Special Situations & Distressed Debt: A Halcyon Period for Investors | Global Alts 2023

In this panel discussion, Mike Arougheti, Joshua Friedman, Marc Lasry , John Zito and J. Jeffrey Assaf discuss their views on the current state of "special situations" investing and some of the unique challenges facing investors right now. The panelists discuss how they approach investing in distressed debt as well as how they view the wider economy.
The discussion touches on the possibility of a debt ceiling default. What are some of the perils of credit investing in this environment? Are pension plans getting overpaid for their risk? How can we get back to where we were before covid-19? Where are the opportunities in the world of private credit? What’s going to happen to interest rates in the next six months to a year?
Mike Arougheti, Co-Founder, CEO and President, Ares Management Corporation
Joshua Friedman, Co-Founder, Co-Chairman and Co-CEO, Canyon Partners LLC
Marc Lasry, Chairman, CEO and Co-Founder, Avenue Capital Group
John Zito, Deputy CIO, Apollo Global Management
J. Jeffrey Assaf, Senior Managing Director and CIO, ICG Advisors
This panel was held at iConnections' Global Alts Conference at the iconic Fontainebleau Miami Beach. The annual event is the largest cap intro event in the world where attendees learn from investment, finance, and economics speakers, and get access to an exclusive alternative investment community.
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[@tariqcollins2609]

Amazing

[@evelynramos445]

This in London? Meeting via internet

[@alecosavvas3361]

Can anybody help me put the line "using the excess liquidity to buy down basis" into context? This was mentioned by John Zito around 12:29.

[@krishkodali1841]

yeah so excess liquidity is just the abnormal returns they are getting (lending at 8-15% and pensions who are there main clients are fine with less than before). And basis is the original cost of an asset typically an asset bought with debt. So with more money they are able to pay down their liabilities much quicker than before.

[@chauste4340]

moderator talked way too much