Prof G Markets
“You know, the the the non Shiller PE ratio is about 23 or so today. The eighty year average is 16. So we're roughly 50% higher today. But in 2000, I think it was 32.”
Marks says 700 direct lending managers emerged to manage $1.7 trillion in a favorable environment with declining interest rates.
“I'm told that there are roughly 700 direct lending managers. So the the the And the availability of that $1,700,000,000,000 put a lot of people into business and made a lot of people extremely successful along with a very favorable economy and with low or generally low or generally declining interest rates, which are salutary.”
Marks notes only 3% of 700 direct lending managers existed before the financial crisis, questioning their ability to handle adversity.
“I'm told that of the 700, roughly 3% were in business before the global financial crisis. So we don't know how many of them are have what it takes to deal with a harsh environment.”