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Making Markets
Adam Abbas: Navigating the Credit Markets - [Making Markets, EP.50]
Nov 29, 2024
Adam Abbas, Portfolio Manager and Head of Fixed Income at Oakmark, dives deep into the world of credit markets. He shares valuable lessons from the TMT sector and the impact of zero interest rates on investing. The conversation touches on the evolving landscape of fixed income, including the rise of private credit and potential future defaults. Adam also discusses strategic insights for high yield investments, emphasizing the delicate balance the Fed must maintain amid economic challenges. This engaging discussion is a must-listen for anyone interested in fixed income strategies.
56:43
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Quick takeaways
- Adam Abbas emphasizes the importance of thorough research and a contrarian approach in navigating the volatile TMT sector.
- The impact of zero interest rates on credit cycles has created a market with 'zombie' companies, influencing high-yield investment strategies.
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Lessons from the TMT Sector
The discussion highlights valuable insights gained from investing in the Technology, Media, and Telecommunications (TMT) sector, particularly the importance of thorough research and a contrarian approach. The guest, Adam Abbas, shares a personal story from his early days at Lehman Brothers, where he re-evaluated a prevailing bond investment thesis centered on BlackBerry, which ultimately led him to heavily invest in Apple. This experience underscores the need for conviction, the significance of challenging established narratives, and recognizing underlying value, even in unpopular stocks. His journey emphasizes the broader lesson that debt analysts can glean insights that inform equity investments, enabling a deeper understanding of market dynamics.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode