Market Insights

“Semi-liquid is kind of a diabolical name. Half the time it’s liquid. It’s liquid when you don’t want your money, and it’s illiquid when you do want your money.” DoubleLine Capital CEO Jeffrey Gundlach on private credit (Bloomberg)

“The biggest tech companies are set to spend $1 trillion on AI by next year, according to multiple banks, a bill so big that it's propping up both the stock market and economy. Our financial system is now load-bearing on AI spending that may never pay off, and most investors can't even see what the full tab is.” Axios’ Madison Mills

“The Iran war, and what that is triggering now, I believe will be a big realignment of capital flows. There's $3.2 trillion that the Gulf states and the various sovereign wealth funds have deployed now, and ‌that has been an enormous export of capital to lots of people in this room, really, ⁠all over the world.” Ron O'Hanley, CEO, State Street (May 24, 2026)

“And if you think about that $800 billion [in hyperscaler capex], a portion of it will be funded by the cash flow of these companies. A few hundred billion will be funded by the public investment-grade markets. And our stance is private investment-grade capital will be the third leg of that funding stool. It’s going to take all the markets, it’s going to take the equity market, operating cash flow, the public market, and the private market for those kinds of numbers to come through.” Apollo Global Management president Jim Zelter (5/4/26 - Yahoo Finance).

“We certainly are beginning to see, for instance, what used to be called slicing and dicing and tranching of loan structures going on, and if you were involved before the financial crisis, then alarm bells start going off at that point.” BOE Governor Andrew Bailey (10/21/25)