Talk Your Book: How Private Credit Works

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 17 March 2025

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Phil Bauer, SVP and Portfolio Specialist at Calamos Investments to discuss how private credit differs from high yield, intricacies around specialty finance lending, opportunities in commercial real estate lending, and much more! Find complete show notes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's Animal Spirits Talk Your Book is brought to you by Calamos. Go to calamos.com to learn more about the Calamos-Axia alternative credit and income fund. It's calamos.com to learn more.
0:13.0	Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben
0:18.7	as they talk about what they're reading, writing, and watching.
0:22.4	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth management.
0:28.7	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
0:34.4	Clients of Riddholt's wealth management may maintain positions in the securities discussed in
0:38.4	this podcast.
0:42.6	Welcome to Animal Spirits with Michael and Ben.
0:45.9	Michael, the hot topic for financial advisors, as far as strategies go, the last 18 to 20
0:51.1	months is private credit.
0:52.8	We had a great talk today with Phil Bauer,
0:54.9	who is a portfolio specialist at Calamos Investants.
0:57.5	We didn't even get into it.
0:58.3	He's an ex-pro baseball player with the Reds, I guess.
1:02.1	I don't think we bring a lot to the table
1:03.6	as far as talking baseball,
1:05.4	so maybe it's a good thing we didn't talk.
1:06.7	I'm sure we could have come up with the sports analogy at some point. What inning are we in of private credit?
1:12.2	We missed it.
1:15.4	It was just sitting there.
1:15.9	Damn it.
1:17.7	But I thought this was a very... And Phil actually emailed me, because we've been talking about private credit a lot
	...

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