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.