Thinking in Markets

S1E36 - When a Zero Mark Is Not the Whole Loss


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A private loan marked to zero sounds final, but the real investing question is who actually takes the loss and how the fund wrapper handles stress. Michelle and Vox use the recent private-credit turmoil around BlackRock, Blackstone, Apollo, and listed lending vehicles to explain valuation marks, redemption caps, and why liquidity terms matter as much as yield.

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Thinking in MarketsBy Vox