Hunter Hopcroft
speaker
537 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Hunter Hopcroft’s voice in public audio — every appearance, attributed to the second.
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Rowan is saying we're off that treadmill now.
And our constraint is can we find and originate the credit we need to meet the demand that we're generating?
So I'll perhaps editorialize a little bit here.
Which is basically what you're asking me to do.
Is I think there is especially because of the muscle memory of 2008 to believe that there is this building systemic risk, that there's going to be this Minsky moment, as they say, where all of those credit dominoes start falling.
And I actually disagree with that.
I think the
Regulatory response following the great financial crisis has, in fairness, made risk far, far more diffuse than it was prior, where it was housed in a very somewhat concentrated banking system and now it's spread across these many, many asset managers in these many, many structures with many, many underlying investors in them.
I think the bigger risk here, again, is not fallout, it's that this really self-perpetuating demand for debt leads to basically a degradation of returns over time.
Where?
There's a great definition of financialization where it's the demand for debt securities and the absence of productive uses for that debt.
And we have this
structure here, in fairness, annuities are still a very small slice of the global markets pie.
But I do think they speak to something where we are heading for an era where fewer and fewer people want to take equity risk.
They want to feel higher up the capital stack.
They want to feel they're in some sort of secured position.
And that creates a tremendous demand for
assets that can check the credit box.
And there is only so many lending opportunities out there that meet those requirements.
The bigger risk here is not some fallout, not some minsky moment, not some dam breaking event.
Showing 441–460 of 537 · page 23 of 27
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