How Financialization Broke Markets & Hollowed Out America | Weekly Roundup
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You said this idea that equity markets have systematically failed to provide accessible capital to the broad swath of American enterprise, forcing a mass exodus towards private debt markets. Like, that is just a huge change.
Nobody wants to have a balance sheet. No one wants to have assets. Everyone wants to be as asset light as possible. Private credit has happily stepped into that because they have sort of this asset capture model where, you know, heads I win, tails you lose. There's almost no one really willing to provide equity and a ton of people that are mandated to provide debt. And that's very distortive to how economies grow and develop.
Nothing said on Ford guidance is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice, or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in the company's funds or projects discussed. Alright, everybody. Welcome back to another roundup edition of Ford Guidance, and we are back in actually back remote after a busy week at DaaS. And we got the gang back together, but we've also got a special guest
Sure. So I started my career in the alternative asset space for a variety of RAs and family offices, and then decided to pivot more to writing for a variety of reasons. And so I've worked for asset managers in research and thought leadership, and now I work for a FinTech company involved in private markets and sort of leveraged lending in the four zero one space, which maybe we can get into. So I've moved from sort of participant to observer, and about, I guess three or four years ago, I started writing really regularly on Substack, kind of sweeping thesis about financialization of markets and
I love that. That's the sign of an iconoclast.
Yeah, 100%. Yeah, Tyler, you take this away. This is your idea. People know that you've been focused a lot on this hyper financialization of the world. So, yeah, I'm gonna kind of kick it off to you to start throwing some questions to Hunter here.
So, I guess to start, I'm gonna hype you up a little bit, Hunter. So when I was in college, I was a walk on on a basketball team at Boston College, which is an ACC school. I just needed to tell this story because I was a scrub. And in high school, you know, you think you're pretty good at something and then you get to the next level and you're like, this guy just dunked on my head and he was drafted, you know, in the first round of the NBA draft. And I have no hope at playing basketball for the rest of my life. And my point to this is, when you find somebody that is just like head and shoulder
Yeah, no, that's great, that's great. And to your point, which thank you, and I heard your shout out last time and I can only say, man, the bar for genius has gotten dangerously low. But I think some of where I come from is I came out of undergrad sort of right into the alternative asset space without an investment banking background or sort of that traditional training. And certainly in some aspects it's been hindering, but in others I've to figure out what's going on without that bias of here's how things are supposed to work, here's what a normal market looks like. I just had to step into t
You just have people like, basically calling you up, like, Can I make you a loan? So when you think about that ideology, right, you were essentially because of the demographics, you're playing not to lose when everyone's trying to lend you money. If you
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