This market gave you a million chances to de-risk.

Of course they were

If you're wondering about the mechanics or who's holding the bag in PE/PC: markedtofantasy.com

This is crazy

Should I release this for free now that it’s down $1?

🚩To those who are in denial, like Blackstone's Jon Gray - here you go. 🧵 Blackstone is writing checks from its own pocket to cover the stampede out of BCRED. And Blackstone’s Jon Gray, as of this morning, is on CNBC calling all of this “a ton of noise.” The nerve.

People are building Dual EYPC servers

You can see Chief decision makers for all of the top pension funds at markedtofantasy.com

Private Credit: In the housing crisis of 2008 even though there was a lot of fraud, underlying the loans was a homogenous piece of collateral called a home. As the private credit market undergoes its correction the price discovery will be much harder as the underlying

Much more dangerous to ship LNG / run ports FYI than oil

Can fill $XNET $10 Jan 2027 for .6. Either 10-20x or zero… very binary

Highest expected value I have on my board:

$ALMU is basically Aerotyne International

I’ve seen pre-seed companies that look more legit….

Day 2 of camping outside of Aeluma. This time I brought a sammie $ALMU

People saying the U.S. Navy will just “escort the tankers through the strait” are skipping a lot of physics and military reality. Yes: the U.S. can escort oil tankers. That’s been done before. But people acting like you can just run LNG carriers through a missile threat zone

As I’ve written, they just moved risk from banks to shadow banks. The idea that credit won’t lock up, or that retirements and annuities is somehow better to yolo than deposits, is stupid. There are less regulations in the NDFI realm than there were on banks before 2008.