The Universal Owner — Jun 12: The liquidity that isn’t there

A pension gatekeeper just refused private credit for Sweden's savers — on liquidity grounds, not credit grounds — the same month the FSB and ECB mapped the same fault line. We unpack why the biggest losses in a private credit stress land on pension and insurance balance sheets, not banks, and what that means for how universal owners should measure the exposure. Full brief and sources: https://www.universalassetowners.com