As debt ratios have continued to rise, credit managers have adapted quickly with opportunistic and dislocation funds. Despite this, however, overall short-term fund performance is forecast to fall. Should investors expect a quick recovery, or is the worst yet to come as defaults accelerate? And what do uncertainty and reduced deal activity mean across ratings and maturities? With the "end of the credit cycle" being declared for months, if not years, how likely are we to see major downturns given the unprecedented monetary and fiscal stimulus? And is what many describe as the coming "default wave" inevitable?