Jordi Visser

So I think as you go through Blue Owl and all of these companies, and Blue Owl is just one that's had other issues because remember we had the tricolor situation for the subprime auto lending stuff that blew up in September.

I think as I'll show in this video, remember,

Student loan delinquencies through the roof.

And again, delinquencies measured by 90 days plus paid.

Now, this is not enough to take the economy down, but in auto loans, in student loans, in commercial real estate, in what's the other one?

Credit card.

All of them.

are either at or above the levels they were in the great financial crisis.

Again, these are small components because if you look in the aggregate, it's not that big.

But in terms of just the percentage of ones that are up there, they're big.

And so I think the private credit world is being dragged into the software world.

And what people should realize is we're now having trouble with anything built on code.

So energy companies, which used to make or they may still make up the highest percentage of the high yield market,

They're not in trouble.

And the reason they're not in trouble is because we need excess power in the future and oil prices are stable.

The problem for, again, technology companies is the pace of change and the fact that we have this deflationary spiral, which makes it very difficult.

And so credit, which is a long duration, you're lending people for long periods of time.

they've become an issue and like a run on a bank, investors want money back.

So there's a follow-up story today about how they ended up getting that money.

It doesn't read too well.