How to Learn About Credit?
Hey all,
I recently secured my junior offer and have been looking at the possible exits from the seat. All the typical IB exits are represented, but one thing that came up was credit. To be honest, I ignored learning about the buy-side since I focused 100% on IB and didn't think it was worth worrying about until I secured SA, so I know nothing about the space besides PE.
Anyone know any good resources (books/videos/primers) about learning about credit and the careers available? My level of understanding is 0 so anything from the most basic to most comprehensive would help.
Edit: I know that I have to focus on securing the return first before dreaming of exits, but I have a year before it starts so might as well spend this time exploring. Also, it's just good practice to prepare right?
just wondering, are you doing RX?
Would agree with you on first focusing on the job at hand (getting a return, starting your career, etc.) but if you're curious about something and want to learn more about it, by all means. My 2 cents: credit is more complex and more interesting (to me) than most other asset classes (i.e. traditional equities, structured credit, financings, etc.) and so looking for ways to understand it better is perfectly normal. If you're looking for something academic, you can read Fabozzi. If you want to learn about distressed, read Moyer. Both are more academic in nature but could help give you some kind of baseline. Caesars Palace Coup walks you through a complex and exciting restructuring and how the equity and debt investors thought differently, and there's plenty more... lots of good public primers out there (HL comes to mind but there are many others) that will educate you on the basics, and many funds/megafunds/etc. will put out letters to investors (i.e. Howard Marks / Oaktree, KKR, Apollo, Ackman/Pershing, GS Insights, etc.) that walk you through what's going on at a certain point in time and their views. The book about LTCM is interesting too. No harm in doing some digging to understand it better for yourself, but 100% focus on getting your return as well. Cheers.
This is great. Thanks for sharing. Also helps me
How does it help you?
Appreciate the response. You bet, when I hit the 3 month mark before my internship I’m dropping this to prep and do all that I can to secure the return.
I took a look at Moyer but it seems specialized in distressed, going to start with Fabozzi. Hopefully it has the bare basics, players in the industry, how the asset class started, etc. I’m at the stage where I don’t know what I don’t know haha.
A Pragmatist's Guide to Leveraged Finance by Kricheff is a good read and should provide a great overview of the fundamentals.
Fabozzi's Handbook of Fixed Income Securities is probably the most comprehensive read on credit albeit more academic
Thank me later
Citi Credit Primer:https://www.mediafire.com/file/jyxyn5spyqtdfia/Credit_CITI_Primer_2005…
Came back to thank you lol. Thank you.
I hope this helps.
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