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J.P. Morgan’s Michael Cembalest Finds ‘Warning Signs’ in Hedge Funds

Levels of crowding, concentration, and high beta exposure have skyrocketed.

Michelle Celarier

Will Short Seller Andrew Left’s Latest Gambit to Prove His Innocence Work?

The question is who instigated a false invoice scheme, and why it matters.

The Debate Over Private Credit Returns Is Just Heating Up

Cliffwater is pushing back against a new study in the Journal of Private Markets Investing that shows the asset class doesn’t outperform public credit.
Michelle Celarier November 3, 2025