Marco Werman

Just imagine if we get above 120 in those front contracts.

We've already seen a global tilt towards wealth destruction.

You mentioned it in the stock market.

We've lost almost, in terms of the stock market cap, almost 20% of GDP already in terms of the stock market cap.

And if crude oil keeps going up, it's its own worst enemy.

I think with private credit in particular, we are seeing a difference in vintage in terms of performance.

We are seeing weakness in the software sector.

We're seeing some concerns around marks.

And we're seeing concerns around the liquidity that's been promised against an asset class that is by its nature illiquid.

We've really lost the plot on credit.

We're talking the headlines and the conversations are about this little narrow area of direct lending, 200 billion of the non-traded BDCs.

And the reality is the last 15 years, credit has compounded great returns for investors around the globe.

And so we're talking about a little bit of skirmish on the sidelines here.

I'm Amy Morris and this is Bloomberg.

And I'm Marco Werman.

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