This isn’t going to work, but it’s top tier banter

I’m very skeptical of CVs but do think there could be an interesting marketing story to tell regarding a FoF CV strategy (diversifying concentration one of the surest ways to create value in finance)

Biden’s “elites in the party” comment suggests the full capture of his office by the woke faction of the left. Whether he’s been co-opted or not, his fate now seems tied to the left’s version of populism

“If you come for the king, you best not miss”

Madness of crowds

Was fun to do this! Thanks High Yield Harry

Ares Management is one of the most respected alternative asset managers with $400BN in AUM Ares' CEO Mike Arougheti was recently on Goldman Sachs Exchanges for a conversation on private credit investing My summarized takeaways here On Ares' History > Ares started managing

What if it’s a 2021 Crypto/DeFi moment? Don’t think that’s the case, but that’s far worse than 1999 dot com. Could also be a 1977 (Apple II) moment - far better than 1996 dot com. Seems impossible to forecast/analogize this which is kind of alway true for new tech

“Every form of strength is also a form of weakness. Pretty girls tend to become insufferable because, being pretty, their faults are too much tolerated. Possessions entrap men, and wealth paralyzes them.“ - Michael Lewis

By the way, why do we never see any accusations of colleges and universities "price gouging" or "unfair pricing" or "greed"? nationalreview.com/the-morning-jo…

Classic example of lying with statistics. The reason this chart looks this way is that these are overlapping monthly observations. I won't go into too much statistics/econometrics, but it suffices to say that there is indeed a negative relationship but the relationship is not

Good to see the media holding politicians accountable for their claims

Diligence instincts here are top notch

PRIMER ON NEGATIVE COVENANTS IN LOAN DOCS Negative covenants are one of the most important sections of a loan doc, and the place you really want to look at to understand how the company is financially restricted through covenants As always, DM with any questions

Risk management 101… don’t put 70% of your portfolio in one stock. Overconfidence bias the most deadly of them all