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

This conversation blew me away. I sat down with Lydia Fenet, an auctioneer who’s raised over a billion dollars, and what started as a chat about charity auctions quickly turned into one of the most insightful masterclasses on sales, persuasion, and audience psychology I’ve ever heard.

Lydia isn’t just good on stage, she’s world-class at reading people, building trust instantly, and closing with confidence. What’s wild is how much of what she does applies directly to startup life: pitching investors, closing enterprise deals, selling your vision.

If you’re a founder, operator, or anyone in business, this episode is packed with tactics that’ll shift how you think about selling anything to anyone.

⏱ Chapter Markers

00:00 – Intro: Why Auctioneering Matters To Entrepreneurs

01:15 – Lydia’s Unconventional Path Into Auctioneering

04:00 – The High-Stakes World Of Charity Auctions

06:15 – Launching The First Auctioneer Talent Agency

08:00 – What Makes A Great Charity Auctioneer?

11:00 – Sales Psychology On Stage

13:45 – Audience Dynamics And Identifying Your “Auction Foil”

17:30 – Anchoring Luxury With Impact: Values-Based Selling

20:00 – The Power Of The Underbidder

22:00 – Auction Tactics That Apply To Enterprise Sales

25:00 – Selling With Empathy, Not A Script

27:30 – The Power Of Suggestion And Painting The Picture

31:00 – Closing Thoughts & Key Takeaways

Links:

1. Lyndia Fenet: Website, LinkedIn
2. Book (Written by Lyndia Fenet): The Most Powerful Woman in the Room Is You: Command an Audience and Sell Your Way to Success
3. Book (Written by Lyndia Fenet): Claim Your Confidence: Unlock Your Superpower and Create the Life You Want
4. Interplay: Website, LinkedIn, Twitter
5. MPD: LinkedIn, Twitter

Brad Svrluga has been a mentor and a close friend of mine for years. Watching him build Primary - one of the most respected firms in the industry - has been a masterclass in itself, so sitting down with him for this episode was a highlight I've been looking forward to and a great way to kick off the year.

We went deep on an often overlooked topic in VC: How do you actually scale a firm's infrastructure?

Whether you're a GP or a founder, Brad’s perspective on building a modern, institutional-grade firm is unmatched.

⏱ Chapter Markers

00:00 – Intro & Brad's Background

01:00 – What Primary Ventures Does Differently

03:20 – Incubation and Building Companies from Scratch

05:00 – Why Founders Pick Primary

07:00 – Inside the Operational Support Team

09:00 – Is There a Downside to Scaling a VC Firm?

10:30 – Culture and Structure at Primary

12:15 – Aligning Operational Teams with MOIC Goals

14:00 – Ben & Brad: cofounder Dynamics

17:30 – Why Brad Became a VC

21:00 – The Challenge of Scaling Venture Itself

24:00 – The Downfall of Venture Networks

26:00 – Scaling with Specialized Partners

30:00 – Rebranding and Starting Primary

31:30 – Advice for Emerging VCs: Sourcing, Picking, and LPs

38:50 – Wrap-Up and Reflections

Links:

1. Brad Svrluga: LinkedIn
2. Primary: Website, LinkedIn
3. Interplay: Website, LinkedIn, Twitter
4. MPD: LinkedIn, Twitter

Our 2026 predictions are in. From IPOs to AI to robots - check out what we think is actually coming in 2026.

To wrap up 2025, I regroup with Mike and Phuong for our annual end-of-year episode, where we look back at last year's predictions (they passed with flying colors) and set our sights on what’s ahead.

Here’s a sneak peek at some of the topics covered:

✅ AI’s real impact on blue and white collar jobs.

📈 The slow thaw of the IPO market.

💸 The maturing of venture capital into a robust capital market ecosystem.

🤖 Why humanoid robots might finally enter the chat.

🚀 How seed-stage startups have fundamentally changed - and what will make or break them next year.

If you're a founder, investor, or just trying to stay ahead of the curve, this one’s packed with insight.

🎧 Listen & let us know what YOU think is coming in 2026? Drop your predictions in the comments. 👇

⏱ Chapter Markers

00:00 – Intro: 2025 Recap & Predictions for 2026

01:00 – Michael’s 2025 Prediction Scorecard: AI, Jobs & Valuations

06:30 – IPO Market Outlook & The Tale of Two Venture Markets

12:00 – AI Foundational Models vs. Application Layer

16:45 – 2026 Exit Landscape & The Rise of Secondaries

21:00 – Will Big Tech Pull Back from the Application Layer?

25:00 – AI Enterprise Adoption & Salesforce’s Big Bet

28:00 – The Robotics Curve: Consumer vs. Construction Use Cases

33:00 – Phuong’s 2025 Prediction Debrief: Tariffs & CX

38:00 – AI at Home? Why Consumers Aren’t Adopting (Yet)

41:00 – How Seed-Stage Startups Have Changed in 2025

46:00 – Labor Mismatch & The Talent Problem in AI Startups

49:00 – Who Wins in 2026: Full Workflow Automation

52:00 – Who Loses: Commoditized Content, Support & Legal Tools

55:00 – The Real Risk: Obsolescence & Distribution Moats

57:00 – Wrap Up & 2026 Outlook

Links:

• Book: AI Superpowers: China, Silicon Valley, and the New World Order
• Book: The Lean Startup
• Book: The Power Law: Venture Capital and the Art of Disruption
• Interplay: Website, LinkedIn, Twitter
• MPD: LinkedIn, Twitter
• Michael Rogers: LinkedIn, Twitter
• Phuong Ireland: LinkedIn, Twitter

What if you approached philanthropy like a startup? The results might shock you and completely rewire how you think about giving.

I sit down with Mark Gerson, Cofounder of GLG (Gerson Lehrman Group) and Cofounder and Chair of 3i Members, to dive deep into how you can treat generosity like a capital allocation decision. We unpack a framework for ROI-driven giving that prioritizes measurable impact over emotional check-writing.

Whether you give already or you’re just starting to think about it, this is a practical, purpose-driven guide to doing the most good in a faster and smarter way

Special thanks to Mark for joining me on the pod and for all the amazing work he does.

⏱️ Chapter Markers

00:00 – Introduction to Mark Gerson & GLG Origins

02:45 – The Accidental Start of a $650M Business

06:00 – Lessons in Entrepreneurship from GLG’s Growth

08:50 – Why Business Advice is Often Useless

09:30 – The Life-Saving Problem in Global Emergency Response

11:00 – United Hatzalah: Crowdsourcing First Response in Israel

13:30 – Politics, Union Challenges & US Expansion

15:00 – How an Orange Jacket Saves Lives

16:45 – ROI-Driven Philanthropy: Measuring Cost per Life Saved

18:30 – African Mission Healthcare: Saving Lives with $350 C-Sections

21:00 – Partnering with Christian Missionary Doctors

25:00 – Effective Philanthropy vs. Emotional or Prestige Giving

29:00 – The True Definition of Charity & ROI vs. Emotion

32:30 – When and How Much Should You Give?

36:00 – Why Giving Never Makes You Poor

37:45 – Books, Content & Torah as Self-Help

40:00 – 3i: A Crowdsourced Investment + Community Platform

43:00 – How Business & Charity Reinforce Each Other

Links

• Mark Gerson 3i Members, United Hatzalah of Israel, African Mission Healthcare, GLG, Twitter, LinkedIn
• Books: God Was Right: How Modern Social Science Proves the Torah Is True, The Telling: How Judaism’s Essential Book Reveals the Meaning of Life
• MPD: LinkedIn, Twitter
• Interplay: Website, LinkedIn, Twitter

Beneath the surface of many everyday products lies a complex web of ethical dilemmas. In this powerful conversation, entrepreneur and investor Ryan Ansin peels back the curtain on global supply chains and the moral questions behind them. From chocolate and diamonds to blockchain transparency, he shares what ethical manufacturing really entails and how even simple choices carry weight. The episode also explores how to raise grounded children, the role of impact investing, and why major corporations must evolve for real change to happen. This discussion challenges the idea you to think about ethics, offering a roadmap for aligning values with action across business, family, and capital.

⏱️ Chapter Markers

00:00 – Introduction: Meet Ryan Ansin

01:00 – Defining Ethical Manufacturing

03:20 – Chocolate & Child Labor: A Case Study

06:00 – Diamonds, Supply Chains & Transparency

09:00 – Who Really Drives Change: Startups or Giants?

12:00 – Consumers vs. Regulators: What Sparks Reform?

14:00 – Blockchain & The Future of Supply Chain Tracking

15:00 – Ryan's Journey into Social Entrepreneurship

18:00 – Family Legacy & Ethical Business Foundations

24:00 – Is Ethical Living a Privilege or a Choice?

26:00 – Grandfather Wisdom: Helping the Helpers

30:00 – Giraffes, Accountability & Courage in Business

31:00 – Wealth, Responsibility & Raising Grounded Kids

37:00 – Teaching Grit Through Friction & Curiosity

40:00 – Final Thoughts: Aligning Impact with Action

Links

• Interplay: Website, LinkedIn, Twitter
• Book: Abundance: The Future Is Better Than You Think
• MPD: LinkedIn, Twitter