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Andreas Steno Larsen observes that private credit investors have consistently sought out companies possessing significant protective moats and stable cash flows.
According to Larsen, for years, such criteria—especially strong barriers to competition and reliable income—have made software and SaaS companies particularly attractive targets within private credit markets. He adds that there are tens of thousands of specialized firms fitting this profile.
Larsen has addressed other trends in recent market commentary. He recently explained that U.S. gasoline prices surged by $0.93 since the start of the war, reaching an average of $3.93. In a separate post, he described how analyzing modern warfare through a macroeconomic risk lens reveals unique insights. These observations come as investors continue to assess opportunities and risks across sectors.