Key takeaways: Global credit spreads are pricing complacency, not risk: Despite headlines of geopolitical reordering and rules-based order collapse, spreads remain at all-time tights across markets—an unjustifiable disconnect that creates selective opportunity for informed investors. Emerging-market fixed income and European stressed/distressed corporates represent the highest-conviction opportunity set: These segments may offer strong risk-adjusted returns through structural advantages and increased dispersion relative to U.S. alternatives. Uncorrelated strategies and CLO structures may provide essential portfolio resilience while capturing competitive yields: Traditional correlation assumptions break down during volatility; investors should look to prioritize strategies that deliver returns independent of market relationships and provide downside mitigation during dislocations.