Ryan Knudson

Okay, we've been talking about the money going out the door, but what these companies are really focused on is the money that's coming in the door.

That's what their stock value is based on, how much money is going into their funds.

And that number has fallen.

And that is really dangerous for these firms because their valuations and their ability to do business is based on raising new money.

People talked to each other like at the golf course in January.

And I was told this actually by some of my sources.

This was all anybody was talking about because they were hearing about it from their friends.

You know, wealthy people hang out with wealthy people and it set off a chain reaction.

The craziest thing about this is, like, right now the major governmental initiative around private credit is not to rein it in, but to, like, turbocharge it.

And it's happening at the worst possible time for these firms.

This is really important, particularly if you're a retired person, because President Trump signed an executive order in August instructing the Department of Labor and the SEC to find a way to make it easier for private credit and similar products to be put in 401ks.

So we all might be invested in private credit pretty soon, and we might not even know it.

Because it's massive, right?

I mean, it's trillions and trillions of dollars.

And as a fund manager, you get paid based on your assets under management.

You get a percentage, you get a fee on that, right?

So you just want to grow that as big as possible.

And this is like the holy grail.

It's the biggest concentrated piece of wealth in the country.

They have spent years, like some of them decades, trying to get these funds into 401k programs, and they're almost there.