Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
This week, the Wall Street Journal reported on the end-of-year wave of redemptions in business development companies (“BDC”) by retail investors. The rapid expansion of private credit and the associated risks to default-adjusted returns have been a constant concern since 2023. While private credit funds are risk assets, the BDCs covered by the Rabid Capitalist will continue to generate unusually attractive risk-adjusted returns.
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