and where it has been abundant, and what that means for risk-taking.
Finally, he discusses why Europe may have less growth but has many opportunities, why lending in India appeals, and most interestingly why we may be in “a golden age of absolute return.”
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