Jordi Visser

I'll leave it as whether the story is true or not, but they talked about bragging, no, these were 99.7% par.

We got them done, but it seems like one of the companies they sold them to

is a company they're involved with.

Then there was a bunch of pension funds that were brought up in this.

And I'm sure the pension funds are now gonna be checked like, were these good assets?

And if they were good assets and worth what they were,

Again, when you're in a Ponzi scheme, and I'm not saying Blue Owl is a Ponzi scheme, but I am saying if you're in a Ponzi scheme and you have a lot of money, as long as you have some cash, you can go.

So if you're selling off the best assets to get cash to give out, unfortunately you end up in a situation where I think the skepticism on these businesses, since no one knows for sure, especially in private credit, is gonna remain as long as the deflationary pressures and technology stay.

a scenario that could happen this year that would drive the market down significantly.

And even though it wouldn't stay down, the one thing I know about credit is when you start seeing the charts that I'll show this weekend, which are, okay, we don't have high yield spreads widening out, but we do have the tech high yield spreads widening out.

So a lot of times there's enough diversification it can go.

My fear is this.

If I asked you what's the biggest problem

debt fear story in the world, it's the hyperscalers.

I mean, Oracle's taking out lots of money.

Their CDS is through the roof, meaning people are betting in a

fairly high probability that they'll have trouble in the next five years.

Google just issued 30 some odd billion dollars of debt.

These companies that never issued debt are now aggressively issuing debt.

So if there was a problem, it would have to be on the hyperscalers.