Brian Stewart

industry.

Basically, it's it's hedge funds and other sort of private institutions that are giving out loans the way a bank would.

There's concern that there's a mismatch between the way redemptions work in these funds and the illiquidity of the loan.

So you

loan, a large loan to a company, it's hard to get that money back if you have sort of a run on the bank for these hedge funds.

So it's been sort of identified as a potential weak place in the markets that are sort of offstage somewhat.

So you had that come back to the foreground.

And then another kind of canary in the coal mine kind of stock that I wanted to point out was Carvana.

it dropped eight percent following earnings again pretty solid quarter um revenue was up 58 had 43 increase in the number of vehicles sold however the stock was down on the idea that it's making less per card sold so you have the sort of expense piece coming into it so you have a lot of um

sort of nominally positive news.

I mean, Blue Owl wasn't, but Walmart and Carvana are sort of not only positive news, but you have investors approaching them with skepticism.

I think that's part of the situation with valuations being what they are.

You get to a point where just beating expectations isn't enough.

The investors really get under the hood and sort of see what's going on in the smaller metrics.

Yeah, I think back to the financial crisis, and I'm not trying to say this to be dramatic or anything or that I'm predicting something, but hyperbolic Stewart, here we go again.

That's what they always call me.

But, you know, like at that time,

If you were to go like two weeks before the meltdown started, nobody had heard of sort of mortgage backed securities and things like that.

It was like a talking point on Wall Street, but not something that I think a retail investor was relatively aware of.

And so in sort of like Black Swan or the alligator under the water kind of,