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"It's Really Illiquid": Goldman COO Warns Retail About Private Credit And The "Perception Of Liquidity"
Speaking at Semafor’s World Economy event in Washington, D.C., President and COO of Goldman Sachs John Waldron warned that some managers have oversold how easy it is to get money out—especially to retail investors, who’ve helped balloon the market into a $1.7 trillion behemoth just as the space faces growing scrutiny and tighter conditions, according to Semafor.
“Not everybody has marketed their product as clearly as, certainly we would like to see with the clarity that this is really not a liquid product. It’s not semi-liquid. It’s really illiquid,” Waldron said.
“Those retail investors, I think, have the perception of more liquidity than is the reality.”
That mismatch matters more now. Private credit has been under pressure lately—from higher rates to jittery investors suddenly remembering they might want their cash back.
Semafor writes that Waldron isn’t predicting imminent trouble unless the broader economy cracks.
“This is an economy that has been predicted to be in trouble for a long time and shows extraordinary resilience,” he said.
“I still see that resilience.” He added, “This economy is much stronger than the narrative suggests.”
He said recent earnings don’t show “any real evidence” of serious weakness, and for now, “confidence is still pretty good,” though prolonged geopolitical tensions—like the ongoing conflict involving Iran—could start to erode that. If oil spikes and key routes like the Strait of Hormuz are disrupted, “you’re going to start to see demand destruction,” he warned.
The bigger watchpoint: liquidity.
Retail investors now make up roughly a fifth of the U.S. private credit market, drawn in by lower minimums—but not necessarily easy exits. Many of these funds cap withdrawals at around 5% per period.
“In situations where there’s a sense that there’s undercurrents of trouble in private credit, you could have more redemption pressure where people want their money back and their gates are going up because that’s the way the system works,” he concluded.
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Trump Signs Pipeline Permits To Boost US–Canada Oil Flow
Authored by Kimberley Hayek via The Epoch Times,
President Donald Trump issued several pipeline permits on April 15, including one for the construction of a new pipeline to facilitate the transportation of crude oil and petroleum products between the United States and Canada, according to documents released by the White House.
The action covers four permits in total. The permit authorizing construction was issued to the Bakken Pipeline Company LP for pipeline facilities in Burke County, North Dakota. Other permits were issued for the maintenance and operation of existing pipelines at border locations in North Dakota and Michigan. The recipients of those operational permits are “Enbridge Energy, Limited Partnership” and “Enbridge Pipelines (Southern Lights) L.L.C.”—both indirect subsidiaries of Canadian pipeline giant Enbridge Inc.
According to the White House documents, the permits cover transport of crude oil and petroleum products of every description—refined and unrefined—including naphtha, liquefied petroleum gas, natural gas liquids, jet fuel, gasoline, kerosene, and diesel. The permits explicitly exclude natural gas subject to the Natural Gas Act.
Wednesday’s permits reflect the administration’s sweeping effort to expand America’s domestic and cross-border energy infrastructure.
At the CERAWeek energy conference March 2025 in Houston, Energy Secretary Chris Wright had said that Trump’s pledge to lower energy costs by boosting oil and natural gas production would require a corresponding increase in infrastructure investment.
“If ‘Drill, baby, drill’ is to [lower energy costs], we’re going to have to ‘Build, baby, build,’” Wright told reporters.
The Enbridge permits issued Wednesday supersede authorizations dating to 1991, 1994, and 2008, effectively reissuing and consolidating federal approval under the current administration. The cross-border pipeline landscape has grown increasingly complex in recent years—there are more than 2.6 million miles of oil and gas pipelines crisscrossing the United States, with 71 networks spanning the border with Canada, meaning they are primarily regulated under federal law and by treaties between the two countries.
Enbridge has long been a central player in that network, though not without controversy: The company confirmed in late 2024 that it had cleaned up roughly 60 percent of a nearly 70,000-gallon oil spill from one of its lines in Wisconsin.
The U.S.–Canada energy relationship has also been shadowed by tariff tensions. Trump threatened to impose 25 percent tariffs on Canada over border security concerns, along with a reduced levy of 10 percent on Canadian oil and gas. Wednesday’s permits signal continued bilateral energy cooperation even as trade negotiations between the two countries remain active.
The permits arrive against a backdrop of years of pipeline battles between Washington and Ottawa.
Trump has pushed for the revival of the Keystone XL pipeline, which would transport crude oil from Canada to the United States.
“The company building the Keystone XL Pipeline that was viciously jettisoned by the incompetent Biden Administration should come back to America, and get it built—NOW!” Trump wrote on Truth Social in February 2025.
The Keystone XL project was ultimately suspended on Jan. 20, 2021, when then-President Joe Biden revoked its presidential permit, citing the need to “advance environmental justice.” Biden argued the project would “not serve the U.S. national interest” based on an analysis conducted under the Obama administration citing climate risk.
Canada has been eager to expand its access to U.S. markets. Calgary-based Enbridge Inc. has been in talks with customers about expanding its Mainline pipeline network—the largest pipeline system in North America—to handle growing volumes of Canadian oil output. Canada currently sends 97 percent of its oil exports and 100 percent of its natural gas exports to the United States, leaving it with limited leverage in any trade dispute.
Wednesday’s permits are the latest step in Trump’s strategy to make North America self-sufficient in energy and a dominant exporter.
Tyler Durden Thu, 04/16/2026 - 11:05