Looking at the private credit wave and insider selling surge across elevated-valuation names — this is the real bifurcation nobody's pricing correctly. (https://www.marketwatch.com/story/another-redemption-wave-is-spooking-the-2-trillion-private-credit-market-34a64347) signals forced mark-downs are coming, but insiders at $CRWV, $SE, and $CACC are already rotating.

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