<p>It’s our most anticipated episode of the year! Stephen Barnett returns to grade our 2025 predictions and lay out the playbook for 2026.</p><p><br></p><p>We break down the massive $4.2 Trillion year in M&amp;A, analysing why deal volume dropped while deal value skyrocketed. We also do a deep dive into the &quot;Indigestion&quot; facing Private Equity, with 50,000 businesses owned and nowhere to sell them, and why Private Credit is starting to look dangerously like the &quot;Big Short&quot; era of 2008.</p><p><br></p><p>Plus, we reveal our Company of the Year (hint: it’s a comeback story) and our Person of the Year (is it Jensen Huang or... Michael Burry?).</p><p><br></p><p>(00:00) Grading our 2025 Predictions (S&amp;P, Nvidia, Bitcoin)</p><p>(04:58) $4.2 Trillion in Deals (Goldman vs. J.P. Morgan)</p><p>(09:38) The Rise of Boutique Banks &amp; Size Matters</p><p>(14:25) Private Equity &quot;Indigestion&quot;</p><p>(17:52) Will Lower Rates Save Private Equity?</p><p>(21:05) Is Private Credit a Bubble?</p><p>(25:20) &quot;Rating Shopping&quot; &amp; The Cockroach Theory</p><p>(31:10) 2026 Crystal Ball: Tailwinds vs. Headwinds</p><p>(35:05) Company of the Year: Google goes &quot;Beast Mode&quot;</p><p>(40:58) Person of the Year: Jensen Huang vs. Michael Burry</p><p>(44:53) The 2026 Prediction: OpenAI Gets Acquired?</p>