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Credit Crunch: NISA’s Eichhorn on Alpha and Liability Management
Credit Crunch
NISA’s Eichhorn on Alpha and Liability Management
“All alpha is excess return, not all excess return is alpha,” says NISA CEO and Head of Investment Strategies David Eichhorn when discussing the use of appropriate benchmarks to measure performance and beta masking as alpha. Eichhorn joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about hedging liabilities and utilizing derivative overlays, targeting high information ratios and being a liquidity provider, and the evolution in liability management. The current rate backdrop and funded status for defined benefit plans, as well as leverage costs for BDCs are also discussed. The Credit Crunch podcast is part of BI’s FICC Focus series. Listen on Apple Podcasts and Spotify.
Dec 29, 2025