Mark J. Higgins: Are Speculative Supply Chains Fueling Private Credit?

Why do financial bubbles keep happening when investors know the warning signs? Mark Higgins argues that speculation may be driven less by irrational investors than by rational participants whose incentives increasingly align around keeping capital flowing. We explore how these speculative supply chains form, why risk becomes harder to see as they mature, and how the pattern that helped fuel the Global Financial Crisis may now be emerging in private equity and private credit.

Guest host Kevin Max, editor of Enterprising Investor, speaks with Mark J. Higgins, CFA, CFP®, financial historian, investment adviser, and author of Investing in U.S. Financial History: Understanding the Past to Forecast the Future.

Creators and Guests

Host

Kevin Max

Kevin is strategic communications executive with 20+ years in developing strategic content and targeting desired audiences. Expert in using data analytics to drive KPIs, and enhance brand positioning and leadership communication. Proven track record in AI, digital and social media strategies, driving significant improvements in brand visibility and engagement. Experience in speechwriting and supporting leadership in private, public and mission-driven nonprofit environments.

What is Enterprising Investor?

Enterprising Investor is the flagship podcast of CFA Institute and the definitive program for the investment management industry. As stewards of the investment industry, Enterprising Investor will feature intimate conversations with some of the most influential people from the world of finance about the topics that matter most to investment professionals.