What's Actually Going On With Private Credit
The private credit market has grown enormously fast in recent years — so much so that by some estimates it's now bigger than the market for junk-rated corporate bonds. So what's driven all that growth? What impact has private credit had on other types of corporate debt? And why are there so many concerns around the space right now? In this episode, we speak with John Sheehan and Craig Manchuck, two veteran portfolio managers for the strategic income fund at Osterweis Capital Management. We talk about the history of private credit before and after 2008, private credit's links with private equity and insurance, the prospect of higher defaults, and what to watch for right now.
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AMETEK: Industrial Excellence - [Business Breakdowns, REPLAY]
Today, we are replaying one of our favorites, breaking down the industrial conglomerate AMETEK. AMETEK is a great pairing with last week's episode on Jack Henry. These are two businesses with very long track records executing a playbook.
AMETEK is one of eight companies that Mark Leonard and his team at Constellation Software studied as they built their own empire. And it's one well worthy of a discussion as you'll hear.
To break down AMETEK, I'm joined by Nael Fakhry, Co-CIO of the Osterweis Capital Management Growth and Income Strategy. Nael has spent a significant amount of time around AMETEK from the early 2000s until today. Please enjoy this breakdown on AMETEK.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @bizbreakdowns | @zbfuss | @ReustleMatt |
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Learn about Finley
(00:02:52) An Overview of Ametek
(00:04:17) Ametek's Diverse Product Range
(00:11:09) Ametek’s history: From Bankruptcy to Industrial Dominance
(00:20:22) Ametek's Growth Model: Innovation, Acquisitions, and Global Expansion
(00:25:23) Understanding Ametek's Finances
(00:29:37) Exploring Revenue Growth and Margin Expansion
(00:30:10) Incremental Margins and Cyclical Nature of the Business
(00:31:07) Operational Excellence
(00:33:35) Decentralized Approach
(00:35:21) The Role of Acquisitions
(00:36:33) Challenges and Risks
(00:38:45) Capital Allocation
(00:45:55) Evaluating Cyclical Business Performance and Resilience
(00:48:27) Dividend Policy
(00:49:44) Valuation and Growth Sustainability
(00:53:41) - Key Lessons
AMETEK: Industrial Excellence - [Business Breakdowns, EP.161]
Today, we cover the industrial conglomerate AMETEK. This is one of eight companies that Mark Leonard and his team at Constellation Software studied as they built their own empire. And it's one well worthy of a discussion as you'll hear.
To break down AMETEK, I'm joined by Nael Fakhry, Co-CIO of the Osterweis Capital Management Growth and Income Strategy. Nael has spent a significant amount of time around AMETEK from the early 2000s until today. Please enjoy this breakdown on AMETEK.
Listen to Mitch Rales talk about Danaher on Art of Investing.
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For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.
This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @JoinColossus | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Partners
(00:01:40) Welcome to Business Breakdowns
(00:03:52) An Overview of Ametek
(00:05:17) Ametek's Diverse Product Range
(00:12:09) Ametek’s history: From Bankruptcy to Industrial Dominance
(00:21:22) Ametek's Growth Model: Innovation, Acquisitions, and Global Expansion
(00:26:23) Understanding Ametek's Finances
(00:30:37) Exploring Revenue Growth and Margin Expansion
(00:31:10) Incremental Margins and Cyclical Nature of the Business
(00:32:07) Operational Excellence
(00:34:35) Decentralized Approach
(00:36:21) The Role of Acquisitions
(00:37:33) Challenges and Risks
(00:39:45) Capital Allocation
(00:46:55) Evaluating Cyclical Business Performance and Resilience
(00:49:27) Dividend Policy
(00:50:44) Valuation and Growth Sustainability
(00:54:41) Key Lessons
Stack Exchange Podcast - Episode #19 w/ John Sheehan
Stack Exchange Podcast - Episode #19 w/ John Sheehan by The Stack Overflow Podcast
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