Justin Baer
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- Milken Institute58 min
What's Next in the Hunt for Yield in Credit?
Justin Baer, Michael Buchanan, Robert Kricheff, AJ Murphy, Fred Orlan, Christian Stracke, Mike Buchanan
A panel of financial experts assessed the current credit cycle as entering its latter innings, citing record corporate debt levels and a flattening yield curve alongside a shift toward a more volatile market environment without a near-term recession. While high-yield issuance has slowed and leveraged buyout ratios have climbed, strategists note that passive ETF flows are distorting prices and creating crowding risks that favor active management. The discussion concluded with recommendations to pivot toward floating-rate loans, senior CLO tranches, and specific distressed opportunities to navigate the asymmetrical risks of the current macroeconomic landscape.
- Milken Institute1h 0m
Activist Investors: Unlocking Value
Justin Baer, Alex Denner, Ana Marshall, Ronald O'Hanley, Alex Roepers, Jeffrey Ubben
Prominent investors including Jeffrey Ubin, Alex Ropers, and Anna Marshall convened to analyze the structural shifts in activism driven by the rise of passive index funds and the resulting necessity for constructive engagement. The panelists debated the evolution from transactional "hit-and-run" tactics toward sustainable governance changes, highlighting how permanent capital holders like State Street now prioritize long-term stewardship over short-term liquidity. Key discussions covered the strategic use of board interventions, the growing influence of ESG mandates, and the distinct approaches required to drive value in mature markets like Japan versus emerging economies where regulatory barriers currently limit intervention.