This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss levering up your 401(k) to buy stocks in 2008, levering up your 401(k) to buy private credit in 2025, awkward compromises in derivatives structuring, mortgages versus margin loans, the gold rush to put private assets in 401(k)s, stocks for the long run, a private credit ouroboros, exclusive elite finance clubs, the under-seven-year-old travel financial modeling team, little Xanadu, aimless smart people, finance club social events and how Elon Musk can get more money. You can listen to this week’s episode here:

You can get Money Stuff: The Podcast at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at moneypod@bloomberg.net.