Hello, fellow Rebel Capitals. Hope you're well. So more news, believe it or not, in private credit.

Now, no one could have seen this one coming, right? Except for anybody who was paying attention.

And of course, we've been talking about this on the Rebel Capitalist channel for a long, long time.

When the tide goes out, you see who's swimming naked.

And once you see one cockroach, you see a lot of them, as Jamie Diamond reminded us a few months ago.

And remember what tricolor and first brands. They, those are the first

cockroaches that we saw. And everyone's like, oh, no big deal. That's a nothing burger. Just sweep

it under the rug. Oh, George, you're just fearmongering with your stupid live stream videos or

whatever you're doing, your whiteboards or anything like that.

And sure enough, we see another problem arise.

We see Blue Owl come out of the woodwork, no pun intended.

We see private credits start to blow up in the UK.

Then we start to see the financials go down as far as their share price.

I'm talking about Wells Fargo.

I'm talking about J.P. Morgan, Bank of America, the big guys, Goldman Sachs, etc.

And now, because the only argument the Bulls had was that private credit is contained.

Where have we heard that before?

Maybe subprime is contained.

Or it was supposed to be contained, according to Ben Bernanke.

And now it's the same thing.

Well, it's the private credit. It's contained. It's contained.

There's no systemic risk here. And it's just these little guys like Blue Owl. They're just kind of the

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