This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss late-cycle credit accidents, dancing while the music plays, banks vs. private credit, the Nobel Peace Prize, institutional-grade prediction markets, 23-hour-a-day stock trading, picking off drunks at 3 a.m., digesting news outside of market hours, windows of liquidity and the rhythm of being a human. You can listen to this week’s episode here:

You can get Money Stuff: The Podcast at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at moneypod@bloomberg.net.