Hello, fellow Rebel Capitals. Hope you're well. So most of you know I've been having some serious

internet issues, but hopefully, hopefully, hopefully this stream will work because we've got some big,

big news. We all know about Blue Owl. We all know about Blackstone. We all know that Black Rock

is now kind of a victim of this private credit crisis, but now go ahead and

include J.P. Morgan. And this is where it could get systemic. One of the main reasons I wanted to

make sure if it's a low grade video because of the internet, I got the news out to you guys today.

So if it's pixelated or whatever, just bear

with me here. But what we want to do first is go over what's happening in CNBC and then dive

into the details and then think through how this private credit business model, if you will,

actually works to try to determine what the systemic risks actually are.

So first and foremost, let me do the screen share.

I'm going to be very delicate here.

Hopefully, please, internet, please work.

We're going to go over to CNBC and they got a quick video on it.

So let's do this summary. I'll give you my

response to this and then we'll go into a Bloomberg article that dives into some greater detail here

because by the way, it's not just JP Morgan. We had another cockroach, another private credit

cockroach come out today and announce that they're having all of these redemptions. They're

having to fire, sell assets. And now it's not just impacting the assets on the cockroaches

balance sheets. It's impacting the banks, J cockroaches balance sheets.

It's impacting the banks, JP Morgan, and even more importantly, it's impacting the collateral.

And you guys know how important that is to the global monetary system.

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