Wednesday, September 23, 2026

Late‑Cycle Financial Engineering: Are CFOs and NAV Loans the Canary in the Coal Mine?

The Financial Times just highlighted the surge in CFOs and NAV loans, two complex instruments that echo the financial engineering we saw before 2008. These markets have grown severalfold since 2021, despite being opaque and difficult to price. To me, they signal that were deep into the late stages of this financial cycle.

I break down the data, the risks, and the historical parallels on my WordPress blog here:

https://uncommoninsight384054130.wordpress.com/2026/09/23/late-cycle-financial-engineering-are-cfos-and-nav-loans-the-canary-in-the-coal-mine/ 

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