Are you suggesting that holding private credit assets is relatively risk free?
Equity is a risky asset, so equity being wiped out should not be a surprise to anyone, but life insurance and pension funds failures is indeed a public problem.
You probably meant to say that practically, high leverage tends to leak into companies of public interest. For example, when high net worth individuals start trimming their private credit holdings, which eventually end up with insurers. That is why the regulators have to watch carefully that it does not happen.
For those who stick to a meaningful asset allocation (e.g. 60/40, 80/20, etc), this does not pose significant problem -- they would not be buying much stock in the last 3 years. Instead, they would be buying mostly fixed-income. Probably mostly in 401k/IRA accounts.
As long as this debt does not make it into life insurance and pension funds, we are fine. The trouble is that private credit is taking control of some life insurance companies and off-loads this debt to these. When these fail, it will become everyone's problem.
> Risks to financial stability may also stem from entities with particularly high exposure to private credit markets, such as insurers influenced by private equity firms and certain groups of pension funds. The assets of private‐equity‐controlled insurers have grown significantly in recent years, with these entities owning significantly more exposure to less‐liquid investments than other insurers
This could serve as a beacon for those who still care:
Richard Feynman: "I have the advantage of having found out how hard it is to get to really know something, how careful you have to be about checking the experiments, how easy it is to make mistakes and fool yourself..."
Sorry, but I must disagree. There is much more to learning process than just the material itself. We are social animals, so the emotional aspect matters to the majority of us. Highly technical fields are not an exception. The attitude of the lecturer and his reaction to the questions from the audience, sidetrack discussions -- it all counts. At least to me and the people I have known.
At the same time, lectures of those with no charisma is a real torture, no doubt about that.
> Lectures have been an incredibly ineffective way to learn forever.
Mainly due to shortage of very good lecturers, no? I can not see a better way to cultivate the professional pride than to attend lectures of truly remarkable professors. The style, the manner, the attitude go much beyond the dry proofs. I'm an applied math major.