Is Private Credit a Part of the Corporate Bond Market?

It's interesting with the amount of volatility caused by this very rapid tightening, whatever you think of inflation, the prices of many things are moving simultaneously. There's a lot of volatility for costs and revenues for corporations that would generally lead to a very big tail and it's not being priced in to a significant degree. And I think that's another likely mispricing. So you're expecting spreads the difference to gap out here at some point when equity prices, when investors realize, oh, we're going into recession, earnings are going to crush businesses cash flow, they're going to get hurt," he says.