# War, Oil Shocks & Private Credit Cracks – Are Markets Too Calm?

Page: https://stenobird.com/podcast/the-art-of-investing-7404303/war-oil-shocks-private-credit-cracks-are-markets-too-calm
Text version: https://stenobird.com/podcast/the-art-of-investing-7404303/war-oil-shocks-private-credit-cracks-are-markets-too-calm.md
Podcast: [The Art of Investing](https://stenobird.com/podcast/the-art-of-investing-7404303)
Published: 2026-03-13T14:17:48+00:00
Episode link: https://share.transistor.fm/s/31b05c09
Audio file: https://pdrl.fm/7c6e9d/media.transistor.fm/31b05c09/241c4217.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-art-of-investing-7404303/episodes/war-oil-shocks-private-credit-cracks-are-markets-too-calm
Duration seconds: 4268

## Resource

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a volatile week in global markets as geopolitical tensions, rising oil prices and credit concerns ripple through investor sentiment.Despite the second consecutive weekly drawdown in the portfolio, markets have remained relatively resilient. The team discuss why energy shocks quickly affect inflation expectations, how investors are reacting to shifting rate outlooks, and why private credit and private equity liquidity are attracting renewed scrutiny.They also explore how different sectors react to geopolitical shocks and why diversification still matters when volatility rises. This Week’s Highlights:⛽ Oil Shock Hits MarketsEnergy prices surge as Middle East tensions intensify.🏦 Private Credit QuestionsLiquidity concerns emerge in parts of the private market.📉 Rate Expectations ShiftInvestors reassess the outlook for central bank cuts.📊 Sector Rotation ContinuesSoftware rebounds while travel and energy-sensitive sectors struggle.⚠️ Liquidity Risk DebateRestrictions in some funds highlight structural challenges. Portfolio Snapshot:Portfolio Snapshot – Week 30Weekly performance: –2.1%Total return since inception: +14.5% Top Performers🥇 Cash: +0.1%🥈 WisdomTree Copper ETF: –0.3%🥉 iShares $ Treasury Bond 7–10yr UCITS ETF: –0.4% Underperformers📉 iShares Nikkei 225 ETF: –4.3%📉 BlackRock World Mining Trust PLC: –4.2%📉 iShares Russell 2000 ETF: –3.8% Portfolio Positioning:The portfolio remains positioned toward:• Commodities and real assets• Global equities beyond US mega-cap concentration• Select small and mid-cap exposure• Defensive allocations including gilts, treasuries and cashThe focus remains diversification and long-term resilience rather than reacting to short-term head…

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