💬 [E1192] The important view is stress appeared first in first-order holders (BDC vehicles, alt managers), and life insurers are the next cockroach in the chain. Lots of unmarked-to-market assets in insurer portfolios.

🟢 [E1218] Key view: stress appeared first in first-order holders (BDC vehicles, alt managers), life insurer is the next cockroach. All sorts of crap in insurer portfolios not marked to market.