Archive
Every issue, in order.
The full run of The Ledger. Click any issue to read.
§ Private Markets · №1
May 11, 2026
Oracle's 5Y CDS is at 198bps. The credit market is asking a question equity has not.
The first Public Equities Ledger. The Credit Monitor goes live, with one indicator already on watch. What it means, and what to track next.
Read issue
§ Private Markets · №1
May 1, 2026
Apollo gates its private credit fund. A $20 billion reckoning arrives.
Q1 2026 redemption requests hit $20.8 billion across the five largest private credit funds. What it means, who got out, and why Blackstone chose to honor and Apollo chose to gate.
Read issue
§ Macro · №1
Apr 29, 2026
Global imbalances are at 150-year highs. That matters more than whether the Fed cuts in December.
The five questions that drive how capital should be positioned, and where the world sits on each of them today.
Read issue