Facts vs Feelings with Ryan Detrick & Sonu Varghese No Cockroaches in a Bull Market (Ep. 158)
Oct 22, 2025
Kate Hall, VP of Alternative Due Diligence at Carson Group, dives into the evolving world of private credit, which has tripled since 2015. She discusses the importance of due diligence and diversification in navigating potential credit risks, symbolized by the metaphorical 'cockroaches in a bull market.' The conversation highlights gold's recent surge linked to inflation concerns and why strong bank earnings defy broader worries. They also explore the implications of credit market signals and the necessity of vigilance against fraud in private lending.
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Public Spreads Mask Hidden Private Risks
- Corporate credit spreads remain historically low and don't currently signal broad market stress.
- But private credit growth and opaque exposures can hide risks that public spreads miss.
Private Credit’s Rapid Transformation
- Private credit has grown rapidly from $0.5T in 2015 to $1.7T today, changing risk dynamics.
- That growth shifts risk into less-transparent corners of finance where standard signals may fail.
What The Alternative Due Diligence Lead Does
- Kate Hall introduces herself as VP of Alternative Due Diligence and describes her role on the Carson team.
- She says her daily work focuses on manager diligence and monitoring private-market portfolios.