The Wall Street Skinny

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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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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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In this episode, we sit down with Kate Baumann, Head of Investor Relations at Empyrean Capital Partners (a $3 billion event-driven, multi-strategy hedge fund), LIVE from iConnections in Miami. 
Here's the thing nobody tells you: the amount of money a hedge fund manages — its AUM — is the single biggest driver of how much everyone at that fund gets paid. The 2% management fee is what funds the operation, allows traders to generate good returns (alpha) which then can pay top talent, and creates the flywheel that attracts more capital and better talent. 
Kate explains exactly how that fundraising engine works, from identifying which allocators (pensions, endowments, sovereign wealth funds) are the right fit, to running competitive analysis against peer funds, to crafting the narrative that gets an investment committee to say yes. She also gets into the five pillars of Empyrean's event-driven strategy, transactional, structural, stress/distressed, and legal/regulatory, and why all five are firing right now.
She also gets real about what it takes to be successful. This isn't IR at a corporate .Kate talks about what it takes to raise money, to build the relationships, travel every other week, and why wining and dining (what may have worked in the 1990s.) doesn't work now.
Whether you're thinking about a career in investor relations, trying to understand how hedge funds actually raise capital, or just want to know what happens behind the scenes at these huge hedge fund conferences, this one's for you. Kate shares her path from JP Morgan's private bank during the financial crisis to running IR at a multi-billion dollar fund, her advice for young people breaking in, and why the best IR professionals think like allocators, talk like PMs, and build relationships that compound over decades — not transactions. 
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For a 14 day FREE Trial of Macabacus, click HERE
Shop our Self Paced Courses:
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.

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We're back for the ninth installment of He Said She Said, our regular crossover series with Dan Nathan and Guy Adami of CNBC's Fast Money. We recorded just after the open Friday morning, breaking down a February jobs report that caught many off guard  -- 92,000 jobs lost, massive downward revisions to prior months, and mounting evidence of an organic economic slowdown that's been building for over a year, well before AI has meaningfully reshaped the labor force.
We dive into the Paramount-Warner Brothers mega-deal, what amounts to the largest leveraged buyout in history led by the Ellison family with sovereign wealth fund backing and clear echoes of Elon Musk's Twitter acquisition playbook. Kristen walks through the deal mechanics and the real meaning behind "synergies" -- Wall Street's favorite euphemism for mass layoffs -- while the group debates the timeline for AI-driven workforce displacement across sectors from tech to banking.
Jen brings the macro picture into sharp focus, drawing parallels to 2008 as oil prices spike amid escalating geopolitical tensions, war insurance gets pulled from shipping vessels, and the bond market sends confusing signals about inflation and flight-to-quality dynamics. The conversation rounds out with a look at emerging cracks in private credit markets -- including cases of double-pledged collateral fraud coming to light -- and what a persistently elevated VIX alongside modest equity drawdowns might be telling us about complacency lurking beneath the surface.
For a 14 day FREE Trial of Macabacus, click HERE
Shop our Self Paced Courses:
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.

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In this special emergency episode of The Wall Street Skinny, we sat down with Andreas Laskaratos, CEO of AB Commodities Group, a global oil and gas shipping and trading firm with operations spanning Europe, Asia, and the Americas. Andreas is one of the few people in the world who operates across both the physical and financial sides of the commodities complex, and he's been a longtime friend of the show.

With Iran blockading the Strait of Hormuz, shipping rates spiking 5x overnight, and 20% of global oil flow suddenly in question, there was no one we wanted to talk to more. Andreas walks us through the mechanics of what's actually happening when it comes to oil, natural gas, and the broader commodities complex.

We cover everything from the basics (WTI vs. Brent, what actually comes out of a barrel of crude, why it costs Saudi Arabia $5 to extract oil and the U.S. $50) to the trades being put on right now, why China is likely hurting the most, and what the 45-day timeline to $150 oil actually looks like. Andreas also had his war insurance canceled in real time while we were recording, which pretty much tells you everything you need to know about where things stand.

Whether you work in finance, energy, or you're just trying to understand why your gas prices look the way they do this is the best crash course you'll get in commodities in under an hour.
For a 14 day FREE Trial of Macabacus, click HERE
Shop our Self Paced Courses:
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.

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We sat down with Ron Biscardi, the CEO and co-founder of iConnections, live at Global Alts Miami to get the skinny on what's happening with fund managers and allocators in real time. Last year, private credit was the undisputed darling of investment strategies. Now, on the heels of Blue Owl headlines and concerns about cracks within the private credit markets, headlines seem to suggest a tough road ahead.   
But reality is far more nuanced. Ron synthesized both emotional reactions and hard data from investors responding to new perceived stresses in the sector in ways that might surprise you.  We also learn where smart money is pivoting, where it remains steadfast, which asset classes and investment strategies stand poised to benefit, and how allocators are positioning for highly volatile markets this year. 
For a 14 day FREE Trial of Macabacus, click HERE
Shop our Self Paced Courses:
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.