What Laila Kollmorgen is saying
Guest
3 dated public stances tracked since 2024-09-11, most recently 2024-09-11. 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 Laila Kollmorgen'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. Laila Kollmorgen 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
2024-09-11
MIDDLE MARKET / DIRECT-LENDING CLOS
bearish
Forward Guidance · video
Middle-market CLO portfolios hold illiquid collateral with only 2–3 lenders per loan, making orderly exits nearly impossible in a downturn; the rush of new capital into private credit is creating poorly underwritten managers who will underperform when the…
“I find that that is the same case with regards to private credit or Middle Market — very difficult to say one size fits all”
Why Collateralized Loan Obligations (CLOs) Shined While Most Bonds Suffered | Laila Kollmorgen
2024-09-11
Investment Grade Credit
bullish
Forward Guidance · video
CLOs are floating-rate with layered structural subordination that absorbs defaults before touching debt tranches, producing the highest Sharpe ratio among fixed-income asset classes while facing persistent demand from banks (Basel 3 endgame lowers AAA risk…
“CLOs have the highest Sharpe ratio when you compare it versus investment grade high yield even leverage loans”
90d -1.3% · 180d -1.7% · 1y +3.9%
Why Collateralized Loan Obligations (CLOs) Shined While Most Bonds Suffered | Laila Kollmorgen
2024-09-11
long AAA / short BB
other
Forward Guidance · video
With credit fundamentals softening (default rate rising toward 4–4.5% including distressed exchanges), CLO spreads near 97th-percentile valuations, and geopolitical risks rising, rotating up the CLO capital stack from BB into AAA/AA/A reduces mark-to-market…
“when we want to de-risk we move up we use AAAs we use double A we use single A in order to de-risk”
Why Collateralized Loan Obligations (CLOs) Shined While Most Bonds Suffered | Laila Kollmorgen
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