21 September 2026

11 new episodes (12 hours listening) published by the 50 podcasts on the list. 2 highlight clips below (7 mins total).

Investment 21 September 2026 · 2 clips

Monetary Matters

James ElbaorMarlton LLC

Episode

Investors Are Trapped in Private Credit & Private Equity (Here’s the Opportunity)

Founder and portfolio manager of Marlton LLC, which works in closed-end funds, listed private assets, secondaries and asset managers and trades them on events such as mergers.

Hosted by

Max Wiethe

27 September 2026 · 1h 5m · 1 clip below

current issue

James Elbaor of Marlton says the market is marking down alternative managers that built wealth-channel sales forces for private credit, and paying Pershing Square the multiple Apollo and Blackstone had at their peak for permanent capital.

Since Pershing Square's April listing, by his figures, its shares have doubled while Apollo and Blackstone fell about 12%, Ares and KKR 22% and Blue Owl nearly 35%. Capital that cannot be redeemed gives a manager a fee stream in perpetuity, which he likens to owning 2% a year of Berkshire Hathaway's assets with the growth of the portfolio on top.

5m 15s · from 40:39

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My observations
- Each manager's 10-K defines permanent capital for itself: Elbaor thinks Apollo or KKR counts anything locked up for more than eight years, which takes in a ten-year credit fund, while at Pershing Square it is capital with no redemption short of winding up the entity.
- Managers that hired teams to sell private credit to wealth advisers cannot easily cut them or change strategy, Elbaor argues, the same bind as a software company with a large sales force and nothing in AI.
- Pershing Square's shares have only a few months of trading behind them, so the price comparison says less than the fee-stream argument, which stands without it.
- equities
- private-markets

Conversations with Institutional Investors

Michael Kollo

Episode

144: Governance and Safety in Agentic AI – Discussing The Hugging Face Incident with Michael Kollo

Author of Future Ready with Generative AI: Skills, Mindsets, and Stories in the Age of AI.

Hosted by

Conversations with Institutional Investors (Investment Innovation Institute)

27 September 2026 · 48m 24s · 1 clip below

explainer

Michael Kollo has found that multi-agent deal analysis can compound uncertainty until, three agents down the chain, the system declines to produce any estimate at all.

Each agent inherits its predecessor's caveats and adds its own, so a gap that should be flagged once becomes a reason to stop. Sometimes that warning is wanted; on problems that are uncertain by nature, the builder has to decide how information passes between agents, and whether five rounds of exchange improve on one.

1m 43s · from 8:55

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My observations
- Deal evaluation is where this bites, because private-market diligence runs on information that may never arrive, and a chain that treats every gap as disqualifying will decline every deal put through it.
- Kollo does not call the caution a fault: a warning carried down the chain is sometimes exactly what the builder wants. How much of a predecessor's doubt each agent should inherit is a design setting, chosen by whoever wires the handoff.
- Whether five rounds of agent conversation beat one is an empirical question, answerable by running both on the same set of deals; the clip raises it without reporting that anyone has.

21 September 2026

Investment 21 September 2026 · 2 clips

James Elbaor of Marlton says the market is marking down alternative managers that built wealth-channel sales forces for private credit, and paying Pershing Square the multiple Apollo and Blackstone had at their peak for permanent capital.

Michael Kollo has found that multi-agent deal analysis can compound uncertainty until, three agents down the chain, the system declines to produce any estimate at all.