The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

<a href="https://podcasts.apple.com/us/podcast/big-take/id1578096201">The Big Take</a> from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

Listen Now: The Big Take

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/46dade6f-6a44-4bca-ada8-b13e0132d052/transcript

Insurers have quietly become a major driver of the private credit boom, with numerous private equity shops striking deals with insurance companies or buying them outright. But the entanglement with private credit is also changing the insurance industry itself, raising a number of questions about risk and regulation. Today we speak to Andrew Granato and Pranjal Drall, authors of a new paper, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," examining the relationship between private credit and insurance. Granato (an assistant professor at the UT Austin Law School) and Drall (JD-PhD student in Financial Economics at Yale) talk to us about how PE got so interested in insurance in the first place, how both sides benefit from the relationship, and why taxpayers might ultimately be on the hook.

Read more:
Blue Owl Surges as Leaders Stress It’s More Than a Direct Lender
Ares $29 Billion Private Credit Fund Sees Uptick in Non-Accruals

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

Insurers have quietly become a major driver of the private credit boom, with numerous private equity shops striking deals with insurance companies or buying them outright. But the entanglement with private credit is also changing the insurance industry itself, raising a number of questions about risk and regulation. Today we speak to Andrew Granato and Pranjal Drall, authors of a new paper, &ldquo;Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," examining the relationship between private credit and insurance. Granato (an assistant professor at the UT Austin Law School) and Drall (JD-PhD student in Financial Economics at Yale) talk to us about how PE got so interested in insurance in the first place, how both sides benefit from the relationship, and why taxpayers might ultimately be on the hook.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-07-30/blue-owl-reports-fund-raising-slow-down-amid-credit-pullback?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Blue Owl Surges as Leaders Stress It&rsquo;s More Than a Direct Lender</a> <a href="https://www.bloomberg.com/news/articles/2026-07-29/ares-29-billion-private-credit-fund-sees-uptick-in-non-accruals?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Ares $29 Billion Private Credit Fund Sees Uptick in Non-Accruals</a>
Only <a href="http://bloomberg.com/" data-testid="inline-card-resolved-view">Bloomberg - Business News, Stock Markets, Finance, Breaking &amp; World News</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">bloomberg.com/subscriptions/oddlots</a>
<a href="http://bloomberg.com/subscriptions/oddlots" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">discord.gg/oddlots</a>

Why Private Credit Got Entangled With Insurance

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f004446b-a024-4773-bd04-b497017ec344/transcript

After the Iranian Revolution of 1979, the country's new leaders — religious and political — promised to redistribute the country's wealth and made moves to make Iran independent from western influence and business interests. In the decades since, Iran's economy completely transformed, and it is closer to what Yeganeh Torbati and Bozorgmehr Sharafedin describe as a "mafia state," where fealty to various factions is baked into the country's political economy. In their new book Stolen Revolution: Betrayal and Hope in Modern Iran they trace the massive changes Iran's political economy has undergone since the revolution, and they speak to us today about this history, how average Iranians navigate everyday cronyism, how Iranian leaders treated the country's burgeoning tech sector, and why the recent peace talks might not change all that much about how the country's economy currently operates.

Read more:
A New Age of Missiles Reshapes Battlefields Around The World
US War With Iran Set to Drag On for Months Over Hormuz Deadlock

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

After the Iranian Revolution of 1979, the country's new leaders &mdash; religious and political &mdash; promised to redistribute the country's wealth and made moves to make Iran independent from western influence and business interests. In the decades since, Iran's economy completely transformed, and it is closer to what Yeganeh Torbati and Bozorgmehr Sharafedin describe as a "mafia state," where fealty to various factions is baked into the country's political economy. In their new book Stolen Revolution: Betrayal and Hope in Modern Iran they trace the massive changes Iran's political economy has undergone since the revolution, and they speak to us today about this history, how average Iranians navigate everyday cronyism, how Iranian leaders treated the country's burgeoning tech sector, and why the recent peace talks might not change all that much about how the country's economy currently operates.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-07-29/a-new-dawn-of-missiles-shapes-battlefields-from-ukraine-to-iran?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">A New Age of Missiles Reshapes Battlefields Around The World</a> <a href="https://www.bloomberg.com/news/articles/2026-07-29/us-war-with-iran-looks-set-to-drag-on-for-months-over-hormuz-deadlock?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">US War With Iran Set to Drag On for Months Over Hormuz Deadlock</a>
Only <a href="http://Bloomberg.com" data-inline-card="" data-card-data="">http://Bloomberg.com</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">bloomberg.com/subscriptions/oddlots</a>
<a href="http://bloomberg.com/subscriptions/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">discord.gg/oddlots</a>

How the Iranian Economy Actually Works

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/519b7338-f6ec-4d99-a8a2-b496012a0db1/transcript

It's pretty obvious by now that globalization has fallen out of favor. And while many pundits have deemed economic globalism dead, we are still figuring out what to call this new era. Branko Milanovic's chosen phrase is "national market liberalism," a term that sums up how a world once defined by the free movement of capital has begun to contract as the most powerful governments have come to favor mercantilism and nationalism. In his new book, The Great Global Transformation: The United States, China, and the Remaking of the World Economic Order, the famed economist explains what comes after globalization. He talks to us about China's economic evolution, the pressure it has put on elites in the West, and much more.

It's pretty obvious by now that globalization has fallen out of favor. And while many pundits have deemed economic globalism dead, we are still figuring out what to call this new era. Branko Milanovic's chosen phrase is "national market liberalism," a term that sums up how a world once defined by the free movement of capital has begun to contract as the most powerful governments have come to favor mercantilism and nationalism. In his new book, The Great Global Transformation: The United States, China, and the Remaking of the World Economic Order, the famed economist explains what comes after globalization. He talks to us about China's economic evolution, the pressure it has put on elites in the West, and much more.

Branko Milanovic on What Comes After Globalization

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/dac96181-5b1e-4549-a0f9-b491013fe961/transcript

Listen Now: The Big Take

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