Securitized credit: Where we’re going, there are no roads – Part 2

In Part 1, we referenced a quote from the ‘80s movie trilogy “Back to the Future”, and we took a little liberty in using “where we’re going there are no roads”…

In fact, the correct quote from the Back to the Future trilogy is: “Roads, where we’re going we don’t need roads”. We concluded that paper with a quote of my own, which sets the framework in this paper for how one navigates forward in a market with no prior precedent:

“So, while we are going where it feels there are no roads, we can still cut the trail. Understanding that uncertainty need not create paralysis, nor should it result in rash bet making, or blind faith in old ‘rules of thumb’. Maintaining an awareness for when uncertainty rises and falls is critical, and understanding that, even through these phases, opportunities with conviction can be identified through an examination of fundamentals, structure and valuation.”

Please find the full paper below: