How leveraged loans and CLOs work and how to invest in them. What are the risks and opportunities with the new CLO ETFs. Topics covered include: What are the characteristics of leveraged loans and how David has invested in them in the past, both professionally and personally.Why LIBOR reference rate for leveraged loans is being phased outWhat is the current investing climate for leveraged loansHow collateralized loan obligation workWhy insurance companies are fighting over CLOsWhat are the different ways to invest in CLOs For more information on this episode click here. Show Notes Companies, Lenders Clash Over Loan Spreads in Switch from Libor by Mark Maurer—The Wall Street Journal Libor: The Spider Network—The Wall Street Journal Collateralized Loan Obligations (CLOs) Primer by Jennifer Johnson—NAIC and The Center for Insurance Policy Research Investing In The Middle: Tapping Into Opportunities in Middle Market Lending—AllianceBernstein Top 10 US CLO Managers: CLO AUM (30 Nov 2022)—CLO Research Default, Transition, and Recovery: 2021 Annual Global Leveraged Loan CLO Default And Rating Transition Study—S&P Global Ratings U.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming? by Stephen Anderberg, Daniel Hu, Et al.—S&P Global Ratings Risk Assessment of Structured Securities - CLOs by Eric Kolchinsky, Charles A. Therriault, Marc Perlman—National Association of Insurance Commissioners (NAIC) Monthly US CLO Index - December 2022—Fitch Ratings Private equity-backed insurers under US scrutiny over risky loans by Antoine Gara and Sujeet Indap—The Financial Times Private Equity Taps Insurers' Cash to Speed Up Growth by Matt Wirz and Leslie Scism—The Wall Street Journal Investments Mentioned​ Virtus Seix Floating Rate Income Fund (SAMBX) Virtus Seix Senior Loan ETF (SEIX)​ Invesco Senior Loan ETF (BKLN)​ DoubleLine Flexible Income Fund (DFLEX)​ BlackRock Debt Strategies Fund (DSU) BlackRock AAA CLO ETF (CLOA) iShares Treasury Floating Rate Bond ETF (TFLO)​​ Janus AAA CLO ETF (JAAA) Janus B-BBB CLO ETF (JBB)​ VanEck CLO ETF (CLOI) Eaglepoint Credit Company (ECC) Oxford Lane Capital Corp (OXLC) Related Episodes 305: Are Banks Safe? 206: Be Bear Aware of Bank Loans See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why long-term U.S. stock market outperformance could be because it has avoided major catastrophes. Does an over-reliance on historical U.S. stock returns when modeling retirement outcomes lead to spending rates that are too high? Topics covered include: Why you might consider earthquake insuranceWhat is survivorship bias and what are some examplesWhy the U.S. is an outlier when it comes to stock market performanceWhy the 4% retirement spending rule might be too highIf the 4% spending rule is too high, what can retirees do instead to have enough for retirementWhy the size and scale of the U.S. economy provide some resistance to catastrophes For more information on this episode click here. Thanks to our Sponsors Shopify Masterworks – invest in contemporary art Show Notes Homefacts Survivorship Bias—Matt Rickard Is The United States A Lucky Survivor: A Hierarchical Bayesian Approach by Jules H. van Binsbergen, Et al.—SSRN The Financial History of Emerging Markets: New Indices by Bryan Taylor—SSRN The (Time-Varying) Importance of Disaster Risk by Ivo Welch—Financial Analyst Journal The Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets by Aizhan Anarkulova, Et al.—SSRN The 2.7% Rule for Retirement Spending by Ben Felix—YouTube Trends in Retirement and Retirement Income Choices by Tiaa Participants: 2000–2018 by Jeffrey R. Brown, Et al.—SSRN Related Episodes 250: Investing Rule One: Avoid Ruin 326: The New Math of Retirement Spending and Investing See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.