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The increasing stress in private credit markets is pointing to a broader tightening in financial system liquidity, even as public equities continue to trade near record highs, according to Bert Dohmen, president and founder of Dohmen Capital.

Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…