$RESTRUC - Capital structures built during zero-rate era don't make sense at normalized rates, creating significant restructuring opportunities from the 550bp rate rise
$EUROPE - European credit markets offer structural inefficiencies with only 37% of leveraged credit from investors versus 75% in the US, creating opportunities in both credit and equities
$INDIA - India presents lending opportunities with relatively small amount of credit capital chasing opportunities relative to the market size
$M&A - M&A activity picking up with Q3 being second busiest quarter in ten years, expecting Trump administration to be open to large deals with remedies
Bearish:
$MAG7 - Market concentration risk with 40% of S&P in 10 stocks, drawing parallels to Nifty 50 which took 15 years to recover from peak
$AI - AI investments may face long productivity lag similar to PCs which took 10 years to show workplace productivity gains in the 1980s
$PRIVCRED - Private credit becoming too efficient due to massive capital inflows, returns likely to normalize to beta efficient levels