Although January was off to a decent start, the remainder of the first quarter felt like a bad April Fool’s joke. With many contributors to a challenging quarter, here are a few thoughts on what happened and lessons learned.
Private Assets: For quite some time, we have warned about the dangers of private equity and private credit. The major players have now fallen anywhere from 25% to 55% leading JP Morgan CEO Jamie Dimon to warn that, “When you see one cockroach, there’s probably more.”
Private investing is not necessarily a good or bad thing. However, without proper due diligence, the risks increase exponentially. At one point, these investments produced mouth-watering returns, often due to the use of liberal leverage.
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