Bruce Richards, CEO of Marathon, delivers a high-conviction macro call: no recession, rates staying higher, and private credit outperforming. In this session with Lionel Erdely (Investcorp), he breaks down the credit cycle, AI risk, inflation, and why “private credit all day long” is his 2025 play.

💡 Highlights:

  • The Fed’s next move & Powell’s timing
  • Private credit’s 12% returns vs. 4–6% vol
  • Why AI will “eat software”—and spark a credit default wave
  • How Marathon builds resilient portfolios amid tariffs & geopolitics
  • Direct lending, ABL, and asset-specific credit strategy
  • The biggest risks allocators are missing