About this episode
Larry McDonald joins Tony Greer and Jared Dillian to discuss the stress in private credit and its implications for the macroeconomic landscape.
In this podcast, Tony Greer and Jared Dillian are joined by Larry McDonald to break down the growing stress in private credit, why insurance companies may be the hidden bag holders, and how credit markets could signal the next major macro shift. They discuss AI-driven CapEx, disruption across software and credit markets, and the potential rotation from Big Tech into natural resources and energy. The conversation also dives into emerging-market volatility, the outlook for oil amid geopolitical tensions, data-center energy demand, and why Bitcoin may be starting to look more attractive relative to gold. Larry shares stories from his Lehman days with Jared, the journey behind his book How to Listen When Markets Speak, and a classic Wall Street origin story that begins with selling pork chops to land his first job in finance.
People in this episode
Hosts: Tony Greer, Jared Dillian
Guest: Larry McDonald
Topics covered
- private credit stress
- insurance companies
- credit markets
- AI-driven CapEx
- emerging-market volatility
- geopolitical tensions
- Bitcoin vs gold
Keywords
- private credit
- insurance companies
- credit markets
- AI-driven CapEx
- emerging markets
- oil
- Bitcoin
- gold
Mentioned in this episode
Organizations: Lehman
Books & works: How to Listen When Markets Speak
Places: Big Tech, natural resources, energy, emerging markets, oil, Bitcoin, gold
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