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 “Extend and Pretend”: Moral Hazard in the Debt Markets Coronavirus and Credit: When the Music Stops Profiting from Mispriced Credit Everything Lining up Nicely to Catch the Next Shoe 30-Nov-20 Ten Views on how COVID-19 will Change Private Debt 1-Sep-20 Dan Zwirn on the State of Credit: ‘Amend, Extend and Pretend’ 5-Aug-20 Crisis Talk — with Dan Zwirn of Arena Investors 21-May-20 Commentary: Private Equity Is Really Just a (Highly Leveraged) Bet on Credit – Daniel Zwirn 23-Jan-20 Interview: This time is different, says Arena Investors’ CEO Daniel Zwirn 17-May-19 Corporate debt pre-mortem 3-May-19 This Time IS Different, Credit Shop Argues 1-May-19 Investors in Credit Are Backing Hammers That See Only Nails 21-Mar-19 Daniel Zwirn of Arena Investors 14-Mar-17