Merryn Talks Money Markets Wrap: Private Credit, War and a Lack of Safe Havens
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Mar 13, 2026 They dig into oil's violent intraday swings and how war headlines drive market jolts. They debate whether gold, bonds or hard assets can actually protect capital in a fragmented world. They explore private credit's rapid growth, opacity and retail access risks. They highlight supply-chain choke points, energy and food security, and why real assets might gain appeal.
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Oil Volatility Spurs Broad Stagflation Risks
- Oil volatility now cascades through food, fertilizer and interest-rate expectations.
- Merryn links supply-chain risk (sulfuric acid, fertilizer) to potential stagflation and higher mortgage costs if oil stays high.
A Kangaroo Market Moment In Oil
- Oil moved from nearly $120 to below $90 in a single day, creating a ‘kangaroo market’.
- John links the intraday collapse to a Trump comment about a short war and subsequent market re-pricing.
Prioritise Resilience And Hard Assets
- Geopolitical disruption shifts investor focus to basics like energy, food and water security.
- Merryn says portfolios should prioritise low-obsolescence hard assets and resilience over FOMO growth bets.