<p>金融史上最关键的事件之一发生在 1990 年。这标志着一个持续两十年的变革之旅的巅峰，永远改变了公司融资的方式。这一时代也开启了一个收购的黄金时代，从根本上改变了股东公司关系的动态。</p>
<p>我所说的是迈克尔·米尔肯创立高收益债券市场、德雷克塞尔伯恩汉姆兰伯特公司的腾飞以及该公司同样壮观的崩溃。</p>
<p>值得关注的是，当政府策划了米尔肯和德雷克塞尔的垮台时，垮台的不仅仅是一家公司。许多垃圾债券和私募股权行业的先驱，他们从一开始就参与其中，突然发现自己失业了。然而，他们在逆境中的韧性和决心确实令人鼓舞。</p>
<p>在这些新失业的人中，有曾与米尔肯合作的前交易员、分析师和投资银行家。其中包括乔希·哈里斯、利昂·布莱克、马克·罗温、托尼·瑞斯勒和约翰·基西克等人，他们决定德雷克塞尔的终结是一个为他们建立新公司和创造巨大财富的巨大机遇的开始。</p>
<p><strong>今天我们可以如何跟随...</strong></p>
<p>他们成立了阿波罗管理公司，并开始投资于德雷克塞尔倒闭时遍布华尔街的破碎垃圾债券和破裂贷款。</p>
<p>新合伙人们为自己和投资者赚取了一大笔财富，阿波罗已成长为全球最大的另类资产管理公司之一。</p>
<p>1997 年，基西克和瑞斯勒从阿波罗分拆出来，创立了 Ares Management。这家投资公司更专注于银行贷款、高收益债券、直接放贷、其他类型的固定收益和结构化股权投资，而不同于阿波罗之前的股权路径。</p>
<p>2004 年，Ares 将迈克尔·阿鲁盖蒂引入公司。阿鲁盖蒂曾在美林和苏格兰皇家银行任职，在那里他积累了对困境和特殊情况投资的深厚专业知识。</p>
<p>如今，迈克尔·阿鲁盖蒂是 Ares Management 的首席执行官和总裁。而约翰·基西克则继续追求其他事业，托尼·瑞斯勒仍然担任公司的执行主席。</p>
<p>Ares 是领先的另类投资公司之一。虽然它在私募股权领域有所涉足，但更以收入投资者而闻名。其信贷基金为投资者取得了非凡的成绩，还有几个公开交易的工具，为个人投资者提供高收入。</p>
<p>对于对收入感兴趣或了解收入在总回报驱动策略中的力量的投资者，应该始终关注 Ares Management 的季度 13F 报告。</p>
<p>虽然我不建议盲目跟随任何人，但了解过去 30 年最优秀的收入投资者在买卖什么是有用的信息。</p>
<p>在最近的一个季度，Ares 有选择地购买了商业发展公司（BDCs）。在购买清单的首位是由 Oaktree Capital 管理的 <strong>Oaktree Specialty Lending (OCSL)</strong>，这是一家非常成功的收入和信贷投资者。</p>
<p>该公司向美国中型企业提供贷款，这些企业可能在资本市场上的准入有限，但业务模式强大且具有增长潜力。这些公司通常的营收在 5000 万至 5 亿美元之间。</p>
<p>Oaktree 的策略偏向于保持高质量的贷款组合。该公司通常投资于基本面稳固、违约风险低的公司，侧重于资本保值和当前收入。</p>
<p>Oaktree Specialty Lending 股票的当前收益率略高于 13%。</p>
<p>Ares 还投资于 <strong>Golub Capital BDC (GBDC)</strong> 的股票，这是一家投资于中型企业的 BDC，重点关注由私募股权赞助的企业。</p>
<p>Golub 的投资组合以保守和防御性著称。它专注于那些不太容易受经济周期影响的行业，如医疗保健、软件和商业服务。这一策略在经济不确定时期通常导致违约率较低、回报较高的投资组合。</p>
<p>该 BDC 的收益率为 10.5%，但在投资组合现金流允许的情况下，Golub 有支付额外特别分红的历史。今年迄今，该公司已支付了额外 1.9% 的特别股息。</p>
<p>Ares 还对 <strong>Runway Growth Finance (RWAY)</strong> 的股票进行了小额额外购买，该公司向高增长行业（如技术、生命科学、医疗信息和服务以及其他快速增长的公司）提供贷款。</p>
<p>虽然 Runway 可能被视为高风险 BDC，但我注意到除了 15% 的收益率外，Runway 还支付了 0.05 美元的额外分配，并在该季度回购了 100 多万股股票。</p>
<p>除此之外，世界领先的信贷投资公司购买了股票，这让我更放心地将 Runway Growth 作为另类收入投资组合的一部分。</p>
<p>多年来，我一直在关注 Ares 的买卖并投资于其公开交易证券。</p>
<p>阿鲁盖蒂最近购买了巴尔的摩金莺队的大部分少数股权，这证实了他是一位极其聪明的投资者，对棒球队有着极好的品味。</p>
<p><strong>要获取更多我的选择，甚至是我拥有 100% 胜率的投资组合，请点击这里！</strong></p>
<p>图片来自 Shutterstock</p>

ARES

<p>迈克尔·米尔肯在 1990 年创建高收益债券，彻底改变了金融业，并为阿波罗和雅礼等公司的蓬勃发展铺平了道路。雅礼管理公司专注于高质量、低风险投资，最近收购了商业发展公司，特别是奥克树专业信贷（OCSL）和戈勒布资本 BDC（GBDC），两者均提供可观的收入，收益率分别超过 13% 和 10.5%。雅礼还对 Runway Growth Finance（RWAY）进行了小额投资，突显了其优先考虑具有韧性的投资机会的策略</p>

<p>One of the most critical events in the history of finance happened back in 1990. It was the culmination of a transformative two-decade journey that forever changed the way companies are financed. This era also ushered in a golden age of takeovers, fundamentally altering the dynamics of shareholder-company relationships.</p>
<div class="lb-trans"><p>金融史上最关键的事件之一发生在 1990 年。这标志着一个持续两十年的变革之旅的巅峰，永远改变了公司融资的方式。这一时代也开启了一个收购的黄金时代，从根本上改变了股东公司关系的动态。</p>
</div><p>I am talking about Michael Milken’s creation of the high-yield bond market, Drexel Burnham Lambert’s meteoric rise, and the firm’s equally spectacular collapse.</p>
<div class="lb-trans"><p>我所说的是迈克尔·米尔肯创立高收益债券市场、德雷克塞尔伯恩汉姆兰伯特公司的腾飞以及该公司同样壮观的崩溃。</p>
</div><p>It’s crucial to recall that when the government orchestrated the downfall of Milken and Drexel, it wasn’t just a firm that collapsed. Many pioneers of the junk bond and private equity industry, who had been there from the beginning, suddenly found themselves without a job. However, their resilience and determination in the face of adversity are truly inspiring.</p>
<div class="lb-trans"><p>值得关注的是，当政府策划了米尔肯和德雷克塞尔的垮台时，垮台的不仅仅是一家公司。许多垃圾债券和私募股权行业的先驱，他们从一开始就参与其中，突然发现自己失业了。然而，他们在逆境中的韧性和决心确实令人鼓舞。</p>
</div><p>Among these newly idle individuals were former traders, analysts, and investment bankers who had worked with Milken. Several of them, including Josh Harris, Leon Black, Marc Rowan, Tony Ressler, and John Kissick, decided that the end of Drexel was the beginning of a massive opportunity for them to build a new firm and a large fortune.</p>
<div class="lb-trans"><p>在这些新失业的人中，有曾与米尔肯合作的前交易员、分析师和投资银行家。其中包括乔希·哈里斯、利昂·布莱克、马克·罗温、托尼·瑞斯勒和约翰·基西克等人，他们决定德雷克塞尔的终结是一个为他们建立新公司和创造巨大财富的巨大机遇的开始。</p>
</div><p><strong>Here's how we can tag along today…</strong></p>
<div class="lb-trans"><p><strong>今天我们可以如何跟随...</strong></p>
</div><p>They formed Apollo Management and began investing in the broken junk bonds and fractured loans scattered all over Wall Street when Drexel fell.</p>
<div class="lb-trans"><p>他们成立了阿波罗管理公司，并开始投资于德雷克塞尔倒闭时遍布华尔街的破碎垃圾债券和破裂贷款。</p>
</div><p>The new partners made a fortune for themselves and their investors, and Apollo has grown to be one of the largest alternative asset management firms in the world.</p>
<div class="lb-trans"><p>新合伙人们为自己和投资者赚取了一大笔财富，阿波罗已成长为全球最大的另类资产管理公司之一。</p>
</div><p>In 1997, Kissick and Ressler split off from Apollo and founded Ares Management. This investment firm focused more on bank loans, high-yield bonds, direct lending, other types of fixed income, and structured equity investments than the previous equity path Apollo was taking.</p>
<div class="lb-trans"><p>1997 年，基西克和瑞斯勒从阿波罗分拆出来，创立了 Ares Management。这家投资公司更专注于银行贷款、高收益债券、直接放贷、其他类型的固定收益和结构化股权投资，而不同于阿波罗之前的股权路径。</p>
</div><p>In 2004, Ares added Michael Arougheti to the firm. Arougheti had been at Merrill Lynch and Royal Bank of Scotland, where he developed deep expertise in distressed and special situation investing.</p>
<div class="lb-trans"><p>2004 年，Ares 将迈克尔·阿鲁盖蒂引入公司。阿鲁盖蒂曾在美林和苏格兰皇家银行任职，在那里他积累了对困境和特殊情况投资的深厚专业知识。</p>
</div><p>Today, Michael Arougheti is the CEO and President of Ares Management. While John Kissick went on to pursue other ventures, Tony Ressler still serves as the firm’s executive chairman.</p>
<div class="lb-trans"><p>如今，迈克尔·阿鲁盖蒂是 Ares Management 的首席执行官和总裁。而约翰·基西克则继续追求其他事业，托尼·瑞斯勒仍然担任公司的执行主席。</p>
</div><p>Ares is one of the leading alternative investment firms. While it does have a presence in private equity, it is best known as an income investor. Its credit funds have done extraordinarily well for its investors, and it has several publicly traded vehicles that also provide high income for individual investors.</p>
<div class="lb-trans"><p>Ares 是领先的另类投资公司之一。虽然它在私募股权领域有所涉足，但更以收入投资者而闻名。其信贷基金为投资者取得了非凡的成绩，还有几个公开交易的工具，为个人投资者提供高收入。</p>
</div><p>Investors interested in income or who understand the power of income in a total return-driven strategy should always look at Ares Management’s quarterly 13F filing.</p>
<div class="lb-trans"><p>对于对收入感兴趣或了解收入在总回报驱动策略中的力量的投资者，应该始终关注 Ares Management 的季度 13F 报告。</p>
</div><p>While I do not suggest blindly following anyone, knowing what one of the best income investors of the last 30 years has been buying and selling is useful information.</p>
<div class="lb-trans"><p>虽然我不建议盲目跟随任何人，但了解过去 30 年最优秀的收入投资者在买卖什么是有用的信息。</p>
</div><p>During the most recent quarter, Ares selectively bought business development companies (BDCs). At the top of the buy list is <strong>Oaktree Specialty Lending (OCSL)</strong>, a BDC managed by Oaktree Capital, a very successful income and credit investor in its own right.</p>
<div class="lb-trans"><p>在最近的一个季度，Ares 有选择地购买了商业发展公司（BDCs）。在购买清单的首位是由 Oaktree Capital 管理的 <strong>Oaktree Specialty Lending (OCSL)</strong>，这是一家非常成功的收入和信贷投资者。</p>
</div><p>This firm makes loans to middle-market companies in the U.S. that may have limited access to capital markets but have strong business models and growth potential. These companies typically have revenues between $50 million and $500 million.</p>
<div class="lb-trans"><p>该公司向美国中型企业提供贷款，这些企业可能在资本市场上的准入有限，但业务模式强大且具有增长潜力。这些公司通常的营收在 5000 万至 5 亿美元之间。</p>
</div><p>Oaktree’s strategy favors maintaining a high-quality loan portfolio. The company typically invests in companies with solid fundamentals and low default risk, focusing on capital preservation and current income.</p>
<div class="lb-trans"><p>Oaktree 的策略偏向于保持高质量的贷款组合。该公司通常投资于基本面稳固、违约风险低的公司，侧重于资本保值和当前收入。</p>
</div><p>The current yield on Oaktree Specialty Lending shares is a little over 13%.</p>
<div class="lb-trans"><p>Oaktree Specialty Lending 股票的当前收益率略高于 13%。</p>
</div><p>Ares is also investing in shares of <strong>Golub Capital BDC (GBDC)</strong>, a BDC that invests in middle-market companies, emphasizing those with a private equity sponsor.</p>
<div class="lb-trans"><p>Ares 还投资于 <strong>Golub Capital BDC (GBDC)</strong> 的股票，这是一家投资于中型企业的 BDC，重点关注由私募股权赞助的企业。</p>
</div><p>Golub’s portfolio is known for its conservative and defensive nature. It focuses on industries that are less vulnerable to economic cycles, such as healthcare, software, and business services. This strategy has historically resulted in a portfolio with lower default rates and stronger returns during periods of economic uncertainty.</p>
<div class="lb-trans"><p>Golub 的投资组合以保守和防御性著称。它专注于那些不太容易受经济周期影响的行业，如医疗保健、软件和商业服务。这一策略在经济不确定时期通常导致违约率较低、回报较高的投资组合。</p>
</div><p>The yield on this BDC is 10.5%, but Golub has a history of paying additional special distributions when the portfolio’s cash flow allows. So far this year, the firm has paid an additional 1.9% in special dividends.</p>
<div class="lb-trans"><p>该 BDC 的收益率为 10.5%，但在投资组合现金流允许的情况下，Golub 有支付额外特别分红的历史。今年迄今，该公司已支付了额外 1.9% 的特别股息。</p>
</div><p>Ares also made a small additional purchase of <strong>Runway Growth Finance (RWAY)</strong> shares, which lends to high-growth industries like technology, life sciences, healthcare information and services, and other fast-growing companies.</p>
<div class="lb-trans"><p>Ares 还对 <strong>Runway Growth Finance (RWAY)</strong> 的股票进行了小额额外购买，该公司向高增长行业（如技术、生命科学、医疗信息和服务以及其他快速增长的公司）提供贷款。</p>
</div><p>While Runway may be seen as a higher-risk BDC, I note that in addition to the 15% yield, Runway paid a $0.05 extra distribution and bought back over 1 million shares of stock in the quarter.</p>
<div class="lb-trans"><p>虽然 Runway 可能被视为高风险 BDC，但我注意到除了 15% 的收益率外，Runway 还支付了 0.05 美元的额外分配，并在该季度回购了 100 多万股股票。</p>
</div><p>That, along with the fact that one of the world’s leading credit investing firms bought shares, would make me feel more comfortable about adding a small stake in Runway Growth to an alternative income portfolio.</p>
<div class="lb-trans"><p>除此之外，世界领先的信贷投资公司购买了股票，这让我更放心地将 Runway Growth 作为另类收入投资组合的一部分。</p>
</div><p>I have been following the buying and selling of Ares and investing in its publicly traded securities for years now.</p>
<div class="lb-trans"><p>多年来，我一直在关注 Ares 的买卖并投资于其公开交易证券。</p>
</div><p>Mr. Arougheti recently bought a large minority interest in the Baltimore Orioles, which confirms that he’s an extremely intelligent investor with excellent taste in baseball teams.</p>
<div class="lb-trans"><p>阿鲁盖蒂最近购买了巴尔的摩金莺队的大部分少数股权，这证实了他是一位极其聪明的投资者，对棒球队有着极好的品味。</p>
</div><p><strong>To get more of my picks or even my portfolio that boasts a 100% win rate, Click Here!</strong></p>
<div class="lb-trans"><p><strong>要获取更多我的选择，甚至是我拥有 100% 胜率的投资组合，请点击这里！</strong></p>
</div><p>Image from Shutterstock</p>
<div class="lb-trans"><p>图片来自 Shutterstock</p>
</div>

1990 年最重要的金融事件带来的三只高收益股票