#42 The Credit Expert - Greg Peters on ZIRP’s Legacy, Bonds, Covenants, & Equity vs Credit Risk

When it comes to credit, few people have better credentials than Greg Peters, co-CIO of PGIM, with AUM of $700bn. In this fascinating conversation, we discuss the differences between investing in equities and credit, the legacy of the zero interest rate period, why PGIM uses scenario based forecasting in preference to single point estimates, why covenants have gone out of fashion and why that’s dangerous, ad much more. Listen to the end for an update on the outlook for markets in 2025. Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios. You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠ . If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

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#42 The Credit Expert - Greg Peters on ZIRP’s Legacy, Bonds, Covenants, & Equity vs Credit Risk is an episode from Behind the Balance Sheet by Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities.

This episode is 01:15:39 long.

This episode was published on Dec 23, 2024.

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