Someone promising you double the Treasury yield with "zero risk"? Yeah, that's your cue to run.

Look, private credit and PE funds aren't inherently bad. They work brilliantly—for the right crowd. People who get the downside, who've done their homework on manager track records, who can stomach illiquidity.

But slapping "risk-free" on anything yielding 10%+ in this environment? That's either ignorance or a sales pitch. Neither ends well for your portfolio.