Dan Ivascyn
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Appearances Over Time
Podcast Appearances
Papered it over.
So you look at the stats and you can see that if you looked at the same type of risky credit.
By the way, mid-market direct lending is risky lending.
It is?
It's performed very well, but it's risky.
Not recently.
Not irresponsible.
Bank loans, you know, broadly syndicated bank loans, you know, risky lending.
Performed exceptionally well.
Back in the 80s and the 90s and the 2000s, you know, you'd earn a lot of yield.
Then you'd have some type of loss cycle.
You'd give a lot of it back.
then you'd earn money for a few years, you'd give it back.
It's been one way.
Absolutely right.
And then the market convention is different if they were the private version of those investments.
So you even had less volatility than what you had at least briefly in the tradable high-yield bond market.
So all true.
And what we're getting at here is – so we don't expect a wave because we expect economic growth to hold up.
I said this the other day.