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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single.

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Speaker 2: Best idea and a very busy day. Not his disjoint

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Speaker 2: is what we saw two days ago, which was absolutely extraordinary.

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Speaker 2: There was more of a pattern to it, There was

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Speaker 2: more of a cadence to the day, the headlines of

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Speaker 2: the war and all. Just as we went to tape

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Speaker 2: the Iranians responding to President Trump's fifteen point piece plan.

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Speaker 2: Wayne Sanders joined us from Bloomberg Intelligence. Hugely experienced in

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Speaker 2: the new technology of our United States Army. Some very

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Speaker 2: difficult questions with Wayne Sanders on that Robert Caplan was

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Speaker 2: with us, a part owner of the Kansas City Royals.

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Speaker 2: It was good to talk Royals baseball with mister Kaplan,

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Speaker 2: of course, the former Dallas Fed President. An update from

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Speaker 2: Robert Kaplan on the look before the war.

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Speaker 3: If we talked literally just a month ago, we would

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Speaker 3: have said, we're set up for a strong year of

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Speaker 3: growth in twenty twenty six. Tax and centers, regulatory reform,

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Speaker 3: AI data center power boom, and I think the Fed

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Speaker 3: was hopeful in the back half of the year that

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Speaker 3: headline inflation would tail off a bit, so they might

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Speaker 3: be able to cut rates once or twice obviously because

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Speaker 3: of what's going on in the Middle East. I think

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Speaker 3: they're going to need to step back, that's the right

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Speaker 3: thing to do and let this unfold. Then the market

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Speaker 3: is sort of backed off.

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Speaker 2: Also Robert Kaplan of Golden Sachs, and of course the

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Speaker 2: former president of the Dallas Fed. Paul's particularly been way

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Speaker 2: out front on what in God's name is going on

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Speaker 2: in private credit. We had any number of good voices,

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Speaker 2: including Gary Gensler in the other day, the former chairman

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Speaker 2: of the se C. We had a just piercing conversation

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Speaker 2: today with Randy Schrimmer with Churchill Ventures and you know,

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Speaker 2: to speak to him about the state of private credit

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Speaker 2: and update from Randy Schwimmer.

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Speaker 4: At the large end of the market, they're being told

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Speaker 4: that liquidity in private credit is very similar, it's converging

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Speaker 4: with liquidity in public credit. The problem is, we Churchill

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Speaker 4: and you know this are at the core middle market,

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Speaker 4: which is very illiquid. The good news about being very

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Speaker 4: liquid is that it is an efficient alternative to the

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Speaker 4: liquid market that is trading up and down. If you

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Speaker 4: try to impose liquidity on ill liquid asset class, you're

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Speaker 4: going to create expectations that are being dashed, and so

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Speaker 4: retail investors are confused. They think, oh, we can get out,

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Speaker 4: No we can't.

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Speaker 2: Randy Schwimmer just a brilliant conversation that combined with what

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Speaker 2: you heard from mister Gensler, I think is just brilliant

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Speaker 2: on this whole retalization of illiquid investments. Well, this will

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Speaker 2: be a theme for us, I'm sure as we dive

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Speaker 2: into the summer. The news flows is just absolutely extraordinary.

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Speaker 2: On our podcast, We're Out an Apple and Spotify and

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Speaker 2: YouTube podcasts, a single best idea