“When you see one cockroach, there are others.”

In this episode of Capital & Power, host Adam Shapiro talks with Dan Rasmussen, CIO and Founding Partner of Verdad Advisors, about what may be the most underestimated risk in markets today: a rapidly expanding private credit bubble that could see up to 25% of high-yield loans default when the next shock hits.

Rasmussen — author of The Humble Investor — breaks down the fault lines forming beneath the surface of global credit and why many institutional portfolios are far more fragile than they appear.

In this episode:
• Why private credit has become Wall Street’s most dangerous illusion
• How major endowments and pension funds are repeating 2008’s mistakes
• The myth of expert prediction — and why humility beats forecasting
• How to build crisis-ready portfolios that survive real-world stress
• AI-driven capex, overconfidence risk, and where true value still hides

If you want to understand one of the most important — and least discussed — risks in markets right now, this conversation is essential.

Guest: Dan Rasmussen — CIO & Founding Partner, Verdad Advisors
Book: The Humble Investor: How to Find a Winning Edge in a Surprising World

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