Watch all 2026 Global Conference session replays: https://milkeninstitute.org/events/gl...

Erik Schatzker
Editorial Director, Bloomberg

Vivek Bantwal
Global Co-head, Private Credit, Goldman Sachs Asset Management

Molly Duffy
Global Head, Financial Sponsors Coverage, Standard Chartered Bank

Jeffrey Gundlach
CEO, DoubleLine

Kristofer Kraus
Global Co-head, Asset Based Finance, PIMCO

Brad Rogoff
Global Head, Research, Barclays

0:00 Opening framing: private credit vs. direct lending
2:03 Is there a systemic problem in direct lending?
5:32 Jeffrey Gundlach: The "Wild West" analogy and eroding trust
8:11 Vivek Bantwal: Why this isn't like the 2008 financial crisis
11:14 Could stress in direct lending spread to other markets?
15:53 Brad Rogoff: Migration of credit risk between public and private markets
18:23 Gundlach pushes back: marks, trust, and the semi-liquid problem
22:23 Anecdote: lessons from the CDO boom's "Wild West" underwriting
23:36 How widespread is bad underwriting really?
28:18 Vivek Bantwal: Separating anecdote from data on marks and defaults
30:29 Gundlach: The insurance company example and moving-average pricing
32:33 Shadow ratings and the "investment grade private credit" pitch
36:19 Is there going to be a SaaS apocalypse in enterprise software?
41:47 How AI disruption maps to credit dispersion and LTVs
44:50 What rate would you recapitalize a performing software business today?
47:44 Molly Duffy: Does private credit trouble threaten private equity?
49:49 How institutional investors are actually behaving right now