Money Stuff: The Podcast Re-Run: Boaz Weinstein
45 snips
Aug 14, 2026 
Boaz Weinstein, founder and CIO of Saba Capital, a credit and derivatives specialist. He discusses tenders for private BDCs to provide liquidity, liquidity mismatches in retail funds and reflexivity of falling NAVs, NAV calibration and discounts, trade-offs of buybacks versus fee preservation, and risks around digital asset treasuries.
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Interval Fund Liquidity Can Fail In A Fire
- Boaz argues managers overpromise liquidity: 5% periodic redemptions don't protect investors in large sell-offs.
- Reflexivity amplifies trouble: falling NAVs trigger outflows, forced selling, and more markdowns over years.
Sales Commissions Drove Retail Adoption
- Retail sales incentives and opaque compensation helped push unsuitable buyers into retail private-credit vehicles.
- Boaz calls the sales commissions a scandal and suggests clients should see what their advisor was paid.
Permanent Capital Is Addictive But Not Absolute
- Managers seek permanent capital because it avoids investor redemptions and market pressure on strategy.
- But permanent capital can backfire: boards can be changed and investor oversight still exists for 40-act products.