Pain Unfiltered · American Society of Pain & Neuroscience

The Investing Consultation

·34 min·2 clips

Kelly breaks down private credit as direct lending at SOFR plus 400 basis points, often around 8.5%.

1. Pain Unfiltered Episode 8 of Season 3 focuses on the business of medicine and personal investing. 2. Dr. Patrick Buchanan hosts with Dr. Timothy Deer, and Kelly Castleberry joins as managing director at Greystone Consulting. 3. The episode asks how physicians and other high earners should build wealth, diversify, and plan for retirement and taxes. 4. Kelly says the key is “just getting started” and distinguishes saving from investing. 5. He frames asset allocation as stocks, bonds, cash, and a fourth category he calls “alternatives” or “nontraditional.” 6. Kelly ties the discussion to a September 17 Fed rate cut of 25 basis points and says the stock market has already run up in anticipation. 7. He says stocks have always been the best-performing asset class, while bonds are harder to like because the yield curve is inverted. 8. He describes cash as useful for emergencies and opportunities, but expects rate cuts to push those yields down. 9. Kelly argues alternatives are where things are headed, using Wayne Gretzky’s “skate where the puck is going” line. 10. He divides alternatives into private equity, private credit, real estate, hedge funds, and infrastructure. 11. Kelly says private credit grew after the 2008 financial crisis, when banks faced tighter rules on lending and reserves. 12. He gives a direct-lending example where a business borrows at SOFR plus 400 basis points, which he translates to about 8.5%. 13. Kelly says newer interval funds have made these strategies more accessible, with minimums as low as $25,000 or $50,000. 14. He explains the qualifying tiers of accredited investor, qualified client, and qualified purchaser, and says firms like Morgan Stanley and Merrill Lynch can run the Reg D process. 15. On risk, Kelly says liquid investments can be sold the next day, while interval funds are semi-liquid and usually have 30-, 60-, or 90-day windows. 16. He cites a vehicle with more than 700 loans and no defaults over 10 years as an example of portfolio diversification. 17. The tone is practical, fast-paced, and conversational, with Patrick and Tim interrupting, clarifying, and pushing for examples. 18. The format stays interview-based, but it shifts from introductions and personal stories into planning, tax, and portfolio questions. 19. Physicians, APPs, and practice owners thinking about taxes and investing. 20. Listeners wanting sports, patient-care talk, or a nonfinancial episode.

As heard by us

A practical walk through private credit, access tiers, and the push to widen participation.

Pain Unfiltered starts with Aspen in London and then moves into a steadier look at private credit and who gets access to it. Buchanan and Deer widen the frame to younger physicians in South America, free meeting attendance, and the basic idea that more colleagues around the…

Read the full review in PlayNext →

Why you'd press play

Want a plain-English tour of private credit and who gets in?

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from Pain Unfiltered