Eurodollar University Fallen Hedge Fund Just Confirmed the Next Financial Crisis
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Nov 23, 2025 Market turmoil unfolds as Nvidia's stellar results fail to buoy stock prices, prompting a sharp selloff. The discussion reveals a weakening labor market, tied to rising losses in private credit. Blue Owl's merger plan exposes liquidity stress, while their reversal raises concerns about forced selling and contagion risk. Bitcoin's sharp drop aligns with risk aversion in the market. Overall, the podcast explores how intertwined labor dynamics, credit issues, and market risks signal looming financial challenges.
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NVIDIA Couldn't Mask Macro Stress
- NVIDIA's excellent results failed to reverse the market because broader macro signals matter more than single-company beats.
- Jeff Snider argues market sentiment is driven by economic and credit signals, not just AI hype.
Labor Weakness Unmasks Credit Risk
- A deteriorating labor market (the 'beverage curve') increases losses across private credit and shadow banks.
- Snider links worsening employment data to rising hidden credit stress and loss of trust in private funds.
Opacity Breeds Fund Runs
- Private credit portfolios hide losses and resist full disclosure, which fuels distrust and potential runs.
- Snider says funds won't open books because doing so would trigger a stampede of redemptions.