BC Partners' Goldthorpe Says Nature of High-Yield Markets Is Changing

The video discusses the current state of the credit market, highlighting the push into private credit by major asset managers like Franklin Resources. It explores the breakdown of traditional correlations between equity and high yield markets, emphasizing the changing nature of these markets. The discussion also covers investor awareness, the rise of passive management, and the potential for active management to make a comeback. Concerns about infrastructure investment and the broadening definition of infrastructure are addressed, along with the importance of selecting experienced managers. The video concludes with an analysis of expected market volatility and interest rate arbitrage opportunities between Europe and the US.

What factors contribute to the inefficiency of the markets despite the rise of ETFs and passive investing?

What is the significance of understanding the definition of infrastructure in the context of infrastructure debt?

How do differences in short-term interest rates between Europe and the US create opportunities for investors?