Happy Friday and welcome back to The Daily Courant, your afternoon compendium of Puck’s best new reporting.

First up today, William D. Cohan wades into the intensifying Wall Street debate over whether the multitrillion-dollar growth of the private credit industry represents the future of finance or a catalyst for the next crisis. Banker Jamie Dimon and bond king Jeffrey Gundlach are worried about financial “cockroaches” and “garbage lending” in the market, while Apollo’s Marc Rowan says the haters just don’t get it. Of course, as legendary analyst Mike Mayo tells Bill, one of them is wrong…

Plus, below the fold: Julia Ioffe talks to sources in Washington and Moscow about why the Trump–Kushner–Witkoff peace plan is likely dead on arrival. Dylan Byers chops it up with culinary provocateur Alison Roman about the attention economy and going independent. Rachel Strugatz digs into the Italian legal scandal surrounding O.G. fashion influencer Chiara Ferragni. And for Inner Circle members, Marion Maneker chats with Anne Pasternak and Scott Rothkopf about the unique challenges of running a museum in 2025.

Meanwhile, on the pods: Matthew Belloni is joined by Oscar-winning director Chloé Zhao on The Town to discuss working with Steven Spielberg, casting Hamnet, directing a Marvel movie, and more. On Fashion People, Lauren Sherman and four standout costume designers discuss the evolution of their craft. And on The Powers That Be, Peter Hamby and Sarah Shapiro preview the industry anxieties surrounding the holiday shopping season.

WALL STREET

The multitrillion-dollar growth of private credit is fueling an acrimonious debate on Wall Street over whether this surging shadow market is the future of finance or the seed corn of the next crisis. Is Rowan right? Or Dimon? Or Gundlach? As Mike Mayo put it, someone is wrong.

A MESSAGE FROM INSTAGRAM

Instagram Teen Accounts default teens into automatic protections for who can contact them and the content they can see.

Nearly 95% of parents say Teen Accounts help them safeguard their teens online. And we’ll continue adding new protections, giving parents more peace of mind.

Explore our ongoing work to keep teens safe online.

WASHINGTON

Trump’s latest push for peace with Russia appears destined to repeat the cycle of false promises, mismatched expectations, and inevitable disappointment. Sources close to the Kremlin say the current proposal is likely D.O.A.

MEDIA

The internet’s favorite food author finds herself at a familiar crossroads for writers who have become brands unto themselves: trying to balance scale, new ventures, and authenticity while keeping a loyal audience fed… in this case literally.

FASHION

Chiara Ferragni, the founder of the seminal fashion blog The Blonde Salad, is facing a potential 20-month prison sentence over her alleged involvement in an Italian charity scandal. Is there a Martha Stewart–esque redemption arc in her future?

ART

A prescient roundtable discussion on the unique challenges and opportunities of running an art museum in 2025, with the Brooklyn Museum’s Anne Pasternak and Whitney’s Scott Rothkopf.

A MESSAGE FROM INSTAGRAM

Last year, Instagram launched Teen Accounts, which default teens into automatic protections. Now, a stricter “Limited Content” setting is available for parents who prefer extra controls. 

Instagram will continue adding new safeguards, giving parents more peace of mind.

Learn more.

HOLLYWOOD

Live from Los Angeles, Matt is joined by Hamnet director Chloé Zhao to discuss what she learned from Steven Spielberg, a producer on the film; how she developed her visual style; directing a Marvel movie; casting Hamnet; the Covid Oscars; and her plans to work in anime.

FASHION

Live from Puck’s most recent Stories of the Season event, Lauren sits down with four of the season’s standout costume designers—Paul Tazewell, Kate Hawley, Malgosia Turzanska, and Ruth E. Carter—for a rollicking, behind-the-seams conversation about their craft. They dig into the balancing act between historical accuracy and modern interpretation, the delicate politics of working with directors and actors, and their favorite looks from this year’s films. They also go deep on the color red—and why its emotional and symbolic punch never goes out of style.

FASHION

Sarah Shapiro joins Peter to unwrap this holiday shopping season, and whether consumers are still decking the halls despite tariff jitters and gloomy consumer sentiment. Then they dive into the department store turf war, as Saks struggles financially and Nordstrom and Bloomingdale’s compete for luxury shoppers’ wallets.

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