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Cole Page

About

Most recently I spent five months on DoubleLine's corporate credit desk in leveraged finance, covering a bit over twenty issuers across telecom, energy, industrials, chemicals, and financials, mostly bank loans and high yield with some investment grade and EM. Thirteen of those were full underwritings with a model and a memo behind them, alongside earnings work and more credit agreements and indentures than I expected. Three I took start to finish and presented to the desk.

I'm looking for a junior credit analyst seat with real coverage: leveraged finance, corporate high yield and loans. I'm open to any credit desk where I'd get reps. Either way, I'll keep publishing here. I'm at UCLA Anderson through June 2027.

How I got here

I start with the business: what drives cash flow, and what would have to happen for it to stop. Documents and capital structure matter a great deal, and I've spent enough time in credit agreements to know how much can turn on a single definition, but they sit on top of that simpler question.

That is mostly a function of how I got here. I spent about a decade working inside companies rather than analyzing them from outside.

At Compound Planning I built equity and tax modeling tools inside a full RIA, working with advisors across a hundred-odd client portfolios on ownership structures, liquidity events, and how concentrated positions behave when someone actually needs the money.

At Constellation Analytics I built pricing models for insurance underwriters, and learned how a book of risk gets priced and what it costs you to get it wrong.

At Sigma360 I worked on structuring unstructured filings into entity-level risk models for credit and counterparty assessment, which ended up as a couple of patent filings.

For seven years I ran a small systematic sports betting fund, which is where I learned position sizing.

None of that stopped when I moved to credit. Anderson's student investment fund now runs on a portfolio system I built: its books, its research files, and its weekly board report.

It took me a while to work out what I actually liked doing. It's researching and modeling businesses and figuring out how they hold together, not just whichever one I happened to be working at but as many as I could get to.

Independent research

Everything published on this site is independent of my work at DoubleLine. The Chemours pitch is the one to read first: pitched at 95.3 in November 2025, marked at 98.9 as of August 2026, through its price target. It took first at the Fink Center's national competition, as a team of four.