Mispriced Assets is a podcast about markets, credit, insurance, private equity, special situations, financial history, and the parts of the system most people overlook. I sit down with investors and industry experts to figure out where the risk is, where the opportunity is, and what the market is getting wrong.
mispricedassets.substack.com (https://mispricedassets.substack.com?utm_medium=podcast)
Host Anthony Pompliano interviews financial expert Julia La Roche about Wall Street's risky private credit and insurance practices, revealing hidden valuations and future consequences.
7 Oct 2026TRANSCRIPT
Lesaka: Why He's Betting Big | Ali Mazanderani | Ep. 5
Host Ali Mazanderani interviews Lesaka Executive Chairman about the company's ambitious growth strategy and unique business model, revealing the core drivers of its potential value.
22 Sept 2026TRANSCRIPT
The Next AI Trade | Liam Dalton | Ep. 4
Liam Dalton, CIO of Willow Lake Strategic Advisors, discusses the AI infrastructure buildout and potential upstream opportunities with host [Host Name], offering insights into market cycles and risks.
11 Sept 2026TRANSCRIPT
The Groupon Turnaround — Dušan Šenkypl & Rana Kashyap | Ep. 3
Host interviews Groupon CEO Dušan Šenkypl and CFO Rana Kashyap about their AI-driven turnaround strategy and vision for an AI-native marketplace.
13 Aug 2026
The Software Reckoning | Aznaur Midov | Ep. 2
Aznaur Midov, author of DEBT SERIOUS (https://substack.com/profile/367578929-debt-serious), joins me to talk about where private credit is actually starting to crack — and where the bearish case may be getting ahead of itself.
Aznaur spent years lending to sponsor-backed software companies, so we spend a lot of time on the part of private credit I’m most worried about: software. We get into AI disruption, the 2027–2028 maturity wall, amend-and-extends, recoveries, CLOs, BDCs, leverage and what happens when lenders and private equity sponsors eventually stop being on the same side.
We agree on a lot, but differ on how ugly the next few years get. Aznaur thinks sponsors and lenders have more ability to work through the maturity wall than I do. I think AI creates enough uncertainty in software that a lot of credits simply won’t be refinanceable at anything close to today’s marks.
A good debate with someone who actually underwrote this stuff before everyone decided private credit was an asset class you had to own.
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28 Jul 2026
The Insurance Time Bomb | Rod Dubitsky | Ep1
In 1989 a federal regulator let a savings and loan count a certificate as capital. It was worth nothing, and everyone who signed it knew it. A few years later the same regulator declared it worthless, and overnight the thrift went from well-capitalized to one the government could padlock on any morning. Rod Dubitsky (https://substack.com/profile/2339156-rod-dubitsky) was inside it. He called the certificate phantom capital.
He is watching the same instrument today, on the balance sheets of the life insurers behind millions of American annuities, at something like a hundred times the size. That thread runs through the whole conversation, and it is where we open the show.
Rod is the closest thing markets have to a control group. His first day on a mortgage desk was Black Monday, October 1987. He worked the savings-and-loan wreckage from inside the regulator. He was at Moody’s when the instrument that would take down the world was invented two desks away, and he was the Credit Suisse analyst whose downgrade call ran a year ahead of the agencies. Same method each time: build the data nobody else would, then take apart the model everyone else trusted on faith.
We walk his whole career and land on what he and I are both staring at now, private credit, the insurers holding it, and the manufactured capital underneath.
A FEW THINGS YOU’LL HEAR
* The mortgage desk that opened the same morning the market crashed.
* The rating agency where he watched single-B bonds turn into AAA on a different floor, for five times the fee.
* The line he has repeated for twenty years: the absence of loss is not the absence of risk.
* The meeting where a trader begged him not to scare AIG, and he did.
* Twelve bonds rated AAA while the loans underneath them had already defaulted.
* Why he thinks there are no A-rated insurers left, only B through F.
* Why this one is bigger than 2008, and why being early feels exactly like being wrong.
Late in the conversation he says the people running this would have bought the Dodgers with your money if they could. I just wrote about two insurers that did.
Watch the whole thing. Ideally right before bed, then send it to anyone who needs to sleep well.
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For those who prefer YouTube:
A companion to the first episode of the Mispriced Assets Podcast, in conversation with Rod Dubitsky. The judgments here about particular insurers and rating agencies are often shared but our own respectively, drawn from the episode and from our published research; the firms named would contest them and are entitled to. Dubitsky writes at The People’s Economist (https://www.tpehub.com/). None of this is investment advice.
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Inside a recent episode
Wall Street’s Biggest Gamble Yet
Published 15 Oct 2026 · Transcript excerpt
[…] The industry's own lawyers spelled this out years ago. In some states, the law says so. In others, counsel supplies an opinion. An FHLB advance is also secured by pledged assets. Equal ranking is not the same thing as equal access to collateral. When asset values fall, more collateral can be required. […]
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