On Private Credit, SoftBank & Earnings Breadth

Today, Melissa revisits the disruption of the private-credit market. The potential problems she identified in March have not escalated and don’t signify financial system risk. But AI is disrupting the industry in bad ways and good. And investors are becoming painfully aware of the gating measures designed to protect investors by preventing forced liquidation of funds but also blocking the exit doors. … Also: Willam discusses the fall and rise of SoftBank, now Japan’s largest company, and its founder. … Finally, Joe reports that analysts’ estimates have kept marching upward this year, instead of falling as usual, and that the happy trend is broadening to more sectors.