As 2025 draws to a close, markets are experiencing what is best described as a “crisis of faith”.

It began in crypto markets in October, around the same time that Jamie Dimon made his famous “cockroach” remark in a JP Morgan Q3 earnings call. Some weeks later, leaders in the AI industry started using the word “bubble” - not in reference to AI itself, rather about the investor frenzy that they were encountering. When you are raising billions in debt through off-balance sheet vehicles where lenders bear most of the risk, prudence and openness is essential. Sadly, such frankness seems to be lacking i...