DAN'S VIEWS

Research and insights from Arena CEO and Chief Investment Officer Dan Zwirn

Daniel Zwirn is the chief executive officer and chief investment officer at Arena Investors, LP in New York, NY.

Jim Kyung-Soo Liew is the co-founder of SoKat.co and an associate professor in finance at the Johns Hopkins Carey Business School in Baltimore, MD.

Ahmad Ajakh is a lecturer in finance at the Johns Hopkins Carey Business School in Baltimore, MD.

RESEARCH

Daniel Zwirn, Jim Kyung-Soo Liew and Ahmad Ajakh | Published in The Journal of Fixed Income, Fall 2019

This Time Is Different, but It Will End the Same Way

Unrecognized Secular Changes in the Bond Market since the
2008 Crisis That May Precipitate the Next Crisis

Unrecognized Secular Changes in the Bond Market since the 2008 Crisis That May Precipitate the Next Crisis

Abstract & Introduction

Lack of market-making and regulatory changes that will impede price discovery in the next downturn

Masking deterioration of the underlying collateral and rearview mirror analysis

Rating agencies are playing new versions of the same old games

Explosion in asset-liability mismatched fund structures

Regulatory changes in compliance oversight within financial institutions

Conclusions

VIEWS