Risky Times Ahead

Richard Bookstaber: I Predicted the 2008 Financial Crisis. What Is Coming May Be Worse.
https://www.nytimes.com/2026/03/16/opinion/financial-crisis-private-credit-ai-iran-taiwan.html 

Inside a $42 Billion Private-Credit Black Box: More Black Boxes
https://www.wsj.com/finance/investing/inside-a-42-billion-private-credit-black-box-more-black-boxes-e2523e8e
The Cliffwater Corporate Lending Fund’s opacity helps explain why it is facing redemptions. 

Why Bank Stocks Are Getting Beaten Up Over Private Credit
https://www.wsj.com/finance/banking/why-bank-stocks-are-getting-beaten-up-over-private-credit-293560f0