He shared interesting material with the AIM students about the CLO market over the past decade. His presentation included a discussion about the process KVK employs in structuring collateralized loan obligations. The students learned about the CLO cashflow life cycle, tranches, and the sourcing of assets. He shared an interesting data item with the students – between 1994 and 2015, S&P rated over 6,000 CLO tranches and only 25 were downgraded to a rating of D – a mere 0.41% of all CLOS – and of these most were not structured as traditional CLOs. These weren’t the securitized products that were the gist of The Big Short!