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Glenn August

Showing 1–3 of 3 transcripts.

  1. Milken Institute1h 2m

    Credit Is a Cycle: Finding Opportunity in Turmoil

    Lisa Abramowicz, Glenn August, Amy McGarrity, Don Mullen, Justin Slatky

    A panel of credit experts including Don Mullen, Justin Slack, Glenn August, and Amy McGarrity debated the trajectory of a nascent distress cycle, with consensus that extraordinary stimulus has delayed but not prevented elevated default rates in sectors like commercial real estate and airlines. While market structure differs from 2008 due to CLO characteristics preventing forced selling, underwriters degraded standards on floating-rate products, creating significant risks in BBB-rated debt and low-quality assets. Participants outlined divergent strategies ranging from mid-cap nimbleness to large-scale capital control, projecting substantial returns in private credit and residential distress while warning that liquid fixed income yields are insufficient for long-term liability goals without opportunistic risk.

  2. Milken Institute1h 2m

    The Age of Private Equity and Credit

    Jim Moglia, Glenn August, Victor Khosla, Greg Lippmann, Virginie Morgon, Raymond Svider

    Leading alternative asset managers including Oak Hill Advisors, Strategic Value Partners, and BC Partners are redirecting capital from public markets to private credit to secure higher yields amid a 45% decline in public U.S. companies. Panelists highlight that rising institutional return targets, combined with tight investment-grade spreads, are driving a $5.7 trillion migration into private capital while disintermediating traditional commercial banks. Despite late-cycle valuation concerns, these firms are expanding direct lending capabilities and integrating ESG and diversity frameworks to mitigate liquidity risks and maintain long-term operational competitiveness.

  3. Milken Institute1h 0m

    Discovering Value in Turmoil

    Gregory Zuckerman, Glenn August, John Calamos Sr., Matthew James, Matthew Natcharian, Anne Walsh

    Market participants identify China's structural economic transition, European banking instability, and regulatory-driven liquidity erosion as primary drivers of future volatility and asset dislocation. In response to these systemic risks, investors are shifting toward defensive asset allocation strategies, including increased cash reserves, high-yield credit, and collateralized loan obligations, while avoiding equities in a projected low-growth, low-inflation environment. The consensus outlook foresees continued secular stagnation rather than an immediate recession, prompting a focus on generating alpha through sector-specific dislocations in energy and shipping rather than broad market beta.