Private credit cracks and systemic risk

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we unpack the chaos hitting markets in 2026—from weak jobs data and Fed uncertainty to private credit cracks, AI-driven disruption, and the collapse of old economic playbooks. We also discuss software repricing, energy infrastructure, synthetic media, portfolio positioning, and why Jordi believes bitcoin is the truest AI trade in a world moving faster than ever.

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• 0:00 - Intro
• 0:53 - The current state of the U.S. economy
• 5:18 - Does the jobs report force the Fed to cut rates?
• 8:28 - How do the Iran, Venezuela, & Cuba situations end?
• 14:00 - Is the speed of military & government action changing?
• 19:12 - What is happening in private credit right now?
• 25:04 - Should investors run toward distressed private credit or avoid it?
• 28:47 What happens to a traditional 60/40 portfolio over the next decade?
• 32:27 -  Is Jordi still bullish on energy infrastructure & power demand?
• 35:37 - What Jordi’s AI setup looks like
• 43:13- How will AI-generated content & synthetic media change content creation?
• 49:50 - When will society normalize humans working alongside AI assistants?
• 52:20 - Is Jordi nervous or excited for rest of 2026?