In Their Own Words

Denial

"The concerns and the fears about the private credit market are odd and frustrating."— Michael Arougheti, Ares CEO, Feb 10, 2026 — 10 days before the Blue Owl crisis

"We don't have red flags. In point of fact we don't have yellow flags. We actually have largely green flags."— Marc Lipschultz, Blue Owl CEO, Feb 2026 — on the 11th straight day of share losses, mid fire-sale

Warning & admission

"There is a reckoning going on right now. It's not just a crisis of confidence, it's a crisis of really bad underwriting."— Christian Stracke, Pimco President, March 10, 2026

"When you see one cockroach, there are probably more."— Jamie Dimon, JPMorgan CEO, October 2025

"Only when the tide goes out do you discover who's been swimming naked."— Warren Buffett (frequently cited)

"This will be a shakeout — I don't think it is going to be short term. It was foreseeable. It was predictable."— Marc Rowan, Apollo CEO, March 3, 2026

"We are in the super-early innings of the wheels coming off the car."— Boaz Weinstein, Saba Capital, February 2026

The thesis, in one-liners

• "These are not investors. They are dealmakers."
• "Build the model. Get the deal done. Book the fee."
• "PE is just leverage with a PR team."
• "The PE model worked in a zero-rate world. We are no longer in a zero-rate world."

The page also cites academic and institutional voices — Ludovic Phalippou (Oxford), McKinsey, the CFA Institute, the Federal Reserve, the BIS, and the IMF — converging on a late-stage-bubble diagnosis.