‘Dean of high-yield debt’ predicts: This is when the credit default cycle hits

We have a bona fide Wall Street legend on the podcast today – Marty Fridson, referred to as the “Dean of High Yield” because of his unique knowledge of toxic loans to unworthy companies and their inevitable consequences as a Sword of Damocles on the broader markets.
Marty knows where the bodies are buried – and when the day of reckoning arrives, Porter trusts him to know which bonds will blow up and which ones will survive. That’s vital for anyone looking to prepare for the credit correction Porter’s forecasting will begin later this year, accelerate in 2019, and peak in late 2019 or early 2020.
But first – Porter, without the benefit of co-host Buck Sexton’s presence, dives into the latest controversies of the day, from reverse racism to #MeToo champion Asia Argento’s own sexual predatory sins.
Later the talk turns to Tesla – and why Porter, despite his total lack of faith in Tesla stock, admires Elon Musk as an entrepreneur even while shorting Tesla three times.
Just before welcoming Marty, Porter reveals one statistic in the market that’s warning that stocks are getting more expensive – just as defaults are creeping up outside America’s top 100 banks.