In the world of global credit and event-driven investing, there are few firms that have been both quietly competitive, whilst simultaneously successful and long-standing. Founded over 40 years ago, Davidson Kempner may not be a household name, but they have navigated cycles by identifying the opportunities which emerge from dislocations, and complexity when the power between borrowers and lenders shifts. In this conversation, we discuss if it’s possible to assess where we are in the economic cycle. Tony then disentangles the term “private credit” and explains where he believes blockages and problems exist. He talks about the interdependence of private equity and private debt, and why he thinks the market may be underestimating the time needed to work through these issues. He explains where he sees capital is as scarce and where it has been abundant, and what that means for risk-taking. Finally, he discusses why Europe may have less growth but has many opportunities, why lending in India appeals, and most interestingly why we may be in “a golden age of absolute return.” The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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