Ed Elson

Then we went over to The Wing, which are these acoustically sealed booths where you could do some work.

You could even record a podcast.

I didn't do that, but maybe I should have.

It was a very enjoyable experience.

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We're back with Profiteer Markets.

Private credit is in crisis and investors are rushing for the exits.

Aries Management and Apollo both capped withdrawals at 5% this week after redemption requests came in at more than 11%.

That means investors got back less than half of what they asked for.

Meanwhile, Moody's downgraded a fund run by KKR and Future Standard to junk status on Monday, saying the fund's asset quality had worsened more than its peers.

The latest wave of fear wiped out more than $10 billion in market cap from Aries, Apollo, Blackstone, and KKR on Tuesday.

And here to tell us what is going on here, what is driving this turmoil in the private credit market, we are speaking with Steve Eisman, the legendary big short investor, also host of the Real Eisman Playbook.

Steve, thank you very much for joining us again on Profit Tree Markets.

We wanted to have you on to talk about this because

You were the guy who was telling us about this just a few weeks ago when we had you on that Friday episode, and things seem to have gotten even worse.

So just remind us what is happening in the private credit markets and what we've learned here.

So I think that is the big question for regular investors, because, I mean, we saw what happened when that credit cycle occurred in 2008.