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Today we are replaying my conversation with Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I’ve been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this discussion with Phil Huber.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Making Markets
(00:01:04) Meet Phil Huber: Private Credit Expert
(00:01:39) Phil Huber's Career Journey
(00:05:34) The Evolution of Alternative Investments
(00:10:32) The Growth and Demand for Private Credit
(00:17:23) Private Credit Performance and Risks
(00:22:36) Due Diligence in Alternative Investments
(00:23:50) Emerging Trends in RIA Distribution
(00:24:28) The Role of Intellectual Honesty in Investment Decisions
(00:25:12) Understanding the Game of Access and Manager Selection
(00:26:47) Volatility Laundering in Private Assets
(00:28:47) The Journey of Writing and Sharing Knowledge
(00:32:58) The Role and Responsibilities at Cliffwater
(00:34:40) Exploring Interval Funds and Private Credit
(00:40:43) The Importance of Secondaries in Private Equity
(00:42:50) Current Sentiment in Private Credit
(00:43:33) Conclusion and Resources
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My guest today is Jonathan Birnbaum, the Founder and CEO of OpenYield. After over a decade in finance, Jon set out to tackle a challenge close to my heart—bringing a modern trading experience to the world of Fixed Income. Today, he breaks down how market structure, technology, and regulation have shaped the evolution of trading platforms. We also cover the challenges of modernizing bond trading, the role of liquidity providers, and the cold start problem. Please enjoy this conversation with Jon Birnbaum.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
-----
Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Making Markets
(00:01:31) Technological Advancements in Bond Markets
(00:02:19) Catalysts for Innovation in Equity vs. Fixed Income
(00:04:41) Impact of ETFs on Fixed Income Trading
(00:05:06) Emergence of New Market Participants
(00:07:33) Subsectors of Fixed Income and Technology Adoption
(00:08:45) Challenges in Electrifying the Bond Market
(00:10:59) OpenYield's Role in the Fixed Income Market
(00:15:16) Strategies for Building a Trading Venue
(00:18:00) Pricing Models in Bond Trading
(00:23:05) Future of Fixed Income Market Structure
(00:39:17) Future Outlook
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