Robert Cohen on Public vs. Private Credit: Proceed With Caution

Robert Cohen, Head of DoubleLine’s Global Developed Credit team, returns to “Perspectives” with Client Portfolio Manager Chris Stegemann to assess today’s credit landscape and outlook through 2026. Mr. Cohen explains why he sees recent defaults as isolated events rather than systemic, why fears of a “credit bubble” are misplaced, and how tightening spreads and shifting lending standards are influencing risk and return across sectors. He also contrasts public and private credit in the post-pandemic era, noting that private has been underperforming public and now carries lower credit quality, higher industry concentration and more costly financing for borrowers. The discussion highlights where investment professionals can still find value in credit as growth remains positive and M&A activity and credit creation begin to accelerate.