Is the US economy a mess? With markets feeling noisy and uncertain, this conversation with Nehemiah Richardson offers a perspective on where the real risks sit — and where they don’t. In the face of unprecedented social and geo-political unrest, just how unstable is the US economy? Are the AI megacaps papering over the cracks of a weakening middle class? Today’s episode is with Nehemiah Richardson, CEO of Private Credit at Pengana. We discuss the political climate and assess the real outcomes of Trump’s administration. Additionally, we ask how a professional private credit investor selects a fund manager. Below you will find links to the reports and investments mentioned in the show as well as the timestamps for the key points discussed: Links referred to in the show: ASIC report into private credit: https://download.asic.gov.au/media/q42bgduw/rep820-published-5-november-2025.pdf TermPlus: https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=investors&utm_term=general&utm_content=video Pengana Global Private Credit Trust (ASX: PCX): https://pengana.com/our-funds/pengana-global-private-credit-trust/ Pengana Diversified Private Credit Fund (please note this fund is for only available to wholesale investors): https://pengana.com/our-funds/privatecreditfund/ Time stamps: 0:00 Introduction 2:50 How healthy is the US consumer right now? 5:30 What can we expect to see from the Trump administration heading into the mid-terms? 8:43 What impact have the tariffs had on businesses in the US? 12:30 Why the current environment is making portfolio construction tricky 16:27 What is the difference between investment grade and non investment grade credit? 18:50 What role does fixed income play in a portfolio? 21:10 How does a professional investor choose what to invest in within private credit? 25:50 What questions does a professional private credit investor ask his fund managers? 32:59 Has the two speed economy in the US changed where professionals are allocating capital to in private credit? 39:47 A checklist for selecting private credit managers here in Australia. 55:55 What is the impact on private credit portfolios if the RBA increases interest rates 56:32 What is the difference between TermPlus, PCX the listed investment trust and Pengana’s private credit fund? 1:02:30 Why every leader should read Mindset by Carol Dweck Show partner resources Visit TermPlus to learn more https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=investors&utm_term=general&utm_content=video Rask Resources All services: https://bit.ly/R-services Financial Planning: https://bit.ly/R-plan Invest with us: https://bit.ly/R-invest Access Show Notes: https://bit.ly/R-notes Ask a question: https://bit.ly/R-quest We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media: Instagram: https://www.instagram.com/rask.invest TikTok: https://www.tiktok.com/@rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg