Episode
He Studied the Financial System for Decades | Marc Rubinstein on Where the Real Risk Is
- Podcast
- Excess Returns
- Published
- May 15, 2026
- Duration seconds
- 3812
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Summary
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 Fed says private credit redemption risks are limited and manageable What Blue Owl’s redemption gates reveal about private credit liquidity How post-2008 bank regulation pushed risk into private credit, hedge funds, trading firms, and exchanges Why banks and private credit firms are both competitors and collaborators The “layer cake” of leverage connecting banks, private credit, and borrowers How HSBC’s loss tied to Atlas and MFS highlights hidden credit risks Why insurance companies have become increasingly tied to private credit Why rapid growth can be dangerous in financial businesses What bank earnings show about the gap between weak consumer confidence and resilient spending Why post-mortem reports from SVB, Credit Suisse, and other failures reveal what investors could not see in real time How Revolut became one of the most interesting fintech stories in global banking Why Marc calls this a potential golden age of arbitrage What Jane Street, public BDC discounts, private asset valuations, and geopolitical fragmentation tell us about market structure Why investors may still be too anchored to the 2008 banking playbook Where Marc sees risk and opportunity in financials, banks, E…