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Kristin Olson, Goldman Sachs’ Head of Alternatives for Wealth and Asset and Wealth Management, sits down with us for the most candid, no-fluff conversation about private equity and private credit we've ever had. .

She walks us through the very real benefits of investing in private capital while also answering the cynical questions: do “retail” investors in private equity products like evergreen funds and perpetual funds get the A-team investors? Are those structures getting the best deals? How do the fees compare to the fees on products for institutional investors? Plus, If more buyers flood the market, does that push prices up and compress returns? 

Kristin breaks down for us how this whole ecosystem actually works, she discusses the biggest shift in private markets right now, and the pros and cons of newer structures that aim to make private assets feel more like “normal investing.” 

Finally, we go deep on what investors should actually ask before putting money into private equity and private credit. Kristin talks us through how fees can be misleading, when carry is taken, hurdle rates, gating/redemptions, and what “liquidity” really means when markets get stressed. This is an episode every investor should listen to before putting private capital into their portfolio.
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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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In the sixth installment of He Said, She Said on the Risk Reversal Podcast, Kristen and Jen are joined by CNBC's Dan Nathan and Guy Adami to talk century bonds, Paramount / Warner Brothers update, and the existential angst surrounding AI. The episode kicks off with a listener question about Alphabet’s recent $32 billion debt issuance, including a rare 100-year sterling bond, prompting a deep dive into who issues century bonds, who actually buys them, and what locking in ultra-long-term rates signals about corporate views on term premium and fiscal risk. 
From there, the group pivots to an update on the Warner Bros–Paramount–Netflix saga, Finally, the crew tackles the market’s rapidly shifting narrative around AI. What was once a universal tailwind for SaaS and hyperscalers now feels like a sector-wide threat, with investors “shooting first and asking questions later.” The group weigh in on productivity, unemployment fears, private market risk, and whether today’s selloff in software names is a buying opportunity or a warning sign. 
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Investment Banking & Private Equity Fundamentals HERE
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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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Recap & Breakdown of HBO's Industry season 4 episode 6,

Harper launches her assault on Tender at the Alpha Conference, delivering a devastating short thesis complete with a DCF analysis and sum-of-the-parts valuation. We break down every piece of the finance, from enterprise value vs. equity value, what a price target of zero really means, and the real-world fraud parallels to Enron, Valiant, and Luckin Coffee. We also discuss why Tender's "convertible bond" is actually a putable bond (a la Succession Season 1). 

Meanwhile, Whitney's relationship with Henry takes some deeply unsettling turns, and cracks in Tender's armor start showing from directions nobody expected. The episode's biggest revelations reshape everything we thought we knew, which would have been unbelievable had it not come directly from the Wirecard scandal. A bunch of our theories come true but sadly...and we discuss new theories and hopes given a shocking exit by one of our characters. With only two episodes left this season, the battle lines are drawn. Whether you're here for the finance masterclass or the character drama, this one has it all.

Did you know we have a 25-hour Investment Banking & Private Equity Fundamentals self study that covers exactly what new hires get when they start on Wall Street? Step-by-step modeling, valuation, accounting, and more, delivered by Kristen who taught this exact content at firms including Blackstone, Morgan Stanley and more for over a decade. Check it out here: 

https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking
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Shop our Self Paced Courses:
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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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We're back with The Skinny On...three wild stories: confusing jobs data, Japan's equity market rally, and why everyone's freaking out about AI killing SaaS companies.

Confused by the latest Non-Farm Payrolls report? So were we. The blowout headline number was nothing compared to the massive downward revisions to 2025's data. Yet somehow, bonds still sold off and the market has priced out March rate cuts. Huh?? We're not buying it.

Then we jump to Japan, where the Nikkei's been ripping. Everyone's talking inflation, but the real story is decades in the making: Japan's finally ditching "holder capitalism" (where companies hoarded cash and protected jobs) for actual shareholder value. Prime Minister Takaichi's landslide win just accelerated reforms that started under Abe. With an aging population, pension funds need equities to work — so corporate Japan has no choice but to unlock value.

Next: the "SaaS-pocalypse." Software stocks got obliterated on fears that AI will replace them entirely, pushing many loans in the tech sector into distressed territory. But remember: corporate cash flows don't vanish overnight. We share lessons from the past that suggest the current panic feels overblown, even if the existential threat is real.

As our philosophical debate continues over the appropriate role for AI in the workplace, we bring on Charlie Schilling, CEO of Macabacus, to talk about how his company (creators of a beloved Wall Street productivity toolkit) is navigating this chaos and what AI actually means for financial modeling.
Learn about our favorite tool, Macabacus, here: https://macabacus.com/wss

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Shop our Self Paced Courses:
Investment Banking & Private Equity Fundamentals HERE
Fixed Income Sales & Trading HERE
Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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Kristen and Jen are joined by Guy Adami and Dan Nathan of CNBC's Fast Money for the fifth installment of "He Said, She Said." The conversation kicks off with the so-called "SaaS Apocalypse" — the brutal selloff across software stocks — and unpacks how the market narrative shifted in just one week from "when will AI spending pay off?" to "what happens when AI destroys your core business?" The group debates whether the repricing is justified or overdone, digs into the credit market spillover with $17.7 billion in SaaS-related loans hitting distressed levels, and discusses what it all means for private credit exposure.
From there, the panel takes on Bitcoin's collapse to $60,000 — roughly half its all-time high — and asks whether the "digital gold" thesis is officially dead now that crypto fell apart while precious metals hit records. They also break down the equity rotation into financials and energy, the irony of banks rallying on AI-driven deal flow while AI-adjacent companies crater, and what enterprise adoption of AI could mean for the hyperscalers longer term.
The episode wraps with a look at Elon Musk's latest consolidation play, SpaceX acquiring xAI ahead of a rumored mega-IPO, and a macro check-in covering weak seasonals, a deteriorating jobs picture, rising 10-year yields, and the historical pattern of markets testing every new Fed chair.

For a 14 day FREE Trial of Macabacus, click HERE
Visit https://iconnections.io/ to learn more about iConnections!
Shop our Self Paced Courses:
Investment Banking & Private Equity Fundamentals HERE
Fixed Income Sales & Trading HERE
Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.