Long-term investors know that investment always involves uncertainty. It is just that some times seem more uncertain than others. Events of the last few weeks have certainly reminded us all of that.

Long-term readers will know that we have been vocal in our calls for markets –public and private – to embrace transparency. After all, sunlight is the best disinfectant.

Investment alternatives: Navigating private credit’s ‘golden age’ is an AFR Intelligence report published by the thought leadership division of The Australian Financial Review in March 2025. Commissioned by La Trobe Financial, the report consists of independent research and content.

With inflation coming back under control, and the beginning of interest rate cutting cycles across some developed economies, the final months of 2024 saw some semblance of certainty. After all, markets love certainty. Over in the US we saw stock markets surging. Here in Australia the ASX200 hit a series of all-time highs across the calendar year. From the ‘perma-crisis’ of the COVID era, this was a welcome change.