Debt Doctor

Global debt doesn't feel expensive until the day it suddenly is. For a decade, governments could roll debt at rates that made the size of the number almost irrelevant.

Mortgage bankruptcy is the number real estate investors holding distressed paper should be watching right now, not foreclosure.

If you're in note investing, the ground under your deals is shifting, and not where the headlines are pointing.

Private credit has looked untouchable for years. Easy money, rising values, and defaults that stayed conveniently out of view.

Nobody wants to talk about climate change and real estate in the same breath, so let me be the one to do it.

Spend a week reading the housing market headlines and you'll come away sure the floor is about to give out. Turmoil, rates, buyers on strike, a correction waiting in the wings.

While national debt and rates are rising, over decades of resolving distressed real estate, I'm seeing a whole set of these currents start to converge.

I've spent decades buying paper on distressed real estate, and the most dangerous file is the one that looks fine. Private credit is sitting in that exact spot right now.

From the outside the housing market reads calm. Sit with the underlying data long enough, though, and a foreclosure wave starts to take shape beneath it.

Airlines and their dedicated flight attendants are making more money selling you an airline credit card and debt than the actual flight fare.