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Antero Peak Group Reads
In the spirit of continuous improvement, the Antero Peak Group actively reads to further develop perspectives on financial markets and investing, leadership and life experiences. Please see a list of books that have challenged our thinking over the last several years.
Growth Team Weekly Investment Insights
After a few weeks off due to vacation and working through the quarter-end rush, we are back.
1) Deflation
Starting at a higher level, there has been a lot of data released over the past few weeks that point to a macro environment of slowing inflation and a slowing (albeit still strong) economy.
The Dog Days of VRIs
Value Recovery Instruments (VRIs), also known as warrants, are instruments that provide contingent payouts to creditors under specific scenarios. They are typically structured as call options or warrants that are tied to a state variable (such as GDP or exports), which is strongly correlated with the borrower’s ability to repay debt.
Often seen as deal “sweeteners”, VRI’s expedite debt restructurings by helping bridge the expectation gap between creditors and debtors.
Public vs Private Credit: Golden Age, or Fool’s Gold?
One of the most widely debated investment topics in recent years is the rise of private credit, in particular the growth of the sponsored direct lending sector. We discussed our team’s view on this topic at our recent 2024 Artisan Investment Forum, diving into the drivers of growth across public and private credit along with key considerations that investors should bear in mind when allocating to credit markets in today’s investing environment.