Podcasts about Pik

本集節目內容為各個台灣選手在世界各地征戰的賽況介紹，包含 1. 職業網球賽事： Ø ATP挑戰賽&WTA125賽，曾俊欣、何承叡、李冠毅、徐傳恩、吳芳嫺、梁恩碩、卓宜萱、卓宜岑等人出賽。 Ø ITF巡迴賽，陳彥丞、葛藍喬安娜、曹家宜、李亞芯、李亞軒、楊亞依、許家瑄、鄭筑云、蔡宇甯、花苡恩等人出賽。 2. BWF羽聯賽事： Ø 超級500泰國羽球公開賽，周天成、蘇力揚、陳子睿、林煜傑、林芷均、楊筑芸、胡綾芳、鄭宇倢、葉宏蔚、詹又蓁等人參賽。 Ø 超級100寶雞羽球大師賽，王渝凱、洪秉輔、劉富軒、林宥宇、陳宥銨、陳勝發、邱紹華、陳鈺媗、劉巧芸、陳柏元、宋奕萱等人出賽。 3. WTT桌球賽事： Ø 土耳奇伊斯坦堡支線賽，李昱淳、簡彤娟、彭郁涵、鄭先知等人參賽。 Ø 葡萄牙拉各斯支線賽，洪敬愷、張佑安、徐絃家、林彥均、李昱淳、簡彤娟、彭郁涵、鄭先知、陳忞昕等人參賽。 4. 台語時間，每週介紹幾個簡單的台語詞， **Ø 百行孝為先 Pik-hīng hàu uî sian：在眾多的人類品德與行為中，孝順父母、尊敬長輩是排在第一位、最為根本的。孝道是做人的基礎。 ** Ø 勸恁有孝千萬句，袂曉有孝豬狗牛Khǹg lín iú-hàu tshian-bān kù, bē-hiáu iú-hàu ti káu gû：千言萬語奉勸人孝順父母，不懂得孝順就像豬狗牛。 Ø 欠錢怨債主，不孝怨爸母Khiàm tsînn uàn tsè-tsú, put-hàu uàn pē-bú：自己欠別人錢，還反過來埋怨債主來討債；自己不孝順，還反過來抱怨父母對自己不好。比喻不知反省，只會把責任推到他人身上。 Ø 飼囝無論飯，飼爸母算頓Tshī kiánn bô-lūn pn̄g, tshī pē-bú sǹg tǹg：父母養育兒女，不會去計較孩子的飯量，兒女奉養父母時，卻會計算父母吃了幾頓飯。這句話說明有些人養育子女和奉養父母時心態上的差異，以及兄弟輪流奉養父母時常常斤斤計較的現象。 Ø 在生無人認，死後歸大陣Chāi-seⁿ bô-lâng jīn, sí-āu kui tōa-tīn：長輩在世時，晚輩無人聞問、不願奉養，甚至將其視為負擔；待長輩過世後，平常難得一見的子孫或親戚，卻全體聚集回來搶奪遺產。這句話用來比喻「生前不盡孝，死後爭家產」的醜態。通常與另一句俗諺「在生一粒豆，較贏死了拜豬頭」相對應，強調長輩在世時的關心與孝順，遠比死後鋪張祭拜更有價值。 自以為是運動員的子路，希望以運動員的角度出發，觀察球場上的變化，然後跟大家一起討論喇低賽，不管打的好壞，永不放棄，這就是運動員的精神。一場球賽就就像人生的縮影，時而順遂時而艱辛，不管如何讓我們注入運動的熱血與拼勁，朝著目標努力邁進。 歡迎提供各式意見，讓這個新的節目有更多元的發展。 大家可以在相關的 Podcast APP 收聽我們的節目，希望大家可以介紹給喜愛運動的朋友們。 如果喜歡我們的節目，也希望大家可以在 Apple Podcast 專區給我們五顆星。 有興趣合作的廠商歡迎私訊或email聊聊 email：baseballuncle543@outlook.com IG：baseballuncle543 FB：大叔野球543 －－－－以下為 SoundOn 動態廣告－－－－ #高雄 正義站&黃線捷運計劃，平面車位3房全新完工 實品屋預約鑑賞中。 正義站通勤南科，未來捷運串連衛武營、Lalaport。 正義公園，風景入門廳。 陽明國中自由學區07-7801988 洽澄清路227號 https://sofm.pse.is/9587ax -- Hosting provided by SoundOn

What happens when a $6.4 billion PE buyout becomes a cautionary tale for every SaaS operator, investor, and board member? In this episode, Dave "CAC" Kellogg and Ray "Growth" Rike break down Private Credit: what it is, how it works, and why it is showing up everywhere from venture rounds to leveraged buyouts. Then they walk through the Medallia deal step by step to show exactly how the model breaks.What we covered:Private credit 101: from venture debt to leveraged buyoutsPrivate credit is non-bank lending done by funds instead of banks, with a repayment-first mindset rather than a returns mindset. Capital deployment hit nearly $600 billion in 2024, up 78% from 2023, with 22 to 25% of that concentration in SaaS companies. Ray and Dave explain the difference between venture debt (lending to startups post-round) and direct lending (providing the "L" in LBO transactions), and why these structures have moved from niche to standard in software finance.How debt is priced and why it costs what it costsPrivate credit loans are floating-rate instruments priced at SOFR plus 500 to 800 basis points. In the zero-rate era that meant 6 to 9% all-in. Today it means 10 to 13%. Dave explains warrants as the "sweetener" (typically 5 to 15% of the loan amount, translating to under 2% equity ownership) and why the real economic driver is repayment, not upside. Ray frames the contrast with VC math: a lender who loses principal on one deal has no portfolio-level offset.The terms that matter: PIK, bullets, and covenantsPay-in-kind interest defers cash pain today by adding to the principal balance tomorrow. A $100M loan PIK-ing at 10% annually becomes $121M in two years and $133M in three. Bullet loans put the entire principal due at maturity, which for most companies means refinancing or a sale event. Dave's strongest language is reserved for covenants, which he calls the "third rail": liquidity, EBITDA, ARR growth, and coverage ratio thresholds that give lenders the right to call the loan if tripped. He argues these belong on page one of every board dashboard, every time.The Medallia case study: when all the assumptions move against youThoma Bravo acquired Medallia in 2021 for $6.4 billion at 9x revenue, with roughly $1.8 billion of debt backed by Blackstone, Apollo, and KKR. The deal was underwritten on continued growth and margin expansion toward 25% free cash flow. Instead, growth slowed, base rates rose more than 400 basis points, PIK interest compounded the balance from $1.8B to $2.2B, and EBITDA of $200M fell below annual interest expense of $300M. Interest coverage dropped below 1x. Thoma Bravo's $5 billion equity investment went to zero. Lenders took the keys via debt-for-equity conversion.Why these structures can look stable and then break fastThe Medallia deal was not unusual at entry. The problem was that PIK, rising rates, and slowing growth are individually manageable and jointly lethal. By March 2026, Blackstone was marking its first-lien Medallia debt at 60 cents on the dollar. Ray notes that between 2015 and 2025, more than 1,900 software companies were acquired by PE in deals worth over $440 billion, and 20 to 25% of all private credit went to SaaS. The exposure across the sector is large.The lesson Rory O'Driscoll would underlineDave closes with a line from Rory O'Driscoll: as soon as something becomes a formula, the play is probably over. Private credit for SaaS worked reliably for nearly a decade. The combination of higher rates, compressed multiples, and closed IPO and M&A windows revealed that the formula was underwriting a world that no longer existed. Senior debt gets paid first. When the debt is impaired, the equity is gone. The math does not negotiate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week In The Current, the crew stays outside.  We get together for some great updates...from shooting clay bird with out friends at Backcountry Hunters & Anglers, to trips on the Dirty Oar, plenty of fun was had.  Then we get some updates from the Maryland Turkey woods, including a big ole bird down for Pik.  Check it out!! Instagram: @rutandriverpursuits For more In The Currents, go to https://rutandriverpursuits.com

Agradece a este podcast tantas horas de entretenimiento y disfruta de episodios exclusivos como éste. ¡Apóyale en iVoox! Volvemos a las ondas de Arco Fm Cantabria para pincharos lo mejor de la música indie, emergente y alternativa y estrenar, en exclusiva, los nuevos temas de GLAS, JUSTDIEGO y ANORAKITO... 120 minutos donde, además, escucharemos a... LA BUENA NUEVA, BRAVO MALDONADO, POPDATA, IBOREH, ÖPIK, DELACUEVA, ATK EPOP, DORIAN, FANGORIA, COMANDANTE TWIN, RATA, CARMEN 113, RUSSIAN RED, QUERIDO & IVAN FERREIRO, GUAMIL, ANDREA SANTIAGO, THE CRAP APPLES, SAVIER SUMMERS, CARLANGAS, ULISES MESSNER, OJOS PARDOS, NENA DACONTE, ARRECI0, BALBOA, MELÓN DIESEL & NINA DE JUAN, PERÍMETRO, DINARÉS, ONDAS QUE LO INUNDAN TODO, VICENTE CALDERÓN... ¿Alguien da más? Y si no aguantas la espera... Hazte FAN en Ivoox y escucha el programa de cada semana antes que nadie y mucho más contenido exclusivo! 87.7 FM en Cantabria y arcofm.com/escuchar para el resto del mundo. Y en todas las redes sociales para que no pierdas detalle de la música más emergente y alternativa. Sigue nuestros podcast en Ivoox!Escucha este episodio completo y accede a todo el contenido exclusivo de Nos vemos en Primera Fila. Descubre antes que nadie los nuevos episodios, y participa en la comunidad exclusiva de oyentes en https://go.ivoox.com/sq/776555

Ron Kantowitz, Managing Director and Head of Private Debt for Invesco's Global Private Credit Group, joins the InsuranceAUM.com Podcast to examine the growing gap between headlines and reality in direct lending. As concerns around AI disruption, software exposure, and liquidity pressures dominate the narrative, Ron explains why many of these issues are being misinterpreted and why the broader private credit market remains fundamentally sound.   He shares how his team has approached risk differently, avoiding highly leveraged sectors like software due to structural concerns rather than market timing, and instead focusing on businesses with durable, non-discretionary demand. The discussion also dives into portfolio construction, the importance of sponsor-backed lending, and how private equity dynamics are evolving in a more uncertain environment.   Ron also outlines what institutional investors should be looking for when evaluating managers, from hidden risk indicators like “bad PIK” to diversification, leverage trends, and underwriting discipline. In a market shaped by volatility and shifting sentiment, this episode offers a clear framework for identifying real risk and opportunity in private credit.

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

Uranium American Resources CEO William Hunter joined Steve Darling from Proactive to announce the company has satisfied all preconditions of its share purchase agreement and successfully acquired 100% of the issued shares of JAG Minerals, marking a key step in its growth strategy. Hunter explained that the transaction structure was amended to provide additional financial flexibility, allowing the cash portion of the deal to be settled through a four-month note payable to JAG Minerals Pty Ltd shareholders. The notes total US$2.0 million and carry a 14% payment-in-kind (PIK) interest rate. This adjustment supports the company's ability to complete its previously announced financing while preserving near-term capital. With the acquisition now finalized, Uranium American Resources is positioned to accelerate development across a portfolio of 20 historic high-grade vanadium and uranium mine locations spanning Montrose County, Colorado, and San Juan County, Utah. These assets form the foundation of the company's near-term production strategy. Hunter highlighted that significant groundwork has already been completed, including a detailed desktop review of historical mining and geological records at the Stateline properties in Colorado. The company has also conducted a successful radiation survey at its Sky properties in Wyoming, identifying two additional prospective zones to the north and south of the existing project area. In parallel, the company has restructured the majority of its convertible loan note holders, strengthening its balance sheet and enabling it to move forward with project financing initiatives. This progress positions Uranium American Resources to begin advancing its assets more aggressively. Looking ahead, Hunter said the company has mapped out the next phase of development, which includes initiating geophysical surveys and permitting work at its State Line projects in the near term. These steps are expected to support a pathway toward near-term production and long-term value creation for shareholders. He also noted strong fundamentals in the uranium market, with spot prices hovering around US$85 per pound, providing favorable conditions for advancing development plans and capitalizing on growing global demand for nuclear energy. #proactiveinvestors #uraniumamericanresourcesinc #otc #tngl #mining #Uranium #NuclearEnergy #UraniumMining Mining #Energy #Vanadium #ResourceDevelopment #NuclearEnergy #Commodities #USMining #Exploration #Investing

On this volume of Tales And Traditions, Steve and Cody are joined by Pik, Brad, and good friend Howie for the annual trout camp trip.  It's the eve of the 2026 PA Trout Opener and they are settled in at camp at Cowan's Gap State Park.  There's another epic meal, cornhole, and for the first time ever at trout camp...amazing weather.  Check it out!!

Perché il blocco dello Stretto di Hormuz e il crollo del Credito Privato minacciano i tuoi investimenti? Il fallimento dei negoziati USA-Iran innesca un rischio geopolitico sistemico. L'Iran, con l'appoggio della Cina, forza i transiti a Hormuz in yuan, sfidando il monopolio del petrodollaro. Mentre Trump minaccia un blocco navale insostenibile, a Wall Street esplode la bolla da 3 trilioni del Credito Privato, costringendo la Fed verso una nuova crisi strutturale. Qual è l'impatto di questa doppia crisi sui mercati? L'energia rincara, l'inflazione riparte e i fondi pensione esposti ai prestiti PIK rischiano il default, bloccando il taglio dei tassi della BCE. In questo video analizziamo i pilastri di questa transizione politica ed economica: • La sfida della Cina al Petrodollaro: Come Pechino sta forzando i pagamenti del greggio in yuan nello Stretto di Hormuz. • Il bluff del blocco navale americano: I veri costi logistici, i premi assicurativi alle stelle e l'impatto a lungo termine sull'inflazione. • La bolla del Credito Privato: I rischi sistemici nascosti nei prestiti PIK (Payment in Kind) e l'esposizione fatale dei fondi pensione. • I nuovi CDS di JP Morgan: Il ritorno dei Credit Default Swap e come le grandi banche si preparano al crollo (replicando lo schema del 2008). Learn more about your ad choices. Visit megaphone.fm/adchoices

This week In The Current, the guys are wrapping up show season with a few more purchases...we're also getting boats all ready for the water as some trips are coming up soon.  Pik had some unwanted visitors, the crew gets into some turkey talk and so much more.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

In this episode of Making Sense, Stephen Dulake, co-head of Global Fundamental Research, is joined by Jake Pollack, head of North American Credit Trading and Global Credit Financing, to take stock of where private credit stands today. They unpack the two forces shaping the narrative — investor liquidity in retail vehicles and underlying credit performance — alongside investor focus areas like PIK (payments in kind), software and services exposure, and early markers of AI-related disruption. The conversation closes with views on marking practices, the 2028–2029 maturity wall and ongoing price discovery, and what increased regulatory scrutiny could look like as the market continues to grow. This episode was recorded on March 31, 2026.    --   This podcast is intended for institutional clients only. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures.  --  This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.  © 2026, JPMorganChase & Co. All rights reserved. 

Christopher tror att Hanna är porrskadad, så undviker Zara Larsson att bli cancelled och vad betyder expedition Artemis II för mänskligheten? Lyssna på alla avsnitt i Sveriges Radios app. Avsnittsbeskrivning:Världen är upp och ner, alla tror på allt de ser i sociala medier och en högt uppsatt man inom FEMA (en amerikansk myndighet under inrikessäkerhetsdepartementet) menar att han teleporterats mot sin vilja till Waffle House.Hanna har aldrig sett två män visa ömhet till varandra förens en scen i SVT:s Hundarna men hennes kille och Christopher menar att hon bara är porrskakad.Vår populärkulturreporter Michelle Hallström om att Zara Larsson anklagas för att håna Taylor Swifts fans i en intervju och internet ”rasar”. Hur överlever man egentligen cancel culture idag?Nytt mänskligt rekord-alert! Igår befann sig nämligen astronauterna i expedition Artemis II längre bort från jorden än någon människa tidigare. Vad innebär det här egentligen för mänskligheten? Vetenskapsradions Björn Gunér förklarar.Skådespelaren Brian Cox har talat ut i en intervju och slänger kängor till höger och vänster till olika skådisar som han inte tycker om.Christopher har namngett ett nytt material efter att ha legat med en forskare.Kiss-is, hundarnas isglass.Christophers The Strokes-tribute.Programledare: Christopher Garplind och Hanna Hellquist

In this episode of The Wrap, Chris Whalen says the private credit unwind is now spreading to consumer credit funds and warns that retirees and pension funds will feel the pain most — while the firms that sold these products face devastating reputational damage. On the Fed, he calls Trump's handling of Powell "truly incredible, almost like he wants to screw it up" and warns Powell could remain Fed Chair for three more years if Trump doesn't back down. He says the Fed is late, oil above $100 is not a monetary problem but a political one, and that if Trump puts Marines in the Persian Gulf it could effectively end his presidency. He's buying gold and silver on the dip and watching the K-shaped economy crack wider.Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrapLinks:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673Twitter/X: https://twitter.com/rcwhalen    Website: https://www.rcwhalen.com/   Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 Introduction and welcome 0:52 - Consumer credit 3:16 - Big banks now offering ways to short private credit4:53 - How private equity evolved into private credit — and why quality collapsed 7:25 - "Risk Concealed" — SPE loans, PIK structures and hidden bank exposure 9:26 - How do you know if YOU are exposed? You don't. 11:29 - "We're all exposed" — what bank disclosure actually tells you 13:12 - The opacity problem — loan by loan, you can't see it 13:58 - Will everyday investors feel this? Retirees and pension funds will15:25 - The Fed — rates unchanged, Powell is staying 16:11 - Trump "almost like he wants to screw it up" — the Powell/Warsh debacle 19:06 - Powell could be Fed Chair for three more years — here's why 20:47 - Could Trump have gotten the rate cuts he wanted if he'd handled this differently? 21:50 - If Trump puts Marines in the Persian Gulf "that's the end of his presidency" 23:18 - All roads lead to inflation — and it's not monetary 25:19 - Is the Fed late? "Chronically late for the past 10 years" 26:27 - The K-shaped economy — the bottom half is already in recession27:38 - Luxury hotels booming, economy hotels empty — the data tells the story 29:58 - Inflation and affordability will decide the midterms 30:29 - FHFA rolls back climate insurance rules — mostly a press release31:13 - UWMC/TWO — a cash offer emerged, Whalen says Two Harbors goes to auction 33:43 - Viewer Mail: AGNC and mortgage REITs — what to own for income35:41 - Viewer Mail: Why is gold dropping? Whalen is buying the dip 37:15 - What Whalen is watching next week

In this episode, Future Standard's Investment Research team members, Alan Flannigan and Andrew Korz, are joined by Rob Hoffman, Head of Credit Solutions, for a data‑driven look at what's really happening in private credit right now. They unpack the biggest headline concerns—PIK usage, redemption activity and gates, bank financing, defaults, software exposure and valuations—and explain how structure, lender protections and income durability shape outcomes across cycles. The discussion cuts through noise to highlight where selectivity, entry discipline and manager skill can matter most for investors navigating today's market.Have a question for our experts? Text us for a chance to have your questions answered on the next episode.For more research insights go to https://futurestandard.com/insights 

Private credit woes continue! Investors continue to worry about the private credit market and this week has been filled with troubling news from the sector. According to the Financial Times, Glendon Capital Management said private credit funds run by Blue Owl (OWL) and several of its peers may have understated loss rates in their portfolios, suggesting actual losses could be higher than reported. This has led to concerns around the “true valuation” of these assets. This wouldn't be surprising given the little clarity that we have for these loans. We also saw JPMorgan Chase take a conservative approach and mark down the value of some loans tied to private credit vehicles. All the negativity has now caused investors to question the long-term viability of this investment, and many are now wanting to redeem their shares. The problem is these companies don't have to give you all your money back when you ask for it. Blackrock, Morgan Stanley, and Cliffwater all had to curb withdrawals as requests exceeded the pre-existing limit, which normally looks to be around 5%. Looking at Morgan Stanley's North Haven Private Income fund in particular, redemption requests totaled 10.9% of shares outstanding in Q1 and the fund said it would honor 5% of those requests, which is roughly just 45.8% of each investor's tender request. This now means those investors have to continue holding the fund until next quarter and can try again at that time to sell additional shares. I also recently learned of a term in the private credit space called Paid in Kind interest, also referred to as PIK. It is essentially an IOU that borrowers give to lenders instead of cash. When this occurs, the borrower's debt just increases by the interest due rather than the borrower needing to make an interest payment. The crazy thing is that these PIK receipts are still counted as interest income and it counts towards the management fee. An analyst by the name of Ron Kahn, who runs a unit at the Chicago investment bank Lincoln International that does valuations for about a third of all U.S. private credit loans, wondered why private credit companies were showing such few defaults. What he found was lenders were proactively amending loan agreements by allowing PIK interest rather than cash payment so they could avoid default. Lincoln International saw private credit loans with PIK interest rise to 11% at the end of 2025, which was up from 5% in early 2022. There are many concerns in this space right now and I'm sure glad I don't have any assets in this space!   Prediction markets are hitting college campuses to find gamblers Prediction markets have something FanDuel and DraftKings don't, access to the 18 to 21-year-olds in college. Gambling is generally limited to adults 21 years or older, however, prediction markets that are run by companies like Polymarket and Kalshi are trades that are regulated as financial derivative contracts by the Commodity Future Trading Commission. This allows anyone 18 years or older to gamble using these prediction markets. Both Kalshi and Polymarket are hitting college campuses across the country and throwing cash around to lure in 18 to 21-year-old students to place bets via the prediction market. They are doing this by using fraternities and even campus clubs to promote their platforms and in some cases, they pay them $10 per each new account they sign up. There was one fraternity who received $30,510 in two weeks which the fraternity used for parties and new furniture. They are also using student influencers as brand representatives to sell other students on the prediction market. These two companies have no shame as they have even used college athletes to influence others to bet on sports with prediction markets.   Don't pay attention to the price of oil on a daily basis I say that because there's so much speculation out there and likely the information you receive on the price of oil is useless when you look forward to a few months and maybe even just a few weeks from now. Last week the price of oil surged around 35%, but on Monday after comments from the President that this will not last long in the Middle East, crude oil fell back down to under $85 a barrel. Why is this volatility in the price of oil happening?  Roughly 20% of global oil consumption is exported through the Strait of Hormuz and about 20% liquefied natural gas exports worldwide also pass through the narrow waterway. The United States over the years along with other allies have spent billions of dollars making sure the waterway remains open. At the smallest part it is only 21 miles across and to the northeast there sits, Iran. Officially the waterway is not closed or blocked physically, but there are concerns of going through the strait for fear of being hit by a missile shot from Iran. The other concern is how long this will go on because storage facilities for oil have pretty much reached full capacity and when that happens the producers need to turn off the well in a process known as “shutting in” occurs. When this happens, there can be problems and delays turning the wells back on and some may not regain the original flow. As you can tell, it is not a simple process and it's not just oil that's goes through the strait but also liquified natural gas and even large amounts of fertilizer flow through the area as well. I would not recommend making any investment decisions during this time around anything that has to do with oil or even energy for that matter.   The International Energy Agency (IEA) agrees to historic oil release The IEA, which is an organization of 32 member countries primarily with advanced economies in Europe, North America and northeast Asia, agreed to release 400 million barrels of oil from strategic reserves. Currently, IEA members hold more than 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation. While the strategic release is helpful, it is only a temporary fix considering nearly 20 million barrels passes through the Strait of Hormuz per day in normal times. China also could help with oil prices if it reduced its purchasing or released some of its stockpile. Ahead of the war China was buying oil at an elevated rate and in the first two months of the year, crude imports soared 15.8% compared to a year earlier. It's estimated as of January China had a stockpile of 1.2 billion barrels as well. China has also been continuing to receive oil from Iran and since the war began it's estimated they've received close to 12 million barrels from the country.    Surprise.... Gen Z is going to the mall for in-person shopping! You may be hearing that younger people don't go to the mall any longer, but that is not true, it's just a little bit different than when people went 20 years ago. Gen Z, the generation consisting of 14 to 29-year-olds, shops at the mall but first they check online sources like Instagram and TikTok to see what's in style. According to Nielsen IQ, the global annual retail spending by this generation is expected to be over $12 trillion by 2030. Shoppers between 18 and 24 years old made 62% of their general merchandise purchases in stores last year, but shoppers 25 and older made just 52% of their purchases in person. Some of the reasons given for the in-person preference was that Gen Z does not like to pay the shipping fees along with common sense things like they want to touch the item and see it in person especially if it's clothing, they want to see how it looks on them. Malls understand this, and many of them have actually set up areas so that the young shoppers can take their selfies in fitting rooms and other areas that are social media friendly. If you're a salesperson in a retail store and if you're talking to this generation, you'd better be up to date when it comes to what's going on in social media. Some salespeople even have a tablet to show shoppers how influencers are styling different items. It is a misconception that this generation is averse to talking to people, but how you talk to them is different. They'd rather get their advice from an influencer or a friend rather than a salesperson.   Companies Discussed: The Gap, Inc. (GAP), StubHub Holdings, Inc. (STUB), Delta Air Lines, Inc. (DAL) & Uber Technologies, Inc. (UBER)

In this episode of The Wrap, Chris Whalen warns the Trump administration is heading toward a financial crisis, driven by private credit contagion, hidden leverage, and a Washington that isn't paying attention. He breaks down the BlackRock blowup, the PIK loan problem, Iran's market impact, and explains why he's buying gold and staying out of financials.Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrapLinks:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673Twitter/X: https://twitter.com/rcwhalen    Website: https://www.rcwhalen.com/   Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 Intro and welcome to The Wrap with Chris Whalen00:36 - Classic risk-off period we'll remember for years 02:42 - Lloyd Blankfein says private credit "smells like 2008" — is he right? 05:00 - BlackRock marks $25M loan from 100 cents to zero in 3 months06:50 - Apollo CEO calls this a "shake out" 09:08 -Goldco 10:08 - PIK loans & "POOP" structures — is this the beginning of a default wave? 13:26 - Where Whalen is putting his own money right now 16:03 - "Every asset class is short interest rate volatility" — what that means for you 18:05 - Will the Fed cut rates? Whalen says yes — possibly as soon as March 19:46 - Nobody in Washington is talking about financial contagion — who should be? 22:22 - Tariffs: why Whalen calls the $175B refund story a "huge nothing"23:04 - Gold & silver: why Whalen is more confident than ever on precious metals 26:07 - Iran escalates: what it means for markets & why there's no endgame 27:08 - Teapot Dome, Warren Harding & the Trump parallel 30:37 - Viewer Mail: Is your annuity at risk if private credit blows up?31:49 - Viewer Mail: Is there an MBS story to the private credit unraveling?33:00 - Viewer Mail: The Fed's balance sheet surge — should you be worried? 35:00 - Viewer Mail: Are we heading back to a gold-based monetary system? 36:30 - Final thoughts: what Whalen is watching next week

Is the financial world on the brink of a 2008-style collapse, or is this just the "slow burn" of a new era? In this high-stakes episode, David Underwood and Brandon Beaver break down the explosive news of U.S. and Israeli strikes on Iran and exactly how you should position your portfolio to profit from the chaos.From the sudden spike in Brent Crude to the shocking rise of the Japanese Yen as a safe haven, we give you the "Buy" and "Short" plays you need for the week ahead. But the real danger might be closer to home—Brandon reveals a terrifying "synthetic liquidity" crisis brewing in the Private Equity and Software sectors that could threaten your pension fund.In this episode, we cover:The Iran Strike Aftermath: Why oil could hit $100/barrel and why David is planning a massive short play once it does.Shipping & War Surcharges: How new fees in the Gulf and Suez are about to hit your wallet and corporate earnings.The "PIK" Debt Trap: Why you must avoid software companies with high "Payment-in-Kind" interest before they implode.The Berkshire Blueprint: A look at the mind-blowing dividends from Buffett's top holdings (Apple, Coca-Cola, and more).Earnings Watch: Vital outlooks for Target, Best Buy, and CrowdStrike in an AI-disrupted market.Don't let market volatility catch you off guard. Tune in to learn how to turn global disruption into an uplifting return.

El colapso de Lehman Brothers en 2008 no fue un accidente aislado, sino la consecuencia de excesos acumulados en el sistema de crédito. Hoy, el crecimiento acelerado del private credit, el uso de estructuras como el Payment in Kind (PIK) y el comportamiento de los Credit Default Swaps (CDS) están generando preguntas similares sobre el ciclo de deuda. En este episodio analizamos: El crecimiento explosivo del mercado de crédito privado. Cómo el PIK puede distorsionar la percepción de morosidad. Qué están señalando los CDS sobre riesgo sistémico. Por qué empresas como Oracle pueden anticipar tensiones en el ciclo tecnológico. Cómo navegar un entorno donde la complacencia puede ser el mayor riesgo. No se trata de generar miedo, se trata de leer el ciclo con criterio. La historia financiera no se repite exactamente, pero rima. Y cuando el crédito empieza a deteriorarse, los efectos pueden amplificarse. Mira el episodio completo y fortalece tu criterio para navegar el ciclo de deuda con visión de largo plazo. 

On this volume of Tales And Traditions, Stephen and Cody are joined by Brad, Ryan, and Pik, again.  Those guys won't leave the 2 of them alone.  But on today's discussion, Cody has us looking ahead...upcoming plans, changes and thoughts as we lean on our traditions, but try to learn from our expereinces and grow in the outdoors.  Check it out!!

VivoPower International PLC Chief Investment Officer Alex Cuppage joined Steve Darling from Proactive to announce the successful completion of a $30 million strategic private investment in public equity (PIPE). The financing is structured as convertible preference shares priced at $6.80 per share, carrying a 6% annual payment-in-kind (PIK) coupon. The structure reflects long-term strategic alignment with VivoPower's Sovereign AI growth strategy and provides the company with additional capital to accelerate expansion. Cuppage noted that the PIPE attracted leading technology and infrastructure investors, including New York-based Blue Sky Capital, which is widely recognized as an early investor in AI-focused data centers globally. In addition, prominent sovereign family offices from the GCC region participated in the financing, alongside VivoPower Chairman Kevin Chin. The company said the premium pricing reflects investor conviction in VivoPower's strategic expansion into AI infrastructure designed for sovereign nations and hyperscale operators. Proceeds from the financing will primarily be used to scale VivoPower's high-performance AI data center portfolio, with additional funds allocated for general working capital purposes. VivoPower's broader mission is to position itself as an independent and trusted partner for sovereign nations seeking to develop and operate sustainable data center infrastructure. By enabling sovereign control over power, data, and national intelligence capabilities, the company aims to bridge the gap between energy assets and AI ambitions. Through its Power-to-X infrastructure model, VivoPower seeks to support nations in building and controlling their own domestic intelligence hubs, aligned with long-term digital sovereignty objectives. #proactiveinvestors #vivopowerinternationalplc #nasdaq #vvpr #pipefinancing #StrategicInvestment #AIInfrastructure #SovereignAI #DataCenters #DigitalSovereignty #BlueSkyCapital #GCCInvestors #ConvertibleShares #PrivateInvestment #TechInfrastructure #EnergyToAI #PowerToX #Hyperscale #CapitalMarkets #AIExpansion #SustainableInfrastructure

Michael Klein reports from a packed USA Rice Farm Policy Fly-In in D.C., where growers discussed rising input costs, trade pressures, emergency assistance, world rice stocks, planting intentions, and more. USA Rice members Paul T. Combs and Fred Zaunbrecher talked planting strategy and rice's reception on Capitol Hill. USDA senior leaders shared their thoughts on the ag economy, and then recently retired USDA ag economist Nathan Childs was honored and sat down to share his uncensored thoughts on applied economics, agriculture, the PIK years, market instability and how to counteract it, and learning from history. With special guests: Nathan Childs, USDA-ERS (Retired) Paul T. Combs, Sunrise Land Company Fred Zaunbrecher, Chair, USA Rice Farmers Board of Directors Richard Fordyce, Under Secretary for Farm Production and Conservation, USDA Stephen Vaden, Deputy Secretary of Agriculture, USDA Hosted by: Michael Klein

Der Ausstieg der USA aus dem Pariser Klimaabkommen tritt in Kraft. "Wir waren auf dem richtigen Weg. Die USA waren mit uns auf dem richtigen Weg und jetzt weichen sie ab", sagt Klimawissenschaftler Anders Levermann: "In Europa sollten wir das nicht tun." Von WDR 5.

This week In The Current, the guys are around the table to catchup.  Pik is back from much warmer climates, and Andy is tweaking some new equipment.  As the seasons are winding down, so is the year and the crew is looking ahead.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

This week In The Current, the crew is around to table as Firearms season picks up in PA and Maryland.  Just like the way Archery Season went, the deer are in trouble.  The guys are filling freezers and even getting some 'first blood'.  Listen in as Pik, Cody, and Hank tell their stories.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

10 Jahre Pariser Klimaabkommen: Deutschlands wirtschaftlicher Selbstmord auf Raten Zehn Jahre Pariser Abkommen: Tichys Einblick zieht eine vernichtende Bilanz. Das „ominöse“ 1,5-Grad-Ziel ruiniere die deutsche Wirtschaft, während Wettbewerber wie China kaum mitziehen. Fritz Vahrenholt kritisiert wissenschaftliche Fehler des PIK und eine falsche Auslegung des Vertrags: Statt „Null-Emissionen“ sei eigentlich nur eine Halbierung gefordert gewesen. Thomas Mock erinnert sich an die Anfänge. Webseite: https://www.tichyseinblick.de

Market Overview and Insights on Private Credit – December 11, 2025 In this episode of Dividend Cafe, Brian Szytel provides an update on the financial markets from the Newport Beach office of The Bahnsen Group. The DOW closed up by 646 points, while the S&P had modest gains and NASDAQ saw a slight decline. Szytel discusses the rotation from growth to value sectors, the recent actions of the Federal Reserve, and their impacts on the market. He also covers upcoming deregulatory changes and tax cuts, a weakening labor market, and concerns about overstated employment numbers. Additionally, he answers a listener question about payment-in-kind (PIK) in private credit, explaining the risks and how such loans are typically managed. He concludes by emphasizing the past three years' market performance and the potential for slower growth ahead. 00:00 Introduction and Market Overview 00:14 Stock Market Performance 01:13 Bond Market Insights 01:35 Federal Reserve Actions and Economic Impact 03:15 Corporate Profits and Economic Outlook 04:10 Private Credit and Payment in Kind (PIK) 06:18 Conclusion and Final Thoughts Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Private credit is one of the fastest-growing areas in alternative investments, driven by tighter traditional lending and demand for higher yields. But its rise brings valuation challenges—limited transparency, non-standard pricing, and infrequent market activity. How can these assets be accurately valued? What risks might be overlooked? And how should investors assess performance and liquidity? Hear from a specialist tackling these questions, and explore AICPA resources to enhance your valuation analysis. Key takeaways  •    Industry economics and motivations of stakeholders and constituents •    Applications and limitations of formal valuation and accounting guidance •    Characteristics and valuation implications of payment-in-kind (PIK) features •    Looking beyond carrying values to assess debt instruments Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses. Guest: Susan DuRoss, Managing Director, Global Head of Valuation, Harvest Investments Host:  Howard Mah-Lee, CFA, CAIA, ABV, Senior Manager, AICPA Valuation Services Please share your thoughts about the episode -  click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. UPCOMING:  Business Valuation School - Dec 1-5, Live online JUST MISSED:  AICPA FVS Conference, Oct 27-29, 2025  - you can purchase sessions and the handouts.  Please see here Accounting and Valuation guides from AICPA  If you are an AICPA-FVS Section member see below for free access to these guides •    Valuation of Privately Held Companies Equity Securities Issued as Compensation •    Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content Private credit valuation in alternative investments | FVS webcast archive Valuation of Privately Held Companies Equity Securities Issued as Compensation Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies The FVS Valuation Podcast archives •    409A Valuations – What you Need to Know •    SAFEs, Convertible Notes, and Embedded Derivatives LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

On this volume of Tales And Traditions, Stephen and Cody are interrupted by Brad, Ryan, and Pik who drop in, grab a chair, and sit a spell.   Listen in as the crew talks about the seasons changing to our favorite time of year.  From food to clothes, lots of great conversation.  Check it out!!

This week In The Current, we're getting caught up with the crew and there's been A LOT of outdoor activity going on. Pik is chasing deer and bear in Maryland. Ryan, Cody, Estie and Brad are all get time in the stands...and while Brad has been off to a rough start, he's still excited for what's to come. And it seems Cody has been talking to the trees. Check it out!! Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/

Jeffrey Diehl, Managing Partner and Head of Investments at Adams Street Partners, joins the InsuranceAUM.com podcast to explore whether the rapid growth of private credit platforms, particularly BDCs and insurer-owned portfolios, is creating systemic risk or sustainable opportunity.   In this candid conversation with host Stewart Foley, Diehl explains how deployment pressure, the rise of PIK loans, and reduced underwriting discipline could challenge returns in an overheated segment of the market. He also unpacks the scale of capital flowing through these platforms, the structural differences between perpetual BDCs and traditional private credit funds, and what red flags insurance investors should be monitoring.   For anyone allocating to private credit, or evaluating manager selection, this episode offers timely, practical insight into how scaling may impact risk, performance, and long-term portfolio outcomes.

This week In The Current, it's that time of year when bodies are hitting the floor.  We get a chance to catch up with Pik to hear about the long awaited Elk Hunt in Colorado.  It's a fantastic story.  We also hear about Ryan's successful opening weekend and get updates from the others.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

Der „Global Tipping Points Report 2025“ sagt: Der Klimawandel verändert das Ökosystem bereits. Warum er trotzdem Hoffnung hat, erklärt Klimaforscher Jonathan Donges.

Barings' Joe Mazzoli sheds light on the factors currently shaping the landscape for business development companies (BDCs) - from the interest rates to credit dynamics - and what may lie ahead for investors in the space.Episode Segments:(03:24) - Understanding the different types of BDCs(05:17) - What's driving growth in perpetual BDCs(07:45) - How lower rates may impact the space(10:30) - The impact of a two-speed economy (15:09) - Gauging credit risks and understanding fee structures(22:08) - What investors need to know about PIK(26:14) - How the M&A environment is shaping the outlook(31:33) - Sponsored vs. non-sponsored lending(33:52) - The intersection of asset-based finance and BDCs(35:44) - What next for BDCs - from regulatory change to AIMake sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights.IMPORTANT INFORMATIONAny forecasts in this podcast are based upon Barings' opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the informationAny service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings' consent.25-4868307

La nouvelle inquiétante est tombée mercredi 24 septembre : une septième limite planétaire a été franchie cette année, sur les neuf existantes. Dans son rapport annuel baptisé « Planetary Health Check », l'Institut de recherche de Potsdam sur les effets du changement climatique (PIK) annonce que l'acidification des océans a désormais dépassé un seuil critique.Ce phénomène est le résultat de l'augmentation des émissions de CO2 dans l'atmosphère, résultant des activités humaines. Les océans, surchargés par ces émissions, n'arrivent plus à digérer le CO2 et s'acidifient, mettant en danger les écosystèmes qu'ils abritent.Au-delà de l'acidification des océans, il existe huit autres « limites planétaires », identifiées par les chercheurs du PIK, dont le changement climatique, l'érosion de la biodiversité ou encore la pollution chimique.Comment ces limites ont-elles été définies ? Quelles conséquences si elles sont franchies ? Font-elles l'objet d'un consensus dans la communauté scientifique ? Réponses dans cet épisode de « L'Heure du Monde » avec Audrey Garric, journaliste au service Planète du Monde.Un épisode d'Audrey Travère et Adélaïde Tenaglia. Réalisation : Florentin Baume. Présentation et suivi éditorial : Jean-Guillaume Santi. Rédaction en chef : Adèle Ponticelli.Cet épisode a été diffusé le 2 octobre 2025---Assistez au cours du soir de notre chroniqueuse judiciaire Pascale Robert Diard sur les coulisses des grands procès qu'elle a couverts et les mécanismes de la justice Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

bto#322 – Im April 2024 sorgte eine Studie des Potsdam-Instituts für Klimafolgenforschung (PIK) für Schlagzeilen. Die Studie, veröffentlicht im renommierten Wissenschaftsjournal Nature, prognostizierte der Welt einen Einkommensverlust von 19 Prozent bis zum Jahr 2050, verursacht durch den Klimawandel.Mittlerweile steht fest, dass die Studie fundamental fehlerhaft ist. Der tatsächliche wirtschaftliche Schaden wird bei weitem nicht so groß sein wie die Studie behauptet. Während die Prognose bei ihrer Veröffentlichung mediale Monsterwellen schlug, verursachte die eigentlich gute Nachricht allerdings keine Schlagzeilen. Was nicht nur deshalb bedauerlich ist, weil sich so Zukunftsängste verfestigen und sich der Eindruck vieler Menschen, alles würde schlechter werden, verfestigt. Sondern weil die Studie des PIK in die politische Entscheidungsfindung einfließt. Die OECD, die Weltbank, die US-Regierung und das Network for Greening the Financial System (NGFS) – ein Zusammenschluss von Zentralbanken – beispielsweise übernahmen die Ergebnisse des PIK als Leitlinie. Der Alarmismus verunsichert nicht nur viele, er trübt den realistischen Blick auf die Welt und ihren Zustand. Der Wissenschaftsjournalist Axel Bojanowski schreibt in seinem gleichnamigen Buch über „33 erstaunliche Lichtblicke" und führt damit eine faktenbasierte Aufklärung fort, die der Schwede Hans Rosling vor Jahren mit seinem internationalen Bestseller „Factfulness" begründet hat. Daniel Stelter diskutiert mit Axel Bojanowski und stellt fest: In der Welt geht es voran. HörerserviceText zur Klimastudie des PIK (Bezahlschranke): https://is.gd/fzcZWf Text zum PIK (Bezahlschranke): https://is.gd/0rxvCQ beyond the obviousNeue Analysen, Kommentare und Einschätzungen zur Wirtschafts- und Finanzlage finden Sie unter www.think-bto.com.NewsletterDen monatlichen bto-Newsletter abonnieren Sie hier.RedaktionskontaktWir freuen uns über Ihre Meinungen, Anregungen und Kritik unter podcast@think-bto.com.Handelsblatt – Ein exklusives Angebot für alle „bto – beyond the obvious – featured by Handelsblatt“-Hörer*innen: Testen Sie Handelsblatt Premium 4 Wochen lang für 1 Euro und bleiben Sie zur aktuellen Wirtschafts- und Finanzlage informiert. Mehr unter: handelsblatt.com/mehrperspektiven Oder lesen Sie das Handelsblatt ein Jahr lang mit 30 % Rabatt und erhalten Sie tiefgehende Einblicke in Wirtschaft, Politik, Finanzwelt und Technologie. Zum Angebot: handelsblatt.com/bto30Werbepartner – Informationen zu den Angeboten unserer aktuellen Werbepartner finden Sie hier. Hosted on Acast. See acast.com/privacy for more information.

This week In The Current, the crew is checking in with Pik to see how he's holding up, just a few short weeks away from heading west for this Elk hunt.  He's geared up and ready to roll.  Ryan's also melting credit cards in preparation for the fall, but still managed to get some fishing in...and Brad brings a question to the table about Archery Pro Shop etiquette.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

This week In The Current, Stevie is back around the table.  We get caught up with him, and hear all about a recent trip west that Pik took.  Birthdays in Colorado seem to be his favorite, from elk scouting to Moon River.  There's also been some boat upgrades and additions.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

Send us a textThis week, Kristen and Jen dive straight into the finance headlines with a M&A story: Perplexity, an AI startup valued at $18 billion, has made a $34 billion all-cash bid for Google Chrome. Kristen unpacks why this is virtually unprecedented in dealmaking, explaining how the size mismatch, lack of financing capacity, and Chrome's not-for-sale status make the offer so unusual. They revisit the AOL–Time Warner merger as the closest (though still imperfect) precedent and debate whether this might be the “canary in the coal mine” for overheated AI valuations.Jen follows with a contrarian take on the Federal Reserve: even if the Fed cuts rates in September as the market expects, long-term interest rates might actually rise. She explains how inflation pressures, market expectations, and a “cash trap” dynamic could lead to higher mortgage rates, an unintended consequence that would frustrate borrowers hoping for relief. The discussion also touches on softening labor market signals, political pressure on the Fed, and why rate policy in a high-inflation environment can move markets in unexpected ways.The episode then shifts to signs of stress in private credit markets, focusing on the rise of “PIK” (payment-in-kind) interest arrangements. Kristin explains how PIK structures work, why an uptick, especially in “bad PIK” where struggling borrowers opt to defer cash interest, can be an early warning for financial trouble, and how this fits into the broader credit cycle. They close with a debate on networking ethics after a viral Reddit thread about circulating analyst email lists, and the importance of genuine, trust-based connections in breaking into competitive industries.For a 14 day FREE Trial of Macabacus, click HERE For 20% off Deleteme, use the code TWSS or click the link HERE! Our Investment Banking and Private Equity Foundations course is LIVEnow with our M&A course included! Shop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Matthew Bannister on The TV director Michael Lachmann who made some of the most acclaimed documentaries about science. Professor Brian Cox and Dame Maggie Aderin-Pocock pays tribute. Pik-sen Lim who became one of the most recognisable East Asian actors on British TV. Leon Krier, the master planner behind King Charles's controversial Poundbury development. David “Syd” Lawrence, the fast bowler who was the first British-born black cricketer to play for England.Interviewee: Professor Brian Cox Dame Maggie Aderin-Pocock Sara Houghton Ben Pentreath Dean WilsonProducer: Ribika MoktanArchive used:Wonders of the Solar System: Order out of Chaos, BBC 2, BBC Production, written & directed by Michael Lachmann, series producer Danielle Peck, A BBC/ Science Channel Co-Production, BBC MMXVI, 14/03/2010; Wonders of the Universe: Stardust, produced and dir by Michael Lachmann, Series Producer James Van Der Pool, BBC Production, A BBC/ Discover/ Science Channel Co-Production BBC MMXVI, BBC Two, 04/07/2011; The Sky at Night: Planet 9 from Outer Space, Series Producer Michael Lachmann, BBC Science Production London, BBC MMXVI, BBC 4, 14/02/2016, bbc.co.uk/skyatnight; Human Universe: A Place in Space Time, produced & directed by: Stephen Cooter & Michael Lachmann, BBC Production, A BBC/ Science Channel Co-Production, BBC 2, 02/11/2014; Emergency Ward 10, script by Tessa Diamond, Directed by Peter Sasdy, An ATV Production, ITV, 1957-1967; Mind Your Language, creator Vince Powell, directed by Stuart Allen, London Weekend Television, ITV, 1977-1986; Celebrating & Connecting BESEA Women in Film, TV & Theatre, YouTube Upload KakiLang, 27/04/2021; Doctor Who, Season 8; The Mind of Evil, Episode 1, Producer Barry Letts, directed by Timothy Combe, BBC TV, 1971; Jenny: The Doctor's Daughter - Volume 1, Neon Reign, June 2018, written by Christian Brassington, directed by director Barnaby Edwards, Big Finish Productions; Newsnight, BBC Two, 26/07/1985; BBC News, 10/02/1992; BBC Points West 19/11/2014; BBC News, 15/10/1991; Third Ear: Leon Krier, BBC Radio 3, 21/02/1992; What Revival?, BBC Radio 3, 03/06/1983

This week In The Current, we've got a full table, plus a special guest.  Join Ryan, Steve, Cody, Brad, Pik, Spittle, Bucky, and our new friend Dylan Fogarty, professional fisherman, as we get caught up for the week.  There was a secret trip north, new boat motors, and lots of catching up with Dylan on some great adventures he's had since we last talked with him.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

This week In The Current, Pik and Will are on location and are joined by a few friends.  You will recognize the names and some voices.  They are at the Total Archery Challange in Seven Springs, PA.  For several years now, Pik and Will have been attending this event.  Listen in as the group tells us what it's all about this year.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

This week In The Current, the crew is around the table, and when Pik and Zack are here this time of year, you know we're talking turkey.  Listen in as we get some updates from the guys, talk a little more about Sodus, and even get to learn how clean the windshields are on some of our vehicles.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

Une étude récente de l'Institut de recherche sur l'impact climatique de Potsdam (PIK) a mis en lumière un mécanisme inédit : l'atmosphère possède une forme de « mémoire » qui joue un rôle crucial dans la régulation des pluies de mousson. Cette découverte remet en question les modèles climatiques traditionnels et pourrait avoir des implications majeures pour la gestion du climat mondial et la sécurité alimentaire de nombreuses régions du globe.Une mémoire atmosphérique fondée sur la vapeur d'eauTraditionnellement, les pluies de mousson étaient perçues comme une réponse directe aux variations du rayonnement solaire. Cependant, l'étude du PIK révèle que l'atmosphère peut stocker de la vapeur d'eau sur des périodes prolongées, créant ainsi un effet de mémoire physique. Ce mécanisme permet aux systèmes de mousson de basculer entre deux états stables : un état humide et pluvieux, et un état sec. Ainsi, même lorsque le rayonnement solaire diminue en automne, la vapeur d'eau accumulée maintient les précipitations, illustrant une forme de mémoire saisonnière. Bistabilité et dépendance au cheminLe phénomène observé est qualifié de « bistabilité » : pour un même niveau de rayonnement solaire, l'atmosphère peut être soit sèche, soit pluvieuse, en fonction de son état précédent. En d'autres termes, si l'atmosphère est déjà humide, la pluie persiste ; mais si elle est sèche, il est difficile d'initier des précipitations. Ce comportement dépendant du chemin souligne l'importance de l'histoire saisonnière de l'atmosphère dans la régulation des moussons. Méthodologie de l'étudeLes chercheurs ont combiné des données d'observation provenant de régions affectées par la mousson, telles que l'Inde et la Chine, avec des simulations atmosphériques avancées. En isolant l'atmosphère des composants plus lents du système terrestre, comme les océans, ils ont démontré que l'accumulation de vapeur d'eau dans l'atmosphère peut à elle seule déclencher ou maintenir les précipitations de mousson.Implications pour le climat et la sociétéCette découverte a des implications significatives. Les moussons sont essentielles pour l'agriculture et l'approvisionnement en eau de milliards de personnes. Comprendre le rôle de la mémoire atmosphérique pourrait améliorer les prévisions climatiques et aider à anticiper les variations des précipitations, cruciales pour la sécurité alimentaire et la gestion des ressources en eau.En conclusion, la reconnaissance de la mémoire atmosphérique comme un facteur clé dans la régulation des moussons ouvre de nouvelles perspectives pour la recherche climatique et la planification stratégique dans les régions dépendantes de ces précipitations saisonnières. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

In this episode of Redefining Energy Tech, host Michael Barnard sat down with Dr. Joseph Romm—physicist, energy policy veteran, and author of The Hype About Hydrogen—to pull back the curtain on hydrogen's persistent mystique. Romm isn't new to the debate. Back in the early 2000s, he was among the first to publicly challenge the logic of hydrogen as a viable energy carrier. Now, twenty years later, he's back with a completely rewritten edition of his book, just in time for Earth Day, and the message hasn't changed: the hydrogen hype is still hype.What makes Romm's critique so compelling is his history. He once supported hydrogen research while in the Clinton-era Department of Energy, betting on Sandia Labs' onboard gasoline reformers. But that hope dissolved under the weight of technical reality. In 2003, as the Bush administration rolled out its $1.3 billion hydrogen initiative, Romm published the first edition of The Hype About Hydrogen, drawing a stark contrast between hydrogen's theoretical promise and its practical inefficiency. The fundamental math hasn't budged. Hydrogen production, storage, transport, and conversion wastes up to 80% of the original renewable electricity. Batteries? They waste closer to 20%.Fast forward to today, and hydrogen is once again being paraded as a climate solution, this time with a new coat of green paint. But Romm's updated research shows the same miscalculations baked into the models of the IEA, CSIRO, and even PIK—institutions that projected green hydrogen prices based on wildly optimistic learning curves. Hydrogen didn't follow the same cost trajectory as solar or batteries. In fact, between 2020 and 2024, the cost of electrolyzers increased by 40%—a staggering reversal of expectations that should have set off alarm bells across boardrooms and ministries.We also tackled the real-world energy transition playing out in China. While Western nations argue over tariffs and watch supply chains buckle, China is installing 350 gigawatts of solar and wind in a single year—ten times its nuclear additions—and prioritizing direct electrification over hydrogen. It's not just policy rhetoric; it's industrial reality.This divergence is becoming painfully clear in the transport sector. European advisors have publicly declared hydrogen “dead for trucks,” pointing instead to the obvious solution: battery-electric vehicles and megawatt-scale charging infrastructure. The market is responding. Companies trying to straddle both hydrogen and battery bets—Van Hool, Quantron, Nikola—are struggling or collapsing. Romm calls this “narrative disarticulation”—an elegant way of saying that serious people are quietly walking away from the hydrogen dream.His final warning is unequivocal: investing in hydrogen based on outdated assumptions is a recipe for stranded assets and political distraction. Industry's call to support “dirty hydrogen now, clean later” isn't just a bait-and-switch—it's a carbon trap dressed up in green branding. If we're serious about climate, it's time to let go of the hydrogen mirage and double down on what we know works: clean, efficient electrification.Want to rethink your assumptions on hydrogen? This is the episode to listen to.

Our analysts Vishy Tirupattur and Joyce Jiang discuss the health of private credit as default pressures are building for borrowers amid weaker growth, fewer rate cuts and policy uncertainty.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist.Joyce Jiang: And I'm Joyce Jiang, U.S. Leverage Finance Strategist.Vishy Tirupattur: Today we'll take a look at private credit markets. Will it stay resilient in the current macro conditions? Or a reckoning is ahead of us.It's Tuesday, May 13th at 10am in New York.Tariffs and policy uncertainty are on the top of mind for people with an eye on the economy and markets. Certainly, a frequent topic of discussion for us on this podcast. In this environment, there has been growing concern about the health of corporate credit – and within corporate credit direct lending or middle market segments, where companies tend to be smaller in size and have weaker fundamentals are of particular concern. The business models of these companies are sensitive to slower growth.Joyce, can you map out the risks associated with private credit companies?Joyce Jiang: To your point, risks are rising in private credit, but I think these risks would be measured given the still resilient fundamental backdrop. Looking at fundamental trends, there is no clear sign of leverage building up in the system yet, and multiple data sources actually show that the leverage ratios among direct lending companies have either improved or remained flat. And that's very different from the previous cycles where excessive corporate leverage set the stage for the eventual downturn.So, this time around credit, including both public credit and private credit, is not the source of the problem. But, of course, these direct lending companies would be impacted by higher tariffs. So, Vishy what's your view on the tariff impact?Vishy Tirupattur: So, the direct impact of tariffs, Joyce, we think is likely to be muted. It's quite hard to quantify this exposure, but if you look at a number of different data sources, we find that the direct lending loans are more skewed towards defensive and service-oriented sectors.For example, sectors such as a technology, business services and healthcare account for over half of the loans in typical BDC portfolios or Business Development Company portfolios of direct lending loans. But that said, even though the direct impact could be somewhat limited, there could be second order effects because there is higher uncertainty and weaker confidence, and that could weigh on demand. There could be a tail cohort that could be developing.So, some data from Lincoln International, for example, shows that about 15 per cent of direct lending companies have EBITDA interest coverage ratio below 1x. Another way of looking at tail cohort is by looking at companies generating negative free operating cash flow. According to S&P data, that's about 40 per cent. These tail cohorts are stretched and are weakly positioned to weather macro challenges ahead.So, Joyce, another thing that comes up frequently when we talk about private credit is Payment In Kind interest or the so-called PIK interest. Can you walk us through what is a PIK and why is it a concern?Joyce Jiang: So, Payment In Kind interest – it occurs when the company stops paying interest in cash, but instead the interest is accrued and added to the principal balance. It is quite common for companies under liquidity stress to switch to PIKs for cash preservation, But in many cases, PIKs don't really clean up the company's balance sheet, and the companies may still end up in a conventional default. So, PIK is generally considered as a leading indicator of default by market participants.And to be clear, not all PIK loans are bad. PIK toggles are actually a key feature that distinguishes direct lending loans from syndicated loans because it provides non-distressed companies the flexibility to reallocate cash for other business needs. So, PIKs do not necessarily signal higher defaults. And in fact, data showed that BDCs or Business Development Companies with a higher PIK income don't always see a greater increase in nonaccruals. So, in other words, the relationship between PIK income and defaults is not persistently strong.Vishy Tirupattur: So, to summarize, overall fundamentals are on a relatively strong footing, but risks in private credit are rising, especially if we have a potential economic slowdown ahead. On the other hand, there are a few structural features with the private credit loans that could potentially help mitigate some of the vulnerabilities we've just talked about.First thing, direct lending loans are not marked to market by design, so they have lower volatility and are relatively immune from daily price moves. And really related to that, redemption risk of private credit funds has been fairly contained so far. These funds usually have tools like lockup periods and redemption caps to guard against unexpected large outflows.But of course, the effectiveness of these mechanisms has not yet been tested in severe downturns. Moreover, the capital that is going into private credit is relatively sticky capital. Key investors, such as insurance companies and pension funds are hold-to-maturity type buyers, and they're entering in the space for the attractiveness of the higher yields and to harvest illiquidity premia embedded in these loans. So, with that long-term investment horizon, they would be more willing to support companies through temporary liquidity challenges. Also, small lender groups in direct lending market makes it easier to negotiate restructurings.Joyce Jiang: Lastly, there is also ample dry powder. According to PitchBook, there is $570 billion of dry powder in private debt fund, and another $2 trillion in private equity funds. And this capital can be deployed to backstop distressed companies and help keeping defaults in check. And in terms of defaults, we are expecting syndicated loan defaults to end the year at 4 per cent. And that's our base case.And based on the historical relationship, that implies a like for like default rate for perfect credit at 5 per cent, which means a mild uptake from the current level, but is still below the COVID peak.Vishy Tirupattur: Joyce, thanks for taking the time to talk about this.Joyce Jiang: Thanks for having me, Vishy.Vishy Tirupattur: And to our listeners, thank you for your attention. Let us know what you think of this podcast and the topics we cover. And if you think a friend or a colleague might find this information useful, please share Thoughts on the Market with them today.

Pik, luder, kælling er alle ord, der, ifølge kilder, ofte lød på kontorerne hos det prestigefulde advokathus Plesner. Andre beretter om fejringer på stripklubber og dickslaps mellem advokater til julefrokoster. Sammen tegner det et billede af en virksomhedskultur, der de seneste måneder er blevet problematiseret i medierne Finans og AdvokatWatch. I dagens Genstart fortæller journalist Iben Schmidt om omgangstonen og de kulørte fester i et af landets mest profilerede advokathuse. Vært: Anna Ingrisch. Program publiceret i DR Lyd d. 5. maj 2025.

In this week's episode of The Impact Farming Show, Tracy speaks with Damian Mason on “The Next Farm Crisis: Tariffs, Trade Wars, Land Bubbles, Oversupply & Deglobalization.” Does history repeat itself?  Well, it may not repeat itself exactly, but our current economic environment is showing many similarities to the farm crisis of the 1970s and 1980s. Don't miss this thought-provoking conversation.  Conversation Time Stamps [0:00] - Introduction [1:40] - Is agriculture history repeating itself, with similarities from the 70s and 80s? [3:39] - The political, economic, trade, and productive climates are very similar to the 70s and 80s.  [3:45] - Anyone in agriculture that is around 40 year olds only knows the golden age of North American agriculture. This is dangerous. [4:10] - 80's were terrible. Damian shares about the 80s land values dropping, farm bankruptcies and farms so far upside down that the bank refused to foreclose. [6:17] - So, are we as bad as the 1980s? No, but Damian makes some startling comparisons that will raise a few eyebrows.  [6:20] - What got us into the 80s farm crisis? Inflation, global strife, trade fights, oversupply, and uncertainty. We are facing all the same economic conditions right now. [8:31] - The World is vastly oversupplied, and this is being reflected in price and trade wars. [9:07] - Asset run-up is another factor. Land is at near record highs, as it was in the 1980s. [9:54] - Supply and demand. Tracy asks, “Are we still feeding a growing World, Damian?” [11:18] - Industrialization, innovation, and incredible yield advancement have outpaced population growth. [12:20] - North American 20 to 25 year “up cycle” in demand for agriculture products. [12:54] - We have reached productive capacity, and population growth is heading towards decline. [15:40] - Misleading messaging to farmers. “Feeding the growing World” is no longer accurate and is a dangerously misleading statement for farmers considering farm growth or not. [18:40] - PIK program from the 80s. Subsidizing farmers to reduce agricultural production in dairy, corn, etc. [19:36] - Vastly oversupplied right now. This is a similar tune to 80's over supply. [20:00] - Caution to 40 and 50-year-old farmers on future agriculture and farm growth. [22:38] - “If you got the dirt, you cannot get hurt.” A younger generation is banking on land, which could never possibly decrease in value. [24:40] - Are we in a very different time in history? Attempting change of World powers. [26:07] - Deglobalization versus globalization. [27:28] - Trade wars, protectionism, tariffs, and de-globalization are one interconnected conversation. [28:30] - European agriculture protectionism. [29:50] - USA protectionism. Started long before Trump.  [31:00] - Canadian protectionism: Canadian poultry and dairy supply management is protectionism. Pros and cons. [34:00] - Damian predicts supply management is coming to American agriculture. [36:40] - So what's the answer? [37:00] - Just open new markets. The consumers are already being fed. No one is going unserved. [38:00] - We are now all fighting for the same consumer. No new consumers. [39:00] - Is this the new normal? What do farmers need to have on their radar? [39:30] - Damian predicts indefinite trade spats for the foreseeable future.  [44:00] - Damian, what advice would you give to a 28-year-old young farmer who wants to expand the farm? If you want a thought-provoking and non-mainstream conversation, don't miss this episode! Thanks for tuning in, Tracy =================================

This week In The Current, the deer season are winding down.  Pik cracks some corn, and Steve keeps chasing them for Cody.  Brad let's us know Liam is on the IR List for a while, and the guys get into reviews and talks about OnX and saddle gear.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/ 

Our Chief Fixed Income Strategist Vishy Tirupattur and Leveraged Finance Strategist Joyce Jiang discuss how the dynamic between private and public credit markets will evolve in 2025, and how each can find their own niches for success.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today we'll be talking about how private credit has evolved over 2024 and the outlook for 2025. I'm joined by my colleague, Joyce Jiang, from our Leveraged Finance Strategy team.It's Tuesday, December 3rd at 10am in New York.A lot has happened over 2024 in private credit. We are credit people. Let's talk about defaults and returns. How has 2024 been thus far for private credit in terms of defaults and returns?Joyce Jiang: It's always tricky to talk about defaults in private credit because the reported measures tend to vary a lot depending on how defaults are defined and calculated. Using S&P's credit estimate defaults as a proxy for the overall private credit defaults, we see that defaults appear to have peaked, and the peak level was significantly lower than during the COVID cycle.Since then, defaults have declined and converged to levels seen in public loans. In this cycle, the elevated policy rates have clearly weighed on the credit fundamentals, but direct lenders and sponsors have worked proactively to help companies extending maturities and converting debt into PIK loans. Also, the high level of dry powder enabled both private credit and PE funds to provide liquidity support, keeping default rates relatively contained.From a returns perspective for credit investors, the appeal of private credit comes from the potential for higher and more stable returns, and also its role as a portfolio diversifier. Data from Lincoln International shows that over the past seven years, direct lending loans have outperformed single B public loans in total return terms by approximately 2.3 percentage point annually, largely driven by the better carry profile. And this year, although the spread premium has narrowed, private credit continues to generate higher returns.So, Vishy, credit spreads are close to historical tights. And the market conditions have clearly improved compared to last year. With that, the competition between the public and private credit has intensified. How do you see this dynamic playing out between these two markets?Vishy Tirupattur: The competition between public and private credit has indeed intensified, especially as the broadly syndicated market reopened with some vigor this year.While the public market has regained some share it lost to private credit, I think it is important to note that the activity has been, especially the financing activity, has been really more two-way. Improved market conditions have lured some of the borrowers back to the public markets from private credit markets due to cheaper funding costs.At the same time, borrowers with lower rating or complex capital structure seem to continue to favor private credit markets. So, there is really a lot of give and take between the two markets. Also, traditionally, private credit markets have played a major role in financing LBOs or leveraged buyouts. Its importance has really grown during the last Fed's hiking cycle when elevated policy rates and bouts of market turmoil weaken banks' risk appetite and tighten the public-funding access to many leveraged borrowers.Then, as the Fed's policy tightening ended, and uncertainty about the future direction of policy rates began to fade, deal activity rebounded in both markets, and more materially in public markets. This really led to a decline in the share of LBOs financed by private credit. Of course, the two markets tend to cater for deals of different sizes. Private credit is playing a bigger role in smaller size deals and a broadly syndicated loan market is relatively much more active in larger sized LBOs. So, overall, public credit is both a complement and competitor to private credit markets.Joyce Jiang: The decline in spread basis is evident in larger companies, but more recently, the spread basis have even compressed within smaller-sized deals, although they don't have the access to public credit. This is likely due to some private credit funds shifting their focuses to deals down in the site spectrum. So, the growing competition got spilled over to the lower middle-market segment as well. In addition to pricing conversions, we've also seen a gradual erosion in covenant quality in private credit deals. Some data sources noted that covenant packages have increasingly favored borrowers, a reflection of the heightened competition between these two markets.So Vishy, looking ahead, how do you see this competition between public and private credit evolving in 2025, and what implications might this have for returns?Vishy Tirupattur:, The competition, I think, will persist in [the ]next year. We have seen strong demand from hold to maturity investors, such as insurance companies and pension funds; and this demand, we think, will continue to sustain, so the appetite for private credit from these investors would be there.On the supply side, the deal volume has been light over the last couple of years. Next year, acquisition LBO activity, likely to pick up more materially given the solid macro backdrop, lower rates that we expect, and sponsor pressure to return capital to investors. So, in 2025, we could see greater specialization in terms of deal financing. Instead of competing directly for deals, public and private credit markets can find their own niches. For example, public credit might dominate larger deals, while private credit could further strengthen its competitive advantage within smaller size deals or with companies that value its unique advantages, such as the flexible terms and speed of execution.Regarding returns, while spread premium in private credit has indeed come down, a pickup in deal activity could to some extent be a release valve. But sustained competition may keep the spreads tight. Overall, private credit should continue to offer attractive returns, although with tighter margins compared to historical levels.Joyce, it was great speaking with you on today's podcast.Joyce Jiang: Thank you, Vishy, for having me.Vishy Tirupattur: Thank you all for listening. If you enjoy today's podcast, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

This week In The Current, Pik returns from his annual rutcation.  He recaps the NY fishing and PA archery hunting.  Lots of great stories there.  Zack and the family add a doe to the freezer.  Andy is prepping for bear camp and the crew gets into some more hard hitting saddle talk.  Check it out!!  Instagram: @rutandriverpursuits For more In The Currents go to https://rutandriverpursuits.com/