Surprised at how resilient the market is, says Avenue Capital's Marc Lasry

Market & Economy - Tariffs lead to higher pricing, but the market has shown resilience [3] - The economy's performance dictates the impact of tariffs; a strong economy can withstand tariffs, while a struggling one requires lower rates or tariffs [4] - Current market valuations are considered expensive, making it difficult to find discounted assets [11] Distressed Debt & Lending - Opportunities in distressed debt are currently limited in the US, with more opportunities in Europe and Asia [5][6] - Lending rates in Europe and Asia can reach 12% to 15% for short-term capital [6] - Lending is often based on asset value rather than cash flow, catering to those who need short-term capital [7][8] - Lowering of rates by the Federal Reserve would lead to charging less, around 500 to 700 basis points over SOFR [9] - A significant rate decrease (1% or 2%) would indicate substantial economic problems [10] Private Equity & Alternative Investments - There are concerns regarding the democratization of private equity into 401k plans due to the illiquid nature of these investments and the liquidity needs of retail investors [14][16] - Small investors may face challenges with illiquid private equity investments, potentially needing to sell at a discount if they require capital [19]