Robert Kricheff
Showing 1–8 of 8 transcripts.
- 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 3m
Expanding the European Economy: The Role of Capital Markets
Michael Milken, Robert Kricheff, Damian Lillicrap, Giuseppe Naglieri, Grace Peters, Mike Clowden, Mike Milken, Damien, Bob
At the 2017 Milken Institute Capital Markets Summit in London, moderator Mike Milken and a panel of financial leaders from J.P. Morgan, QSuper, and Shankman Capital analyzed the structural failures of Europe's bank-centric finance model, which they argue stifles SME growth and fuels political instability. The group contrasted this with the U.S. market's reliance on capital markets and the Australian pension system, advocating for regulatory reforms to diversify funding sources and encourage private equity and fintech to drive job creation. The panel concluded that addressing these capital access gaps through a Capital Markets Union and targeted investments in Latin America and Africa is critical to restoring middle-class prosperity and preventing democratic backsliding.
- Milken Institute1h 4m
Expanding the European Economy: The Role of Capital Markets
Michael Milken, Robert Kricheff, Damian Lillicrap, Giuseppe Naglieri, Grace Peters
At the 2017 Milken Institute London Summit, financial leaders from J.P. Morgan, QSuper, Verde, and Shankman convened to diagnose Europe's overbanked structure and fragmented capital markets as primary obstacles to middle-class prosperity. Panelists argued that excessive regulation and the dominance of traditional lending have stifled small business growth and pension innovation, necessitating a Capital Markets Union to diversify funding sources and disintermediate the banking sector. The discussion concluded with a strategic imperative to deploy capital into SMEs, emerging markets, and ESG-focused initiatives to counter populist backlash and ensure the Eurozone's economic viability.
- Milken Institute58 min
The Hunt for Yield: Risk-Free Return or Return-Free Risk?
James Mackintosh, Scott Evans, Robert Kricheff, AJ Murphy, Anne Walsh, Andrew Whittaker, James McInstosh, Bob Krychev
A panel of institutional investors and asset managers characterizes the fixed-income market as being in a late-stage bull phase with historically tight spreads, prompting a strategic shift toward defensive positioning despite a consensus that the environment remains distinct from the speculative excesses of 2007-2008. While participants are reducing exposure to overvalued assets like U.S. agency mortgage-backed securities and wary of liquidity risks from passive investing and covenant-lite debt, they continue seeking yield premiums in sector-specific opportunities such as second-lien loans and selective high-yield issuers. This cautious approach reflects concerns that corporate leverage remains elevated and that potential macroeconomic catalysts, including fiscal policy changes and geopolitical shifts, could abruptly alter the trajectory of an otherwise extended credit cycle.
- Milken Institute59 min
Risk-Free Return or Return-Free Risk: The Hunt for Yield
Simon Smiles, Marc Barrachin, Roger Gray, Robert Kricheff, Marino Valensise, Bob
Following the 2016 US election, panelists argue that secular stagnation has ended, signaling a regime shift toward fiscal expansion and rising yields as central bank stimulus wanes. This macroeconomic divergence prompts investors to abandon the traditional 60/40 portfolio in favor of private assets, high-yield credit, and emerging market equities to capture liquidity premiums and higher returns. Specific recommendations include overweighting US high yield and syndicated loans while avoiding duration risk in investment-grade debt, with long-term strategies focusing on robotics, fintech, and infrastructure to navigate a volatile, positive-correlation environment.
- Milken Institute56 min
Outlook for High-Yield and Leveraged Finance
Tom Braithwaite, Christopher Boyle, Peter Budko, Henry Chyung, Robert Kricheff, Andrew Whittaker
Global macroeconomic analysis characterizes the current environment as a late-stage credit cycle driven by unprecedented central bank interventions, including negative interest rates and massive sovereign debt issuance, which have created a distorted market feedback loop. Analysts observe a sharp bifurcation in high-yield securities where defensive sectors outperform cyclical energy and mining industries facing significant downgrades, while passive investing amplifies short-term volatility and liquidity illusions. Consequently, investment strategies favor active management and diversification to navigate the risks of over-leveraged balance sheets and potential default spikes, as financial engineering rather than organic growth currently underpins market expansion.
- Milken Institute1h 0m
Global Capital Markets
Michael Klowden, Michael Milken, Richard Byrne, Katherine Garret-Cox, Robert Kricheff, Brigitte Posch, Paul Taylor
This panel of global finance experts analyzes structural shifts in emerging markets and credit volatility driven by US disintermediation, regulatory constraints, and divergent central bank cycles. Speakers address systemic banking risks and high-yield market dislocations while proposing specific portfolio strategies to target 7% to 8% returns through alternative capital and ESG-aligned investments. The discussion concludes with a strategic call for developing local capital markets and reforming regulatory frameworks to channel a projected $40 trillion growth in institutional savings into sustainable infrastructure and social progress.
- Milken Institute58 min
MI Summit 2013 - London: Credit Markets at a Crossroads
Richard Byrne, Tom Corcoran, Robert Kricheff, Brian Pinto, Robert Ruberton, Komal Sri-Kumar, Bob, Rob, Rich
Speakers Bob Kritches, Tom Corcoran, and other industry experts analyze a U.S. credit environment defined by soaring debt levels, compressed spreads, and regulatory constraints that have created a dangerous imbalance between buy-side assets and sell-side capital. The discussion shifts to European markets, where massive bank deleveraging and direct lending saturation have forced issuers toward high-yield bonds, while emerging market investors navigate a fragmented landscape where flexible exchange rates shield some nations but expose others to capital flight. Ultimately, the panel concludes that alpha generation now requires avoiding crowded public securities to pursue illiquid distressed opportunities and structural arbitrage strategies while anticipating a volatile multi-year normalization of global monetary policy.