Show Notes

[00:01:21] – Components of a credit cycle

[00:02:11] – Overview of the high yield debt markets

[00:05:54] – Why should investors consider this investment class

[00:08:00] – How analyzing a company’s debt is different from what equity analysts look for

[00:09:31] – Primary factors when exploring a company’s ability to de-lever

[00:10:32] – What is their alpha vs others in the space

[00:12:51] – Deep dive into the quantitative factors for them to look into a deal

[00:15:14] – Benchmarks he uses

[00:16:57] – Portfolio construction

[00:18:04] – Their preference for broadband providers over cable tv networks

[00:20:50] – What piques his interest about spreads

[00:22:39] – The ratings of debt

[00:26:29] – A recent example of an opportunity and how the mispricing was identified

[00:30:06] – Most valuable data sets in this world

[00:32:40] – Favorite part of this process

[00:33:15] – Most surprising new learning

[00:33:50] – Maintaining your advantage

[00:35:38] – The biggest pools of error in this industry

[00:38:49] – What industries interest Bryan

[00:41:39] – Dedication to this market

[00:42:34] – Evolution of his healthy skepticism

[00:43:27] – Can things in the debt market help to project what will happen in the equity markets

[00:45:45] – Current view of the world based on what is happening in the credit markets

[00:46:40] – Categories of convenience that he cares about

[00:50:04] – Anything that has him worried in high yield markets

[00:51:27] – Kindest thing anyone has done for Bryan