Exchanges Macro Challenges and Credit Opportunities: Davidson Kempner’s Tony Yoseloff
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Oct 31, 2025 
Tony Yoseloff, Managing Partner and CIO of Davidson Kempner Capital Management, shares insights into the shifting landscape of investment. He emphasizes the importance of blending public and private markets and discusses the lasting impacts of interest rate changes and the resurgence of M&A activity. Yoseloff also highlights emerging opportunities in India and Southern Europe, while warning against the risks of market concentration and uncertain AI-driven investments. His personal investment philosophy incorporates learning from past mistakes and understanding the potential for loss.
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Legacy Capital Structures Are Broken
- The 2022–23 rapid rate rise left many corporate and real-estate capital structures poorly built for normalized rates.
- That mismatch will drive restructurings and liability-management exercises for years, creating credit opportunities.
Public And Private Markets Teach Each Other
- Davidson Kempner invests globally, keeping roughly 40% of assets outside the U.S. to capture different cycles.
- Public markets move faster and teach lessons that inform private-market decisions and vice versa.
Look Beyond US Markets For Credit Value
- Europe and Asia offer differentiated credit and equity opportunities versus the U.S., driven by different capital providers and growth dynamics.
- Southern Europe and India, in particular, show underappreciated lending and restructuring opportunities.