Joseph Naggar
Showing 1–6 of 6 transcripts.
- Milken Institute58 min
Global Capital Markets 2019
Alison Mass, Mark Attanasio, Elif Bilgi Zapparoli, Sir Michael Hintze, Mark Machin, Joseph Naggar
A panel of financial experts analyzes how geopolitical populism driven by intergenerational debt disparities creates policy vacuums that favor China's expanding market share and capital inflows. Experts identify rising structural risks in credit markets, including declining covenant protections and demographic headwinds, while debating the shifting landscape of public-to-private capital migration and the distortion of valuation logic by passive investing. The discussion concludes with specific strategic recommendations, favoring distressed debt and private equity for the short to medium term, alongside warnings about US dollar strength and potential pandemic impacts on global GDP.
- Milken Institute59 min
Global Capital Markets
Rachel Pether, Hazem Ben-Gacem, Jeremy Coller, Tom Finke, Joseph Naggar, Michael Clowden
Panelists Joe Nagai, Tom Fink, and Jeremy Collar analyze the convergence of geopolitical headwinds and market cycles, noting a shift from valuation-driven public markets to private asset classes focused on operational value creation and distress opportunities. The discussion highlights a strategic pivot toward real estate resilience, private credit maturation, and emerging market exposure in China and the Middle East, while addressing specific risks like currency volatility and divergent regional economic performances. Concluding with industry forecasts, the experts anticipate a new paradigm where the global economy transitions toward consumption and service dominance, driving capital flows into private markets as traditional credit metrics face obsolescence.
- Milken Institute59 min
Credit Market Outlook
Michael Milken, Ilfryn Carstairs, Sir Michael Hintze, David Miller, Joseph Naggar, Jim Zelter
Leading asset managers including Apollo, Golden Tree, and CQS convened to analyze the $102 billion permanent capital opportunities emerging from a 48% growth surge in leverage finance and over $1.1 trillion in private equity dry powder. The panel detailed how rising interest rates, evolving regulatory frameworks in Europe and India, and a shift toward covenant-light structures are creating distinct arbitrage strategies in distressed assets and direct origination. By leveraging granular, country-specific platforms and complex legal analysis, these firms aim to deliver 7–12% risk-adjusted returns while navigating systemic risks posed by inflation and technological disruption.
- Milken Institute1h 3m
Credit Market Outlook
Michael Milken, Mark Attanasio, George Hicks, Sir Michael Hintze, Joseph Naggar, Jim Zelter
Leading credit investors including representatives from Apollo Management, GoldenTree, and CQS convened to analyze market inefficiencies driven by passive capital flows and the proliferation of covenant-light debt. These firms highlighted specific strategies ranging from Crescent Capital's $4.6 billion mezzanine fund and Apollo's Westinghouse restructuring to GoldenTree's deep-value trust preferred trades, all designed to capitalize on global yield scarcity and emerging market distortions. The panelists collectively emphasized a defensive posture against rising interest rates through floating-rate dominance while stressing that deep fundamental analysis remains the primary source of excess returns in a shifting macroeconomic landscape.
- Milken Institute1h 3m
Credit Market Outlook
Michael Milken, Mark Attanasio, George Hicks, Sir Michael Hintze, Joseph Naggar, Jim Zelter
Leading credit managers from Apollo, Crescent Capital Group, and GoldenTree warned that the global credit cycle is maturing and prone to a correction in 2018 due to excessive private equity leverage and a market overexposed to passive investment vehicles. To navigate an environment characterized by covenant-lite structures and rising interest rates, these panelists advocate for active management strategies focused on strict underwriting, floating-rate instruments, and distressed opportunities in Europe and emerging markets. By prioritizing complex origination and deep fundamental analysis over index-driven approaches, active managers aim to identify value in mispriced assets while mitigating the risks of an imminent market downturn.
- Milken Institute59 min
Credit Market Outlook
Michael Milken, Richard Byrne, Scott Minerd, Joseph Naggar, David Warren, James Zelter, Mike Milken, Rich Byrne
The panel examined a complex credit environment characterized by historically high corporate debt levels and constrained bank liquidity, which has created significant arbitrage opportunities in special situations, distressed commercial real estate, and non-bank lending. Industry leaders emphasized that effective capital deployment now demands substantial technological infrastructure and deep sector expertise, leading to a market dynamic where active management consistently outperforms passive strategies. While current conditions favor a "credit alpha" environment with yields ranging from 8% to 16%, experts warn that regulatory pressures and potential recessionary headwinds will likely drive future industry consolidation toward larger, well-capitalized firms.