Matt Wertz
speaker
97 appearances
3 recordings
1 series
first heard Dec 2025
last heard 13 Mar
Matt Wertz’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Mar 2026 with 1.
Appearances
Redemption started to go up, and then all of a sudden, investors, at least some of them, woke up to the fact that, oh wait, I might not be able to get all my money out.
When I want it, I better put in for it now.
And then it just kind of built and built.
Well, on Wall Street, they love to say, what inning are we in?
And I think this is a reflection of broader investor angst.
There's a sense that valuations are quite high, that maybe we're in the seventh or the eighth inning of this boom in both credit markets and also in equity markets.
What makes private credit different is that it's mostly sold to individual investors through these funds that, unlike mutual funds,
limit the speed at which you can withdraw your investment.
And that's because the assets in the funds are these private loans that are actually kind of hard to sell.
So it's a structure that makes sense.
However, when these products were sold, from what I've heard talking to numerous
financial advisors, brokers.
Some investors were very aware that these funds that they were buying would limit the speed at which they could take out their money.
And then some people, they weren't.
They were just told, hey, you can get 11% yield on this, and it's holding really safe senior secured loans.
And it's the top-notch asset manager.
And that's why we're seeing, I think, the pandemonium that we're seeing right now.
You know, I've been hearing a lot about behavioral economics when I talk to the fund managers and the regulators.
This seems to be a lot about investor psychology.
There's this belief, I need to get out before everyone else gets out.
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