Apollo's Private Credit Logic Is a Lot Like Goldman

Published on March 13, 2026

Back in 2008, executives at Goldman Sachs Group Inc. were zealots for valuing their assets at exactly the prices where they could be sold. Critics said this fervor for fair value inflamed the financial crisis, while supporters argued it helped investors and lenders at least know where they stood.

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The Big Four Recession Indicators: Real Personal Income

March 13, 2026
Personal income (excluding transfer receipts) rose 0.5% in January and was up 3.5% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.2% month-over-month and up 0.6% year-over-year.

Yes, Americans Are Saving Enough for Retirement

March 13, 2026
One of my most longstanding and controversial opinions is that the move from defined-benefit pensions to defined-contribution pensions was a success. It’s an especially unpopular view amid stories of retirees who fall through the cracks and a grim market that is pruning many retirement accounts, if not retirement dreams.