Josh Friedman
Showing 1–2 of 2 transcripts.
- Milken Institute1h 2m
Credit Is a Cycle: Global Market Outlook
Michael Milken, Ilfryn Carstairs, Josh Friedman, Sir Michael Hintze, David Miller, Jim Zelter
A panel of leading alternative asset managers including CQS, Canyon, and Apollo analyzed a late-cycle credit market characterized by covenant-light public securities, regulatory constraints on bank inventory, and significant dislocations in commercial real estate. Focusing on structural opportunities, these firms detailed strategies to pivot from passive trading to active origination, leveraging high-volume distressed assets in India, demographic-driven yield hunger from Japan, and short positions against deteriorating CMBS tranches. With substantial private equity dry powder and institutional demand for yield, the consensus indicates a strategic shift toward building proprietary platforms and utilizing long/short strategies to capture alpha as the sector expands toward $3 trillion in combined purchasing power over the next five years.
- Milken Institute1h 11m
The Return of Volatility: Canary in the Coal Mine?
Mike Cloughton, Jillian Tett, Alex Friedman, Josh Friedman, Josh Harris, Alan Howard, Kerry Laidrock
Following a panel discussion on market structure, liquidity, and monetary policy, financial experts warn that structural imbalances created by post-2008 regulations and shifting market-maker functions are setting the stage for a structural 10% market pullback within the next four to six months. While the Federal Reserve is expected to delay rate hikes until 2016 due to dovish constraints, investors are advised to bypass overvalued liquid assets in favor of unrated credit, European cyclicals, and Japanese equities to capitalize on mispriced opportunities. The consensus identifies a fundamental market reset as inevitable as central bank support wanes, urging a strategic shift toward unquoted assets and sectors benefiting from geopolitical and commodity shifts to navigate the upcoming volatility.