10.3% YTM still too low imo - although fundamentally there is a case there - this is credit that shld be priced at L+600 at least Once Fed hikes to 5%+, yield should trade towards 12% $IIPR Once that happens, I think equity offers more upside

I’ve no rational explanation why Bostic came with his dovish message the other day - I think the dovish talk was ridiculous - good that Powell is sending the right message $SPY $QQQ $IEF

I think $FRC is a buy here

Long some $FRC since $22-24

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Rates are creeping back up whole day today.. $IEF

= likely no more hikes, and messaging to emphasize that hike impact on inflation is delayed

$BXMT at 70% of NAV is looking cheap 13% div yield Imo investors panicked reading alarmist headlines like “Twitter defaults on rent” etc Buying opportunity incoming, when I pull the trigger I will tweet it here

Interesting - fundamentally I think there is no issue with the bank - so might take some months but reminds me of Covid era trades when ppl thought multiple asset classes were ending $WAL

Some ppl talking about $CS “going under” Utter bs imo - 1) these deposits aren’t going anywhere (kantonalbanks?! 🤡) 2) obv if any panic came to be CB wld backstop, 3) it’s ~$700bn of deposits - 3x of midsized US regional bank I expect mean reversion to red after “rescue of CS”

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