It’s been a while since we wrote a commentary proclaiming excitement for a flood of opportunities landing in our lap. Recent commentaries have focused on our stockpile of dry powder, the lack of discernment from lenders in the high-yield space, bloated balance sheets dominating indices or the precarious nature of risk.

Not ringing endorsements for piling headlong into credit.

Download the rest of the commentary here: PDF or read online here: Where art thou, volatility?