Lots of distressed are avoiding large cap structure, moving to private credit in small crappy companies, or playing loan to own in middle market. Structure is like draw-down fund, which offers stability but pay out will take much longer, almost like middle marketPE。在历史上，L/S信用表现不佳，而且表现不佳。您将如何在两者之间进行选择？哪些顶级L/S信用经理是什么？
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两者都不。10年前，我会选择苦恼的卑诗省，它更具机会性，有趣，有趣，您会在L/S信誉中找到更多引人入胜的想法。今天，信用很难。不太痛苦，您不得不A.戴上思考的帽子，并且B.常常在丑陋的地方卷起袖子。所有这些都不是$。l/s信用...为什么？如果你想做l/s，那就做股票。跳过信用。股票在股票中更好，天花板更高。性能更好。 i see no reason to pick credit unless you're like some weirdo obsessed with obscure credit math quant shit and are obsessed with protecting the downside. pick equities, sir. if credit background, maybe try distressed / special sitspe(it's not even credit lmao), event driven / equity special sitsHF, direct lending (eh........), or i've seen plenty make the jump to equities. it can be done.
Thanks for the insight - any thoughts on aum outflows from active equity strategies while there's significant inflows into active credit? I know it may not necessarily be the value prop of equityHFS击败标准普尔，但似乎许多机构投资者认为公平的绩效不佳HFS作为将资本转移到其他策略的原因，例如由于许多原因，信用敞口很难通过被动托管指数复制？从您的角度来看，您会为大学的高年级学生提供什么建议，他担心在股权上从事20年职业生涯，因为该策略更容易受到被动出口与信用的影响？流出的夸张是否夸大了，还有很多席位可以从事漫长的职业生涯？还是您提倡的人会赚到足够的钱来涵盖您在股权和信用中所拥有的较短职业？
我的建议——假设你进入ib吗?would do my best to get into mf pe. from there, u should look to exit to like 1 of 10-15 l/s funds (u know the type). these funds aren't going anywhere any time soon, have billions under mgmt w/ low headcount, great performance, great comp, solid culture -- great place to spend your career. now if u cant break into those 10 funds, i would stay in pe; you will print money at the sr level. this is what i did and i have zero regrets
from speaking to credit friends, it seems like they're kinda jelly of the equity guys. thebest商店不会看到很多流出的IMO。该游戏是在其中一家L/S商店之一的座位，设法停留10年，然后退休或开设自己的商店。就像我不会退出Silver Point或DK甚至Baupost的MF PE一样。您必须问自己想成为什么样的投资者。您想找到30美分并尝试以一美元的价格翻转吗？还是您想找到$ 1.10美元，以2美元或4美元的价格出售。后者对我来说听起来更引人注目。另外，这并不像苦恼有很多未来。因此，这主要使我们拥有香草L/S的信用，直接贷款或关闭...我不想做任何一个。现在，也许一个很棒的组合可能是事件权益，您可以在其中得到一点。 leave APO for xyz $3bn event driv shop? no. but leave APO for 5bn+ event equity shop w/ 5-7 guys and sweet returns? yes.
PEbros inHFSare so funny. TheIB/PEcrowd are truly insufferable people.
There's not a whole lot of truly good L/S hedged credit funds today - Diameter and Goldentree Master Fund may be some of the last truly hedged vehicles of size. Lot of others have disappeared or massively scaled back and operate as "multi-strategy credit" with pockets of long-capital for the most part. One of the many issues I've seen with shortingHY/不良信用已成为重大negative carry alongside a market that has kept bad issuers afloat for longer. L/S credit is also a strategy that doesn't scale terribly well with AUM - there's an even more limited universe of good credit shorts out there vs. universe of good equity shorts. Credit market broadly have moved into non-securities (loans vs. bonds) for a long time too; which reduces the investable universe (you can't really short loans). So you fall into the trap of becoming a long-biased, high net fund charging fees for underperforming many long-only benchmarks or just normal long-biased opportunistic credit vehicles as you scale. As an LP, you can also get exposure to hedged credit vehicles with leverage far cheaper through synthetic (structured credit funds) vs. cash.
Distressed has been a shrinking market - but mostly macro driven. The funds that are able to tap LPs for capital to be deployed in sell-offs have been some of the best performing vehicles out there. Going to a platform that you think can take advantage of raising money through cycles (hint - we aren't just going to see equities 4x everyday) is most important, as well as a platform that does a bit of everything as you need to remain flexible allocating across the various pockets of credit.
A job at a Goldentree / Diameter type place can easily land you the pay you'd be more than happy with, so I definitely wouldn't try choose a career based on where you think you can earn 8 figure paycheck. Don't listen to the idiot above.
为什么有人会在一个垂死的行业中选择股票，积极的管理不再存在于股票中，如果这样做很少。但是，信用仍然具有积极的管理。
The top credit managers flex between l/s and distressed based on op set while running a higher sharp and lower比他们的vol股票BRETHEREND。随着全球收益率将增加，LP对L/S信贷的需求日益增长（坦率地说，由于最佳资金被关闭/规模限制，质量供应不多）。Vol and Comgin and SuppioRe股权L/S回报导致资金使该资产类别的信用额度 - 私人信贷或L/S或获取。
有人可以指出L/S信用中表现最好的人吗？这也区分为Quant vs distagionary吗？我已经与一些纯粹的量化商店进行了交谈，这些商店通常会缩短时间范围。
纯粹谈论长/短暂的信用HFarm and Diameter - they will both also do distressed when it's interesting. Expanding to more long biased managers who occasionally short, Goldentree as mentioned above, has been the top performer. Ten years ago the answer would have beenAnchorage, Claren, and King St. The guys who drove the Anchorage returns left to start Diameter which led to thatHF最终关闭，克拉伦由于缺乏研究和大小的赌注而炸毁GSE prefs现在重生的IG仅在Compass Rose Banner下的重点，而King ST在2010年失去了关键PM，并经历了非常平庸的十年，但现在正在经历新领导下的文艺复兴时期。该空间中很少有较小/年轻的资金，具有潜力和良好的回报，例如Sona，463，Centiva（主要是IG）。在这一点上，所有MM的信用舱都具有不同程度的成功和失败。那是基本的一面。空间中有定量/模型驱动的经理，但鉴于恒定，它们确实遭受了可伸缩性问题liquiditydemanded by the quant strategy doesn't really exist across a large enough universe of credits to scale the alpha.
非常有帮助。你知道直径是如何招募的吗？假设Silver Point，Oaktree，高级副总裁通常是不长的不足资金？奥克特里（Oaktree）有一个表演信用团队，似乎是一种传统的方式HY。thank you!
What were their returns for 2021?
This is a great podcast from one of the founders of Diameter, he discusses (among many other things) how they think about distressed vs. traditional l/s credit. Worth a listen for anyone interested in credit, IMO
哪一个？什么名字？
https://capitalallocators.com/podcast/diameter-capital-partners/
Forgot link, here it is (also on Spotify and probably other podcast platforms as well): https://capitalallocators.com/podcast/diameter-capital-partners/
thanks, like that a lot. is there any funds similar to diameter?
今天？实际上并不是。
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