Defying Gravity: A Lookback At 2025 & Deep Dive Into The Macro Forces Shaping 2026

The Rise of Private Credit: How $1T in Capital Is Reshaping Finance

Private credit has exploded into a trillion-dollar asset class, but most people outside finance still don’t understand how it works. I sat down with Ivan Zinn, founder of Atalaya Capital Management and now part of Blue Owl Capital, to unpack the real mechanics behind the private credit market. Few people have a clearer view of how capital flows through the economy. During our chat we unpack: 1. What private credit actually is 2. Why banks pulled back after the Global Financial Crisis 3. How private lenders stepped in to finance everything from consumer loans to equipment, infrastructure, and fintech platforms 4. Where entrepreneurs could build meaningful companies by modernizing the infrastructure behind asset management. Big thanks to Ivan for sharing such a thoughtful and practical perspective on the evolving capital markets ecosystem. ⏱️ Chapter Markers 00:00 Introduction to Ivan Zinn 01:40 What Private Credit Actually Is 03:05 Asset-Based Lending Explained 04:36 Why Banks Don’t Make These Loans 08:11 How Private Credit Filled the Financing Gap 09:19 Ivan’s Journey into Credit Investing 11:49 Why Scale Matters in Private Credit 16:32 Is There Still Room for Small Credit Managers? 18:35 The Rise of Fintech-Driven Lending Models 19:29 Biggest Mistakes New Credit Managers Make 24:46 What CEOs Get Wrong When Raising Debt 29:08 Aligning Expectations Between Lenders and Founders 31:16 Why Private Credit Is Still Technologically Behind 35:30 Massive Opportunities for Fintech Builders 40:06 Selling Atalaya Capital Management to Blue Owl 42:30 Should Asset Managers Go Public? 44:58 Final Advice for Fintech Entrepreneurs Links: 1. Ivan Zinn: LinkedIn [https://www.linkedin.com/in/ivan-zinn-6183281/] 2. Interplay: Website [https://www.interplay.vc/], LinkedIn [https://www.linkedin.com/company/interplayvc], Twitter [https://x.com/interplay] 3. MPD: LinkedIn [https://www.linkedin.com/in/markpeterdavis/], Twitter [https://x.com/mpd]

Defying Gravity: A Lookback At 2025 & Deep Dive Into The Macro Forces Shaping 2026

Is the global economy stronger than it looks or more fragile beneath the surface? If you’re trying to reconcile booming markets with rising geopolitical risk, this week’s episode brings an important perspective. I sat down with Chris Zhang, Partner & CIO of Ascend Interplay, to break down the real forces shaping 2026: 1. How AI is shifting from a narrative to a measurable economic impact 2. Why labor markets may determine where we go next 3. Global structural shifts that are underway - from escalating Middle East tensions to the rise of protectionism - and what they imply for supply chains, inflation dynamics, and U.S. debt sustainability. Big thanks to Chris for a thoughtful, data-driven discussion. ⏱️ Chapter Markers 00:00 – Welcome & Why 2025 Defied Gravity 02:00 – Global GDP Surprise & Market Performance 03:30 – The Structural Bull Market in Gold & Silver 07:45 – When Would Gold Actually Fall? 10:00 – 2026 Outlook: Cautiously Constructive 11:45 – AI’s Real Impact on Productivity & Labor 14:30 – Middle East Conflict & Oil Markets 17:15 – Are Trade Wars Really Over? 19:30 – Structural Protectionism & Supply Chains 22:00 – The Americas Strategy & Regional Integration 26:30 – U.S. Debt: Is There a Real Solution? 29:45 – The Fed, Growth & Kevin Warsh’s Role 32:45 – Final Takeaways for 2026 Links: 1. Chris Zhang: LinkedIn [https://www.linkedin.com/in/zhangchristopher/] 2. Interplay: Website [https://www.interplay.vc/], LinkedIn [https://www.linkedin.com/company/interplayvc], Twitter [https://x.com/interplay] 3. MPD: LinkedIn [https://www.linkedin.com/in/markpeterdavis/], Twitter [https://x.com/mpd]

Saving Healthcare: How Meroka Is Empowering Doctors To Stay Independent

Why is U.S. healthcare so broken? If you're not sure why it’s so expensive or dysfunctional, this week’s podcast may illuminate the answers for you. I sat down with Alex Barrett, Cofounder & CEO of Meroka, who's tackling one of the root problems: 1. Consolidation that strips doctors of autonomy 2. Misaligned incentives across the system 3. Outdated models that sacrifice care for throughput 70% of doctors now work for big systems but Alex is charting a new path by giving independent practices scale, liquidity, and ownership without the need to sell out. Special thanks to Alex for joining the pod - this is one of the smartest takes I’ve heard on how to fix healthcare from the inside. ⏱️ Chapter Markers 00:00 – Welcome & Guest Intro 01:20 – What is Meroka? 03:30 – Why Independence Matters in Healthcare 05:30 – The Trade-Off Between Scale & Patient Experience 07:20 – Breaking Down Reimbursement Rates 10:30 – Why Scale Has Meant Consolidation—Until Now 14:50 – How Independent Practices Survive 17:00 – The Myth That Doctors Are Bad at Business 20:30 – Meroka’s Employee Ownership Model 23:50 – Comparing to Private Equity Models 26:00 – The Future of Healthcare as a Real Market 28:30 – Final Thoughts & Gratitude Links: 1. Alex Barrett: LinkedIn [https://www.linkedin.com/in/alexbarrettmeroka] 2. Meroka: Website [https://www.meroka.com/], LinkedIn [https://www.linkedin.com/company/merokainc/] 3. Interplay: Website [https://www.interplay.vc/], LinkedIn [https://www.linkedin.com/company/interplayvc], Twitter [https://x.com/interplay] 4. MPD: LinkedIn [https://www.linkedin.com/in/markpeterdavis/], Twitter [https://x.com/mpd]

The Power of Suggestion: Inside the Psychology of High-Stakes Selling

This conversation blew me away. I sat down with Lydia Fenet, an auctioneer who’s raised over a billion dollars, and what started as a chat about charity auctions quickly turned into one of the most insightful masterclasses on sales, persuasion, and audience psychology I’ve ever heard. Lydia isn’t just good on stage, she’s world-class at reading people, building trust instantly, and closing with confidence. What’s wild is how much of what she does applies directly to startup life: pitching investors, closing enterprise deals, selling your vision. If you’re a founder, operator, or anyone in business, this episode is packed with tactics that’ll shift how you think about selling anything to anyone. ⏱ Chapter Markers 00:00 – Intro: Why Auctioneering Matters To Entrepreneurs 01:15 – Lydia’s Unconventional Path Into Auctioneering 04:00 – The High-Stakes World Of Charity Auctions 06:15 – Launching The First Auctioneer Talent Agency 08:00 – What Makes A Great Charity Auctioneer? 11:00 – Sales Psychology On Stage 13:45 – Audience Dynamics And Identifying Your “Auction Foil” 17:30 – Anchoring Luxury With Impact: Values-Based Selling 20:00 – The Power Of The Underbidder 22:00 – Auction Tactics That Apply To Enterprise Sales 25:00 – Selling With Empathy, Not A Script 27:30 – The Power Of Suggestion And Painting The Picture 31:00 – Closing Thoughts & Key Takeaways Links: 1. Lyndia Fenet: Website [https://lydiafenet.com/], LinkedIn [https://www.linkedin.com/in/lydia-fenet-839a413/] 2. Book (Written by Lyndia Fenet): The Most Powerful Woman in the Room Is You: Command an Audience and Sell Your Way to Success [https://www.amazon.com/Most-Powerful-Woman-Room-You/dp/198210113X] 3. Book (Written by Lyndia Fenet): Claim Your Confidence: Unlock Your Superpower and Create the Life You Want [https://www.amazon.com/Claim-Your-Confidence-Unlock-Superpower/dp/1982196688] 4. Interplay: Website [https://www.interplay.vc/], LinkedIn [https://www.linkedin.com/company/interplayvc], Twitter [https://x.com/interplay] 5. MPD: LinkedIn [https://www.linkedin.com/in/markpeterdavis/], Twitter [https://x.com/mpd]

The Gold Standard for Seed VC: Inside Primary

Brad Svrluga has been a mentor and a close friend of mine for years. Watching him build Primary - one of the most respected firms in the industry - has been a masterclass in itself, so sitting down with him for this episode was a highlight I've been looking forward to and a great way to kick off the year. We went deep on an often overlooked topic in VC: How do you actually scale a firm's infrastructure? Whether you're a GP or a founder, Brad’s perspective on building a modern, institutional-grade firm is unmatched. ⏱ Chapter Markers 00:00 – Intro & Brad's Background 01:00 – What Primary Ventures Does Differently 03:20 – Incubation and Building Companies from Scratch 05:00 – Why Founders Pick Primary 07:00 – Inside the Operational Support Team 09:00 – Is There a Downside to Scaling a VC Firm? 10:30 – Culture and Structure at Primary 12:15 – Aligning Operational Teams with MOIC Goals 14:00 – Ben & Brad: cofounder Dynamics 17:30 – Why Brad Became a VC 21:00 – The Challenge of Scaling Venture Itself 24:00 – The Downfall of Venture Networks 26:00 – Scaling with Specialized Partners 30:00 – Rebranding and Starting Primary 31:30 – Advice for Emerging VCs: Sourcing, Picking, and LPs 38:50 – Wrap-Up and Reflections Links: 1. Brad Svrluga: LinkedIn [https://www.linkedin.com/in/bradsvrluga/] 2. Primary: Website [https://www.primary.vc/], LinkedIn [https://www.linkedin.com/company/primary-venture-partners/] 3. Interplay: Website [https://www.interplay.vc/], LinkedIn [https://www.linkedin.com/company/interplayvc], Twitter [https://x.com/interplay] 4. MPD: LinkedIn [https://www.linkedin.com/in/markpeterdavis/], Twitter [https://x.com/mpd]