The Next Financial Crisis Isn’t In Banks. It’s In Insurance & Private Credit | Nick Nemeth

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):
https://teucrium.com/corn

Private credit has ballooned to roughly a trillion dollars, but Nick Nemeth of Mispriced Assets argues the danger isn’t the banking system — it’s insurance. In this Monetary Matters interview with Jack Farley, Nemeth lays out how private-equity-owned insurers have become highly leveraged holders of private credit and CLOs, why he thinks annuity surrenders could spark a run with no federal backstop, and how adjusted EBITDA, layered leverage, and lax loan ratings mirror the setup before 2008 — except, in his view, the scale looks more like 1929. He closes with contrarian rankings of Apollo, Ares, Blackstone, and Blue Owl. Recorded July 14, 2026.

Teucrium on X https://x.com/TeucriumETFs
Nick Nemeth on X https://x.com/NickNemo17
Jack Farley on X https://x.com/JackFarley96

Nick Nemeth’s article, “The Smart Money Is the Subprime This Time”: https://mispricedassets.substack.com/p/the-smart-money-is-the-subprime-this

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Timestamps
00:00 Intro
00:22 Teucrium $CORN Pre-roll
01:08 The Next Financial Crisis Is In Private Credit Argues Nemeth
09:04 Loan Quality In Private Credit Is Often Subprime And It Is Getting Worse
20:41 Teucrium $CORN Mid-roll
22:26 Software Loans Are Going To Be Very Bad Because of AI
30:50 Insurance Sector Deep Dive
40:20 Leverage In Insurance Is Extreme
44:30 Structured Credit & Ratings Agencies
56:00 Apollo Has The Best Reputation… Right?
1:04:30 Blackstone
1:05:17 Blue Owl
1:07:00 “Problem with Refis”
1:11:06 Teucrium $CORN Endroll

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#financialcrisis #privatecredit #macro #insurance #stockmarket
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