This week we acquainted ourselves with fun facts about solar eclipses. One is the fortuitousness of size and distance. If the Moon was slightly smaller or further away from Earth, there would be no totality.

This coincidence is also impermanent. Apparently, the Moon is creeping away from our planet at the rate of 1.5 inches per year. It’ll take time, but eventually this retreat will eliminate the possibility of future total eclipses. Their infrequency (the next one happens on August 23, 2044) is also the reason so many people in the US made special plans to view this one.

Many variables, including weather, went into witnessing the extraordinary spectacle in the sky this week. The same can be said of successful private credit portfolio construction. Experienced managers have developed well-honed processes to deal with expected (and unexpected) risks.