As President Trump’s visit dazzled Britain with pageantry and promises, three financial heavyweights—Mark Spitznagel, Howard Marks, and Ray Dalio—offer a sobering counterpoint. Their warnings about market exuberance, tail-risk strategies, and suspicions over the fragility of global economic systems are getting louder.

Private credit is booming, and BDCs are leading the charge. With trillions in assets and growing leverage, these non-bank lenders are reshaping how mid-sized firms access capital — and raising questions about systemic risk.