Good morning. Private credit manager Blue Owl has halted redemptions from one of its funds aimed at retail investors, and private asset managers of all sorts sold off yesterday in response. That retail investors’ desire for liquidity would turn out to be an uneasy mix with private credit’s investment model was universally expected (even Unhedged saw the trouble coming). Can the relationship be salvaged? Send us your thoughts: unhedged@ft.com.

In finance, ‘don’t think, but look!’

Good academic papers often feel, paradoxically, both obviously true and very interesting. Unhedged’s good read a few days ago — “Does peer-reviewed research help predict stock returns” — is a good example.