8min chapter

Forward Guidance cover image

The Bond Market Sell-Off Was Duration, Not Credit Risk | Ben Santonelli

Forward Guidance

CHAPTER

Assessing Value and Default Risk in Debt Investments

This chapter explores the current environment for debt investors and discusses how to assess value by comparing default risk to the implied default risk premium. It emphasizes the importance of investing in good businesses to avoid bankruptcies and generate consistent alpha over a credit cycle.

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