DAN’S VIEWS

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

“Even conventional models suggest that private-market offerings, particularly for credit, are under-diversified. Now adjust those models for real-world realities—and the under-diversification is truly woeful.”

Buyer Beware

“The purported safety of today’s corporate bonds, as reflected in their ratings, does not match their actual quality—and liquidity will not be there when you actually need it.”

“Any investor considering the latest pitch for crypto, EV, metaverse ‘real estate,’ or NFTs (the list goes on) would do well to consider the many examples of destruction of capital that history provides.”

“The promise of disruptive technologies always seems to lure more money from investors than is actually warranted.”

“Zwirn felt that the market is evolving and pursuing more sustainable strategies…‘a lot less spaceships and flying taxis.’”

“Arena does not follow the modern value mentality. Instead, it buys for less than liquidation value…and looks for a clear path to value realization.”

“We were in a position to quickly shift to playing offense.”

“For those with the ability to comb through the scores of issuers, there will be many opportunities…”

“Arena scours the globe for opportunities that meet return-versus-risk standards for its private debt funds.”

“The one most powerful thing in determining an underwriter’s probability of being repaid…is alignment.”

“Having steered clear of much of the private credit bubble, Arena is now swooping in on other fund managers’ troubled legacy investments.”

“There’s a real line between folks who are in the business of marketing funds, and folks who are in the business of investing.”

“In the alternatives universe…there is a dangerous illusion where investors are getting less diversification benefit than they think.”

“Over-regulation has led to these five changes that increase investment risk…that investors would be well-served to be aware of.”

“For the anticipatory analysis of what will go wrong in the next financial crisis…consult an essay with lead author Daniel Zwirn of Arena Investors…It’s a must-read.”

“Zwirn believes investors need to better understand the secular changes in the markets since the financial crisis…or they will be overlooking bigger risks.”

“After a decade of low rates…too many investors are creating what sells rather than what makes a good investment.”

“Today’s great opportunities require a lot of digging…and they’re far, far away from the liquid credit markets.”

Diversification in Private Market Portfolios: The “Free Lunch” That’s Still Too Expensive

“Even conventional models suggest that private-market offerings, particularly for credit, are under-diversified. Now adjust those models for real-world realities—and the under-diversification is truly woeful.”

Daniel Zwirn on Finding Value in the Biggest Bubble in History

Buyer Beware

“The purported safety of today’s corporate bonds, as reflected in their ratings, does not match their actual quality—and liquidity will not be there when you actually need it.”

The Two Big Risks as We Enter 2022

“Any investor considering the latest pitch for crypto, EV, metaverse ‘real estate,’ or NFTs (the list goes on) would do well to consider the many examples of destruction of capital that history provides.”

Don’t Ask Dan Zwirn About the Future

“The promise of disruptive technologies always seems to lure more money from investors than is actually warranted.”

Dan Zwirn, Arena Investors – A Stoic Approach to Investing

Changing the Playing Field: Implications of US Financial Policy for M&A Outlook

“Zwirn felt that the market is evolving and pursuing more sustainable strategies…‘a lot less spaceships and flying taxis.’”

Dan Zwirn – Boom, Bust and Redemption

Modern Graham: Arena’s Dan Zwirn on Deep Value Special Situations

Is Graham’s “Weighing Machine” Approach Out of Date?

“Arena does not follow the modern value mentality. Instead, it buys for less than liquidation value…and looks for a clear path to value realization.”

Dan Zwirn Invested Like a Crisis Was Coming — And Then Covid-19 Arrived

“We were in a position to quickly shift to playing offense.”

Liquidity Without Solvency: Investing Opportunities in the Current Credit Market Environment

Least Compelling Investments: How About US Muni Revenue Bonds?

“For those with the ability to comb through the scores of issuers, there will be many opportunities…”

Future Returns: Playing Offense in Credit Markets

“Arena scours the globe for opportunities that meet return-versus-risk standards for its private debt funds.”

Ten Views on how COVID-19 will Change Private Debt

“The one most powerful thing in determining an underwriter’s probability of being repaid…is alignment.”

Dan Zwirn on the State of Credit: “Amend, Extend and Pretend”

“Having steered clear of much of the private credit bubble, Arena is now swooping in on other fund managers’ troubled legacy investments.”

“Extend and Pretend”: Moral Hazard in the Debt Markets

Crisis Talk — with Dan Zwirn of Arena Investors

“There’s a real line between folks who are in the business of marketing funds, and folks who are in the business of investing.”

Coronavirus and Credit: When the Music Stops

Commentary: Private Equity is Really Just a (Highly Leveraged) Bet on Credit – Daniel Zwirn

“In the alternatives universe…there is a dangerous illusion where investors are getting less diversification benefit than they think.”

Profiting from Mispriced Credit

Interview: This Time Is Different, Says Arena Investors’ CEO Daniel Zwirn

“Over-regulation has led to these five changes that increase investment risk…that investors would be well-served to be aware of.”

Corporate Debt Pre-mortem

“For the anticipatory analysis of what will go wrong in the next financial crisis…consult an essay with lead author Daniel Zwirn of Arena Investors…It’s a must-read.”

This Time Is Different, Credit Shop Argues

“Zwirn believes investors need to better understand the secular changes in the markets since the financial crisis…or they will be overlooking bigger risks.”

Investors in Credit Are Backing Hammers That See Only Nails

“After a decade of low rates…too many investors are creating what sells rather than what makes a good investment.”

Daniel Zwirn of Arena Investors

“Today’s great opportunities require a lot of digging…and they’re far, far away from the liquid credit markets.”

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