Marc Rowan, in an interview, addresses current market dynamics, emphasizing that while economic indicators appear strong, geopolitics, government borrowing, capital market excesses, and technological change constitute a significant 30% of market concerns. He views current confrontations as necessary corrections and advocates for watching government borrowing rather than panicking. Rowan notes the creditworthiness of companies and consumers but cautions against complacency at the end of a long accommodative cycle, particularly highlighting the overrepresentation of software in the leveraged buyout market and the potential impact of AI. He champions the democratization of credit through private BDCs as a de-risking activity for the economy, and stresses the importance of good underwriting and risk management, especially in light of technological changes.
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