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A blog on High Yield for those in High Yield.

A Bubble Bubble?

A Bubble Bubble?

"A Bubble Bubble" This last week has been fantastic in terms of news flow. Conscious I am in my own "bubble" there is an increasing choir of voices calling for caution as asset prices boil. So I thought I would summarize what I have seen heard this week. A curated...

How important Is EBITDA ?

How important Is EBITDA ?

EBITDA is increasingly controversial as a metric. But, why all the fuss? EBITDA is pervasive in High Yield and has its origins in the 80s and 90s LBO boom. "Community Adjusted EBITDA", "EBITDAC" - have grabbed the headlines, evidence of aggressive earnings. The...

Uncertainty and Valuation

Uncertainty and Valuation

Uncertainty has increased due to the crisis. I read a great article by Aswath Damodaran. In it he touches on the behavioral and quantitative aspects of post CoVid Valuation. What's more as I thought about uncertainty I was reminded of Nicholas Nassim Taleb and Howard...

New Normal

New Normal

What does a "New Normal" mean? Liquidity through the lockdown has been forefront of everyone's minds. Now looking further out what does a 10%,20%,30% or even 50% reduction in revenues mean? We think it means more defaults,more downgrades, more waivers, more secured...

Ponzi Bonds

Ponzi Bonds

When I hear "Ponzi" I think of Pyramids, Fraud and Financial Loss. Recently I read more about the "Minsky Moment" and the stages of a financial bubble. To bond holders and lenders the definition of "Ponzi" stage may sound eerily familiar. What strikes me is that when...

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