Tom Michaud

speaker

480 appearances 1 recordings 1 series first heard Jun 2026 last heard 3 Jun

Tom Michaud’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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The Master Investor Podcast with Wilfred Frost · “We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11 · 3 Jun 2026 podcast

So the combination of not allowing the banks to innovate and grow as much as they would have otherwise with zero interest rates led us to the world we're in today with lots of private credit and non-bank lenders, okay?

And I think that there's been a pivot in Washington.

And if you listen to what Secretary Besant and others say, and I know he's been a guest on your show as well, is they've moved from this perimeter enforcement period to one where they want the banks to participate in the growth economy.

They'd like to allow the banks to innovate, but they want a level playing field with non-banks, and it's all going to be combined with what should be supervision and risk control, meaning nobody wants the banks to be unsafe.

Safety and soundness is still number one, but the idea is the regulatory policy pivot was too extreme, and we now need to focus it more on responsible regulation and supervision.

So I think this most recent quarter was very important because the concern over the credit quality and private credit was extraordinarily, especially in technology.

What I think this is, is not a systemic issue.

I think, of course, there could be some technology portfolios that don't perform well.

The question is, and as you related to the banks, is it a threat to the economy and is it systemic?

I do not believe it is.

I think what this period is going to do is going to be a re-sorting of the mix between banks and non-banks because the growth was so quick in private credit that now many of the investors in these funds are realizing that the liquidity is not what they thought it was and the returns may not be what they thought they were.

So I think it's going to impact the growth profile of that industry, but I don't think it's going to become a systemic

problem for the global economy in these private credit.

There's a very good chance many of those investors and those funds, there will be winners and losers is what I'm saying.

There'll be some funds that don't do well and those investors will be very unhappy and there'll be funds that do do well.

And then what will happen is I think there'll be consolidation.

I think the next roll-up story in financial services are the private credit managers buying other private credit managers.

And you're going to see these private equity firms, I think, reconfigure themselves for the new market.

How big is... I think the banking industry in the United States is in fantastic shape.

And I think you're right.

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