Craig Siegenthaler

"There is a significant level of misinformation weighing on the private credit industry which has led to a particularly attractive buying opportunity... When I hear people say that private credit is not transparent, it is really not true." The market sold off Blue Owl (OWL) based on fears of retail redemptions and "self-dealing" (selling assets to their own insurance arm). Siegenthaler argues these fears are factually incorrect (assets sold at par to third parties), creating a dislocation between price and fundamental value. LONG A true recession causing a spike in defaults which would validate the "canary in the coal mine" thesis.