What Josh Friedman is saying
Guest
3 dated public stances tracked since 2022-07-25, most recently 2022-07-25. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Josh Friedman's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Josh Friedman is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
Most-argued themes
Tracked stances
2022-07-25
Private Credit
bullish
Capital Allocators · video
Banks overextended on leveraged loans are now selling inventory at 85-90 cents to clean balance sheets, forcing new primary lending rates to be competitive with that distressed secondary market and dramatically improving terms for special-situation lenders
“all these markets are tied together. So, primary lending gets to be much more interesting as well”
90d -3.1% · 180d +6.6% · 1y +12.0%
Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
2022-07-25
ABS
bullish
Capital Allocators · video
Junior securitization tranches backed by borrowers with strong FICO scores are now pricing at triple to quadruple their prior spreads without a commensurate increase in fundamental default risk, offering dramatically improved risk-adjusted returns
“those junior tranches are trading at probably triple to four times the spread that they traded at just a few months ago”
Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
2022-07-25
Investment Grade Credit
bullish
Capital Allocators · video
Fed rate hikes triggered indiscriminate mutual-fund selling that pushed prices 15-20 points lower on fundamentally creditworthy issuers, creating attractive secondary-market entry points with no commensurate deterioration in credit quality
“there are a lot of very good securities that are all of a sudden buys that were certainly not buys 20 points higher”
90d -11.0% · 180d -0.4% · 1y -0.8%
Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263)
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