In short: A named short target of Lee Robinson's new Altana life-insurer short fund (Altana +1,000% shorting banks) — the thesis being large, unhedged private-credit balance-sheet exposure at insurers that aren't regulated as tightly as banks. Singh flagged the risk months ago.
Lincoln National is a big life insurer. A hedge fund (Altana, which made 10x shorting banks) is launching a fund specifically to bet against insurers like this one, on the theory that they've quietly loaded up on risky private-credit loans and aren't watched as closely by regulators as banks are. If that private-credit market wobbles, these insurers could be a weak link — a risk Singh flagged months ago.
Full passage: premium transcript (PDF).
In short: David Hay's personal life-insurance holding — "a very cheap stock," quite weak, which Hay suspects is on private-credit fears (insurers as float/carry-trade plays exposed to private-credit loans to AI-victim software firms). Hay thinks those fears are "overblown."
Lincoln National is a life insurer, and this is David Hay's personal holding rather than one of Sy's lead-gen picks. Life insurers make money by taking in premiums and investing that cash ("float") at a higher return than they owe policyholders — a carry trade Buffett has always loved. Lately some of that money has gone into private-credit loans, and because many of those loans were to software companies (seen as AI losers), investors fear life insurers will take losses. Lincoln's stock is cheap and weak, which Hay blames on those private-credit fears — fears he thinks are "overblown." (He also owns the more diversified AIG.)
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.