Lotfi Karoui
Latest Insights
Structural pressures from the AI buildout are real, but they are growing slowly, not driving the yield moves investors are watching right now.
With spreads tight and dispersion rising, the tools investors use to judge performance matter more than ever.
Today’s AI financing wave looks more disciplined than past infrastructure investment booms, yet it still demands selectivity.
AI-driven capex is widening the gap between opportunity in equities and risk in credit.
Increasing the frequency of marks does little to improve transparency or accuracy in private credit when prices are not anchored to observable, market-based transactions.
Oil sends a warning, risk assets shrug, and rates markets price in a more cautious distribution of outcomes.
How equity and credit investors are reassessing BDC valuations differently – and why high yield defaults continue to play out primarily through distressed exchanges.
The software sector remains challenged by pressured valuations, uncertain recoveries, and less reliable sponsor support.
Markets may be pricing some relief for now, but the true measure of an oil shock is how long it endures.
Across corporate lending markets, some investments are easier to trade and exit than others – differences that deserve particular attention today.
Amid geopolitical uncertainty, dispersion across credit markets – rather than a broad risk-off move – has become the dominant investment signal.
Efforts to make private credit tradable face obstacles and risk undermining one of the main reasons – earning an illiquidity premium – that investors look to private assets.