Regardless of whether all, none, or part of the report turns out to have been truly prophetic – and more than a few elements likely will – the bigger point is this: Their essay landed just as concerns over private credit being used to fuel the AI buildout are growing, as geopolitical risks are on the rise, and as the gamification and outright speculation of the markets has hit full tilt… all while the President of the United States is trumpeting the Dow having hit 50,000 in the midsts of all of this as if it it’s a measure of him rather than the market being the market. With that perfect storm of timing as the backdrop, the essay shook investors who’ve become accustomed to 20%, 30%, 40% swings in the prices of individual stocks in a heartbeat… as if that’s normal. (Hint: It’s not.)