SECTOR ETFXLKQQQMIXEDCore thesis · 5/5

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COVID pivot: short travel, then buy high-quality credit

The guest described their fund's 2020 maneuver: early recognition of COVID risk led to selling cyclical longs, shorting travel companies with negative working capital, and then pivoting to buy high-quality investment-grade bonds and software loans during the March sell-off.

Jonathan Lewinsohn. Kristenon Capital Allocators

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The story so far

CONTESTED · 82 MENTIONS · 57 EPISODES · 22 SHOWS

14 AUG 2025 — 16 AUG 2026 · 2D AGO

44 SUPPORT · 11 CHALLENGE · 2 REPEAT · 25 MENTIONED

14 AUG 2025 · FIRST HEARD
THE MEMO BY HOWARD MARKS
- Credit as a defensive holding in lofty markets
25 EPISODES BETWEEN · 41 MENTIONS
1. 15 AUG 2025
  BARRON'S STREETWISE
  - Agency MBS offer attractive spread over corporates
2. 21 AUG 2025
  THE INSIGHT BY OAKTREE CAPITAL · 4 MENTIONS
  - BB CLOs offer attractive near-10% yield
  - RMBS as a stable, diversifying high-yield alternative
  - Current credit strategy: protect the coupon, not chase risk
  - High yield's appeal in a 7%+ world
3. 2 SEP 2025
  THE LONG VIEW
  - Deficit scenario favors fixed income
4. 19 SEP 2025
  THE ALPHA EXCHANGE · 2 MENTIONS
  - Be a liquidity provider in an illiquid market
  - Convertible bond market's three sources of value
5. 26 SEP 2025
  THE MEB FABER SHOW
  - High-yield credit bet on 'no recession'
6. 9 OCT 2025
  THE INSIGHT BY OAKTREE CAPITAL · 3 MENTIONS
  - Real estate debt as a value play post-recession
  - Credit market haves vs have-nots dispersion
  - Structural distress from LBO boom
7. 10 OCT 2025
  THE MEB FABER SHOW
  - Yield curve shape drives relative asset returns
8. 14 OCT 2025
  THE INSIGHT BY OAKTREE CAPITAL
  - Credit's role enhanced in a higher-rate world
9. 14 OCT 2025
  THE MEMO BY HOWARD MARKS
  - Credit's role enhanced in new rate regime
10. 31 OCT 2025 · CHALLENGES
  GOLDMAN SACHS EXCHANGES
  - Capital structures broken by rate surge
11. 7 NOV 2025
  THE MEB FABER SHOW
  - Diversify US Treasury exposure with foreign bonds
12. 13 NOV 2025
  THE INSIGHT BY OAKTREE CAPITAL · 4 MENTIONS
  - Sectoral niches in private credit offer yield premium
  - CLO BB tranches offer excess spread
  - RMBS discount offers technical upside on rate cuts
  - European credit offers relative value
13. 13 NOV 2025
  MACROVOICES
  - High yield spreads artificially tight on supply crunch
14. 25 NOV 2025
  THE LONG VIEW · 2 MENTIONS
  - Passive fixed income's limited breadth
  - Derivatives as a tool for bond market efficiency
15. 11 DEC 2025
  THE BUSINESS BREW
  - Diversified BB credit as a resilient asset class
16. 16 DEC 2025
  THE LONG VIEW · 4 MENTIONS
  - Municipal bonds offer lower long-term volatility
  - Finding value in tainted sectors: healthcare, higher ed
  - Muni/Treasury ratio guides entry points and value
  - Absolute muni yields are attractive long-term
17. 19 DEC 2025
  GOLDMAN SACHS EXCHANGES: THE MARKETS · 2 MENTIONS
  - Stay invested in bonds for 2026
  - Prefer duration yield over tight credit spreads
18. 29 DEC 2025
  CAPITAL ALLOCATORS
  - The 'sea change' to a higher-rate lending environment
19. 6 JAN 2026
  THE LONG VIEW
  - T-bills as attractive portfolio insurance
20. 9 JAN 2026
  FORWARD GUIDANCE
  - Corporate credit spreads tighten due to supply crunch
21. 13 JAN 2026
  GOLDMAN SACHS EXCHANGES
  - Credit risk-reward less favorable than equities
22. 14 JAN 2026
  THE INSIGHT BY OAKTREE CAPITAL · 2 MENTIONS
  - Construction and chemicals sectors bottoming, offering selective value
  - European credit offers diversification and spread premium
23. 26 JAN 2026 · CHALLENGES
  THE MEB FABER SHOW
  - Corporate credit spreads are dangerously narrow
24. 27 JAN 2026
  AFFORD ANYTHING
  - T-bills more attractive in higher rate environment
25. 30 JAN 2026
  MASTERS IN BUSINESS · 2 MENTIONS
  - Fixed income's return to favor
  - Active management's edge in fixed income
2 FEB 2026
CAPITAL ALLOCATORS · 3 MENTIONS
- Diameter's all-weather credit approach as portfolio ballast
- COVID pivot: short travel, then buy high-quality credit · THIS IDEA
- Be native, not a tourist, in credit markets
24 EPISODES BETWEEN · 29 MENTIONS
1. 10 FEB 2026
  THE LONG VIEW · 2 MENTIONS
  - Investors shifting from cash to longer-duration bonds
  - Bonds provide income and ballast in a higher yield era
2. 19 FEB 2026 · CHALLENGES
  THE ALPHA EXCHANGE
  - Avoid corporate credit, own 'risk-free' rates instead
3. 4 MAR 2026 · CHALLENGES
  THE ALPHA EXCHANGE
  - Credit risk mispriced across default, liquidity, volatility
4. 6 MAR 2026
  MASTERS IN BUSINESS · 2 MENTIONS
  - Bonds back as attractive income source
  - Agency MBS over investment grade corporates
5. 9 MAR 2026
  THE ALPHA EXCHANGE
  - CLOs provide diversified, protected loan exposure
6. 27 MAR 2026
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Prefer bonds over stocks in current climate
7. 31 MAR 2026
  THE ALPHA EXCHANGE
  - Corporate credit protection cheap in US risk scenario
8. 6 APR 2026
  ANIMAL SPIRITS · 2 MENTIONS
  - Utility preferreds as equity-credit arbitrage
  - Diversification as the fixed income 'free lunch'
9. 6 APR 2026
  CAPITAL ALLOCATORS
  - Private credit dislocation opportunities emerging
10. 7 APR 2026
  THE ALPHA EXCHANGE · 2 MENTIONS
  - Corporate credit: attractive income, low duration risk
  - Prefer credit risk over rate risk in flat curve
11. 8 APR 2026
  MONETARY MATTERS WITH JACK FARLEY
  - Non-agency mortgage strategy highly attractive
12. 21 APR 2026 · CHALLENGES
  THOUGHTFUL MONEY
  - Short duration in a rising rate cycle
13. 21 APR 2026 · CHALLENGES
  THE LONG VIEW
  - Underweight credit due to tight spreads, high correlation
14. 24 APR 2026
  FORWARD GUIDANCE
  - Corporate credit health masks government balance sheet risk
15. 22 JUL 2026 · 4W AGO
  BLOOMBERG SURVEILLANCE
  - Lock in high yields before cash rates fall
16. 23 JUL 2026 · 4W AGO
  THOUGHTFUL MONEY
  - Credit spreads signal market complacency
17. 24 JUL 2026 · 4W AGO
  BARRON'S STREETWISE
  - Credit offers carry yield despite tight spreads
18. 27 JUL 2026 · 3W AGO · CHALLENGES
  THE DIVIDEND CAFE
  - Widening CCC spreads highlight growing credit risk
19. 29 JUL 2026 · 3W AGO
  ANIMAL SPIRITS
  - Bearish consensus on bonds may be overdone
20. 29 JUL 2026 · 3W AGO · CHALLENGES
  EXCESS RETURNS
  - Bonds fail as portfolio diversifiers against inflation
21. 30 JUL 2026 · 3W AGO
  THE ACQUIRERS PODCAST · 2 MENTIONS
  - Wait for wide credit spreads before buying bonds
  - Compressed bond yield spreads lack margin of safety · CHALLENGES
22. 3 AUG 2026 · 2W AGO
  BLOOMBERG SURVEILLANCE
  - Private credit via diversified ETF structure
23. 7 AUG 2026 · 2W AGO · CHALLENGES
  BLOOMBERG SURVEILLANCE
  - Credit spreads offer little value, pose jump risk
24. 7 AUG 2026 · 2W AGO · CHALLENGES
  BLOOMBERG SURVEILLANCE
  - Credit spreads are tight with jump risk
7 AUG 2026 · 2W AGO
BARRON'S STREETWISE · 3 MENTIONS
7 AUG 2026 · 2W AGO
CNBC FAST MONEY
- Prefer shorter duration over credit for income
10 AUG 2026 · 1W AGO
THE DIVIDEND CAFE
- Credit spread tightening signals risk-on shift
11 AUG 2026 · 1W AGO
BLOOMBERG SURVEILLANCE
- Active short-term management beats T-bills
12 AUG 2026 · 6D AGO
BLOOMBERG SURVEILLANCE
- Risk-reward improving for fixed income
16 AUG 2026 · 2D AGO
THOUGHTFUL MONEY
- High-quality corporate credit over sovereign debt

HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD