This episode explores the recent launch of the first-ever private credit ETF, the implications of Bill Ackman's attempt to create a Berkshire Hathaway-like investment vehicle, and a unique bid to acquire Infowars using a memecoin. Against the backdrop of a changing regulatory environment, the hosts discuss the surprising launch of the private credit ETF, highlighting the role of Apollo as both asset provider and liquidity provider. More significantly, concerns are raised about potential liquidity risks, particularly if the ETF grows substantially, with the daily redemption limit remaining undefined. For instance, a Morningstar analyst points out the possibility of the fund needing to sell more liquid assets first, potentially leading to a liquidity crunch. As the discussion pivots to Bill Ackman's ambitions, the hosts analyze his strategy of acquiring Howard Hughes Corporation to build a diversified investment vehicle, contrasting it with the challenges of taking a hedge fund public. Finally, the hosts delve into the unconventional bid for Infowars, where a memecoin is proposed as part of the payment, creating a unique auction dynamic and raising questions about regulatory compliance. This episode showcases emerging industry patterns reflected in the innovative use of ETFs and memecoins in finance, while also highlighting the evolving strategies of prominent investors.
