I've frequently spoken and written about leverage-on-leverage contagion risks from the private equity and credit markets, with feedback loops to real estate. Some of the articles are here. As interest rates slumped in the decade leading up to 2022, this space increasingly attracted yield-starved capital from institutions and individuals alike. Our capital management firm was inundated with endless solicitations from the space. However, each time, due diligence led us to conclude that what was presented as sophistication and innovation was more boondoggle and Ponzi-like.