Even the smallest signals can hint when the economy’s starting to wobble.

Take BlackRock, for example. The world’s largest asset manager, sitting on $26 billion in private credit funds, recently blocked investors from pulling out $1.2 billion – A move that’s stirring plenty of FUD in the crypto market.

And, it’s not just them. The Kobeissi Letter recently flagged that the private credit industry is massively overvalued. Case in point – Business Development Companies are trading at 0.73x their net asset value (NAV). 

Source: Morningstar

In other words, the market prices BDC at 73% of their claimed worth.

Clearly, BlackRock isn’t immune to the trend. By denying $1.2 billion in withdrawals, the asset manager is…