Finding Relative Value Amid Credit Market Madness (w/ Boaz Weinstein and Ed Harrison)

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 31 December 2020

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

Boaz Weinstein, founder and CIO of Saba Capital Management, made a name for himself at Deutsche Bank in the early days of credit derivatives. Since leaving to start his own fund he has continued to make a name for himself as a master of credit derivatives and relative value. In this interview with Real Vision’s Ed Harrison, Weinstein discusses how the current environment of tight spreads for pristine balance sheets and vulnerable companies alike is presenting some interesting relative value opportunities. Harrison and Weinstein also discuss Bill Ackman's recent reup on the same big CDS trade that has helped Saba return over 70% YTD, the Fed’s role in credit markets and credit ETF liquidity problems, and the opportunities Weinstein is seeing in closed-end funds. Key Learnings: The credit of companies with close to zero percent chance of defaulting is trading at the same prices as companies with serious COVID risks is presenting RV opportunities. Closed-end funds trading at discounts to NAV are also presenting rare opportunities for yield in this low-rate environment. Recorded on November 23, 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Show The old is always is 18 and 5 years old
0:15.0	30 years old, lost to men and culture in happen and
0:19.0	be right for a hair house for the wrongs.
0:22.0	Fly bake.
0:23.0	No, gur-I, then be the next,
0:26.0	off Lufthansa group-ponged careers. Hi Ed Harrison here for Real Vision I am talking to Boas Weinstein who is the founder of Sabah Capital Management.
0:45.0	Boas, welcome to Real Vision.
0:47.1	Thank you.
0:47.6	Hi Ed, I'm very glad to be here.
0:49.7	Yeah, I'm really excited to talk to you.
0:51.2	You're a credit guy in fact my understanding is is
0:55.2	that you were at the venerable institution of Deutsche Bank where I was in
1:00.6	European Leverage Finance a long, long time ago.
1:05.0	Maybe we can actually go into your background
1:09.0	because you've been in the credit markets for quite some time
1:11.0	and have a really distinguished career there.
1:13.2	Sure, anything you like. Okay, yeah, so take me through your early days before Saba and
1:22.0	what you were doing in credit and what the markets were like at that particular time?
1:27.6	Sure. So I always was interested in micro over macro and I was just fortunate in terms of where I was able to get summer
1:36.7	internships and even how those came about there's really been a huge role of luck in in my. But I was able to get a summer job when I was in high school at
1:48.0	Merrill Lynch working for a very venerable duo, mother-daughter duo of stockbrokers, and I got to learn a lot for being 15 years old,
1:57.8	and I was able to parlay that into a summer internship at Goldman Sachs, and there the luck was that the head of the high yield
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