We know that 2018 was worst December since 1931. What happened after the worst December in 1931: A rally. Then, like, a gigantic drop.

4% growth ahead….

Explosive growth of US private debt market brings parallels to ‘wild west’ [FT]

“It puzzles me,” says the head of one credit hedge fund that has shunned private debt. “They’re lending to complete shit at a spread of 100-150 basis points above high yield.”