Resources

A curated collection of essential books, articles, podcasts, and newsletters for credit investors, allocators, and the practitioners shaping private credit and leveraged finance.

Essential Books

The Most Important Thing

Credit Philosophy

Howard Marks

Oaktree's co-founder distills four decades of credit investing into a set of principles on risk, cycles, second-level thinking, and the difference between being right and being early. The closest thing the asset class has to a philosophical foundation.

Distressed Debt Analysis

Distressed

Stephen Moyer

The standard reference on bankruptcy, restructuring, and distressed credit analysis. Covers waterfall mechanics, intercreditor dynamics, and the legal architecture every workout specialist eventually has to master.

When Genius Failed

Crisis & Liquidity

Roger Lowenstein

The definitive account of LTCM's collapse — required reading on liquidity, leverage, correlation in stress, and what happens when sophisticated credit positions meet a market that stops trading.

Liar's Poker

Markets

Michael Lewis

The origin story of modern fixed income markets at Salomon Brothers. Less a how-to than a culture document — but the personalities and incentives Lewis describes still drive how credit gets traded today.

The Vulture Investors

Distressed

Hilary Rosenberg

The history of distressed and vulture investing through the careers of Marty Whitman, Leon Black, Wilbur Ross, and the others who built the playbook. Where the modern distressed fund came from.

Must-Read Articles

Sea Change Memo Series

Howard MarksOaktree Capital

The series of memos arguing that the era of ultra-low rates is over and that credit investors face a regime change. The most-cited writing in private credit conversations today.

Apollo Quarterly Macro & Credit

Apollo Research TeamApollo Insights

Quarterly framing of where Apollo sees the macro environment, what that implies for credit allocation, and how the privatization of fixed income is unfolding in real time.

LCD Private Credit Reports

S&P Global Market IntelligenceLCD

Data-driven analysis of the leveraged loan and private credit markets — issuance, pricing, sector breakdowns, default trends. The reference set most practitioners check first.

Leveraged Finance Outlook

McKinseyMcKinsey Insights

Annual analysis of how capital is moving across the leveraged finance landscape — bank syndication, direct lending, BDCs, and the structural shifts reshaping origination.

Recommended Podcasts

Capital Allocators

Allocators

Hosted by Ted Seides

Interviews with the LPs and CIOs deploying capital into private credit, private equity, and beyond. The best window into how allocators actually think about manager selection and portfolio construction.

Odd Lots

Markets

Hosted by Joe Weisenthal & Tracy Alloway

Bloomberg's weekly deep dive into the corners of finance most people ignore. Frequent and sharp coverage of private credit, leveraged loans, and the plumbing of debt markets.

Patrick Boyle

Markets & Credit

Hosted by Patrick Boyle

A practitioner's-eye view of credit, derivatives, and market structure from a former hedge fund manager turned academic. Shorter, denser, and more skeptical than most finance content.

The Money Maze Podcast

Allocators

Hosted by Simon Brewer

Long-form conversations with senior asset managers, CIOs, and private markets specialists. A consistent source of high-signal interviews with names you recognize from the headlines.

Top Newsletters

9fin Daily

Daily leveraged finance

9fin Editorial

The most-read daily on leveraged finance and high-yield credit — deal flow, pricing, primary market activity, and the trades that moved overnight. Required for anyone tracking the syndicated market.

Reorg

Daily distressed

Reorg Research

Distressed credit, restructuring news, and the deepest legal-and-financial coverage of bankruptcies and workouts in the market. The reference for situations as they unfold.

Private Debt Investor

Weekly private credit

PEI Group

The trade publication for the LP and GP sides of private credit — fund launches, manager moves, vintage data, and the conferences where the institutional side of the market actually meets.

PitchBook Credit

Weekly data

PitchBook

Data-driven coverage of private credit deal flow, fund performance, and sector breakdowns. The most useful counterpart to LCD if you want both data and narrative analysis.

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