Zortix matched this thesis to Rates & bonds ETFs as the exposure the bearish case argues against, most actionable for readers who already hold them. Not a recommendation.

Private equity faces a 2025-26 refinancing reckoning

The bear case presented: private equity and credit funds face a major unwind and potential write-downs as deals financed near zero interest rates come up for refinancing at much higher rates around 2025-26.