LTCMA 2019 Theme: The evolution of market structure. Managing illiquidity risk across public and private markets.
Last year, buybacks were all the rage; this year, the pace of share repurchases has slowed, but the pace of mergers and acquisitions (M&A) has accelerated.
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth.
Is the gap closing between US equity returns and the rest of the world’s?
Listen to our LTCMA themes and forecasts for 2020.