Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber has accused large private-market players of keeping troubled private credit and private equity marked at inflated levels, then said wirehouses are still collecting management fees as if those assets were worth full price, a setup he likened to the run-up to the 2008 mortgage blowup.

He has also argued that inflation pressures are being reignited by tariffs and war, warning in tariffs and war pushing living costs up that once price momentum takes hold it can be hard to unwind, which can make already-opaque valuations even harder for investors to judge.

In a series of posts on X, Gerber wrote that private-market transparency is essential because weak assets are not being written down, and he called for stricter accounting at major private equity firms.

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Gerber's sharper allegation centered on fee mechanics: he said wirehouses are billing clients in managed accounts based on unchanged values, even when the underlying private holdings are deteriorating.

Not to mention wirehouses are charging fees on the full values of bad private credit and equity in managed accounts. This whole set up is exactly how the mortgage companies screwed America in 2008.

— Ross Gerber (@GerberKawasaki) May 1, 2026

He compared that dynamic to the incentives that, in his view, helped drive the 2008 housing-finance disaster, where compensation kept flowing while risk accumulated.

The shared reader stake across his valuation critique and his inflation warnings is straightforward: when pricing is unreliable and costs are rising, investors can't clearly measure risk or what they are paying for.

Transparency in private markets is a must. There is a lot of bad private equity and credit out there and none of the firms are marking down the assets. This is exactly the fraudulent behavior that led to the financial crisis. It's time for some real accounting at the big PE…

— Ross Gerber (@GerberKawasaki) May 1, 2026

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Gerber also argued that retail behavior can magnify the damage, saying many individuals are effectively speculating through apps such as Robinhood and that even a modest market pullback could erase large sums for younger investors using leverage.

Then so much of the public investors are gamblers on apps like Robinhood where a small drawdown will wipe out millions of young investors. All this betting and leverage at retail. Then all the bad debt and equity in institutional… it leads to a bad outcome…

— Ross Gerber (@GerberKawasaki) May 1, 2026

Gerber's inflation framing has been blunt in other posts, including the line, "Inflation is real and not going away soon."

He has also described the backdrop as "hard to be bullish at the moment," tying his caution to a market tone he sees as tilting toward sellers and downside pressure.

He has extended that view into asset allocation, arguing inflation is "neither good for stocks or bonds," a challenge for portfolios that rely on diversification between the two.

In that framework, equities can face tougher valuation math when discount rates stay elevated, while bond investors can see real returns squeezed and yields pushed higher as expectations reset.

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Gerber has linked market stress back to household budgets, pointing to energy costs as one example of how inflation can change day-to-day decisions.

He has said running a gasoline vehicle can be "4-5 times more expensive" than driving an electric vehicle, and he cited a national average gasoline price of $3.842 per gallon alongside Brent crude trading above $108 per barrel.

He also said shifting away from gas could save "thousands of dollars a year" for many drivers, reinforcing his view that inflation is not an abstract macro variable but an ongoing constraint.

Gerber's broader warning is that a market mix of unrecognized private-asset losses, fee structures tied to stale marks, and leveraged retail participation can set up investors for a worse outcome if conditions tighten further.

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