In this episode of The Bridge, Sonali Basak, Chief Investment Strategist at iCapital, sits down with Steve Tananbaum, Founder and Chief Investment Officer of GoldenTree Asset Management, to discuss why today's software correction may be only halfway complete, how a structurally complex credit environment is creating selective opportunities for disciplined investors, and why this moment calls for valuation and downside protection rather than predictions about where the market is headed.
The conversation also covers how AI is emerging as both a source of opportunity and a structural risk for software business models, why dispersion rather than broad systemic distress is the defining feature of this credit cycle, and what the pace of AI adoption will reveal about which companies are true contenders and which are simply pretenders. Tananbaum shares his conviction that as business models keep evolving and uncertainty rises, outcomes will diverge sharply, rewarding investors who underwrite to a disciplined base case over those leaning on broad macro assumptions.
