Private credit has exploded into a trillion-dollar asset class, but most people outside finance still don’t understand how it works.

I sat down with Ivan Zinn, founder of Atalaya Capital Management and now part of Blue Owl Capital, to unpack the real mechanics behind the private credit market. Few people have a clearer view of how capital flows through the economy.

During our chat we unpack:

1. What private credit actually is
2. Why banks pulled back after the Global Financial Crisis
3. How private lenders stepped in to finance everything from consumer loans to equipment, infrastructure, and fintech platforms
4. Where entrepreneurs could build meaningful companies by modernizing the infrastructure behind asset management.

Big thanks to Ivan for sharing such a thoughtful and practical perspective on the evolving capital markets ecosystem.

⏱️ Chapter Markers

00:00 Introduction to Ivan Zinn

01:40 What Private Credit Actually Is

03:05 Asset-Based Lending Explained

04:36 Why Banks Don’t Make These Loans

08:11 How Private Credit Filled the Financing Gap

09:19 Ivan’s Journey into Credit Investing

11:49 Why Scale Matters in Private Credit

16:32 Is There Still Room for Small Credit Managers?

18:35 The Rise of Fintech-Driven Lending Models

19:29 Biggest Mistakes New Credit Managers Make

24:46 What CEOs Get Wrong When Raising Debt

29:08 Aligning Expectations Between Lenders and Founders

31:16 Why Private Credit Is Still Technologically Behind

35:30 Massive Opportunities for Fintech Builders

40:06 Selling Atalaya Capital Management to Blue Owl

42:30 Should Asset Managers Go Public?

44:58 Final Advice for Fintech Entrepreneurs

Links:

1. Ivan Zinn: LinkedIn
2. Interplay: Website, LinkedIn, Twitter
3. MPD: LinkedIn, Twitter

Is the global economy stronger than it looks or more fragile beneath the surface? If you’re trying to reconcile booming markets with rising geopolitical risk, this week’s episode brings an important perspective.

I sat down with Chris Zhang, Partner & CIO of Ascend Interplay, to break down the real forces shaping 2026:

1. How AI is shifting from a narrative to a measurable economic impact
2. Why labor markets may determine where we go next
3. Global structural shifts that are underway - from escalating Middle East tensions to the rise of protectionism - and what they imply for supply chains, inflation dynamics, and U.S. debt sustainability.

Big thanks to Chris for a thoughtful, data-driven discussion.

⏱️ Chapter Markers

00:00 – Welcome & Why 2025 Defied Gravity

02:00 – Global GDP Surprise & Market Performance

03:30 – The Structural Bull Market in Gold & Silver

07:45 – When Would Gold Actually Fall?

10:00 – 2026 Outlook: Cautiously Constructive

11:45 – AI’s Real Impact on Productivity & Labor

14:30 – Middle East Conflict & Oil Markets

17:15 – Are Trade Wars Really Over?

19:30 – Structural Protectionism & Supply Chains

22:00 – The Americas Strategy & Regional Integration

26:30 – U.S. Debt: Is There a Real Solution?

29:45 – The Fed, Growth & Kevin Warsh’s Role

32:45 – Final Takeaways for 2026

Links:

1. Chris Zhang: LinkedIn
2. Interplay: Website, LinkedIn, Twitter
3. MPD: LinkedIn, Twitter

Why is U.S. healthcare so broken? If you're not sure why it’s so expensive or dysfunctional, this week’s podcast may illuminate the answers for you.

I sat down with Alex Barrett, Cofounder & CEO of Meroka, who's tackling one of the root problems:

1. Consolidation that strips doctors of autonomy
2. Misaligned incentives across the system
3. Outdated models that sacrifice care for throughput

70% of doctors now work for big systems but Alex is charting a new path by giving independent practices scale, liquidity, and ownership without the need to sell out.

Special thanks to Alex for joining the pod - this is one of the smartest takes I’ve heard on how to fix healthcare from the inside.

⏱️ Chapter Markers

00:00 – Welcome & Guest Intro

01:20 – What is Meroka?

03:30 – Why Independence Matters in Healthcare

05:30 – The Trade-Off Between Scale & Patient Experience

07:20 – Breaking Down Reimbursement Rates

10:30 – Why Scale Has Meant Consolidation—Until Now

14:50 – How Independent Practices Survive

17:00 – The Myth That Doctors Are Bad at Business

20:30 – Meroka’s Employee Ownership Model

23:50 – Comparing to Private Equity Models

26:00 – The Future of Healthcare as a Real Market

28:30 – Final Thoughts & Gratitude

Links:

1. Alex Barrett: LinkedIn
2. Meroka: Website, LinkedIn
3. Interplay: Website, LinkedIn, Twitter
4. MPD: LinkedIn, Twitter