On March 9, 2026, Goldman Sachs quietly made a call to hedge fund clients.
There is only one content: “Before AI destroys software companies, bet on their loans first.” This is the key point of today’s exclusive report by the Financial Times.
■ What is happening - Goldman Sachs begins pitching corporate loan short-selling strategy products to hedge funds
- Background: AI development → Collapse of software company profit model → Concerns about CLO (corporate collateralized loan obligations) becoming insolvent
- Quoting a Reuters source: “Goldman even proposed the actual product composition.”
- Hong Kong fintech media 富途牛牛 immediately put it this way: “Is this a repeat of the subprime crisis?”
■ What is CLO and is this a problem?
- CLO = Securitized product that bundles corporate loans
- It is the same structure as the 2008 CDO (home mortgage loan bundle) that became the detonator of the subprime crisis.
- Now, loans for software and technology companies are filling that position.
- Goldman Sachs estimate: Just oil prices exceeding $100 will cause a 0.4% point drop in global growth.
- Iran war oil price shock + AI restructuring underway simultaneously
■ But what are individual investors doing now?
- Buy AI growth stocks - Include in software ETF
-Goldman believes that “technology stocks will rise because the AI era has arrived” and is preparing for the exact opposite.
■ This is the true face of capital polarization
Lusiani (2024) demonstrated: “As market concentration deepens, asymmetry in information access directly leads to wealth asymmetry.
Carroll et al. (2024) confirm: “The tighter the executive network, the faster and quieter the capital movements.”
“This is exactly what is happening.
- Goldman informs a small network of hedge funds first
- Hedge funds quietly build up short-selling positions in corporate loans.
- When AI corporate loans go bad, stock prices fluctuate - Only then do individual investors see the news.
■ Relational risk looks at this flow. It does not look at financial statements. It looks at relationships.
-Which company executives are connected to which networks?
- Does the issuance of CB (convertible bonds) → capital inflow → conversion sale appear as a leading signal?
- Before the loan structure changes, will the governance structure be shaken first? RaymondsRisk covers 3,109 companies in KOSPI and KOSDAQ,
The network of 49,446 executives is being tracked at this very moment. It is no coincidence that 85.9% of the 276 companies with trading suspensions were captured in advance.
While Goldman is dialing hedge funds, Relational Risk is quietly reading signals. You should be able to read them, too.
■ Reference materials
- Financial Times (2026.03.09): "Goldman pitches hedge funds on strategies to bet against corporate loans"
- Amelia Pollard, Eric Platt, Joshua Franklin- Reuters (2026.03.09): "Goldman pitches hedge funds product to bet against corporate loans, source says"
- Manya Saini, Saeed Azhar- Bloomberg (2026.02.21): "Riskiest CLO Funds Are Flashing a Warning Sign: Credit Weekly"
- Lusiani (2024): “Market Concentration and Wealth Inequality”
-Carroll et al. (2024): “Executive Networks and Capital Power”
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