This is the culmination of my grueling work on private credit and insurance so far.
Months of digging through filings, following borrowers, questioning valuations, and trying to get people to look at what is sitting behind the promises. I brought that work to podcasts, to my letter to Treasury Secretary Scott Bessent, and to the Indiana Senate.
Now I’ve brought it together in one film: what I warned about, what happened next, and what is still ahead.
Just under an hour. I assure you it’s worth your time.
Follow the money. Then test the marks.
Wall Street gets paid in cash. Policyholders get a promise.
The pitch is familiar: senior secured loans, conservative leverage, diversification, steady returns. But what is the collateral actually worth? How much of that income is cash? And how much of the capital protecting the promise survives a real test?
Those questions run through the entire film:
* Senior secured—by what? First liens, enterprise-value assumptions, and the equity cushion that lives inside a spreadsheet.
* EBITDA is not cash flow. Add-backs, payment-in-kind interest, rollups, and what happens when debt service meets reality.
* Inside the insurance balance sheet. CLOs, related-party transactions, offshore reinsurance, permitted practices, and the footnotes that deserve far more attention.
* Who pays? Surrenders, encumbered assets, the limits of state protection, and the people left holding the promises when an insurer fails.
The warnings—and what came next.
I put my dated warnings alongside the filings, the industry assurances, and the news that followed. You’ll see the Senate exchange, the work behind Marked to Fantasy, and the letter to Bessent that made clear how much this matters to me.
The story runs from private credit borrowers to the insurers holding the risk—and from the fees collected today to retirement promises stretching decades into the future.
It also brings together conversations with Anthony Pompliano, Julia La Roche, Marty Bent at TFTC, Jack Farley at Monetary Matters, Mark Moss, Josh Brown at The Compound, Rod Dubitsky, and The Capitol Forum. Thank you to everyone who gave this work a hearing.
Please watch. Then share it.
I put everything I had into making this understandable, compelling, and worth watching all the way through. The filings matter. So do the incentives, the evasions, and the human stakes.
This is a must-watch and a must-share. Send it to someone who needs to understand what is behind these promises: a policyholder, an adviser, a journalist, a regulator, or someone you care about.
Watch the film above. Follow the evidence. Make them answer.
Read the letter to Bessent and explore the borrowers, filings, and my valuations at Marked to Fantasy.
Production note: Narration includes AI-generated voice performances. Source clips retain their original speakers.
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