Kaitlin Hendrix
speaker
209 appearances
1 recordings
1 series
first heard Aug 2026
last heard 2 Aug
Kaitlin Hendrix’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
Anecdotally, private credit is a lot more like high yield, and you see underperformance versus a high yield index.
Yeah, these results are robust to leverage.
So if we think about correcting for some of the leverage on the private side, we would still get similar results.
And the statistical techniques we used account for some of that.
So it's robust to the leverage question.
And the other element is the diversification piece.
Are the private market returns fully explained by public market factors that we already know about, like the betas of the world?
Yeah.
Yes.
We know there are certain factors that tell us about differences in stock returns.
We know small caps tend to outperform large caps, some risk associated there.
We know stocks that have a lower relative price tend to outperform those with a high relative price.
So this is just grounded in years of theoretical empirical research.
So do those factors tell us about private markets?
No.
And what we found is there's actually some unexplained variation in the private market returns.
So what I mean by that is the public market factors do not fully capture all the private market returns, which would tell us maybe there is a diversification benefit.
But then we need to come back to our question about how many private assets are you holding.
This tells me private assets as an asset class will add some diversification benefits.
It's not saying that if you own one private credit fund or one private equity vintage that you're getting that exposure.
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