We are fixated on two problems: the price of oil and the frailty of our banking system. We are catastrophizing at a pace I have rarely seen, accelerated by negative commentators who are rarely proven ...

Investors and economists are warning about a piece of the financial system that could pose a risk that is potentially similar in ways to the housing crash that preceded the financial crisis in 2008.

Private credit markets face a chronic crisis, not a 2008-style collapse, driven by illiquidity, high defaults, and structural mismatches in fund redemptions. Redemption restrictions ("gates") and loan ...

You have probably seen “shadow banking” and “private credit” splashed across recent financial headlines. While they may sound like buzzwords, these terms, and the market structures behind them, are ...