Person
Sonali Basak
Host, The Bridge by iCapital
The Bridge Ep. 13: Good Credit Holds. Bad Credit Breaks
Vivek Bantwal argues private credit is not breaking so much as repricing around discipline, with strong borrowers and well-underwritten managers separating from weaker ones. He says Goldman’s structure, sourcing, and limited retail evergreen exposure have helped it navigate volatility while he sees growth shifting toward private investment grade and asset-based finance.
The Bridge Ep. 11: Expensive Isn't a Bubble
Cliff Asness argues that expensive markets are not automatically bubbles, and that the real distinction is whether prices can be justified by non-ridiculous assumptions. He also explains how AQR’s quant, value, and alternative-data approaches have evolved, and why crowding and capacity can erode even good strategies.
The Bridge Ep. 10: AI Broke the Rule of 40. Meet the Rule of 70.
Vista Equity Partners’ David Breach argues that AI is rewriting software economics, pushing the old Rule of 40 toward a Rule of 60 or 70 as incumbents use enterprise data, context, and distribution to create both faster growth and higher margins. He also says AI’s real bottleneck is inference cost, which is driving a split between training and purpose-built inference infrastructure, while the biggest value capture will likely sit in the enterprise application layer.
The Bridge Ep. 9 | Software's on Sale. Is the Correction Over?
Steve Tananbaum argues software valuations have fallen sharply, but the correction may still be only halfway done. He connects that view to a broader philosophy of buying transitions with downside protection, while seeing selective opportunities in stressed, structured, and private credit.