Note: the article seems like a subtle ad for the booming industry of private credit.

The author is the co-founder of Oaktree Capital, which has been raising capital for one of the largest private credit funds ever[0]

https://www.bloomberg.com/news/articles/2023-08-10/oaktree-t...

  "Moving on to the real world, I note that following a sea change in interest rates, non-investment grade public and private debt now offer prospective returns that are competitive to those historically seen on equities. I believe investors should consider shifting capital to this area if they are (a) attracted by returns of 7 to 10 per cent or so, (b) desirous of limiting uncertainty and volatility, and (c) willing to forgo upside potential beyond today’s yields to do so. For me, that should include a lot of investors, even if not everyone."