William Blair：2026年经济周报：私募债务市场波动（英文版）

one of the things we learned from the likes of Hyman Minsky and Charles Kindleberger has been that stability breeds instability. The seeds of the next financial crisis are often sown in the previous expansion, and the best way to predict which part of the economy will be the catalyst for the next financial crisis is to simply look at who is taking on the most credit/leverage during the previous expansion. While there does not always have to be a crisis, when there is, it is often the result o