He Studied the Financial System for Decades | Marc Rubinstein on Where the Real Risk Is
Marc Rubinstein joins Excess Returns to explain what private credit, bank earnings, insurance balance sheets, fintech growth, and arbitrage firms reveal about the modern financial system. The conversation covers why private credit risks may not be systemic in the traditional banking-crisis sense, but still matter for investors because of redemption gates, hidden leverage, opaque structures, incentive conflicts, and correlations that can spike when markets are under stress.
Marc Rubinstein on X
https://x.com/MarcRuby
Net Interest
https://www.netinterest.co/
In this episode, we discuss:
Why the…
The skinny
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