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Deutsche Bank Flags $30 Billion Exposure to Private Credit  In its annual report published Thursday, the lender said it is not exposed to “significant risks” related to non-bank financial institutions, but that it could face potential indirect risks through interconnected portfolios and counterparties.  While identifying private credit as a “key risk,” the report did not mention any losses or provisions tied to the private credit exposure, which represents about 5% of its loan book. Bloomberg 12 March 2026  https://www.bloomberg.com/news/articles/2026-03-12/deutsche-bank-flags-a-30-billion-exposure-to-private-credit As the US-Iran conflicts steals our attention, the twin bubbles of private credit and AI are close to bursting. AI is proving a double threat, in that it is both obviously a bubble and threatens to defenestrate many of the companies on which current prosperity rests. Defenestration The term originates from two incidents in history, both occurring in Prague....

S&P 500’s current multiple reflects the market capitalization-based weighting structure of the index, the increased dominance of some key technology stocks and a few extreme outliers.  In fact, the equal-weighted version of the index — which puts $10 billion companies on par with $4.3 trillion Nvidia Corp. — has a blended forward price-earnings ratio of just 17.8, a whisker above its 10-year average. Jonathan Levin Bloomberg September 29, 2025 https://www.bloomberg.com/opinion/articles/2025-09-29/the-s-p-500-index-is-very-pricey-adjust-don-t-flee The S&P 500 has never been this expensive,  or more concentrated in fewer companies https://englundmacro.blogspot.com/2025/09/usa-aktier-dyrare-under-it-boomen-nio.html Huawei Plans Three-Year Campaign to Overtake Nvidia in AI Chips Bloomberg 23 September 2025 https://www.bloomberg.com/news/articles/2025-09-23/huawei-plans-three-year-campaign-to-overtake-nvidia-in-ai-chips