Bryan Krug's guest appearances

Bryan Krug

Invest Like the Best with Patrick O'Shaughnessy

InsuranceAUM.com

Ben Thompson

Meb Faber

Tyler Cowen

Josh Wolfe

Annie Duke

Michael Mauboussin

Marc Andreessen

Brian Koppelman

Kyle Samani

Tim Urban

Peter Attia

David Epstein

Jason Zweig

David Tisch

Bronwyn Varty

OwlTail

Welcome to another edition of the InsuranceAUM.com podcast. My name's Stewart Foley, and I'll be your host. Today, we're talking about investing across the credit spectrum with Bryan Krug, Managing Director and Portfolio Manager on the Artisan Partners Credit Team.

Welcome to another edition of the <a href="http://InsuranceAUM.com" rel="nofollow" target="_blank">InsuranceAUM.com</a> podcast. My name's Stewart Foley, and I'll be your host. Today, we're talking about investing across the credit spectrum with Bryan Krug, Managing Director and Portfolio Manager on the Artisan Partners Credit Team.

Investing Across the Credit Spectrum with Bryan Krug, Managing Director and Portfolio Manager on the Artisan Partners Credit Team

My guest in this flash podcast is Bryan Krug of Artisan partners. We discuss what has happened so far in the corporate high yield and investment-grade credit markets, and the loan market. We compare today’s environment to the financial crisis and other past crises with lots of nuances that I hope will be helpful to bond and equity investors. Please enjoy. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:08 – (First question) – An overview of what he covers in the corporate credit markets 1:52 – How things have changed in the last couple of weeks 3:56 – Composition of the high yield market 7:07 – Major sectors of the high yield market outside of energy 8:39 – How do they price the risk in securities right now 11:21 – How do they handicap a great unknown 13:00 – Risk for broader contagion in the overall credit markets 14:49 – What’s the downside potential here 16:31 – Potential for upside 18:33 – How does he view companies that are drawing down on their entire line of credit 19:44 – An overview of the loan market 20:42 – What warning signs equity investors should be watching for in the bond markets 21:57 – What do credit spreads look like today compared to before this crisis Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on Twitter at @patrick_oshag

My guest in this flash podcast is Bryan Krug of Artisan partners. We discuss what has happened so far in the corporate high yield and investment-grade credit markets, and the loan market. We compare today’s environment to the financial crisis and other past crises with lots of nuances that I hope will be helpful to bond and equity investors. Please enjoy. For more episodes go to <a href="http://investorfieldguide.com/podcast" rel="nofollow" target="_blank">InvestorFieldGuide.com/podcast</a>. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at <a href="http://investorfieldguide.com/bookclub" rel="nofollow" target="_blank">InvestorFieldGuide.com/bookclub</a>. Follow Patrick on Twitter at <a href="http://twitter.com/patrick_oshag" rel="nofollow" target="_blank">@patrick_oshag</a> Show Notes 1:08 – (First question) – An overview of what he covers in the corporate credit markets 1:52 – How things have changed in the last couple of weeks 3:56 – Composition of the high yield market 7:07 – Major sectors of the high yield market outside of energy 8:39 – How do they price the risk in securities right now 11:21 – How do they handicap a great unknown 13:00 – Risk for broader contagion in the overall credit markets 14:49 – What’s the downside potential here 16:31 – Potential for upside 18:33 – How does he view companies that are drawing down on their entire line of credit 19:44 – An overview of the loan market 20:42 – What warning signs equity investors should be watching for in the bond markets 21:57 – What do credit spreads look like today compared to before this crisis Learn More For more episodes go to <a href="http://investorfieldguide.com/podcast" rel="nofollow" target="_blank">InvestorFieldGuide.com/podcast</a>.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at <a href="http://investorfieldguide.com/bookclub" rel="nofollow" target="_blank">InvestorFieldGuide.com/bookclub</a> Follow Patrick on Twitter at <a href="https://twitter.com/patrick_oshag" rel="nofollow" target="_blank">@patrick_oshag</a>

Bryan Krug – An Update on Corporate Credit - [Invest Like the Best, EP.161]

My guest today is Bryan Krug, who manages the Artisan Partners Credit Team and overseas more than $3B in high yield credit investments for the firm. This was my first conversation on high yield, so I took it as an opportunity to get an overview on the investment universe and home in on the tools used for analysis and security selection.  As an equity investor, I think one of the most fruitful areas of research is into ways that companies fail or go wrong, and credit investors focus almost entirely on this potential for impairment. My guess is that all equity investors will learn something useful from this conversation. Please enjoy. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 2:11 – Overview of the high yield debt markets 5:05 – Why should investors consider this investment class 7:11 – How analyzing a company’s debt is different from what equity analysts look for 8:42 – Primary factors when exploring a company’s ability to de-lever 9:43 – What is their alpha vs others in the space 12:02 – Deep dive into the quantitative factors for them to look into a deal 14:25 – Benchmarks he uses 16:08 – Portfolio construction 17:15 – Their preference for broadband providers over cable tv networks 20:01 – What piques his interest about spreads 21:50 – The ratings of debt 25:40 – A recent example of an opportunity and how the mispricing was identified 29:17 – Most valuable data sets in this world 31:51 – Favorite part of this process 32:26 – Most surprising new learning 33:01 Maintaining your advantage 34:49 – The biggest pools of error in this industry 48:00 – What industries interest Bryan 40:50 – Dedication to this market 41:45 – Evolution of his healthy skepticism 42:38 – Can things in the debt market help to project what will happen in the equity markets 44:56 – Current view of the world based on what is happening in the credit markets 45:51 – Categories of convenience that he cares about 49:15 – Anything that has him worried in high yield markets 50:38 – Kindest thing anyone has done for Bryan   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

My guest today is Bryan Krug, who manages the Artisan Partners Credit Team and overseas more than $3B in high yield credit investments for the firm. This was my first conversation on high yield, so I took it as an opportunity to get an overview on the investment universe and home in on the tools used for analysis and security selection. As an equity investor, I think one of the most fruitful areas of research is into ways that companies fail or go wrong, and credit investors focus almost entirely on this potential for impairment. My guess is that all equity investors will learn something useful from this conversation. Please enjoy. For more episodes go to <a href="http://investorfieldguide.com/podcast" rel="nofollow" target="_blank">InvestorFieldGuide.com/podcast</a>. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at <a href="http://investorfieldguide.com/bookclub" rel="nofollow" target="_blank">InvestorFieldGuide.com/bookclub</a>. Follow Patrick on Twitter at <a href="http://twitter.com/patrick_oshag" rel="nofollow" target="_blank">@patrick_oshag</a> Show Notes 2:11 – Overview of the high yield debt markets 5:05 – Why should investors consider this investment class 7:11 – How analyzing a company’s debt is different from what equity analysts look for 8:42 – Primary factors when exploring a company’s ability to de-lever 9:43 – What is their alpha vs others in the space 12:02 – Deep dive into the quantitative factors for them to look into a deal 14:25 – Benchmarks he uses 16:08 – Portfolio construction 17:15 – Their preference for broadband providers over cable tv networks 20:01 – What piques his interest about spreads 21:50 – The ratings of debt 25:40 – A recent example of an opportunity and how the mispricing was identified 29:17 – Most valuable data sets in this world 31:51 – Favorite part of this process 32:26 – Most surprising new learning 33:01 Maintaining your advantage 34:49 – The biggest pools of error in this industry 48:00 – What industries interest Bryan 40:50 – Dedication to this market 41:45 – Evolution of his healthy skepticism 42:38 – Can things in the debt market help to project what will happen in the equity markets 44:56 – Current view of the world based on what is happening in the credit markets 45:51 – Categories of convenience that he cares about 49:15 – Anything that has him worried in high yield markets 50:38 – Kindest thing anyone has done for Bryan Learn More For more episodes go to <a href="http://investorfieldguide.com/podcast" rel="nofollow" target="_blank">InvestorFieldGuide.com/podcast</a>.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at <a href="http://investorfieldguide.com/bookclub" rel="nofollow" target="_blank">InvestorFieldGuide.com/bookclub</a> Follow Patrick on twitter at <a href="https://twitter.com/patrick_oshag" rel="nofollow" target="_blank">@patrick_oshag</a>