Summary4 min read

Becker Private Equity & Business Podcast

Episode Title: The Markets & Private Credit Are Tanking: 10 Stories We Are Following Today

Host: Scott Becker
Date: March 12, 2026

Episode Overview

Scott Becker delivers a rapid-fire update on the state of the markets with a special focus on the downturn in private credit and the wider business environment as of March 12, 2026. In this solo episode, Scott walks through 10 key stories shaping market sentiment, touching on geopolitical tensions, inflation, surprise M&A moves, cyber threats, and sector-specific turmoil, all while maintaining his signature mix of seriousness and humor.

Key Discussion Points & Insights

1. Market Downturn Triggered by Middle East Uncertainty

[00:12] Scott discusses how escalating conflict in the Middle East, specifically the ongoing war with Iran, is causing significant market uncertainty and a general downturn.
Quote:

“Like many people in the markets thought Iran would be beaten down. Right now, obviously when you go after regime change, that regime is much more resistant to being changed and thus this war is dragging on I think more than maybe the United States had hoped.” — Scott Becker [00:23]

2. US Market Performance

[00:36] The S&P was already down 2.1% year-to-date and fell another 1% that day.
The NASDAQ mirrored this trend, with a further drop after being down 1.9% before the day began.

3. Positive Inflation Data

[00:46] Inflation came in at 2.4% last month, which Scott calls “fantastic”—offering a rare bright spot amid broader market malaise.

4. Papa John’s Takeover Talks

[00:53] Papa John’s shares leapt nearly 20% on news of a possible takeover by a Qatari investment fund.
Scott lightens the tone:

“We joke that we're okay with foreign investment funds taking over buildings, technology and business, but please don't let them take over our pizza. No, I say that jokingly. We're all on board.” — Scott Becker [00:59]

5. Ares Management and Worries in Private Credit

[01:12] Ares Management, a giant in private credit, fell almost 5% yesterday and is down over 36% year-to-date.
Scott warns:

"I think you're going to see more and more of those concerns as we continue to watch the private credit markets as things get more challenging." — Scott Becker [01:18]

6. Hims & Hers’ Rally on Leadership Change and Obesity Drugs

[01:26] Shares of Hims & Hers rose 10.5% on leadership changes and a new focus on obesity drugs, continuing a run-up the next day.

7. Stryker Hit by Suspected State-Sponsored Cyber Attack

[01:32] Stryker suffered a terrorist cyber attack, dropping 3.6% in value.
There’s speculation regarding possible Iranian sponsorship behind the attack:

“If you start to see terrorist cyber attacks throughout the country, people think that might have been a state sponsored Iranian terrorist attack. We'll see how that goes.” — Scott Becker [01:38]

8. Carvana’s Ongoing Plunge

[01:45] Carvana is down 26% year-to-date, with another particularly rough trading session yesterday.

9. Oil Surges Past $100 Amid Biggest Market Disruption

[01:51] Oil prices have soared above $100 per barrel.
Bloomberg cites the Iran war as causing the “biggest ever oil market disruption.”

10. Honda Retreats from EV Market

[02:00] Honda is recording a massive nearly $16 billion write-off as it pulls back from electric vehicle initiatives.
Scott notes unmet expectations in the EV sector:

"It’s come to one of these spots where the EV efforts aren't going as well as people thought they would." — Scott Becker [02:06]

Notable Quotes & Memorable Moments

On foreign funds and pizza:

“Please don't let them take over our pizza. No, I say that jokingly.” — Scott Becker [00:59]
On resilience of regimes and market miscalculations:

"...when you go after regime change, that regime is much more resistant to being changed and thus this war is dragging on…" — Scott Becker [00:23]
On cyber threats becoming a market issue:

“If you start to see terrorist cyber attacks throughout the country, people think that might have been a state sponsored Iranian terrorist attack. We'll see how that goes.” — Scott Becker [01:38]

Timestamps for Key Segments

00:12 – Geopolitical tensions drive markets down
00:36 – S&P and NASDAQ performance review
00:46 – Inflation’s positive signal
00:53 – Papa John’s stock surges on takeover news
01:12 – Private credit market hit: Ares Management falls
01:26 – Hims & Hers spikes on leadership and obesity drug focus
01:32 – Stryker’s cyber attack and market drop
01:45 – Carvana’s continuing decline
01:51 – Oil jumps above $100/barrel
02:00 – Honda’s $16B EV write-off

Summary & Takeaways

Scott Becker’s episode provides a concise yet comprehensive pulse check on rapidly shifting market dynamics, with a particular spotlight on the challenges facing private credit, the impact of geopolitical risks, and the reverberations across sectors from food to tech to energy. His trademark wit—even when addressing serious headlines—helps maintain engagement while underscoring the uncertainty across markets.

Listeners come away understanding that the market’s struggles in 2026 are being driven not just by business fundamentals but by the unpredictability of geopolitics, technology risk, and shifting investor confidence.

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Transcript1 lines

[00:00]
A
This is Scott Becker with the Becker Business in the Becker Private Equity Podcast. Today's discussion is the markets in private credit are tanking. 10 stories that we're watching today. So first, the markets point down significantly today. A lot based on Middle east uncertainty and sort of the continuation of this war and some of the escalation of the war, like many people in the markets thought Iran would be beaten down. Right now, obviously when you go after regime change, that regime is much more resistant to being changed and thus this war is dragging on I think more than maybe the United States had hoped. So the markets are pointing down 1% or so so far today. Second, the S P prior today was down about 2.1% year to date, down about another percent today. The NASDAQ was down 1.9% prior to today. Again, going down a little bit further. Third, inflation last month came in at a team 2.4%. That was fantastic. Fourth, Papa John's jumped nearly 20% yesterday on the news that a Qatari investment fund might try and take over Papa John's pizza. Again. We joke that we're okay with foreign investment funds taking over buildings, technology and business, but please don't let them take over our pizza. No, I say that jokingly. We're all on board. All okay, we'll get to private credit in a second. Fifth, Area's management group, big in private credit fell almost 5% yesterday, down 36% plus year to date on concerns about the private credit portfolio. I think you're going to see more and more of those concerns as we continue to watch the private credit markets as things get more challenging. Sixth, hims and hers jumped 10 and a half percent yesterday. It's up again today as they make changes in leadership and renewed focus on obesity drugs. Seventh, Stryker suffered a terrorist cyber attack yesterday and fell almost 3.6%. That of course is of great concern to people. If you start to see terrorist cyber attacks throughout the country, people think that might have been a state sponsored Iranian terrorist attack. We'll see how that goes. Eighth, Carvana is falling again and is down 26% year to date or so. Had a very bad day yesterday. Again. Ninth, oil has jumped to more than $100 a barrel. The Bloomberg reports the Iran war is causing the biggest ever oil market disruption. And so that is where that's at. And finally, 10th, Honda is taking on the chin. They're taking a massive almost $16 billion write off as it retrenches from EV efforts. Again, it's come to one of these spots where the EV efforts aren't going as well as people thought they would. Thank you for listening to the Becker Business and the Becker Private Equity Podcast. We hope you have a tremendous rest of the day. We hope the markets rebound for all of our sicks. Thank you so much for listening.