Hello, fellow Rebel Capitalist. Hope you're well.

So we have Apollo group coming out today and saying it's all bad.

All of it.

Every single loan in the private credit space should be marked down to 20, maybe, maybe 40 cents on the dollar.

Oh, here we go. Let's dive right in. And this comes straight from an executive at Apollo

Group, which is right up there with KKR and not as big as Black Rock,

but he kind of said the quiet part out loud.

So let's get into it.

And I wish that was the worst news of the day, but it's actually not because what investors

have started to do is dive into the black box that is Cliffwater.

Now, if you haven't been following this, Cliffwater is the most recent cockroach.

This is the most recent private credit fund, large, huge, you know, $ billion dollar fund to really have problems and it shows

you the systemic risks involved anyone that says this is contained has no idea what they're

talking about so let's get into the first Wall Street Journal article here.

And that's top Apollo executive sounds off an arrogance in private markets.

I don't know why that's the headline. Because the headline should be that every single one of these are right here.

I literally think all the marks are wrong.

So what are you saying here?

He's saying the valuations of these loans.

He thinks they're all wrong.

All of them.

Meaning not one of them should be valued at 100 cents on the dollar. And this is according to John Zito, and he said of private equity in

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