In this week’s episode, Matt dives into market headlines from September 30, 2025, highlighting the looming government shutdown and its muted impact on markets. The main focus is on "The Credit Market is Humming, and that Has Wall Street on Edge" (Wall Street Journal), exploring record-low risk premiums in investment grade and junk bonds, private credit market risks, and the rise of payment-in-kind interest—a warning for investors as default rates climb.

Matt also covers Daniel Wiener’s guest piece in Barron’s, drawing on Weiner's decades of private market experience to discuss the risks and realities of private investments in retirement accounts, especially as new executive orders expand access through 401ks for retail investors.

The episode breaks down the historic $55 billion buyout of Electronic Arts (EA) by a consortium led by the Saudi Arabia Public Investment Fund, Silver Lake Partners, and Affinity Partners (run by Jared Kushner), with JP Morgan providing financing. This deal is notable for its unusually high equity portion and the role of risk arbitrage trading around the buyout premium.

Rounding out the show, Matt reviews Primal Intelligence by Angus Fletcher, which examines how narrative intelligence can set humans apart in an AI-driven investment landscape, and discusses his next read, The World’s Worst Bet by David Lynch, a global economics correspondent, offering insights on globalization and its effects on politics and policy.

Listen for practical lessons on margin of safety in today's “priced to perfection” markets, private investing risks, and how analytical and narrative intelligence can sharpen your investing edge.

Featured Articles & Books:

·       "The Credit Market is Humming, and that Has Wall Street on Edge" (Wall Street Journal)

·       Guest piece by Daniel Weiner (Barron's)

·       Primal Intelligence by Angus Fletcher

·       The World’s Worst Bet by David Lynch

People Discussed:

·       Daniel Wiener (Wealth Manager, Private Investing Veteran)

·       Angus Fletcher (Ohio State, Project Narrative, Author)

·       David Lynch (Global Economics Correspondent)

·       Jared Kushner (Affinity Partners, EA Buyout)

·       Buyout consortium, JP Morgan, and key figures behind EA’s acquisition

Tune in to learn how the fundamentals can help you navigate complex markets and avoid costly mistakes!