$ENERGY - Energy sector is attractive due to underinvestment and misconceptions about future fossil fuel use, creating potential opportunities.
$LIQUIDITY - Liquidity should be valued more in the current market environment, contrasting with the past decade's focus on illiquidity premiums.
$RESOURCES - Resource development and mining sectors in the United States present interesting opportunities due to underinvestment over the past decade.
Bearish:
$PRIVATECREDIT - The spread in middle market direct lending compared to high yield or leveraged loans has significantly narrowed, suggesting potential overvaluation in private credit markets.