Credit Where It's Due

An Interview with Boaz Weinstein

Boaz Weinstein, the founder and CIO of Saba Capital, is regarded as one of the foremost credit traders in the world. He made news when he harpooned the so-called London Whale, getting on the scorned but eventually victorious other side of Bruno Iksil’s massive derivatives trade. His reputation as a brilliant and unorthodox player in high yield (and nowadays not-so-high yield) is deeper, widespread, and well-deserved. Here, he explains his thinking on how to take advantage of historically low levels of volatility, the seeming deafness of the credit market to nightmarish equity signals, and getting into the closed-end fund business.

Octavian Report: Is this the lowest you’ve ever seen volatility in the market?

Boaz Weinstein: On June 9th, the VIX touched 9.45. Since the beginning of the VIX — January 1990 — or roughly 7,000 days ago, I think this is the …

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