My end-of-week morning train WFH reads: • I Did Not Predict What Is Going on in Privates: They are not low-volatility, low-correlated (to equities) investments. Not marking something doesn’t make it low risk. I’m not going to rehash it here, but please consult prior work for why the ostrich isn’t truly safe from the lion. The same, of course, applies to private credit. The lion doesn’t care if the...