Kevin expresses concern that the current credit cycle, particularly in private credit and margin debt, shows signs of structural risk and potential for a significant downturn.

“There is talk about a 30 to 50% crash in stocks in addition to terribly brewing risks and enlarging risks in the private credit market that nobody is paying attention to today.”

The modern economy functions like a game of make-believe where participants perform roles that do not necessarily correlate with underlying value.

“that's all this economy is uh we actually never grow out of that we never grow out of like playing pretend yeah people just get better at it and then they get to live in Palm Beach or Manhattan”