Traci Alloway

And we had a couple of old school bond hands talking about the rise of private credit and how to think about it in the context of the history of the bond market.

And this is something that I think is often missed is what exactly is private credit's role when you think about overall corporate credit?

Well, I was going to say also from the perspective of the issuer.

Because the issuer, if you're a company looking for financing, you have a bunch of different choices.

And one of the ones that has become very popular in recent years is

is private credit.

And in fact, I mean, there's a dynamic here where both investors are demanding it, but issuers are also very, very happy to lend into that market for various reasons that we are about to get into.

All right.

So we do, in fact, have the perfect guest.

We're going to be speaking with John Sheehan.

He is a portfolio manager for the Strategic Income Fund at Osterweiss.

And Craig Manchuk, he is also a portfolio manager at the Strategic Income Fund.

So thank you so much,

John and Craig, for coming on All Thoughts.

Thanks for having us.

So maybe just to begin with, how long have you guys been in the bond space?

The firm has had a fixed income strategy for 20 coming up on 24 years, actually started by our one of our other partners, Carl Kaufman.

Originally, the firm here was started as an equity only firm.

And as the firm's clients started to get older,

Founder John Osterweiss wanted to expand into the fixed income space, brought Carl in, and the fund has been in operation since April of 2002.