Jeff Blazek
speaker
496 appearances
1 recordings
1 series
first heard Feb 2026
last heard 13 Feb
Jeff Blazek’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
The other thing that traditional fixed income will do is if you go into a recessionary trade or a deflationary economic cycle, traditional fixed income that's tied to high quality debt, particularly treasuries, has the ability to go up in value 10 or 20% depending on the duration or interest rate sensitivity you've bought.
Private credit could be having its own challenges in that environment.
It may push out the liquidity when you'll get it back, and it may have an impairment in the credit quality of the companies.
So, you know, look, I do think a lot of investors that have the ability to take on less than liquidity, like pensions and insurance companies and some endowments, I think it's appropriate that they're shifting money into private credit, but they're still doing a lot of work to make sure they have the liquidity they need and still keep some decent amount of traditional fixed income to serve that valuable role in the portfolio.
I'll give you one over the last 12 months, and then I might give you one over the last 12 years.
A philosophy that I go back to was,
Don't undersell the ability of economic incentives and humanity to navigate a challenge.
And I'm talking 12 months ago.
It was nine months ago we had Liberation Day.
And when President Trump held the posters that showed the new punitive tariffs that if we took literally, that would have raised the average tariff rate in the U.S.
to over 20%.
and you did the math on that, it would result in an immediate recession, a contraction in profits, inflation skyrocketing to 5%.
All of these assumptions that, and we know that there was negotiation to come, but even so, I think our initial reaction and my own reaction was, wow, this is a pretty dire scenario.
and it could really cause a growth shock.
Until you start to see the response, the fact that negotiations are available, replacement, onshoring, or just inventory management, and ultimately to be able to grow through that crash, I do think it's informed the resilience of industries to be able to manage manufacturing and services in a complex global economy.
And so I think it's just a reminder that when you do the math of a shock,
Apply a fair amount of judgment to the human impulse to do better than the adversity would suggest.
The lesson I would say over the last 12 years is if we were having this podcast in the year 2013, I would have told you I was a value investor, that I like price earnings ratios to be cheap in my portfolios.
And over the next five to 10 years, I did become more of a core investor, which is paying equal attention to growth and value because you get what you pay for.
I think that, you know, I've been an allocator for over 25 years.
Showing 361–380 of 496 · page 19 of 25
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