Globalisation is in reverse, and for investors a more fractured world means stickier inflation, weaker trade flows and greater risk of capital misallocation. David Murray sets out how SWAN Wealth Management responds: favouring lower-risk real assets that meet basic human needs, backing resilient balance sheets, and investing alongside partners with proven records and skin in the game.
Not all private credit is equal. The headline losses at Tricolor and First Brands landed on bank balance sheets, not private credit funds, but a real risk does sit inside the asset class: roughly half of US private credit is lent to private equity backed borrowers, much of it against future earnings rather than hard collateral. Steven Nathan explains why SWAN Wealth Management lends against US multifamily housing instead.
Would you still own it without a market price? In public markets liquidity creates the illusion of control, while in private markets its absence imposes discipline. Steven Nathan on why illiquidity forces a longer term view, strips out the noise, and creates the inefficiencies that patient investors in private assets are paid to exploit.