Presenting What Next TBD: Why Everyone is Freaking out About Private Credit

“I think the thing that's confusing everyone is we keep seeing these headlines about like a billion barrels lost of world supply or twenty percent of the world's oil supply now choked out because of the Horror Moves situation. And yet if you look at the oil price, you know WTI Brent definitely up, but they're not up as much as you might think given the scale of disruption.”

“The challenge right now for Asia is that most of their crede supply does come from the Middle East, or there are some countries which do have some domestic production Malaysia, China of course, but broadly speaking, Asia is a massive crude import, and principally from the Middle East because it's the most proximate supply and generalize the chapest shipping distances and costs.”

“There was some there were some headlines about how maybe even in the good case, they would let through ten to fifteen, which is still sort of nothing compared to normal ship traffic, so like nothing's back to normal.”

“One thing about our current market moment is we are getting like a crash course in real time about the flow of energy throughout the world. And as we will see in this conversation, like it is still very much geographically constrained East versus West, and so as you say, the big question is whether or not the east kind of I don't know, scrambles even harder to adapt to this.”

“I forget which country was. They were, like, you know, they're doing that classic thing of only drive to work if your license plate ends in an odd number on this day. Whatever, very nineteen seventies. Yeah, and we're seeing a lot of these types of headlines, some in Korea, some Thailand, et cetera.”