This is a LONG and COMPLEX article regarding parallels between the meltdown of structured products like CDOs, CMOs and CLOs that led to the Great Financial Crisis in 2007-2009, and today's current private credit market. It is not for the faint of heart, or those looking for an easy read.

Investors got hammered again this week with few places to hide. Having said this, it could be worse. The Trump Administration continues to release conflicting information about the status of the war, but it is clear that the Iranians are not about to capitulate. This is causing all sorts of problems with the oil market, and this in turn is splattering both global stocks and bonds.

Stocks eked out small gains and US Treasuries had small losses this past week, with plenty of economic news – especially on Friday – largely resulting in a "meh" response. European stocks closed at record highs, while gold and the greenback gained ground. Bitcoin continued to suffer losses.