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Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnik and Ben Carlson as they talk about what they about markets, life, and investing. Join Michael Batnik and Ben

as they talk about what they're reading, writing, and watching. All opinions expressed by

Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholt's

wealth management. This podcast is for informational purposes only and should not be relied upon

for any investment decisions. Clients of Bridholt's

wealth management may maintain positions in the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. Michael, I feel like investing in bonds used to be

relatively easy. It was kind of like there was treasuries and there was the

ag. And you kind of picked one of those or maybe you put them together. And that was kind of it.

And now it just seems like there's so many other opportunities to find yield in asset back

securities and CLOs and private credit and all these different areas that investors really didn't

have to think about before. I feel like the debt people have been just in their lab for the last

30 years. Venture debt. Concocting stuff. And it's an interesting thing to think about that.

It's just way more complicated. And I think you have to be way more thoughtful about fixing. because we've got a lot of questions from people in the last few years just about these different spaces and like, does it make sense for me to invest in this stuff? And it's, it's floating rate or it's tied to this asset or whatever it is. So anyway, on today's show, we brought on Jason Duko, who is an executive vice president and portfolio manager at PIMCO to kind of walk us through this whole thing. And I thought he did a really good job of walking through the difference

between public, Ducco, who is an executive vice president and portfolio manager at PIMCO to kind of walk us through this whole thing. And I thought he did a really good job of walking through like the

difference between public and private credit and how PIMCO thinks about that and how

a asset manager of their size that manages tons and tons of money. What does Pimco manage these

days? I don't know. Trillions. Trillion dollars or something? You know, this was one of the first talks that we've done. And I don't know if this is more a reflection of him or us, maybe a little bit of both. It felt pretty buttoned up. I'm going to say that's him, not us. It felt like a real professional interview, not to brag. Well, here's the thing. It started out very professional.

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