In financial journalism we have something called the Inbox Indicator — whatever we get the most spurious PR emails about is usually the most egregiously overhyped bullshit of the day.
For a looooong time it was crypto über alles. Nothing else came close. Even after writing a column comparing it to Albanian Ponzi schemes you’d get instant pitches for follow-ups focused on this or that blockchain or some random shitcoin.
Crypto remains a perennial inbox scourge, but for a period it was overtaken by ESG, and more recently anything to do with artificial intelligence. However, over the past few months private debt has emerged from the pack. It is, after all, enjoying a “golden moment”, according to Apollo’s Marc Rowan.
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