更残酷的战场在散户端。面向个人投资者的商业发展公司（BDC）今年遭遇"股债双杀"：FS KKR Capital股价跌33%，贝莱德BDC违约率升至7%，VanEck BDC ETF年内落后标普500逾20个百分点。 曾经承诺"月月分红"的BDC，如今14%收入来自"实物支付"（PIK），意味着借款人已无力支付现金利 息；最大持仓3.5亿美元清洁公司贷款沦为坏账，把"稳健"叙事撕出一道口子。 流动性陷阱随之浮现。Blue Owl试图把私有BDC与上市BDC合并以缓解赎回压力，却因股价较净资产值 折价14%被股东否决，交易流产。 公开市场价格与私募账面估值严重倒挂，散户想跑却找不到买家，只能眼睁睁看着本金蒸发。摩根大通 CEO戴蒙年初那句"看见一只蟑螂"的警告，如今看来只是黑暗厨房的一角：2万亿美元私募信贷盛宴 里，散户最后上桌，却最先买单。 据ETO Markets 出入金最新消息，曾被华尔街包装成"高股息避风港"的美国私募信贷市场，如今正被高 利率、违约潮和流动性黑洞三重力量撕裂。 最先敲响警钟的是管理1800亿美元资产的Blue Owl Capital——它突然退出甲骨文100亿美元AI数据中心 融资谈判， ...

The Securities and Exchange Commission finally brought dual share classes to the masses … some of them, anyway. The SEC announced last week that it will allow dozens of issuers to offer ETF share classes of mutual funds and vice versa, so long as the SEC doesn’t order hearings against the applications. The move is the agency’s first announcement on the topic since November, when it approved Dimensional Fund Advisors’s proposal. Despite being largely expected, experts said the decision underscores the ongo ...

Edward Fishwick is stepping down as BlackRock’s chief risk officer, as reported by Risk.net. Fishwick, who has been CRO since 2022, is understood to be moving to the asset manager’s risk and quantitative analysis (RQA) group, where he will head research. He will be based in London. Fishwick previously co-headed the RQA group in London for 15 years.Pierre Sarrau will become CRO in the new year. Sarrau is currently co-head and chief investment officer for multi-asset strategies and solutions, and head of act ...

吴说获悉，根据 SoSoValue 数据，上周交易日（美东时间 12 月 15 日至 12 月 19 日）以太坊现货 ETF 单周净流出 6.44 亿美元，九只 ETF 无一净流入。上周单周净流出最多的以太坊现货 ETF 为贝莱德 （Blackrock） ETF ETHA，周度净流出 5.58 亿美元，目前 ETHA 历史总净流入达 126.7 亿美元。 （来源：吴说） ...

吴说获悉，根据 SoSoValue 数据，上周交易日（美东时间 12 月 15 日至 12 月 19 日）比特币现货 ETF 单周净流出 4.97 亿美元。上周单周净流出最多的比特币现货 ETF 为贝莱德 (Blackrock） ETF IBIT，周 度净流出 2.40 亿美元，目前 IBIT 历史总净流入达 624.9 亿美元。 （来源：吴说） ...

Core Insights - The U.S. private credit market, once seen as a safe haven for individual investors, is facing a dual shock of deteriorating fundamentals and collapsing confidence, leading to asset revaluation and the bursting of a bubble in the industry [1][2] - Blue Owl Capital's withdrawal from financing Oracle's $10 billion AI data center project highlights a fundamental shift in the credit market's attitude towards aggressive capital expenditures by tech giants, resulting in pressure on Oracle's stock and the broader tech sector [1][3] Group 1: Market Dynamics - The private credit industry, valued at over $2 trillion, is under significant stress as rising default rates and high-interest environments put pressure on borrowers, leading to stock price declines and increased bad debts for major asset management firms like KKR and BlackRock [1][4] - The Business Development Companies (BDCs) that cater to individual investors are experiencing severe stock price drops, with some down by double digits despite the S&P 500 rising approximately 16% this year [4][6] Group 2: Financial Health of BDCs - FS KKR Capital's stock has fallen about 33% this year, with its non-performing loan rate increasing from 3.5% in January to approximately 5% by September, indicating deteriorating credit quality [6] - BlackRock's BDC reported that 7% of its loans were in default, highlighting the growing concerns over credit quality within the sector [6] Group 3: Liquidity and Valuation Issues - Blue Owl's attempt to merge its private BDC with publicly traded BDCs failed due to significant valuation discrepancies, with public BDCs trading below their net asset value (NAV) [7] - The lack of liquidity in private assets during market downturns complicates pricing, leading to panic-driven redemptions from investors attracted by high dividends, thus increasing uncertainty regarding principal safety [7]

ICM trends cover. Photo by BeInCrypto BlackRock iShares Bitcoin Trust (IBIT) is set to close 2025 as a top-tier force in the US financial landscape. The fund achieved a rare feat in asset management by raising billions of dollars while losing money for its investors. Data compiled by Bloomberg Intelligence confirms that IBIT secured the sixth spot on the US ETF leaderboard by net inflows. Institutional ‘Dip Buying’ Drives $25 Billion into IBIT Despite Negative Returns The fund attracted $25.4 billion i ...

Spot bitcoin ETF investors may have shown themselves to be anything but momentum chasers this year. While it's no secret that BlackRock's iShares Bitcoin Trust (IBIT) has been a wild success since it opened for business in January 2024, data compiled by Bloomberg's crack ETF analyst Eric Balchunas shows that success in another light. So far in 2025, IBIT ranks sixth out of all ETFs in inflows, bringing in more than $25 billion of investor cash. In a list of the top 25 funds by inflows, ranked first is V ...

Group 1 - Investing in blue-chip stocks is recommended for building wealth due to their proven business models and stability across economic cycles [1][2] - Blue-chip companies typically have strong balance sheets and generate steady cash flow, which supports dividends, share buybacks, and long-term growth [2][8] - These stocks tend to be less volatile compared to speculative ventures, making them a stable choice for investment portfolios [3][8] Group 2 - JPMorgan Chase is the largest bank in the United States, with over $3.8 trillion in assets under management, providing advantages of scale and a strong balance sheet [5][6] - The bank has successfully navigated various economic environments, benefiting from higher interest income during the Federal Reserve's interest rate hikes from 2022 to 2023 [6] - BlackRock is the world's largest asset manager, managing over $13.5 trillion in assets, which generates significant recurring revenue through management fees [7]

Core Insights - Retirement planning is complex, and relying solely on Social Security benefits can lead to financial difficulties, as it is not sufficient for a comfortable retirement [1][2][9] - A significant portion of American retirees depend on Social Security, with 40% relying solely on these benefits, and one-third of Americans having no retirement savings [2][5] - Inflation and tariffs are impacting the economy, with imported goods becoming 4% more expensive due to tariffs, leading to concerns about elevated inflation [3][4] Group 1: Social Security and Retirement Savings - The average monthly benefit for retired workers is $2,009.50 as of September 2025, highlighting the inadequacy of Social Security as a sole income source [1][6] - Nearly 50% of Americans are making critical mistakes regarding Social Security, which could jeopardize their retirement income [4][5] - The importance of additional savings and investments is emphasized, as Social Security alone is unlikely to meet retirement needs [9][10] Group 2: Economic Conditions and Investment Strategies - The current economic climate, characterized by inflation and tariff impacts, necessitates careful investment strategies to protect retirement funds [3][22] - Gold has seen a significant price increase of over 60% in 2025, reaching approximately $4,200 per ounce, making it a potential hedge against inflation [12][11] - Home equity investments and commercial real estate are presented as viable options for diversifying retirement portfolios, with opportunities for both accredited and non-accredited investors [14][20][21] Group 3: Investment Advice and Market Trends - Fink warns against hoarding cash during economic instability, labeling it part of a "silent crisis" for retirees, as it prevents generating necessary returns for a dignified retirement [22][23] - The article suggests that working with financial advisors can lead to better investment outcomes, with a Vanguard study indicating a 3% portfolio growth advantage for those who seek professional advice [6][8]