CHAPTER 0

ARTICLES & RESEARCH

Deep dives into private equity and private credit. Every claim sourced.

Apr 4, 2026FREE

The Hole

$1.54 trillion in affiliated reinsurance against $657 billion in surplus. Strip the reinsurance and 29 of the top 30 insurers are insolvent. The fuse is private credit. The bomb is underneath life insurance.

InsuranceReinsuranceAtheneBrookfieldCaptivesApollo
Mar 19, 2026FREE

An Open Letter to Secretary Bessent

On private credit, pension exposure, and the nearly $13 trillion question. Four asks. Every claim sourced. Signed: Nobody.

TreasuryCCLFXPensionsValuationReform
Mar 18, 2026FREE

How the Sausage Is Made: A Lincoln Professional on CCLFX Marks

A former Lincoln International valuation professional — now in the RIA space — who valued Cliffwater's portfolio defends the marks. I push back. CLO structure, PIK underreporting, Liberation Day, and the philosophical split on how private credit should be marked.

CCLFXLincolnMarksCLOPIK
Mar 11, 2026FREE

Setting the Record Straighter

Larry Swedroe owns CCLFX and wrote a defense without disclosing it. Bloomberg confirmed 14% redemptions 48 hours later. The fund uses undisclosed 'valuation backstops.' The auditor has PCAOB deficiency findings on Level 3 fair values. Cash fell 76% in six months.

CCLFXValuationRedemptionsAuditor
Feb 27, 2026FREE

Marked to Fantasy

Private equity controls $9.4 trillion and marks its own homework. I built the receipts.

PEPCValuationShadow Defaults
Feb 22, 2026FREE

Your Retirement Is the Collateral

Part 2 of my private credit rant. Yesterday I told you these people aren't investors. Today I'll tell you where the money actually comes from.

PCPensionsBDCsPIK
Feb 21, 2026FREE

These People Are Not Investors

A rant about $3.5 trillion in private credit, the dealmakers who deployed it, and why I'll be waiting with a vulture's patience when the music stops.

PCBDCsFee MachineLeverage

> WHITE PAPERS

Institutional research on private credit funds and structures.

Mar 2, 2026PDFINSTITUTIONAL

CCLFX White Paper

Cliffwater Corporate Lending Fund — comprehensive analysis of the largest interval fund in private credit. NAV methodology, PIK exposure, leverage, and peer comparisons.

> READ PDFDOWNLOAD
Aug 17, 2026PDFINSTITUTIONALNEW

GOF: The Distribution Machine Is Out of Fuel

Guggenheim Strategic Opportunities Fund forensic analysis. 1,523 positions parsed from the FY2026 N-CSR. A decade of 59% return-of-capital distributions, a dead ATM, and a premium that went to a discount.

> READ PDFDOWNLOAD
Mar 11, 2026PDFINSTITUTIONAL

CCLFX Loan Book Forensic Analysis

Every loan in Cliffwater Corporate Lending Fund's $31.5B portfolio, parsed from SEC filings. 2,330 positions scored, 50+ hand-researched, PIV black box exposed.

> READ PDFDOWNLOAD
> ALL ARTICLES ON SUBSTACK