Just getting around to posting this, but since it seems to have been picked up in several places (FT, Barrons), here is our most recent piece on credit. Punchline: Private Credit has removed risk from high yield, but high yield can still send distress signals.

mailchi.mp/verdadcap/ha...

The best analyst report I've read on the US airline industry is Maurice Gallagher's 2023 Letter to Shareholders for Allegiant. Well worth the read if you want a insider summary of what has happened in the airline industry since 2001. Bravo.

ir.allegiantair.com/financials/a...

Our fifth most read piece of the year was "Rule, Britannia!" by Brian Chingono

verdadcap.com/archive/rule...

Our fourth most read piece of the year was "Activism at Scale in Japan" by Dan Rasmussen, Lionel Smoler Schatz, and Yuto Kida which lookd at how Japanese companies are responding to the Tokyo Stock Exchange's directive to increase price to book ratios.

verdadcap.com/archive/acti...

Our third most read research piece of the year was "The Dispersion Delusion" by Brian Chingono and Dan Rasmussen which argues that the high dispersion of results in private equity is due to portfolio concentration and the small size of the underlying companies.

verdadcap.com/archive/the-...

The second most read research piece was "The Great Rotation by Brian Chingono, our Europe small cap fund manager, who explores the relative equity valuation in Europ versus the US.

verdadcap.com/archive/the-...

The most read Verdad research piece of the year was "Yield is not Return" by, ahem, me. This is perhaps the hundredth piece noting that higher yields (above 6-7% today or at the B rating category and below) come with higher losses that negate the extra yield.

verdadcap.com/archive/yiel...

Our (Verdad's) top five most read research pieces of the year is out. For those of you who don't follow us, we are a research driven investment firm and share some of our research by email each Monday. You can sign up at verdadcap.com.

mailchi.mp/verdadcap/th...

Edwin Dorsey's piece on Transdigm is relevant to High Yield because Transdigm is 1% of the HY index (it used to be more, but they's used a lot of loans). Including loans, there is $13.3 billion of traded debt. Huge debt, but also huge profits.

thebearcave.substack.com/p/problems-a...

We (Verdad) took a look at shorting credit. With spreads low, it's certainly tempting.