[00:02] starting to fall off of a cliff. And so JP Morgan questioned, "Hey, this private credit issue, we keep getting told that stress is somewhere between 1 to 3%." But there are so many of these private credit companies that have taken on debt
[00:18] that are selling for less than they're worth that the actual level of defaults is likely much higher. This chart right here is amazing and critical because it shows us that what we're being told in terms of the private credit risk is the
[00:33] terms of the private credit risk is the loud story of one company going bankrupt and then people saying don't worry the rest of the ship is fine. As you can see right here, we're only writing off along this black line right here somewhere
[00:45] around 1 to 3% of deals. It's not a big deal. But then when you actually factor in distressed payment in kind deals, so basically companies that are paying with they don't have any cash left and
[01:00] starting to grow. Mind you, there's about a $1.3 trillion economy for private