TRAP: The Real Adviser Podcast 95 - The Price of Pessimism
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Apr 23, 2026 They tackle the “pessimist perception” in markets and why fear can cost investors. They debate private markets, hidden risks and gated funds. They cover ISA history, millionaires and long-term saving discipline. They flag NEST’s shifting allocations and practical concerns for everyday savers. They touch on using AI to create client content and the pitfalls of FOMO-driven investing.
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Banks Can Sell Private Deals And Hedge Against Them
- Private markets and private credit are increasingly sold to retail via wealth arms while the same banks hedge exposure with CDS.
- Alan warns this mirrors 2007 dynamics: promoters sell exposure then sell hedges to protect themselves.
Auto‑Enrolment Funds Are Growing Private Market Bets
- Nest plans to scale private markets exposure toward ~30% by 2030, shifting ordinary employees' pensions into illiquid private assets.
- Alan flags tiny LP allocations (0.1–0.9%) across many specialist private vehicles in Nest's mix.
Private Credit Carry Hidden Revaluation Risk
- Hidden losses and revaluations are appearing in private credit; Jamie Dimon likened it to a 2007-style problem.
- Carl cites Canadian pension markdowns and gated funds that prevent immediate redemptions as warning signs.
