Asymmetric

Turtle Creek: the investment manager bringing a private equity approach to investing in public equities

Wed, 18 Jan 2023 10:23:38 GMT

In conversation with Andrew Brenton, CEO and co-founder of Turtle Creek

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Fresh insights on opportunistic credit in an uncertain world

Thu, 10 Nov 2022 09:34:48 GMT

On this episode I speak with HighVista Strategies Deputy CIO, Raphael Schorr about how the firm is pursuing investments in opportunistic credit.

With the shut down of the IPO and SPAC markets, tens of thousands of companies are looking for funding. The withdrawal of liquidity is creating some unique conditions and requiring some great companies to look for debt financing as less equity capital becomes available.This is creating some interesting themes in the lower end of the growth equity and VC market, venture debt, as welll as in real estate assets that need redevelopment and are looking for creative financing solutions.

In Schorr's view, those opportunities are just starting "and we think the US and Europe will be ripe for special situations over the coming quarters."

Many deals are being done on repriced terms and on a day-to-day basis risk is being repriced. Schorr mentions that this makes it a more difficult, but more exciting market for credit underwriters in the current macro environment.

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Seeking out asymmetric returns in European Private Credit

Wed, 04 May 2022 10:27:17 GMT

In this latest podcast, Loic Fery, Chief Executive and Co-Chief Investment Officer, Chenavari Investment Managers, shares his insights on how the firm seeks out asymmetric investment opportunities across Europe. We discuss investments in Ireland, Spain, Germany, how the current macro environment is influencing deal flow, and how the team sources credit opportunities for its three main strategies spanning Corporate Credit, Real Assets and Consumer Credit.

Here are the links to the news items referred to on the podcast:

https://www.irishtimes.com/business/financial-services/dilosk-s-ics-mortgages-hit-target-beating-530m-1.4793077

https://www.prnewswire.co.uk/news-releases/sequra-closes-an-agreement-with-chenavari-for-a-debt-facility-of-up-to-200-million-euros-805890525.html

https://www.chenavari.com/assets/Uploads/344c7045b6/auxmoney-secures-250M-investment-into-its-loans-8-April-2021-v2.pdf

https://www.lw.com/thoughtLeadership/five-direct-lending-trends-2022-private-debt-investor

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In discussion with Heeten Doshi, Founder of Doshi Capital Management

Fri, 08 Apr 2022 13:05:07 GMT

Here are the links to the articles referenced in my discussion with Heeten Doshi, Founder of Doshi Capital Management:

1) Where have all the workers gone? | LinkedIn

2) https://www.cnbc.com/amp/2022/04/01/us-bonds-treasury-yields-invert-stoking-recession-fears.html

3) https://www.investmentweek.co.uk/news/4047638/bond-market-hangover-investors-ignore-noise

4) https://www.bloomberg.com/news/articles/2022-03-31/goldman-s-oppenheimer-sees-u-s-stock-rally-running-out-of-steam

5) Markets Analysis: Morgan Stanley's Wilson Says Bear Market Rally Is Now Over - Bloomberg

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China's RMB will become the new safe haven asset

Wed, 23 Mar 2022 13:45:33 GMT

In this latest episode Dr. Savvas Savouri discusses the outlook for the UK economy and the prospect of onshoring, why China's RMB will become the true safe haven asset at the expense of the USD and waning US influence, and why, when it comes to interest rate hikes to curb US inflation, the Fed are damned if they do and damned if they don't.

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Exploring the opportunity set in UK All-Cap Equities

Tue, 08 Mar 2022 13:11:04 GMT

Lot's of interesting insights from Alyx Wood on UK equities, including Kernow's own version of Desert Island Discs!

For reference, here is the link to the Schroders research piece I refer to on why UK equities are attractive both from a value perspective and a free cash flow perspective: https://www.schroders.com/en/uk/adviser/insights/markets/qa-are-investors-right-to-have-jitters-about-uk-shares/

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Could carbon markets become even larger than oil markets over the next decade?

Thu, 10 Feb 2022 17:25:26 GMT

In this latest episode, Alison Graham and I discuss the fast-evolving carbon marketplace. From carbon allowances to carbon offsets, the supply/demand drivers are presenting compelling opportunities for investors. In light of the current energy crisis in Europe, and the commitment that global corporates have to becoming net zero, there are short-term and long-term factors at play.

Here are links to a couple of the news articles I reference during our discussion:

https://www.bloomberg.com/news/articles/2022-02-02/europe-s-carbon-price-surges-above-90-euros-to-record-high

https://www.bloomberg.com/news/features/2022-01-31/europe-s-nuclear-power-plants-are-disappearing-just-as-energy-crisis-hits-hard

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Crypto liquidity and the strange new world of Web3 and the Metaverse

Thu, 27 Jan 2022 17:46:59 GMT

In this latest episode Mani shares a wide range of views and insights on how he see the roll out of Web3.0, the Metaverse, and what parallels can be drawn between crypto liquidity and traditional market liquidity.

Here are links to some of the articles we refer to:

https://www.theverge.com/2021/10/13/22725083/axie-infinity-sky-mavis-blockchain-economy-game-pokemon

https://www.barrons.com/articles/cryptos-bitcoin-google-blockchain-51642710384

https://www.nytimes.com/2022/01/18/technology/personaltech/metaverse-gaming-definition.html?campaignId=6WYWY

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Spruce Point's Ben Axler discusses short selling outlook for 2022

Wed, 12 Jan 2022 19:54:32 GMT

On this inaugural episode I interview Spruce Point's Ben Axler on his outlook for short-selling investment opportunities in 2022. Ben provides details on 3 key investment themes for the year:

1) Overvalued SPACS

2) ESG issues

3) A rampant Technology sector

Also, here are a few of the news articles I make reference to during our discussion:

https://www.washingtonpost.com/business/2022/01/04/job-quits-november-2021/

https://news.crunchbase.com/news/vc-backed-startups-spac-worst-performing-2021/

https://www.nasdaq.com/articles/the-esg-investment-theme-just-wrapped-up-a-great-year

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