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"They find the investment opportunity and then they go call the funds from their LPs private credit most of these funds work where they take in the money first and then they go out and find the investments so they're um under much more pressure to find investments." - John Sheen [00:00:47]
"When they go to the private credit market it's just a…
Hidden Values in Global Chaos: IWM Q2 2026 Outlook (April 21, 2026) | CIO Office | Nomura
"I wrote a report and I stuck it in a drawer. I literally took the report and I put it in my top drawer because nothing had happened yet... when it ...
"private credit private equity is in the midst of an episodic kind of come to Jesus... we may see some of them come back and hurt the banks." - Chris Whalen [00:00:00]
"the big picture here Jack is that there's so little loan growth generally in the industry and this particular corner of private credit was the only thing that was growing double…
"Just because you did not take an interest in politics, it doesn't mean that politics doesn't take an interest in you." - Michael Milken (quoting Pericles) [00:08:16]
"Financial institutions, insurance companies, banks, they tend to die of one of two causes. They tend to die of heart attacks or cancer." - Marc Rowan…
"if you went back over the last six years this is the fifth time where we've had a pretty significant crisis in the first four months of the year..." - John Gray [00:01:00]
"what we're doing is taking either institutional capital or individual investor capital and we're bringing it right up to the borrowers and in that process we're lowering a bunch of…
"risk management is really about avoiding big losses and the winners will take care of themselves." - Dean Curnutt (quoting Howard Marks) [00:01:49]
"we largely invest without a chief economist or real significant macro view letting credit fundamentals be the ultimate driver of that return." - Wayne Dahl…
What’s Going on in Private Credit? | Howard Marks Memo | Oaktree
Monthly Global Macro Outlook (Apr 2026) : Messy Resolution | Fidelity International
"Beneath the more negative headlines we're seeing a largely acyclical investment cycle driven by AI but also energy and defense is gathering momentum... it points to something way bigger: a step change in global capital spending." - Patrick Coffee [00:00:21]
"When you look at investment cycles you really have to think of longer time spans. We…
"Direct lending and private credit are used interchangeably... [but] private credit is a much broader asset class. Direct lending has been the primary growth engine up until recently." - Lafi Abdulla [00:00:06]
"Every time you grow an asset class from about $40 billion in 2009 to probably $650 billion today—and that's a very…
The definition of private credit #Apollo
Apollo: The direct lending market is roughly $2 trillion, or about 3% of total debt outstanding for US households and businesses. By comparison, mortgages accounted for about 60% of total household and corporate debt at the peak of the housing bubble in 2006.
"This is a feature not a bug; it's actually a good thing for long-term holders... because it protects the fund from having to monetize illiquid investment at suboptimal prices." - Jake Pollock [00:01:22]
"Default rates today are actually pretty low; they're below historical norms for leverage lending. We do think default rates are going to…
"We have tons of bad policy that we made it worse for growth in America and growth is what creates everything capital formation capital R&D investment productivity." - Jamie Dimon [00:01:16]
"I believe that 30 years from now a lot of people your kids are probably working three and a half days a week they'll probably live to 100..." - **Jamie…
"Because our debt burden and the way we're financing the government with $2 trillion of deficits here since it's completely untenable, something has to give. If something is untenable, it has to stop." - Jeffrey Gundlach [00:00:03]
"I've been of the opinion that the secular decline in interest rates would definitely be over for long-term interest…
"I mean, the amount of CapEx spending that we have in this country is just extraordinary. I mean, these numbers are staggering... that's fueling the data center buildout, that then is fueling the power buildout, that's creating jobs." - Steven Mnuchin [00:03:20]
"The more we opened up to China, the more they invested in the US, the more they…
"I truly believe that asset liability mismatches cause liquidity crunches and liquidity crunches can cause credit crunches..." - Kieran Goodwin [00:28:43]
"every day you have to assume you start with a zero next to your name you're probably going to have some hurdle adversity to overcome..." - Kieran Goodwin…
AQR Perspective: I Did Not Predict What Is Going on in Privates (March 25, 2026) - Cliff Asness (Founder)
Private credit AUM for some of the largest players. It's grown ~4x in the last 7 years. #Gain
"shipping a little bit like the water that it flows on you plug up one area and suddenly it moves around" - Carrie Craig [00:01:46]
"we need bonds in the portfolio to protect us from recession risk but we need alternative assets in the portfolio to protect us from inflation risks" - Aaron Hussein…
"In the 70s and 80s if you invested in corporate debt you were buying investment grade bonds. Everything else was considered uninvestable. It was called junk in fact." - Armen Panossian [00:01:35]
"Mistakes cause mispricings. In other words, emotion and misinformation create these mispricings. We're looking for these moments of misunderstanding to…