Core Viewpoint - The article discusses the potential risks posed by private credit to the stock market, suggesting that avoiding companies involved in private credit can help investors mitigate financial disasters in their portfolios [2][3]. Group 1: Market Risks - Historical financial crises in 1998 and 2009 were largely attributed to leverage and illiquid debt, indicating a recurring pattern every 10 to 15 years [3]. - Private credit loans are typically extended to smaller, heavily leveraged borrowers, making them particularly vulnerable during economic downturns [3][5]. - The lack of a liquid market for private credit means that investors may struggle to exit positions during times of trouble, complicating the assessment of asset values [4]. Group 2: Companies with Low Private Credit Exposure - The article identifies five financial companies with minimal or no exposure to private credit, highlighting their strong market positions and high dividend yields [6]. - Automatic Data Processing (ADP) is noted for its recurring revenue model and a 3% dividend yield, having raised its dividend for 51 consecutive years [8][9]. - Chubb, a property and casualty insurer, has a low payout ratio of 14.6% and has raised its dividend for 17 consecutive years, indicating financial stability [12][13]. - CME Group offers a total yield of 4.2% and benefits from market volatility, distinguishing itself from private credit firms [14][16]. - T. Rowe Price, managing $1.8 trillion in assets, has a dividend yield of 5.83% and no private credit exposure, showcasing its strong performance in the investment advisory sector [17][19]. - United Bancshares, a community bank, has a 3.79% dividend yield and has raised its dividend for 51 consecutive years, emphasizing its traditional banking model without private credit risks [21][24].

Project Launch - Injective Protocol 上线 $INJ，支持去中心化现货和衍生品交易 [1] Trading Platform - 用户可以通过指定的链接访问去中心化交易平台 [1]

Service Update - US Derivatives trading (futures and perpetual-style futures) will be unavailable for 9 hours (from 4:00 AM to 1:00 PM PT) on October 25 for maintenance [1] Product Availability - Detailed product availability information can be found at the provided URL [1]