FIRST QUARTER 2019 INVESTOR LETTER

What a difference a quarter makes. In our year-end update, we dedicated much of our Market Perspective to what we believed to be volatility-driven dislocations in credit markets and other sub-markets that are tangential to credit. In our view, equity market volatility during what is seasonally a very weak trading volume period (December) produced some highly abnormal market movements. As we often highlight in these notes…

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