Private credit has surged in popularity, often described as a safer, higher-yield form of “shadow banking.” But is this description missing the point? In this episode, Professor David Robinson of Duke University joins us to challenge conventional views of private lending, arguing that private credit behaves far more like equity than debt. Together, we explore the paradox at the heart of private credit – how hybrid securities that mix debt and equity reshape risk and return – and why this complexity is part of the plan from the outset, not a sign of financial distress. Robinson also discusses how institutional and retail investors can make the most of this growing market, and why regulators must rethink traditional banking frameworks to account for equity-like risks in private lending.