The Bridge Ep. 16: Can AI See What Investors Miss?
Greg Bond argues that AI is already changing hedge fund investing by improving research workflows, not by replacing human judgment. He also says strong quant performance can hide real risks, so investors should focus on liquidity, crowding, and whether returns are true alpha or just exposed beta.
The Bridge Ep. 15: Private Credit's Return to Discipline
Matthieu Chabran argues private credit is undergoing a healthy reset after years of easy money, weak documentation, and deployment pressure. He sees the next phase favoring disciplined managers, especially in secondaries, restructurings, and underwriting that properly prices liquidity, leverage, and AI disruption.
The Bridge Ep. 14: Opportunity Hiding in a “Fine” Economy
Al Rabil argues that real estate is still in a major dislocation caused by the 2022–2023 rate shock, even though the broader economy looks fine. He says the best opportunities are in operationally intensive sectors like medical office, seniors housing, student housing, and light industrial, where demographics and constrained new supply support long-term demand.
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.