Could Private Credit Lead to a Crisis? | Nick Nemeth

Private credit has become one of the largest and least understood corners of modern finance. The loans made in this space have worked their way into the insurance policies and retirement annuities that ordinary Americans depend on. If the margin of error for this $10 trillion industry is only $658 billion, what could actually happen if that buffer runs out?

In this episode, Siyamak Khorrami sits down with Nick Nemeth, investor and writer behind the Substack newsletter Mispriced Assets, who spent months reading the actual loans inside private credit funds and found a system where the risk is real but the visibility is not.