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The Effect of Higher Interest Rates on Company Earnings
Most would naturally assume that with much higher interest rates, companies rolling over their debts, it's going to lead to a lot of downward pressure on companies' earnings and income statements. But by and large, rising interest rates for public companies in the United States is not a huge problem. The really small, really risky companies who have all borrowed the private credit markets all floating pretty much. And so I think everyone's favorite asset class that is now 40% of a lot of portfolios is in a lot of trouble.