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So, S&P Downgrades 4x in 2 years to CCC-, the thing goes cash flow negative 2 yrs ago, Lima reclaiming the asset, but has not written it down. $BIP $BN $BAM Still believe those IRRs? financialpost.com/pmn/business-p…

This margin compression wasn't enough to prevent its home sales from taking a hit this past quarter x.com/ResidentialClu…

Протести срещу еврото в София и Брюксел obektivno.bg/protesti-sresh… via obektivno.bg

Inside the private equity-insurance nexus on.ft.com/44qLk3n

The collapse of Brookfield's Healthscope in Australia was a calamity for Private equity. $BN $BAM $BBU afr.com/companies/fina…

A needed liquidity event for $BBU, which "agrees to sell assets" to a new fund managed by $BAM. $BN. Worry not about the related-party angle. All has been reviewed by an independent committee! bbu.brookfield.com/press-releases…

$WSC debt holders must be concerned if Fitch is talking about "asset quality". How about the quality of the thousands of assets that have not been sold, but have sat on lots for the last decade or two?

$BBU $BAM It's an amusing headline for an article.

$WSC A few recent Glassdoor reviews to celebrate earnings. Ouch!

$WSC about that fleet...

$WSC Well, that is direct.

$WSC I present this believable review to balance out the negative ones.

Everyone who listened to $BIP's call knows it's never been better for the fund/company. Clocking much dollars, as they say, but for whom? Hint, the LPs don't get much. Out of $778M in net income, only 25% or $194M goes to the limited partnership. Only 10% of the $194M goes to

NAV/unit down, as expected, though less than one might expect. We don't have the full picture yet...

$BIP pays ~8.4% of equity in fees to $BAM. Total cash cost of 33% of equity. Does anyone know of another public vehicle with such a stratospheric cash cost structure?

$WSC It should be an intersting call.

$WSC The thesis is playing out

As a reminder, I put this out ~1-year ago. $WSC

$WSC The equipment rental company's fleet is ancient and cannot, IMO, repay the debt. All is becoming apparent. Is Willscot a Zero? open.substack.com/pub/dfresearch…