Where The Big Short's Greg Lippmann thinks risk is building now

Greg Lippmann was among the first on Wall Street to short the US housing market before the GFC. Nearly 20 years after his iconic subprime pitch landed in the inbox of Antipodes Partners founder and CIO Jacob Mitchell, he joins Mitchell and Head of Credit Daniel Saldanha to compare notes on where leverage and structural risks are accumulating across global markets today. In this special Livewire panel, Lippmann (LibreMax Capital), Jacob Mitchell and Daniel Saldanha unpack the critical vulnerabilities brewing under the surface of asset markets. From a massive US$1 trillion surge in private credit and "covenant-light" corporate debt, to high-leverage AI build-outs and interest rate complacency, the panel reveals where the next pressure points lie and how active investors can safeguard their portfolios. Timecodes: 00:00 - Introduction 00:49 - The GFC Origin Story 03:35 - Subprime Lessons 04:32 - $1T Private Credit Risk 06:37 - LibreMax Capital Story 07:45 - GFC Credit Lessons 08:47 - Private Credit Mismatches 10:12 - Equity Risks & Shorting 12:07 - AI CapEx & ROI 14:36 - AI Debt vs. US Treasuries 17:04 - Corporate Stress & Consumer Debt 18:29 - Wealth Effect & Recessions 19:46 - Super Fund Red Flags 20:55 - Active Credit Strategies 22:09 - Finding Value & AI Beta 23:47 - Interest Rate Complacency