My partner Kieran Goodwin has been so right about this space for over a year which has really sharpened my vision. Outflows beget outflows. Gating begets outflows. Selling some of the underlying portfolio to meet minimum redemptions creates losses and begets outflows. Four

There is no food in the fridge. The garage where I slept is on the right. The shower only has one towel so I left it for Elon. That was okay with me. When I was a child, I’d spend three weeks in the Kalahari Desert without showering. Many times. There was no water. I think my

The rising strain in the private credit market is a result of years of sloppy underwriting standards in lending, according to Pimco bloomberg.com/news/articles/…

I see a lot of people brushing off this latest $FICO drama as nothing: - Experian $EXPGY $EXPGF $EXPN revealed it will provide VantageScore 4.0 for $0.99 per mortgage score. - Equifax $EFX and TransUnion $TRU participated in the pricing initiative to expedite VantageScore

Macrohard or Digital Optimus is a joint xAI-Tesla project, coming as part of Tesla’s investment agreement with xAI. Grok is the master conductor/navigator with deep understanding of the world to direct digital Optimus, which is processing and actioning the past 5 secs of

Blue Owl says the marks are real. Every sell-side analyst has a Buy. Yet $OBDC trades at a 25% discount to NAV. Finally had a chance to go through the portfolio. Found exactly what you'd expect: stale marks, understated software exposure, junior tranches at par while senior

BREAKING: EVERYTHING YOU NEED TO KNOW ABOUT WHATS GOING ON IN THE PRIVATE CREDIT MARKET! Banks Are Now Limiting Your Withdrawals (Morgan Stanley JUST Did It TODAY) What is Private credit? Simple - These giant funds (think BlackRock, Morgan Stanley, Blue Owl, Blackstone) act

After 40 years (born and raised) I left WA. Moment is leaving this month as well. I'm not even a millionaire affected by this tax. But when you add up all the costs to run a business in WA we can't afford it. You can build a remote team and re-open in Wyoming, removing all of

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Thoughts on $FICO For a long time $FICO has been one of the toll booths of the financial system. Almost every consumer loan involves the $FICO score in some way. Banks rely on it, mortgage underwriting literally depends on it, and rating agencies use it when evaluating buying or

The guy who invented the chip architecture inside 99% of all processors says NVIDIA’s GPUs are built entirely wrong for this era of AI… His argument: GPUs were designed for training. But inference, where all the money gets made, is a fundamentally different problem It’s

Word. President Trump is the GOAT and everyone else can sit tf down. Period.

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Feels like the SAAS discussion from 1-1.5 years ago, before SAAS stocks got crushed in the last 6 months.

This one is an interesting case study on what the price of liquidity is. For background: OBDC II attempted a merger with OBDC late last year. Long story, but investors in OBDC II would have taken a 20% haircut (the merger was cancelled) The fund manager is now guiding to fund

this is actually insane > be tech guy in australia > adopt cancer riddled rescue dog, months to live > not_going_to_give_you_up.mp4 > pay $3,000 to sequence her tumor DNA > feed it to ChatGPT and AlphaFold > zero background in biology > identify mutated proteins, match them to

S&P 500 sector valuations... Financials down to 14x... wow it hasn't been cheaper in the past 10 years... GS

🤷‍♂️😂

Every time you get a cancer biopsy, the lab makes a tissue slide that costs about $5. It shows the shape of your cells under a microscope, and every cancer patient already has one on file. There’s a much fancier version of that test called multiplex immunofluorescence (basically

The equity risk premium (ERP) is an essential ingredient in hurdle rates in corporate finance, discount rates in valuation and expected returns in financial planning. In 2009, I pulled together everything I know about the ERP, in a paper that I have updated every year since. My