Is Private Equity Broken? Why the Buyside’s Problems Are Making 2026 “The Year of the Banker” | High Yield Harry
Other People's Money with Max WietheShow Notes
In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while waiting on delayed exits. The conversation breaks down the real threat of AI automation on financial modeling and grunt work, emphasizing why finance professionals must develop real-economy operating skills to survive. They also address the surge in private credit redemptions, retail investor panic, and whether buying small businesses is replacing the traditional mega-fund career path.
Check out Buyside Hub: https://www.buysidehub.com
Follow High Yield Harry on X: https://x.com/HighyieldHarry
Follow Max on X: https://x.com/maxwiethe
Follow Other People’s Money on:
Apple Podcast https://bit.ly/4e7QJ1M
Spotify https://bit.ly/3Yhaazi
YouTube https://bit.ly/3C63VXR
Timestamps:
00:00 Intro
00:45 Year of the Banker
03:38 Private Credit Redemptions
07:04 Retail Flows and Gating
10:18 Comp Trends and Hiring
13:17 Career Pyramid Reality
15:13 AI Reshapes Analyst Work
17:16 Big Firms vs Small Shops
20:27 Operators and Real Economy
23:56 Agents and Human Edge
26:39 Who Gets Displaced?
31:46 Rates and Longer Holds
37:42 Software Credit Time Bomb
41:16 Choosing Your Career Track
47:22 Top Jobs and Trading
51:56 Closing Takeaways
54:03 Banking Cycles and Layoffs
57:03 Conclusion
More from Other People's Money with Max Wiethe
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discussion concludes by exploring lucrative upcoming merger opportunities in the public BDC space and analyzing why asset managers utilizing permanent capital vehicles are being rewarded with premium market multiples.
Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher energy prices and not a substantially higher global neutral rate.
Try model portfolios available on Plutus and get a 45-day fee waiver when you signup with code OPM45: https://runplutus.com/mm-opm/login