The Challenge to Find Value in the Search for Yield

The video discusses the challenges in finding value in credit markets due to tightening credit spreads and the influence of economic and credit cycles. It highlights the importance of being selective in investments, focusing on higher quality assets, and the benefits of bank loans with floating rates. The discussion also covers the impact of Libor on investment strategies and explores opportunities in collateralized debt and securitized assets, particularly those backed by student loans.

What is the significance of the term 'PIK toggle' mentioned in the text?

According to the text, what is the outlook for the lowest rated credit spectrum?