As snow fell in New York City on a December afternoon, waiters bearing trays of cookies fanned out among the group of bankers and investors gathered at the New York Athletic Club. The sweet biscuits were courtesy of Leonard Tannenbaum, chief executive of Fifth Street Management, who had a message for those attending the financial conference.
“I believe there’s another cycle coming,” said Mr Tannenbaum, whose specialist lending firm enjoys the support of investor David Einhorn. “So have the cookie. I want you to enjoy the sugar high – while it lasts.”
US credit markets rebounded in 2013 as a flood of central bank money and continued low interest rates pushed investors into riskier but higher-yielding assets.
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