Joe Weisenthal

You hear about redemptions being slowed down, etc.

Not great headlines and not great charts often, too, when you look at the various publicly traded instruments that one would associate with private credit.

Yeah.

And we were always looking for nuanced commentary.

So this is a problem for the Outlaws podcast.

That's a good way to put it, right?

Because we can look at the various funds, etc.

But within the broad history of the evolution of the bond market and within the current just sort of landscape of fixed income, like what is private credit?

The way I like to

frame a lot of questions is, from the perspective of the investor, what problem does the existence of private credit solve for their portfolio needs, right?

Because that is the consistent thing.

We talk to endowment managers, we talk to investors, etc.

Every instrument

In theory, it solves some sort of problem.

Maybe you have a lot of money that's locked up for a long time.

It's like, okay, you're willing to trade that away for some extra premium, et cetera.

What problem does private credit solve?

And from the issuer, yeah.

Let's do it.

What kind of fund is it when we're talking about it?