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@milken_cookies @LeveragedLayman Ok…time to head why vs not Toronto

@BoringBiz_ Had different experience…VP was probably one of the worse. Great for WLB, but really tough if gunning for promo + next rung up. Have to properly source + read docs + relationship work, but also thoroughly manage execution work below. Felt very stretched

Being a VP is really the sweet spot of banking and private equity jobs You are just senior enough to avoid most of the grunt work that blows up your late nights and weekends And you are also just junior enough to not have any real pressure to generate P&L and chase clients right away Most friends I know who have gone through it all tend to agree that your VP years are the golden years on the finance career track

@piktoggle_ Can’t DM unfort

Thinking about starting a small, invite-only network in NYC across PE, HF, AI. Quarterly dinners and idea exchange. Shoot me a DM with your title and firm if you have interest and think that you would add to the room.

@milken_cookies Lmfao we need more live pbp

@milken_cookies Even the first years involved on that name are early to mid 30s if still in distressed / special sits

@vrexec Former restructuring Investment banker / distressed credit + special situations investor

Tell me what you do for a living as a W2 and I’ll tell you what I’d do in your shoes to become self-employed.

@finn_hulse Is this a Rand generator or based on prediction markets etc.? Solid idea btw and would take a spin

this app is for everybody you either smugly denounces gambling because it loses on average (in which case u collect that expectancy just by depositing in app) OR you're a gambler who wants the most fair possible odds that is why i'm taking feedback from literally anyone

@ethanrkho Also thought about this with friends now that we’re 10+ years in. Filtering effect + after some time in competitive fields, remaining participants are just as capable if not better…not just competing against first year analysts anymore. Hence the cognizance of game selection

One of the contradictions I keep noticing: The people who talk most about game selection are often the ones choosing the most competitive games (e.g. tech / finance). Obviously, it’s because these domains have extremely high ceilings. Imo the real game isn’t avoiding competition - it’s finding games where the ceiling is massive, but not yet obvious + crowded. And even within the most competitive games, the winners are usually playing a different game entirely. Think (within tech) focusing on SaaS early, when the model was still underappreciated. Would love to hear if anyone disagrees.

@milken_cookies Then a pivot to Private Credit / CLO / Event Driven / “Tact Opps”

@AshwinVRaman @OpenAI @AnthropicAI @GeminiApp @ManusAI No worries, thanks

@PlceHlderAcct @OpenAI @AnthropicAI @GeminiApp @ManusAI Apologies for the delay, I just responded to your email.

We’re moving from single-model AI systems to agent swarms that actually execute tasks end-to-end. We just became SOTA beating @OpenAI , @AnthropicAI , @GeminiApp and @ManusAI on the hardest benchmarks - GAIA (level 3) and DeepSearchQA.

@AshwinVRaman @OpenAI @AnthropicAI @GeminiApp @ManusAI Hi Team! Following up on the above, didn’t see the priority access invite + wanted to make sure my spot wasn’t lost! Thanks!

@PlceHlderAcct @OpenAI @AnthropicAI @GeminiApp @ManusAI Hey! Appreciate you reaching out (and always good to meet a fellow 🇨🇦 🙌). You may have sent it to the wrong address -- the correct one is founders@getspine.ai. Shoot me a note there and we’ll get you set up with priority access. Looking forward to connecting.

@AshwinVRaman @OpenAI @AnthropicAI @GeminiApp @ManusAI Thanks! Just emailed

@kevg1412 Will this be on "A Letter A Day?"

Bruce Karsh on the type of return Oaktree typically seeks

@ArjunPatel_AI Where is this from?

@gregoryblotnick Luckily, all you need is one GB! whatever that “one” is. Institutionalized games are by definition mature…hence more close quarter combat. Have to earn your keep / seat rent. Easier games to play out there imo. Might not be as “glamorous” but that’s an edge / differentiation.

damn that shit got me fired up! and I'm batting .000 (or even negative) on right tails. should prob just tell young guys w/ lava in their eyes + smoke coming out their ears, the "right tail" is no longer institutional...if you can pick stocks, go start a substack or some shit, fatter tails here than praying you gain entry to pod musical chairs

from a purely objective standpoint, business analyst hat, thinking about competitive advantages... the multi-mgr fee passthrough >> talent flywheel, is absolutely incredible. like, outright unassailable as a moat can offer ~unlimited comp, charge it to LPs...recruit best talent on the planet...talent generates P&L, LP's are happy... flywheel speeds up. it all works. as long as the net returns are there, LP's are fine w/ funding the war for talent >> widening the moat...talent is scarce and you pay whatever it is you need to pay. but how can any single-mgr hope to even compete, when the offer away is tens of m's on a pass-through basis lol it's "all gone pete tong"... assets, talent, one-way express train, transfer at jamaica. just so many headwinds. forgive me if this is already being discussed, I'm just coming from objective "biz analyst" view. have to admire dominance in action, the construction of this mousetrap + how different the industry landscape is vs 10 yrs ago...and most of all, the continued execution at scale. the longer you've been alive the more you recognize how rare that is...sustained execution at scale. cause typically, esp in investment management, it's like biggie said: "your reign on the top was short like leprechauns." last...think of the old buffett test - "if you gave me $1B, could I destroy their moat?" shit...can you? or will they laugh as they match and pass-through that same $1B? I really don't know...I really don't. That's how you know a moat is borderline "unfuckwithable." hat tip, respect due.

@gregoryblotnick Either don’t play, or play for right tail + run at it head first + biting mouth guard. Know what you’re signing up for + eyes wide open. Maximizing EV or right tail outcome? Game of inches against tough players in a scalable game…go make your mark

@gregoryblotnick Agreed, either go to a large incumbent (KKR, BX, APO) or a small shop with growth opp /take more responsibility / J-Curve potential. Game selection matters a lot…but then again we’re all somewhat confident / delusional to think we’re well above average in a cut throat industry

@gregoryblotnick Highly concentrated etc. the exact opposite. Except that’s real tough to raise capital

@gregoryblotnick I think we’re seeing in real time, don’t believe the MM spins have done that well or even close. K-Shape, probably either the mega pod shops or start-up SMs that are the exact opposite. Smaller SM, longer duration, factor driven, maybe more illiquid, esoteric, less scalable