Podcasts about blue owl

What happens when asset owners stop managing asset classes and start managing the whole fund? How do portfolios change, and how does the industry reorient their business models around them? In this episode, a practical sequel to Season 1's introduction, we break down how TPA changes investment processes, how portfolios differ under an SAA framework, and what this means for external managers. With insights from CPP Investments, NZ Super, Blue Owl, and Capital Group, the conversation highlights how partnership, transparency, and solution-oriented relationships reshape the manager-investor relationship in a TPA world.Guests:Geoffrey Rubin, Chief Investment Strategist, Total Portfolio Management, CPP Investment BoardCharles Hyde, Head of Asset Allocation, New Zealand Superannuation Fund Eugene Podkaminer, Institutional Solutions, Capital GroupJames Clarke, Senior Managing Director, Global Head of Institutional Capital, Blue Owl Capital⁠Episode Sources

In this episode of The Wrap with Chris Whalen, Chris breaks down the 777 Partners bankruptcy — a sprawling collapse touching insurance, reinsurance, soccer clubs, and airlines that he says is a preview of how private credit ultimately unwinds: slowly, messily, and with fraud along the way. He explains why the contagion risk to insurance matters most for ordinary people, since firms like Apollo, Brookfield, and Blue Owl use insurance balance sheets to fund private credit strategies, leaving annuity and life policyholders exposed. Chris also digs into United Wholesale Mortgage, arguing the real problem wasn't the Two Harbors hedge but years of cash extraction and overvalued servicing assets — and what Oaktree's $1.5 billion rescue means now that "the grim reaper of Wall Street" is in the building. On markets, he describes a manic tape where cycles no longer exist, questions whether AI valuations survive Chinese competitors offering the same functionality at a tenth of the cost, and wonders whether Kevin Warsh will finally let the market take a hit. He then makes the case that the cooler CPI print is masking a genuine inflation problem: diesel is up roughly 35% since February, key industrial chemicals and LNG capacity was destroyed in the Iran conflict, and those input costs are rippling into food, housing, construction, and packaging. Finally, Chris explains why he thinks the gold and silver bull markets remain fully intact, and what the Byzantine Empire taught him about what happens when gold runs short.Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/Links:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ 777 Partners blog post: https://www.theinstitutionalriskanalyst.com/post/theira879 Twitter/X: https://twitter.com/rcwhalen    Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcoverUse the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 - Intro1:37 - 777 Partners bankruptcy: what the demise of private credit looks like3:56 - Does this accelerate the slow-motion train wreck?5:45 - Contagion risk to insurance: annuities, life policies, and private credit balance sheets7:36 - United Wholesale Mortgage, Mat Ishbia, and the Oaktree rescue10:44 - Oaktree, the "grim reaper of Wall Street," and stress in mortgage lending11:00 - DSCR loans and the rental-property workaround12:13 - Monetary Metals: earn a yield on your gold13:22 - Markets at records: "the numbers are too big"15:20 - The Warsh Fed: will bailouts end?16:05 - AI valuations, the price war, and Chinese competition17:36 - Inflation beneath the surface: input costs are exploding18:08 - Diesel up 35%, heating oil, chemicals, and the fall squeeze20:02 - Food prices, farmers, and the Iran war fallout22:39 - Spillover into housing, construction materials, and packaging24:19 - Gold's run higher and Chinese buying25:13 - Silver: a commercial trade, and the supply problem26:44 - The WGA precious metals top 25 list28:14 - Lessons from Byzantine monetary history29:38 - Parting thoughts: private credit surprises, the Middle East, and the midterms30:39 - Closing

Bonus Episode for July 31. Investment firms like Blackstone, KKR and Blue Owl have been battered over the past year by a client exodus from private-credit funds. WSJ lead financial reporter AnnaMaria Andriotis discusses the state of the industry's recovery from a surge in redemption requests from rattled investors and whether these firms' investments in AI can help them recover from blows to the software sector. WSJ reporter Matt Wirz, who covers credit, hosts this special bonus episode of What's News in Earnings, where we dig into companies' earnings reports and analyst calls to find out what's going on under the hood of the American economy. Sign up for the WSJ's free Markets A.M. newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

ATENÇÃO: ESTE EPISÓDIO ESTÁ COM O ÁUDIO ORIGINAL EM INGLÊS. SE QUISER CONFERIR UMA VERSÃO LEGENDADA EM PORTUGUÊS DA CONVERSA, ASSISTA AO EPISÓDIO EM: https://www.youtube.com/@StockPickersUMA INDÚSTRIA QUE CRESCEU RÁPIDO DEMAIS E A VISÃO DE QUEM ESTÁ DENTRO DE UMA DAS MAIORES GESTORAS DO MUNDO  Neste episódio especial do Stock Pickers, Lucas Collazo recebe diretamente dos EUA a presença de Logan Nicholson, diretor e gestor de fundos de Private Credit da Blue Owl, para uma conversa sobre o mercado de private credit: um dos temas mais quentes e controversos de Wall Street.   Com um episódio gravado na Expert XP 2026, Logan explica por que o crédito privado americano virou alvo de questionamentos de grandes bancos, como a Blue Owl enxerga o risco de defaults e má precificação, e por que a inteligência artificial - mais do que uma ameaça - pode ser o maior canal de distribuição e monetização para o software corporativo dos próximos anos. Logan ainda discute a competição entre gestores e explica por que a Blue Owl, um dos maiores players do mercado no mundo, está de olho no Brasil como mercado estratégico para diversificar sua base global de investidores.   Um episódio para quem quer entender o que está realmente acontecendo no mercado que mais cresceu - e mais gerou debate - nos últimos anos.  Quer ver mais conteúdos da Expert XP 2026? Confira a seleção do Stock Pickers dos melhores painéis e debates do maior festival de investimentos do mundo: https://www.youtube.com/playlist?list=PLKMyjSfLbYRM   

"Stability is destabilizing." -Hyman MinskyBDCs are already cutting dividends. Blackstone, Blue Owl, and KKR are gating redemptions. The credit cycle signal is flashing — and almost nobody is watching it.There's a corner of the NYSE that nobody in crypto Twitter or macro Twitter is paying attention to. And it's insane to me — because if you want to know where the credit cycle is breaking, this is where you see it first.BDCs. Business development companies.They're sitting right there, publicly traded, yielding 12-13%. And almost nobody is watching them for the right reason.In this episode, Wasabi, Lux, Boomer, and Hal break down exactly what BDCs are, why they're the public window into a private credit market that's almost entirely dark, and why the signal is no longer hypothetical — the VanEck BDC Income ETF just cut its distribution in half, and Blackstone, Blue Owl, FS KKR, Apollo, Ares, and Morgan Stanley have all imposed redemption gates on their non-traded BDC vehicles. Investors trying to get their money out can't.This isn't a forecast. It's a current event.We walk through the full framework: what BDCs are, who borrows from them, why the structure forces transparency that private credit funds don't have, and how to use the dividend cut signal as a leading indicator for the broader credit cycle. One cut — note it. Two — pay attention. Three or more in the same quarter — deploy.This episode is free. Share it with someone who watches markets.SharePaid subscribers get:→ The daily market report — live BTC and ETH prices, macro color, fear & greed, and a straight read on what's actually moving→ Private Discord — talk through trades and theses directly with Hal and Lux. Not a community. Not a server with 10,000 people. A small room with the people who made this episode. And people like you.If you found this useful, the upgrade is worth it.subscribeDisclaimer on BCD's signal - while this podcast is fun this signal does not out perform buy and hold in back tests: The contrarian backtest completed. Here's the verdict:90 trades, 17.7% average return, 63% win rate. Sounds good right?But zero alpha. Every single trade has exactly 0% alpha vs buy-and-hold over the same period. That's because the "buy after cut" entry is just buying the stock — you'd get the same return just holding it through the dip.Here's the breakdown:• Big winners (2020Q1-Q2 trades): +80% to +161% — but that's just the COVID recovery. Buy-and-hold did the same.• Big losers (2019Q1, 2022Q1): -25% to -52% — you bought into a continuing decline• Win rate is decent (63-72%) but that's just BDCs being mean-reverting assets in generalThe honest answer: The contrarian angle feels right narratively, but the data says there's no edge. The dividend cut doesn't give you a better entry point than just buying the dip on price alone. You're not buying a "NAV discount opportunity" — you're buying a falling knife that sometimes recovers and sometimes doesn't.The 2008 story is a survivorship bias — we remember the BDCs that recovered, not the ones that didn't (OCSL -86% cut, NEWT with 13 cuts over 10 years).So both directions are dead: sell on cuts = no signal, buy on cuts = no alpha.

Dan Nathan sits down with Rick Heitzmann, co-founder and partner at FirstMark Capital, to kick off a new Okay, Computer. series on AI investing. They dig into the circular financing behind the AI infrastructure boom — from Nvidia backstopping Apollo's private credit for xAI to Meta's off-balance-sheet data center deals with KKR and Blue Owl — plus the shift from "tokenmaxxing" to an efficiency era, the rise of Chinese open-source models, memory stock froth, and what's next for the IPO market after SpaceX. Show Notes Big Tech Is Hiding $1.65 Trillion in Debt. How Worried Should Investors Be? (Yahoo Finance) SpaceXAI Explores Major Data Center Expansion in Texas (The Information) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

In this episode, Howard Farran sits down with Brian Hanks, MBA, CFP — a national dental transitions expert, author, accountant, and Certified Financial Planner who has been directly involved in hundreds of dental practice transitions across all fifty states. Through his firm, Dental Buyer Advocates, Brian works exclusively with buyers, guiding them through due diligence, negotiation, financing, and transition. He joins the show to explain what recent turbulence in private credit markets could mean for dental practice valuations. The conversation starts with the Blue Owl private credit situation and why a fund halting redemptions matters to everyday dentists. Brian explains how private equity and private credit have fueled the dental acquisition boom, and what happens when that fuel gets more expensive — specifically how EBITDA multiples compress as borrowing costs rise, and what that looks like in real dollar terms for a selling dentist. He also addresses why changes in credit markets typically take 12 to 24 months to show up in practice valuations, and how to tell whether the current moment is the start of a genuine shift or just a temporary blip. From there, Brian offers practical guidance for both sides of the market: what dentists thinking about selling in the next few years should be doing right now, how a cooling acquisition market can create real opportunity for buyers, and the early warning signs brokers and advisors are already watching — longer timelines, fewer bidders, and more selective buyers. He closes with the single biggest mistake dentists make when selling, what a truly well-prepared practice looks like to a serious buyer today, and where he thinks valuations are headed over the next 24 months. Episode #1717 : Dentistry Uncensored with Howard Farran, Howard sits down with Brian Hanks, MBA, CFP — national dental transitions expert, author, and founder of Dental Buyer Advocates — to unpack what recent turbulence in private credit markets could mean for dental practice valuations. Most dentists have never heard of Blue Owl. Brian explains why they should care — how rising borrowing costs compress EBITDA multiples, what that means in real dollars for a selling dentist, and why credit market shifts take 12–24 months to show up in what your practice is worth.

Host Greg Dowling speaks with Alexey Teplukhin of Blue Owl Capital on the rapid buildout of digital infrastructure for cloud and AI. They cover an estimated $7 trillion need, long-term leases to investment‑grade hyperscalers, and Blue Owl's role, including a Meta joint venture in Louisiana. Topics include power access, community and regulatory dynamics, private credit's flexibility, and why landlords hold real estate risk while tenants manage technology refresh, reducing obsolescence concerns.

Hear key analysis on this morning's Jobs Report - and what it means for the Fed, rates, and markets - with CNBC's own Carl Quintanilla, Leslie Picker, and Michael Santoli alongside Rick Santelli, Goldman's Chief Economist, and JPMorgan Asset Management's Chief Strategist this hour. Plus: AI demand concerns growing - and taking down chip stocks in Asia... hear one industry analyst make the case for OpenAI and Anthropic to NOT join public markets. Elsewhere this hour: details on one BBQ item seeing record prices, and why Blue Owl shares are gaining in the early trade despite more redemptions from 2 private credit funds.  Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On the last trading day of a holiday-shortened week, Carl Quintanilla and Jim Cramer reacted to the June employment report showing weaker-than-expected job creation. Stocks rose on that data, which fueled hopes that the Fed would be less likely to hike rates. National Economic Council Director Kevin Hassett joined the program with White House reaction to the jobs numbers. The anchors asked him about OpenAI reportedly discussing a proposal to give the U.S. government a 5% stake in the company. Also in focus: Tesla Q2 deliveries beat forecasts, Microsoft's new AI "Frontier," what's next for Meta one day after shares rallied on its push into cloud computing, new redemptions at Blue Owl.   Squawk on the Street Disclaimer   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A major theme of the first half of 2026 was Anthropic's Claude Code triggering a software sell-off that is still reshaping private credit, BSL and distressed debt. In the latest episode of Cloud 9fin Dan Mika, Anna Russi and Samantha Stokes unpack the first half of the year and what shocks await in the second half.The team reviews a volatile first half that began with optimism around M&A, Hologic, Electronic Arts and new-money LBO supply, before the software sell-off and Iran war changed the tone. Dan Mika contrasts IG M&A volume with weaker high-yield and leveraged loan activity, while Anna Russi explains how private credit lenders are reassessing software underwriting after Medallia handed keys to lenders. Samantha Stokes discusses distressed credits trading down ahead of 2028 and 2029 maturity walls, with lenders wary of long-dated refis as AI risk remains hard to price.The episode also covers the limited but sector-specific impact of the Iran war on chemicals, building products and airlines, including Tronox, Cornerstone Building Brands and Spirit Airlines. Looking ahead, the team flags private credit liquidity stress, retail redemptions, portfolio sales at managers including Blue Owl, Apollo, FS KKR and New Mountain, rising secondaries activity, Mudrick's LME fund and the risk of higher-for-longer SOFR.Have any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!

Is private credit the pin that pops the market bubble? The short answer is no—but that’s the wrong question entirely. Private credit is now a $1.8–$3.5 trillion market, rivaling the entire U.S. leveraged loan and high-yield bond markets combined. It’s direct lending, shadow banking, and middle-market finance all rolled into one, and firms like Ares, Apollo, Blackstone, Blue Owl, and Morgan Stanley are at the center of it. Business development companies (BDCs), are gating redemptions. Pension funds, insurance companies, and retail investors are all exposed. And the Financial Stability Board issued a formal warning in May 2026. So what is private credit, how did it get this big, and what does it actually mean for the broader economy if it seizes up? In this episode, Max breaks down the entire private credit ecosystem—from its origins in post-2008 regulation to the mechanics of SOFR-linked floating rate loans, PIK interest, covenant-lite structures, and the $410–$540 billion in bank lending that ties the whole system together. We look at the BDC redemption crisis of 2025 and 2026, the First Brands and TriColor fraud cases and Jamie Dimon’s cockroach comment that won’t go away. Resources J.P. Morgan: Understanding Private Credit Bloomberg Television: Why Private Credit Is Not a Financial Crisis Threat Blackstone: What’s Really Happening in Private Credit? Expert Answers CNBC Television: Inside Alts: Private credit fears resurface CNBC Television: This is the start of a big crisis for private credit, says Verdad’s Rasmussen The Federal Reserve: Bank Lending to Private Credit: Size, Characteristics, and Financial Stability Implications Federal Reserve Bank of Boston: Could the Growth of Private Credit Pose a Risk to Financial System Stability? IMF eLibrary: Chapter 2 The Rise and Risks of Private Credit in: Global Financial Stability Report, April 2024 Financial Stability Board: FSB warns on private credit vulnerabilities NAIC: How State Insurance Regulators are Responding to Growth in CLOs and Private Credit Bloomberg: Ares Private Credit Fund Caps Redemptions After 14% Seek to Exit Bloomberg: Apollo Caps Private Credit Fund After 17% Request to Exit Bloomberg: Private Credit Is Still a Hot Asset for Bond Investors Buying Debt Bloomberg: Morgan Stanley Caps Private Credit Fund After 11.6% Exit Request Bloomberg: Cliffwater Private Credit Fund Stung by 17% Redemption Requests Bloomberg: Blackstone Limits Withdrawals From $79 Billion Private Credit Fund BCRED Bloomberg: Private Credit BDC Redemptions Exceed Fundraising for First Time The Lead Left: Middle Market & Private Credit – 1/5/2026 - The Lead Left Financial Times: US debt investors raise alarm over lending standards UNFTR Resources Video: Will Private Credit’s Death Spiral Pop the Market Bubble? Essay: Is Private Credit the Pin That Pops the Bubble? UNFTR Newsletter UNFTR Progressive Trivia -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility.Support the show: https://www.unftr.com/membershipsSee omnystudio.com/listener for privacy information.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Josh Ufberg, Senior Managing Director at Blue Owl, to discuss the evolution of the credit secondaries market and why it is becoming an increasingly important part of the private credit landscape. As private credit continues to grow, Josh shares his perspective on how secondary transactions can provide liquidity solutions while creating opportunities for investors seeking attractive risk-adjusted returns.   Stewart and Josh explore how credit secondaries work, how value is created through discounted purchases, accrued cash flows, and transaction structuring, and why insurers may find the asset class particularly compelling. They also discuss diversification, capital efficiency, shorter-duration exposures, and the broader role credit secondaries could play in insurance portfolio construction as the market continues to mature.

In this episode, we break down private credit titan Blue Owl Capital's move to establish its regional headquarters in Abu Dhabi amid macroeconomic shifts. We also explore the intense bidding war brewing in the food delivery sector as Saudi startup Ninja threatens Uber's Middle East acquisition strategy, and highlight the major regulatory milestone in Washington as the DOJ clears Paramount's $110 billion purchase of Warner Bros Discovery.

Victor Lopez on Fixing Broken MSP Financial Plumbing with AI Todd interviews Victor Lopez, a former attorney and private credit professional at Blue Owl Capital who co-founded Flexpoint after seeing how clunky MSP financial tools were. Victor traces his "aha" back to Blue Owl financing Thoma Bravo's 2018 acquisition of ConnectWise, which led him to question why PSAs mix ticketing/project work with invoicing while still requiring separate accounting software. They discuss how most AI talk in the MSP industry centers on service delivery, but Victor argues owners should also apply AI to operations like accounts receivable/payable, collecting and making payments, payroll, and other non-revenue tasks that often fall on owner-operators (especially in sub-$1M MSPs).  Victor describes AI agents, including voice AI for overdue invoice calls, and emphasizes human-in-the-loop controls, segmenting which customers are contacted, and escalation to a human to protect relationships while improving efficiency and owner quality of life. This episode is brought to you by Opsleader Pro. A place for MSP owners and managers to get the systems and tools they need to build a stable and growing MSP. Part group coaching, part peer group, everything you need to run a successful MSP. 00:00 Meet Victor Lopez 01:20 From Law to Flexpoint 02:02 ConnectWise Deal Spark 02:57 Why PSA Billing Exists 05:35 AI Beyond Tickets 08:13 Operational AI Wins 14:09 Agentic AI for AR 16:50 Join Opsleader 17:26 Controls and Oversight 22:09 Voice Agents Calling Clients 28:27 Owner Time and Quality 32:20 Wrap Up and Takeaways

In der heutigen Folge sprechen die Finanzjournalisten Daniel Eckert und Holger Zschäpitz über das jähe Ende einer Gewinn-Serie, den Dax-Aufstieg von Hochtief und wie Ihr steuerschonend Euer Depot weitergeben könnt. Außerdem geht es um OHB, SpaceX, Broadcom, CrowdStrike, SAP, Nemetschek, Atoss, Partners Group, Blue Owl, Apollo, Ares, EQT, Blackstone, KKR, RWE, E.on, Porsche Holding SE, Elmos Semiconductor, Siltronic, Süss Microtec SE, Saudi Aramco, OpenAI, Anthropic, Alphabet, Meta, Amazon, Tesla, Nvidia, Boeing, Jefferies, Partners Group Global Value (WKN: A2N9U7), Invesco Solar Energy ETF (WKN: A2QQ9R). Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Hier könnt ihr den AAA-Newsletter abonnieren: https://www.welt.de/newsletter/article232797673/Alles-auf-Aktien-Der-taegliche-Boersen-Newsletter-fuer-WELTplus-Abonnenten.html Und - ganz neu: AAA gibt es jetzt auch auf Instagram: https://www.instagram.com/alles_auf_aktien/ Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

   Na edição 187 do Outliers InfoMoney, Clara Sodré e Fabiano Cintra ampliam a discussão sobre o setor de private credit dos Estados Unidos. Eles entrevistam Fernando Cortez, da Blue Owl Capital, uma das líderes globais desse mercado.   Para Cortez, a corrida de investidores para sacar aportes em private credit no início de 2026, noticiada pela imprensa americana, não encontra justificativa nos fundamentos. “A média histórica de default, em 13 anos de direct lending, era mais de 2,7% anualizados. Hoje, está rodando em mais ou menos 1%. Ou seja, abaixo da média".  "A gente não consegue enxergar os motivos que lideraram esse número de saques mais elevados no último trimestre”, afirma Cortez. “Então, acho que é o comportamento do investidor reagindo a uma narrativa e a eventos pontuais e, talvez, um exagero a alguns pontos que não foram muito bem esclarecidos. Isso leva, obviamente, o investidor mais receoso a resgatar”. companhe o bate-papo e entenda como diversificar os investimentos.   Confira também o episódio 186, no qual Renato Jerusalmi, da Riza Asset, comenta o momento do crédito privado no Brasil e nos EUA 

UK gilt investors are weighing in on who they would like to see replace Prime Minister Sir Keir Starmer, and the fund raising for Blue Owl is running dry. Plus, the US economy is hurting due to high inflation and eBay says no thanks to GameStop's takeover bid. Mentioned in this podcast:Who do gilt investors want to lead Britain? UK borrowing costs surge as Starmer leadership crisis rattles bond Fuel, munitions and food: Trump's Iran war rips across US economyUS inflation jumps to 3.8% as Trump's Iran war sends petrol prices soaringBlue Owl retail fundraising evaporates amid private credit concernsEbay rejects $56bn GameStop bid as ‘neither credible nor attractive'Get in touch with us at podcasts@ft.com Note: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Katya Kumkova, Saffeya Ahmed, and Sonja Hutson. Our show was mixed by Sam Giovinco. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

C dans l'air du 13 mai 2026 - Chômage, inflation : vous n'avez encore rien vu ...Deux mois et demi après le déclenchement de la guerre au Moyen-Orient, le détroit d'Ormuz est toujours fermé, la situation piétine sur le plan diplomatique et les voyants économiques commencent à passer au rouge. L'Insee vient de publier ses chiffres pour le premier trimestre 2026 : le chômage est en hausse de 0,2 % et atteint 8,1 %, son plus haut niveau en cinq ans. Les prix à la consommation ont augmenté de 2,2 % sur un an au mois d'avril, tirés par la flambée des prix de l'énergie. La croissance française est à l'arrêt. L'activité économique a stagné au premier trimestre, et la banque centrale n'a pas fait de prévision chiffrée pour le second trimestre. Autre signe d'inquiétude, les faillites d'entreprises ont frôlé la barre symbolique des 70 000 en mars dernier, selon des données de la Banque de France.Avec un pouvoir d'achat en recul, les courses deviennent un casse-tête pour de nombreux Français. Les boutiques sont de plus en plus désertées, et le secteur de la mode en particulier connaît une crise très profonde, marquée par une succession de redressements judiciaires et de fermetures qui fragilisent même des marques que l'on pensait incontournables. Ainsi, le chausseur Minelli vient d'annoncer la fermeture définitive de ses boutiques le 30 mai.Dans ce contexte, le Smic va augmenter de 2,4 % le 1er juin, a annoncé ce mercredi le ministre du Travail Jean-Pierre Farandou, soulignant qu'il s'agit d'une augmentation « mécanique » du salaire minimum, liée à la reprise de l'inflation, sans coup de pouce. Parallèlement, le gouvernement planche sur de nouvelles annonces pour soutenir le pouvoir d'achat des Français alors que les bénéfices des géants pétroliers relancent la question d'une taxation des « superprofits ». D'autres idées sont en débat, comme le blocage des prix ou la nationalisation de TotalEnergies.Parallèlement, le Conseil de stabilité financière (FSB), l'organisme international créé dans le cadre du G20 pour surveiller les vulnérabilités du système financier, alerte sur les risques croissants du crédit privé. Dans un rapport, il pointe la trop grande opacité des opérations de financement privé, plébiscitées ces dernières années, en particulier aux États-Unis, pour financer les PME et les ETI, et aujourd'hui dans l'œil du cyclone. L'inquiétude est montée d'un cran après que le géant BlackRock, ou encore le gérant Blue Owl, ont dû plafonner les rachats de parts de fonds investis dans la dette privée. Dans une tribune publiée en mars dans le New York Times, Richard Bookstaber, ancien responsable au Trésor américain, estime non seulement que « des signes de tension systémique commencent à apparaître », mais que ceux-ci pourraient déboucher sur une crise encore plus sévère que celle des « subprimes » en 2008. Il nous a accordé une interview.Nos experts :- Philippe DESSERTINE - Économiste, professeur à l'Université IAE Paris panthéon sorbonne, auteur de L'horizon des possibles, publié chez Robert Laffont- Mathieu PLANE - Économiste Directeur adjoint du Département Analyse et Prévision à l'OFCE, enseignant à Sciences PO Paris, auteur de L'économie française 2026, publié aux éditions La Découverte- Jean-Paul CHAPEL - Éditorialiste économique à France Télévision- Stéphanie VILLERS - Économiste, spécialiste des questions de Finances, conseillère économique de PwC France, un cabinet de conseils auprès des entreprises

Five major developments in the credit crisis/bust. BlackRock, JP Morgan, Blue Owl, Apollo and another big run on a big fund. Private credit didn't go anywhere, the situation keeps escalating and each one of these represents more significant confirmation of the shift toward toxic waste status. From asset valuations to more losses at big names, the behavior has radically changed. Eurodollar University Money & Macro AnalysisGundlach Warns Investors Will Lose Money on Private Credithttps://finance.yahoo.com/markets/stocks/articles/gundlach-warns-investors-lose-money-200041360.htmlBlackRock Private Credit Fund Cuts Asset Value on Markdownshttps://www.bloomberg.com/news/articles/2026-05-07/blackrock-private-debt-fund-cuts-asset-value-on-loan-markdownsJPMorgan-Led Group Eyes $500 Million Loss on Qualtrics Debthttps://www.bloomberg.com/news/articles/2026-05-06/jpmorgan-led-group-eyes-500-million-loss-on-qualtrics-debtBlue Owl adviser sued over allegedly inflating fund values, charging excessive feeshttps://www.reuters.com/legal/litigation/blue-owl-adviser-sued-over-allegedly-inflating-fund-values-charging-excessive-2026-04-28/Apollo CEO Rowan warns of market correction, slams ‘egregious' practices at rival insurershttps://www.cnbc.com/2026/05/06/apollo-ceo-rowan-market-correction-rival-insurers.htmlApollo to Give Investors Daily Pricing on Private Credit By Septemberhttps://www.wsj.com/finance/investing/apollo-to-give-investors-daily-pricing-on-private-credit-by-september-44a2c84b$10 Billion Golub Fund Caps Outflows After Requests for 8.5%https://www.bloomberg.com/news/articles/2026-05-07/-10-billion-golub-fund-caps-outflows-after-requests-for-8-5

Private credit was the hottest craze on Wall Street. Throughout the boom, one firm became its poster child, Blue Owl. But a recent panic posed a troubling question. What happens if investors suddenly want out at the same time? WSJ's Matt Wirz reports on the turmoil and explains why private credit is something American workers need to pay attention to. Ryan Knutson hosts.  Further Listening: - The Wall Street Craze Jamie Dimon Can't Resist. Even If It Blows Up. - Private Equity and Crypto Could Be Coming for Your 401K Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Private credit is one of the fastest-growing areas in global finance but what actually is it, and why is everyone talking about it?In this episode of the Market Maker Podcast, we break down private credit in simple terms: how it works, why it's grown into a $3 trillion market, and the key players driving it, including Blackstone and Blue Owl.We also go deeper into:Why private credit exploded after the 2008 financial crisisHow it differs from traditional bank lending and public debtWhat a Business Development Company (BDC) isWhy institutional investors are pouring money into itThe risks, defaults, and whether this could become a systemic issuePrivate credit offers higher returns than traditional debt but with that comes important trade-offs around liquidity, transparency, and risk. We explore whether the concerns you're seeing in the media are justified or overblown.If you've seen headlines about private credit and want a clear, no-nonsense explanation, this episode is for you.⏱️ Timestamps:(00:00) What is private credit?(00:58) How it works (simple explanation)(03:19) Why it's grown so fast(05:48) Inside Blackstone Strategy(11:05) Blue Owl & BDCs explained(15:31) The risks & “financial crisis” debate

Private equity gets sold as exclusive, sophisticated, and “what the smart money does,” but the reality is far less compelling. Don and Tom break down the illusion: limited transparency, questionable valuations, high fees, and serious liquidity risks—all for returns that barely edge out (if at all) simple public market strategies. They argue that the supposed advantages—like the “illiquidity premium” and diversification—don't hold up under scrutiny. The episode then pivots to smart listener questions on early retirement planning and 457 vs. 401(k) decisions, reinforcing a core theme: complexity is often marketed as intelligence, but disciplined simplicity usually wins.0:05 Financial pros sell complexity because it pays them more0:30 Private equity pitch: exclusivity, access, and “smart money” appeal1:40 Article breakdown: positives vs. negatives of private equity2:21 “You get to feel special” and access private companies3:00 The illusion of diversification and non-correlation3:37 Public vs. private pricing: real markets vs. guesswork4:04 Example of questionable private equity valuation jumps5:27 The “illiquidity premium” myth6:00 Liquidity risk: not being able to access your money6:27 Pension funds and private equity track record reality6:51 Returns comparison: private equity vs. public markets8:20 Small cap value vs. private equity (higher returns, lower cost)9:48 Why advisors push complex products (fees and optics)10:30 Liquidity crises and echoes of 2008 (Blue Owl example)11:36 Caller: early retirement planning with pension and TRICARE13:19 Financial readiness vs. purpose in retirement15:28 Long-term risks of early retirement and longevity16:19 Monte Carlo planning and scenario testing18:37 Listener question: 457 vs. 401(k) strategy19:56 Key advantage: penalty-free withdrawals from 457 plans23:13 Rare but real risk: non-governmental 457 ownership issue24:35 Roth vs. traditional: educated guesses, not certainties24:48 When you need a real financial plan (not just rules of thumb)26:03 Human advisor vs. emerging AI planning tools27:40 Closing thoughts and how to get helpQuestions? Comments? Click!

Send us Fan MailIn Part 3 of our Caesars Palace Coup series, we're back with Sujeet Indap of the Financial Times — co-author of the definitive book on the $30 billion LBO disaster — to connect the dots between 2008's creditor-on-creditor violence and the private credit tremors rattling markets right now. Caesars itself is back on the auction block, with Tilman Fertitta's Golden Nugget circling alongside a potential management buyout involving Tom Reeg and Carl Icahn. We dig into what a 2.0 deal would actually look like, why existing bondholders could get layered all over again, and how the Vici REIT spinoff reshaped the entire capital structure in ways most headlines completely miss when they quote the "$7 billion" offer price.But the bigger story is what's happening across private credit broadly. In the last few weeks alone, Blue Owl permanently gated a perpetual fund, Blackstone partners had to backstop redemptions, and BlackRock, Cliffwater, and Apollo have all gated funds. We push Sujeet on the question every allocator is wrestling with: is this a contained correction or the early innings of something systemic? We get into why first-lien recoveries have collapsed, why loan-only capital structures and uni-tranche debt have changed what "senior secured" actually means, the PIK toggle canary that's quietly ticking up, and why the alt managers trading at 40x forward earnings may have priced in a growth story that's about to meet its first real credit cycle.We also cover the fascinating bifurcation playing out in real time — record investment-grade issuance from Amazon, Honeywell, and others on one end, while BDCs gate retail investors on the other — and what it means for the push to get private credit into 401(k)s. Plus: the $80 million Wachtell-to-Kirkland lawyer poaching that Sujeet wrote about and why it might be the most underrated leading indicator of the next debt crisis. Shop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERESubscribe to our Substack: https://substack.com/@thewallstreetskinny

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫A I泡沫论的另类推演：从资金配置动向看高估值的持续性，来自躺平指数。很多关注A I行业的投资人或许注意到，无论是商业模式还是产品定位，市面上诸多的Agent产品正在向趋同演变。二零二六年4月9日，Open A I把Chat G P T Pro档位拉到每月100美元，和Anthropic一年前推出的Claude Max同价位档精确对齐，20美元100美元200美元的三档结构完全一致。五天之后的4月14日，彭博披露Anthropic正在收到8000亿美元估值的出资意向，这个估值水平已经和Open A I相差无几。是不是咂摸出点不对劲了？按理说，两家互为竞对的公司，在成长的初期，应该是尽可能找到自己的差异化定位，或者一些人无我有的优势实现增长。可这两家公司越来越像当年优步和滴滴之间的战争，只不过还没走到价格战那一步而已。这种产品端的同质化只是表象，背后有一个更深的定价机制值得看清楚。二零一四年开始，优步和滴滴烧掉百亿美元补贴，同一时段估值从几十亿抬到几百亿；外卖大战、共享单车是同一套打法。但那些剧本里，估值的定价是"打到最后剩一家、再收垄断租金"这个未来故事，前提放在将来。A I这次，8000亿美元不是为了未来的垄断而定的，谁都知道，这两家公司基本没有合并的可能。不是为了垄断地位，那是为了什么呢？软银、英伟达、亚马逊、中东主权基金、老虎基金、富达手上有万亿级的资金必须部署到A I这个主题，业绩基准、战略叙事、出资人承诺都有这样的要求。而在A I赛道里能吸纳百亿级单笔资金的独立标的屈指可数Open A I、Anthropic、x A I，其中x A I也已经在二零二六年2月被Space X整体并入。钱多，投得出去的标的少，资金配置压力就这么上来了。于是，估值不是从公司基本面向上反推的（在那个算法下两家都不值8000亿美元）。万亿级资金必须投进去，需要吸纳多少钱，估值就抬到多少，差异化有没有、谁赢谁输都不是最主要，只要作为标的能接住这笔钱，估值就成立。知道了这个基础事实再去看，产品端的策略逻辑就讲得通了。基础模型能力在快速同质化，开源大模型生态也在步步紧逼，企业客户签约时都要求功能对等、保留替换权；能撑起付费意愿的高价值场景就写代码、深度研究这几个，两家被迫挤进同一圈子，做几乎相同的产品动作。如果你是押注做多A I的投资人，到了这里就必须问自己一件事：A I基础建设、电力公司、私募信贷、云厂商，这些节点的最终支付方其实只有几家。钱沿着这条链一路流下去，走到哪里、在谁身上沉淀、哪一段最先撑不住，才是你真正要评估的风险。1，都挺好的有一个认知需要对齐，基本面分析在这一波A I浪潮里，特别是喜欢沿着A I产业链投资的投资框架里，并不能很好地客观反应出公司的风险。甲骨文是A I周期里翻身最猛的上市公司之一，3月10日发布的二六年第三季度财报里，云基础设施业务同比增长超过80%，合约储备冲到有史以来最高水位，财报发布当晚股价跳涨约10%。对一家做数据库的老牌公司来说，这是彻底的转身，也是市场等了好几年才等到的第二曲线。但是，二零二五年9月，甲骨文和Open A I签下一笔为期五年、总额3000亿美元的云服务合约，按年均计算，仅这一笔就相当于每年600亿美元规模的长约，占甲骨文全部合约储备的一半以上。而Open A I自己，当期运营现金流仍是负的，日常开销要靠下一轮融资来覆盖。为了履行包括 Open A I 在内的一批大客户合约，二零二六年2月甲骨文宣布将通过债务和股票融资筹集450到500亿美元。一家供应商为了服务一批当期现金流并不稳定的客户，自己也得先加杠杆，甲骨文未来数年的收入故事，有相当一部分得靠这家还在亏钱的公司一笔一笔兑现。在大多数产业链里，每一层签出的合约，规模通常不会远远超过自身当期现金流能覆盖的范围。汽车厂商的订单以季度到一年为单位，对应整车交付周期；企业软件的多年合约，规模对应客户可预见的I T预算；互联网平台的广告和订阅收入，基本是当期结算，合约规模和当期收入几乎同步。基本面分析不需要专门去追每一层的合约对手方是谁、信用基础挂在哪里，因为合约规模和当期运营节奏之间的关系是自然成立的。这种错位并不是甲骨文独有的，也不是甲骨文自己的战略选择，更不是某种会计处理的意外，而是整条A I产业链普遍发生的现象。钱不够了怎么办？一九九九年互联网泡沫顶峰，Lucent当年营收接近380亿美元，对客户承诺的供应商融资高达81亿美元，大约是收入的四分之一；Nortel、Cisco做着同样的事：把钱借给资金紧张的新兴电信运营商买自己的设备。麦肯锡当年的统计里，全行业九家电信设备供应商合计向客户放贷256亿美元。二零二五年9月，英伟达宣布对Open A I承诺投资1000亿美元，大部分会被用来采购英伟达自己的A I芯片，四个月后黄仁勋自己公开澄清"这从来不是承诺"，会按部署进度一轮一轮评估。这和当年Lucent做的事如出一辙，当年的供应商融资也是按季度推进的意向，市场按满额给估值，直到客户违约才发现出了大问题。二零二一年泡沫破灭，客户集体违约，Lucent 贷款组合的坏账从个位数飙升到 40%+；全行业数十家电信服务商在二零零一至二零零二集体违约破产；Lucent营收从峰值近380亿美元崩到二零零六年的80亿美元，以每股3美元卖给Alcatel；Nortel股价从86.75美元跌到0.18美元，走向破产。A I产业链正在上演的剧本有些趋同，链上多个关键节点都在用远超自身当期现金流的合约规模锁定未来的增长：像CoreWeave这类算力承包方，二零二五年全年营收约51亿美元，合约储备到二零二六年4月已经冲到约880亿美元，其中Meta和Open A I两家合计占了约三分之二。最顶端那两家A I创业公司，仅Open A I一家的累计合约承诺已经达到1.15万亿美元，涉及Broadcom、Oracle、Microsoft、Nvidia、AMD、Amazon、CoreWeave七家供应商，而当期年化收入只有240亿美元。基本面分析看不清合约规模和当期现金流之间的这个缺口，因为合约规模在报表上只以"合约储备"一行呈现，不是经审计的资产，也不进当期损益表。一旦有问题出现，追到最后只能靠上一层按合约付款；最终，除了像谷歌微软这样有能力自我输血的大企业之外，都要依靠一级市场缓解资金压力。于是，单独拎出来产业链每个节点的报表数字都真实存在，但它们共享同一个隐含假设：资金会持续以当前的速度涌入A I主题，下游客户会按合约持续付款。这才是基本面分析在A I基建链上不够用的地方，它看不到层与层之间由合约串起来的隐性依赖，也就看不到单节点的"好生意"其实建立在别人的悬空合约上。2，钱是在流动的在整个A I产业链中，CoreWeave是一家非常有意思的公司。根据公司二零二五年年报，全年营收51亿美元，其中67%来自微软。单看这一组数字，CoreWeave给出的画面是一家靠稳定大客户吃饭的B端生意，客户是全球市值第二的科技巨头，信用基础完美。可在880亿美元的合约储备中，微软的历史合约只占一小部分；占大头的是二零二五年后新签的几笔大合约。Meta在二零二五年9月签下142亿美元合约之后，二零二六年4月又追加了210亿美元，半年内对CoreWeave的总承诺翻倍到352亿美元，占合约储备约40%；Open A I累计224亿美元，占约25%。相当于这家公司未来几年的增长里，有近三分之二挂在这两家大厂的持续付款上。Meta表面上比Open A I稳，至少有独立的广告现金流兜底。但Meta自己建AI数据中心的方式，走的是另一条绕路：它只出 20% 的股权，大头的钱靠Blue Owl领头的合资公司去借，借来的几百亿债务不进Meta自己的财报。一个客户是亏钱的 Open A I，另一个客户是靠外部合资公司维持扩张的 Meta，两家付款的底气，其实都不完全在自家手上。在美股资金热捧的行业里，还有一类和A I本身相对较远、但同样受益巨大的企业：电力设备制造商和电厂建设承包商。G E Vernova做燃气轮机和电网设备，二零二四年4月从G E集团分拆上市，股价从140美元左右的发行价涨到二零二六年4月接近1000美元，两年涨了近7倍；Argan做燃气电厂的E P C总包，过去一年股价从130美元涨到600多美元，接近5倍。但它们过去一年的涨幅对不上传统电力设备和工程承包业务的基本面，核心问题是产能和合约规模严重不匹配。G E Vernova的燃气轮机合约储备从二零二四年几十吉瓦冲到二零二五年底83吉瓦，目标二零二六年底100吉瓦，但公司年产能要到二零二六年中才扩到20吉瓦，手上的订单至少要四五年才消化得完；Argan的项目储备从14亿美元翻到29亿美元，是全年营收的三倍。这些合约储备数字本质上是未来多年的预期收入，不是当期资产，也不进损益表。一旦大厂缩减AI数据中心扩张、订单延期或重谈，合约储备的执行节奏可以瞬间减速。即使合约带有违约条款，实际兑现往往是大幅缩水的重新谈判，而不是全额赔偿。把前面两个例子放到一起看，链条上的节点大致分三种情况。微软、谷歌、Meta、亚马逊、甲骨文这些大厂是第一种。主营业务在A I出现之前就已经独立成立，广告、搜索、电商、数据库、企业软件这些现金流不靠AI活着。对这类节点做多，需要的是一次承受力测试：把当前估值里A I溢价的部分清零，公司还值多少，这才是真正的安全边际。Open A I和Anthropic是第二种，他们本身是靠资金配置压力输血，信用基础挂在下一轮融资能否成功、估值斜率能否继续抬升上。这一层二级市场投资人直接持有还不现实，更多是作为"领先信号"来盯，下一轮私募估值的斜率等等，都是判断整条链是否出现问题的早期指标。中间靠合约吃饭的中下游节点是第三种，情况最复杂，算力承包方、数据中心、电力公司、电网设备商、私募信贷基金都在这里。权重要按合约对手方的构成来配：对手方以大厂为主的（比如Constellation对微软的电力合约），可以当防守仓。而对手方里Open A I或Anthropic这类悬空合约比例高，或者大厂自身也在用S P V结构维持基建扩张的（比如CoreWeave合约储备里Meta和Open A I那近三分之二），都需要提高警惕。3，结语还有一个信号，是沿着这条链看的人应该盯住的：链条最末端的流动性。A I是当下最大的资产配置方向，主权基金和大资金的长期部署还在陆续到位。但一级市场的钱从来不是一路匀速涌进来的，它会盯着几件事：下一轮私募估值能不能继续涨、员工在内部转让里是不是踊跃卖票、有没有大的私募信贷基金开始被赎回。过去半年Blue Owl接连三次异动已经说明了，再厚的资金池，也会在某些节点先行紧张起来。Blue Owl是美国最大的私募信贷管理公司之一，二零二五年末管理规模超过3000亿美元，旗下基金承接了大量A I基建相关的结构化债券。从二零二六年2月到4月，Blue Owl连续发生了三件事：2月中旬OBDC 2暂停季度份额回购；2月18日抛售14亿美元直接贷款资产补充流动性；4月2日一只非交易型私募信贷基金季度赎回申请达到4.999%，刚好压在5%的强制限赎线下。4月2日这次还可以说受到伊朗地缘政治事件的影响，流动性承受了一定压力，但2月那两次已经呈现出一些不对劲信号。做多A I本身没有问题，这是如今最大的趋势，链条顶端的资金供给压力还在，链条整体的增长故事还没讲完。但每一个做多动作，都要问一句：我站的这一段，付款流追到最后挂在谁的账本上。这个问题回答清楚，做多的信心和风险的位置，就都在手里了。

High Yield Investor's Samuel Smith shares his thoughts on energy, gold and silver (0:40) Context on yield (11:00) Context on dividend cuts (16:20) Updated thoughts on private credit and Blue Owl (18:30)Show Notes:Blue Owl Capital: The Market Thinks Disaster Is Coming, I Think It Is WrongInvesting Experts Live: Steven Bavaria And Samuel Smith's Top Income Picks For 2026Investing Experts' transcriptsFor full access to analyst ratings, stock and ETF quant scores, and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.

Today, Paul focuses on the vast majority of American investors who are blindly trusting the industry and are now overweighted in one of the year's most poorly performing market segments. Listen along as Paul explains why overweighting in large U.S. companies has been an industry favorite for years, even though investment firms know this practice leaves investors vulnerable to numerous risks. Paul also explains how focusing your attention on the most well-known and profitable companies can actually weaken your portfolio. Later in the show, Paul shares how Blue Owl investors wake up and pull over $5 billion from the company's private equity funds.   Want to cut through the myths about retirement income and learn evidence-based strategies backed by over a century of data? Download our free Retirement Income Guide now at paulwinkler.com/relax and take the stress out of planning your retirement.   This material is for general educational purposes only and is not personalized investment, financial, tax, or legal advice. Past performance does not guarantee future results. Nothing here is an offer, solicitation, or recommendation for any security or strategy. All financial decisions involve risk, and you should consult qualified professionals before acting on this information. Advisory services offered through Paul Winkler, Inc., an SEC-registered investment adviser.

U.S. forces are racing to rescue a missing pilot after Iranian fire brought down two American warplanes.  Iranian media report strikes on a petrochemical zone. Ukraine strikes deals to export its drone expertise to Gulf nations. U.S. President Donald Trump has proposed surge in defense spending to $1.5 trillion. Netflix looks to build up its franchises post Warner Brothers deal. Plus, a statue-worthy rat in Cambodia.  Listen to the Morning Bid podcast ⁠⁠⁠here⁠⁠⁠. Sign up for the Reuters Econ World newsletter ⁠⁠⁠here⁠⁠⁠. Listen to the Reuters Econ World podcast ⁠⁠⁠here⁠⁠⁠. Visit the ⁠Thomson Reuters Privacy Statement⁠ for information on our privacy and data protection practices. You may also visit ⁠megaphone.fm/adchoices⁠ to opt out of targeted advertising. Further Reading ⁠Trump fires Pam Bondi as US attorney general⁠ ⁠US Army chief of staff fired by Hegseth, sources say⁠ ⁠Trump vows to hit more Iranian infrastructure as nations seek to open Hormuz⁠ ⁠A month into war, Lebanon's prime minister says no end in sight ⁠ ⁠Blue Owl limits withdrawals from two funds after historic surge in redemption requests⁠ ⁠Artemis capsule boost puts astronauts moon-bound for record-breaking journey Learn more about your ad choices. Visit megaphone.fm/adchoices

First, we have our "subprime is contained" moment from the Fed. Second, the run on Blue Owl is "unprecedented." Third, and more important than either of those, it's ***who*** is doing the running. In its disclosure, the sad owl let slip the truth underneath more ridiculous spin. When investors demand 20% to 40% out of your top funds, it's finally time to stop pretending this is all nothing. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. To watch a replay of our webinar, click below. https://youtube.com/live/dkgSJvjWs5M?feature=shareTo take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:https://www.eurodollar.university/webinar-offer----------------------------------------------------------------------------------Blue Owl Limits Redemptions on Private Credit Funds After Massive Exit Requestshttps://www.bloomberg.com/news/articles/2026-04-02/blue-owl-bdcs-impose-caps-after-facing-41-22-requests-to-exitBlue Owl struck by $5.4bn of redemption requestshttps://www.ft.com/content/f4320148-3d81-4bd0-9ab6-053a5bade188?syn-25a6b1a6=1Powell: We do not see systemic risks from private credithttps://www.centralbanking.com/central-banks/financial-stability/7975526/powell-we-do-not-see-systemic-risks-from-private-creditCNBC Exclusive: Transcript: Berkshire Hathaway Chairman Warren Buffett Speaks with CNBC's Becky Quick on “Squawk Box” Todayhttps://www.cnbc.com/2026/03/31/cnbc-exclusive-transcript-berkshire-hathaway-chairman-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today.htmlPrivate Credit's CLO Machine Ramps Up in Push to Raise More Cashhttps://www.bloomberg.com/news/articles/2026-04-02/private-credit-s-clo-machine-ramps-up-in-push-to-raise-more-cash

U.S. President Donald Trump ousts Attorney General Pam Bondi, while Pentagon chief Pete Hegseth fires the Army's top general. The U.S. military targets civilian infrastructure in Iran as the displacement crisis in Lebanon grows. Private credit firm Blue Owl faces a historic level of redemption requests. And astronauts aboard NASA's Artemis II sort out a high-stakes plumbing problem. Listen to the Morning Bid podcast ⁠⁠here⁠⁠. Sign up for the Reuters Econ World newsletter ⁠⁠here⁠⁠. Listen to the Reuters Econ World podcast ⁠⁠here⁠⁠. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Further Reading Trump fires Pam Bondi as US attorney general US Army chief of staff fired by Hegseth, sources say Trump vows to hit more Iranian infrastructure as nations seek to open Hormuz A month into war, Lebanon's prime minister says no end in sight  Blue Owl limits withdrawals from two funds after historic surge in redemption requests Artemis capsule boost puts astronauts moon-bound for record-breaking journey Learn more about your ad choices. Visit megaphone.fm/adchoices

P.M. Edition for April 2. Bondi's ouster caps a tumultuous tenure as head of the Justice Department. Journal reporter Ryan Barber discusses why she's been pushed out, and who will replace her. Plus, Blue Owl—the poster child for private credit—is the latest fund to limit redemptions as investors seek to pull their money. We hear from WSJ credit reporter Matt Wirz about what this means for investors in the long and short term. And despite positive recent sales numbers from Tesla and Rivian, EV sales in the U.S. more broadly aren't rising. As big U.S. automakers have scrapped their more ambitious EV plans, dozens of EV-parts factories are sitting empty or barely used. Journal autos reporter Sharon Terlep recently visited one of these factories and tells us about what amounts to a whole new Rust Belt. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

On the final day of a holiday-shortened trading week, Carl Quintanilla, Jim Cramer and David Faber discussed stocks tumbling and crude oil prices surging in reaction to President Trump's primetime address about the Iran war. The anchors also reacted to Tesla's Q1 deliveries missing analyst forecasts. Private credit pain: Shares of Blue Owl and other alternative asset managers extended this year's steep losses, after the company said it would limit withdrawals from two of its funds. Also in focus: Elon Musk's SpaceX files for a massive IPO, AI and the backlash against data center, semiconductors rally and travel stocks slide, gasoline and diesel prices keep spiking and adding more pain at the pump. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks rally on new reports that Iran is drafting a protocol with Iran to oversee the Strait of Hormuz. Then has President Trump given China a leg up ahead of the countries meeting in May? Stephen Roach, the former Chair of Morgan Stanley Asia makes the case. And fears in the private credit market drag on, with Blue Owl limiting redemptions from several funds. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Book a call: https://remnantfinance.com/calendar Out Print the Fed with 1% per week: https://remnantfinance.com/optionsEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBE_____________________________If you just buy index funds and chill, you're living on a financial fault line you don't even recognize. Most people have no idea that the shares in their 401k are being lent out to hedge funds, that their pension is invested in private credit funds currently locking investors out, and that the largest asset manager in the world is effectively in the red once you strip away goodwill and assets under management.In this episode, Hans brings back the Phoenician League's Joe Withrow to break down why the quality of your capital matters more than the quantity, a concept inspired by economist Ryan Griggs. They start by unpacking the private credit bubble, how Blue Owl gated its fund, and why the contagion risk reaches into your 401k and pension whether you know it or not. Then they walk through a scorecard of asset characteristics and make the case that true diversification means owning assets across a range of purposes, not just stocks in different industries.Chapters: 00:00 - Opening and Joe Withrow introduction 04:50 - Private credit is all over the news and here's why it matters 06:00 - Ryan Griggs and the concept: quality vs. quantity of capital 09:25 - What is private credit and how it grew from $250B to $3T 14:55 - Blue Owl gates its fund and contagion spreads 19:00 - Evergreen funds, fractional reserve dynamics, and the Ponzi comparison 23:25 - Your index fund shares are being lent to hedge funds 26:30 - Quality vs. quantity: building the asset scorecard 30:10 - Why insurance companies are the longest-surviving businesses in America 34:35 - Measuring the S&P 500 in gold: still down from 1999 39:30 - DOGE as the financial Epstein files 41:20 - Joe's equity portfolio: performance, composition, and why it's only 10-12% of his assets 49:45 - Gold, UPMA, and transporting value through time 52:25 - Bitcoin as collateral and birthing new assets from existing ones 1:00:35 - Real estate: cash flow over speculation 1:04:35 - Your home as an asset and the six-month self-sufficiency benchmark 1:10:55 - Investing is about ownership, not making more dollars 1:13:05 - BlackRock's balance sheet: the house of cards underneath $14T in AUM 1:15:25 - It's not as safe as you think to just buy VTSAX and chillKey Takeaways:Quality of capital matters more than quantity. Ryan Griggs coined the phrase, and it reframes the entire conversation. An asset that checks one box really well but leaves you exposed everywhere else is low-quality capital no matter how big the number beside it. Your financial strategy should score well across a range of attributes, not just returns.Private credit is a $2-3 trillion shadow lending market that touches your retirement whether you know it or not. Hedge funds, pensions, 401k plans, and index funds are all connected to this market. Blue Owl gated its fund entirely, and the contagion is spreading to names like Morgan Stanley, JP Morgan, and BlackRock. When your money is trapped in a private credit fund, there is no FDIC and no guarantee you get it back.Your index fund shares are not just sitting there. Vanguard and other fund managers lend your shares to hedge funds for short selling and collect fees for doing it. If those hedge funds face a liquidity crisis from private credit blowing up, and they cannot return the borrowed shares, the value of your underlying portfolio takes the hit.

Tether is finally conducting an audit, and the CLARITY Act is shaping up to be a dud for stablecoins. Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin. Welcome back to The Blockspace Podcast! Today, Jay Patel, Founder of Lygos Finance, joins us to talk about tremors in private credit markets and how they might affect bitcoin-backed credit markets, and Blockspace podcaster Gwart hops on to discuss crypto's year of soul-searching. We also dive into Tether's first-ever audit, why the banks beat crypto in the latest draft of the CLARITY Act, and the emergence of a new Bitcoin client. Finally, we break down the incredible story of the unlikely hiding place for an Irish Drug dealer's bitcoin stash. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Tether seeks first Big Four audit vs Circle. • Banks beat crypto in CLARITY Act. • Irish authorities seized 500 BTC from dealer. • Private credit faces risks as Blue Owl, others alter redemptions. • New Bitcoin client makes the “conservative case” for BTC Timestamps: 00:00 Start 02:35 Tether audit 16:30 CLARITY Act update 28:44 Gwart 47:07 Jay Patel from Lygos on Private Credit 1:02:18 New Bitcoin software client 1:12:10 Irish weed dealer's BTC gets seized

In this week's Stansberry Investor Hour, Dan welcomes David Cervantes back to the show. David is the founder of Pinebrook Capital Management – a boutique asset manager focused on asset allocation and managing various systematic trading strategies.   David kicks things off by reflecting on the progress that glucagon-like peptide-1 (GLP-1) drugs have made since his last discussion at a Stansberry Research Conference several years ago. The drug has branched out of medical use into professional use and for standard weight loss, resulting in the companies he previously discussed to have performed well since then. He then discusses the current market shift from the Magnificent Seven to industrials and the S&P 493. The equal-weighted S&P 500, in particular, is beginning to outperform the Mag Seven. And David shares his thoughts on Blue Owl Capital selling its assets and what that means for the private-equity industry. (0:00)   Next, David explains where the money flowing from the Blue Owl sale is coming from and how it's connected to the banking system. If the sell-off negatively impacts banks (and by extension, the labor market comprised of voters), politicians will step in to "fix" things using whatever means necessary. David then gives his thoughts on the U.S. dollar and why he thinks that, despite skepticism and bearish outlooks, it still has what it needs to maintain its current position. And he lists how small-cap stocks have changed in how they operate and their relationship with private equity. (20:44)   Finally, David expresses why the labor market is important for the economy and for policy. Discussions he has had with experts indicate that tightening or hardening the labor market will likely result in layoffs and inflation. Following this, David details the areas that he thinks will do well, given the current market rotation and uncertainty in Iran. (41:52)

Deutsche Bank. Wells Fargo. Both global systemically important banks are sitting here watching their stocks get pounded in the same way as BlackRock or Blackstone. Thankfully, not as bad as Blue Owl. Yet. And it is for the same reason. We know the private credit industry and shadow banks are in really bad shape. Markets are already looking outside of them to who might be next to have pay for really bad decisions. Eurodollar University's conversation w/Steve Van Metre----------------------------------------------------------------------------------Join us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Now it's Morgan Stanley's turn. Yesterday it was Cliffwater. Before that BlackRock and Blackstone. Of course Blue Owl. Morgan Stanley's $8 billion North Haven Private Income Fund becomes the latest shadow banking giant to both get hit with massive investor withdrawals and to deny most of them. Cliffwater also decided it was going to do the same. No wonder you keep hearing more and more people make 2008 comparisons – and there's one more you definitely need keep in mind. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------Join us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Two high-profile cases in the public-private markets are testing boundaries and investors. ERShares Private-Public Crossover ETF's stake in illiquid holdings, including SpaceX, has apparently run afoul SEC rules. Meanwhile, a high-flying alternative assets manager has changed the rules for returning investors' cash from one of its funds. And Blue Owl Capital is now facing backlash. Lessons From a Private Markets Bust: Why This ETF's Investors Missed Out on SpaceX Gains  Subscribe to the Public Meets Private newsletter. On this episode: 00:00:00 Welcome 00:01:24 How XOVR ETF Differs From Typical ETFs 00:02:11 XOVR ETF Performance Versus Broader Stock Market 00:02:48 Why XOVR's SpaceX Stake Swung Sharply 00:09:56 Blue Owl Capital's Origins and Current Problems 00:13:25 Who Invests in Blue Owl's Direct Lending Funds 00:18:09 Investor Lessons From Blue Owl's Redemption Halt Watch more from Morningstar: Are You Ready for Tax Day? Here's What You Need to Know Before You File Avoid This IRA Distribution Error to Protect Your Retirement Cash Elevate Your 60/40 Portfolio With These Simple Tweaks   Follow Morningstar on social: Facebook https://www.facebook.com/MorningstarInc/ X https://x.com/MorningstarInc Instagram https://www.instagram.com/morningstarinc/?hl=en LinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It is a special midweek drop and the group chat is packed. This episode covers the forces quietly reshaping the economy right now — from AI slashing business costs overnight, to GLP-1 drugs gutting the snack industry, to private credit markets showing their first real cracks. The guys break down what is actually happening beneath the headlines, why sports viewership is at an all-time high, which consumer brands are quietly hitting $10 billion, and why the stock market may be setting up for a violent rally. No fluff, no filler — just the conversations happening in every serious group chat right now.   Topics Covered This Episode: 1. AI Is Replacing Your Entire Software Stack How using Claude cut one company's AWS bill from $9,500 a month down to a projected $500 — and what that means for every business owner still paying for legacy SaaS tools. Plus: Lovable jumps from a $300M to $400M run rate in a single month, and Anthropic adds $6 billion in run rate in two months. The AI economy is not coming — it is already here. 2. The GLP-1 Effect Is Hitting Corporate Earnings Campbell Soup's snack division dropped 6% in a single quarter with no obvious explanation other than 30 million Americans now on GLP-1 medications. The guys explore the downstream ripple effects — grocery aisles, fast food, supplement brands, and what retailers like Kroger do when people simply stop snacking. 3. Private Credit Is Cracking Blackstone, Blue Owl, and Cliffwater are all facing record redemption requests after two major auto suppliers backed by private credit funds went under. Is this an economy problem, a bad-lending problem, or a panic problem? The guys break it all down and explain why it matters even if you have never heard of private credit. 4. Sports Is on an Unprecedented Run Every sport — NFL, NBA, MLS, World Baseball Classic, UFC — is posting record ratings. The guys explain why gambling, fragmented media, and the death of cable news are all fueling the surge, and why the Tom Brady flag football league and the Gronk vs. Logan Paul beef are the perfect example of how modern sports entertainment actually works. 5. The $10 Billion Consumer Brands Nobody Is Talking About Quince hits a $10 billion valuation doing nearly $2 billion in revenue by going factory-direct to consumers. The guys break down why consumer investing is back, who is losing market share, and what the rise of brands like Keats and Whatnot means for traditional retail. 6. Millionaire Taxes, Fraud, and the Wealth Exodus Washington State's new 9.9% millionaire tax, the staggering scale of hospice care fraud in Los Angeles, and why billionaires — and now regular millionaires — are leaving high-tax states for Nevada, Texas, and Florida. The argument is simple: clean up the fraud first, and you would not need to raise taxes at all. 7. The Stock Market Rally Nobody Wants to Miss Goldman Sachs is calling for an extreme stock rally. The guys explain why $8.5 trillion sitting in money markets has nowhere else to go, why the US stock market is the only investable market left in the world, and why owning assets — not just earning a salary — is the only play that makes sense right now.   Group Chat News drops every week. Subscribe so you never miss the conversation.    

Cramer breaks down the Club's strategy as markets react to Iran strikes. Become an Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks every day as they talk candidly about the market's biggest headlines, analyst calls and holdings in the Charitable Trust – and see up close how they decide when, and if, to take action on stocks. Sign up here: cnbc.com/morningtake   CNBC Investing Club Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dan Nathan hosts Peter Boockvar to discuss the rapid growth of private credit, arguing it has replaced bank lending but now faces rising defaults, potential liquidity mismatches as retail capital enters evergreen funds, and limited stress-testing in a downturn; they cite pressure in leveraged loans, gating/redemptions, and examples like Blue Owl financing tied to CoreWeave's asset-heavy model and customer concentration. They connect credit stress to equity risk via the capital structure and watchpoints like the LSTA leveraged loan index, high yield spreads, and HYG. Boockvar outlines a leadership shift away from hyperscalers toward equal-weight and “boring” sectors like energy and staples, while warning a deeper tech decline could still pull markets down. They cover oil's inflation implications, a challenging labor market, cautious consumers per Walmart/Home Depot/Lowe's, bullish long-term gold/silver dynamics, stronger international performance, and Japan's rising long-end yields affecting carry trades and global flows. Checkout Peter's SubStack: https://boockreport.com/Follow Peter on X: https://x.com/pboockvar?lang=en —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

On episode 453 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss the AI doom scenarios, the value of human relationships in a digital world, housing as an AI hedge, the AI backlash, a very weird stock market, the global bull market, consumers keep spending money, Bitcoin is a software stock, the Blue Owl fiasco, the perfect movie run time and more. This episode is sponsored by Betterment Advisor Solutions and ClearBridge Investments. Learn more about Betterment Advisor Solutions at: https://betterment.com/advisors  International and emerging market stocks outperformed the U.S. in 2025. At ClearBridge, we believe this momentum can continue. Find out more at https://www.clearbridge.com/ Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Find complete show notes on our blogs: Ben Carlson's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation.   Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Broadcast live from iConnections Global Alts in South Beach, Guy Adami and Dan Nathan are joined by Dan Greenhaus of Solus Alternative Asset Management and later Vincent Daniel to discuss a sharp, risk-off market move tied to the increasingly financialized AI buildout. They review weakness across private credit and alternative lenders after reports of difficulty placing debt to fund CoreWeave's data center, spilling over into names like Blue Owl and into large alternative managers, banks, and high-profile stocks like IBM, which suffers its worst day in decades. The group debates how a viral AI “thought experiment” amplified uncertainty about near-term industry disruption, the circular quid-pro-quo dynamics of AI financing and chip demand, and whether market valuations offer any cushion if the AI narrative falters. With Nvidia reporting the next day, they focus on expectations for growth and margins, the risk that competition could compress gross margins and re-rate the stock, and the broader question of whether AI success could drive major white-collar job losses, “ghost GDP,” and policy responses. The conversation closes with Vinnie describing investor “what if” fears around AI's impact on employment and fee-based industries. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Episode 786: Neal and Toby chat about the software stock wipeout after a report from Citrini Research said AI could be detrimental to the economy. Then, Anthropic CEO Dario Amodei will meet with Defense Secretary Pete Hegseth to discuss the use of Claude for the US military. Also, what is Blue Owl? And why is it rattling the private credit industry? Meanwhile, Toby dives into the trend of the iPod making a comeback thanks to Gen Z.  Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Day 2 of Fast Money Live from Miami Beach for the iConnections Global Alts Conference. Melissa & the traders dig into a wall of worry surrounding the AI trade, as JPMorgan CEO Jamie Dimon weighs in on investor complacency. How markets are reacting to a potential bubble brewing in the space, and the stocks to watch as concerns pile up. Plus the opportunities in private credit as Blue Owl faces a potential liquidity crunch, and if the real estate sector can continue to climb after a strong start to the year. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the wake of Blue Owl's shocking announcement last week basically trapping retail investors in a private credit fund they don't want to be in, signs of fallout from it are trickling in. To begin with, private continues to sell off, Blue Owl especially. But it's not just private credit, we're seeing stress in other corners of the risky credit markets, too, which has a number of prominent analysts and observers wondering if maybe we are seeing too many signs that look too much like 2007.  Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Dan Nathan and Guy Adami are joined by Jen Saarbach and Kristen Kelly of The Wall Street Skinny to discuss two major developing market stories ahead of meeting in Miami for the iConnections Global Alts conference. The first topic is stress in private credit, centered on Blue Owl's retail-focused semi-liquid vehicle (Blue Owl Capital Corp II) facing heavy redemptions and gating, highlighting the liquidity mismatch between retail redemption needs and long-dated loan assets. They contrast the gated evergreen structure with Blue Owl's publicly traded BDC that was trading roughly 20% below NAV, discuss Blue Owl's reported loan sales near NAV, and explore why the issue is pressuring related stocks like Blue Owl and Blackstone despite an S&P 500 that appears indifferent. The group connects the private credit conversation to how AI/data center buildouts are financed, including references to Meta-related structures and concerns about CoreWeave's ability to raise capital for data center obligations, and notes that credit markets often reprice quickly only after complacency breaks. The second topic is prediction markets, focusing on Kalshi and its partnership with Tradeweb to publish analytics and potentially enable institutional trading of binary outcomes on events like Fed decisions and macro data, raising questions about democratized access, liquidity constraints, regulatory gaps, spoofing, and the role of insider information, along with implications for politics and whether more information is always better. Show Notes 1 big thing: Trump's huge tariff loss (Axios) Blue Owl permanently halts redemptions at private credit fund aimed at retail investors (FT) Wall Street Bond-Trading Hub Tradeweb Strikes Deal With Kalshi (Bloomberg) Exclusive: Supreme Court tariff ruling makes over $175 billion in US revenue subject to refunds, Penn-Wharton estimates (Reuters) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this episode, Scott Becker examines Blue Owl's decision to halt retail fund redemptions, recent asset sales to meet withdrawals, and what the move signals about broader stress and exit challenges across the private credit market.

The financial media is at it again. Breathless headlines. Dire warnings. Another supposed crisis looming on the horizon. This time the target is Blue Owl, with pundits trying to convince Main Street investors that this is the spark that could ignite the next credit meltdown. But is it reality… or just another fear cycle designed to drive clicks and shake out weak hands? On this episode of Stinchfield, we dig into what is really going on behind the noise. Our guest is VRAInsider.com CEO Kip Herriage, one of the most respected market analysts in the country and a man who has seen these panic narratives play out time and time again. Kip breaks down the fundamentals, the balance sheet, and the actual exposure, explaining why the situation is being wildly mischaracterized and why Blue Owl’s ability to meet its obligations is far stronger than the headlines suggest. In short, Kip pours cold water on the hysteria and delivers straight analysis instead of sensationalism. And he does not stop there. Kip also shares two stock ideas he believes are positioned for what he calls rocket ship style growth as markets continue to reward innovation, liquidity, and smart capital deployment in this cycle. These are not speculative gambles but companies he sees as aligned with the next phase of the Trump Economic Miracle. If you are tired of being whipsawed by media driven fear and want clear eyed insight into where the risks really are and where the opportunities may be hiding, this is a conversation you do not want to miss. https://VRAInsider.com See omnystudio.com/listener for privacy information.