On Todays episode, Ben Santonelli Portfolio Manager at Polen Capital joins the show for a discussion on the state of the high yield bond market.\n\nExpecting further weakness in the high yield space, but nothing outside the normal credit cycle, Ben explains where he is finding the best opportunities as "debt investors can now generate equity type returns". To hear all this & more, you'll have to tune in!\n--\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n--\nDigital Asset Summit 2024. Use Code: FG20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london\n--\nTimestamps:\n(00:00) Introduction\n(03:49) Debt Investors Are Generating Equity Type Returns\n(05:38) Default Rates Will Increase In 2024 & Beyond\n(12:41) Loan-to-Value (LTV): Investing In High Quality Businesses\n(20:05) Loan Demand Has Declined Since 2022\n(22:35) Liquidity\n(31:00) Credit Spreads Are Still Tight\n(35:35) Credit's Performance During A Recession\n(39:20) The Weakness In Credit Is Mostly Margin Compression\n(46:46) If Interest Rates Remain Higher For Longer, We Will See Refinancing Issues\n(50:41) Wages & Labor\n--\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.