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Everyone's been freaking out about oil and stocks, but the scariest thing this past week actually happened in bonds, and almost nobody was talking about it.

Last week the US Treasury held three auctions that were utter disasters, with dealer takedown more than double its 12-month average — worse than the tariff panic of April 2025. We get into what that means and why it matters.

Then we get into the viral Fortune Magazine article claiming the US Treasury declared the federal government insolvent. It did not... the numbers they used aren't wrong — but the way they used them is, and we explain why you simply cannot apply corporate accounting rules to a sovereign government that prints its own currency and has a military. That said, we're not letting Washington off the hook. The fiscal picture is broken and we get into why.

We wrap up with some of the wildest proposals circulating right now for how to fix the US debt problem — including one from self-proclaimed Bond King Jeffrey Gundlach that we're giving a hard pass. If you want the stuff that actually moves markets explained by people who used to sit on the desk, this is the episode.

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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Private credit is all over the headlines — and all over your social media feed. Apollo just gated redemptions, Moody's stripped KKR's credit fund of its investment grade status, and Bill Maher is talking about it on late night TV. But what's actually going on beneath the panic? In this episode, we break down the alphabet soup of fund structures — publicly traded BDCs, private BDCs, interval funds — and explain why the vehicle you're invested in might matter just as much as what's inside it. What happens when you want your money back and the fund says no? And why are some managers bending over backward to meet redemptions while others are slamming the gate shut?

Then we dig into a question most people aren't asking: if stress is building in credit markets, who actually stands to benefit? We sit down with Fabian Chrobog, CIO and co-founder of NorthWall Capital, who has spent over two decades investing through crises from the GFC to European sovereign debt and beyond. He walks us through the difference between distressed investing, special situations, and what he calls "credit opportunities" — and why the rebranding isn't just cosmetic. What does it look like to run toward the fire when everyone else is heading for the exits, and why might the best opportunities take years to show up?

From the surprising world of lending against law firm case portfolios to the real reason "the distressed cycle is coming" has been the most overpromised trade of the last fifteen years, this conversation will change how you think about risk, liquidity, and where the smart money is actually going. Whether you're a retail investor trying to understand what your BDC actually is, or you just want to know why Wall Street keeps reinventing the same product with a new name — this one's for you.

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Investment Banking & Private Equity Fundamentals HERE
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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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If you read the headlines about Private Credit, it feels like we're on the verge of another Global Financial Crisis. So, are we?
In this Private Credit "state of the union" episode, we break down the structural differences between today's private credit market and the pre-GFC banking system, why the "private" in private credit makes it so hard to know how deep the problems actually go, and whether the knock-on effects to pensions, banks, and public markets could make this everyone's problem even if most Americans don't have direct exposure.
We dig into the Blue Owl gating, redemption and markdown headlines at Blackstone and Blackrock, and what Boaz Weinstein's activist bid tells us about where these portfolios are actually worth. What's more, we ask whether the push to put private credit into 401(k)s and retail channels is democratizing wealth creation or backfilling institutional demand that's dried up. Plus: the "SaaSpocalypse" thesis, why Tuesday's record $66 billion day in IG bond issuance may be telling a very different story than private credit headlines, and more!

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Investment Banking & Private Equity Fundamentals HERE
Fixed Income Sales & Trading HERE

Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.