Fixed + Floating - The Credit Podcast

Perpetual preferred stock is an optimal instrument for companies acquiring volatile assets like Bitcoin. Unlike other capital structures, it lacks fixed maturity dates and can remain outstanding indefinitely. #Finance #Investment

Strategy sold 32 Bitcoins for $2.5M, signaling to Standard & Poor's they *will* sell assets if needed to protect their structure, despite past comments. This move aims to improve their B-minus issuer rating. #Bitcoin #Finance #Strategy

Confusing Strategy and Stretch with Terra Luna? There's no comparison. Unlike Terra's failed stablecoin, Strategy has actual backing. Many misunderstand Stretch's mechanics and its true backing. #Crypto #DeFi #Market

In the evolving AI value chain, making money is a struggle as the business model is still unclear. Expect a chaotic 2-3 years as big tech, LLMs, and satellite companies battle to capture value. #AI #Business #TechTrends

Will AI be a tool for workers or will it replace them? This fundamental question reshapes the total addressable market for AI. A tool creates a smaller market than AI that replaces people. #AI #BusinessStrategy #Damodaran #Fixedfloating

@AswathDamodaran fixedandfloating.com/p/financing-th…

The AI build-out is arithmetically capped. Global public revenues are $142T, with employee expenses at $25T. @AswathDamodaran joined Fixed + Floating to explain why private credit is playing a dangerous game financing this delusion. Full link below👇

@AswathDamodaran“Who are these lunatics lending to the data centers?” New Fixed + Floating ep — the AI big market delusion ▶️ youtu.be/6gbls3i6Aww 🎧 open.spotify.com/episode/6vbmPI… 📖 [Substack]

Chinese cars are making serious inroads into Europe, with figures showing 10% of new registrations in Europe and over 15% in the UK. This surge is driven by significant price advantages, sometimes up to 100% cheaper than Western OEMs. #ElectricVehicles #GlobalMarket #AutoIndustry

European auto suppliers look “stabilised” on paper. In reality, many CEOs fear their company won’t exist in 10 years. Daniel Steiner and Dr. Hendrik Hauke unpack the distressed plateau in the new @FixedFloating episode

China's development is booming due to lower labor costs (3x cheaper than Europe) and increased flexibility. This makes production more competitive, especially with current energy costs. #ChinaManufacturing #GlobalBusiness

Cement plants are strategic infrastructure with strong value retention, unlike window factories. Their essential nature and scarce resources ensure enduring worth. #Infrastructure #ValueInvesting

Data center spending surpassed traditional office spending in Jan 2026, but they only represent 12% of non-residential construction <3% of total construction. Thus, they aren't directionally game-changing for heaviside building products. #Construction #DataCenters #RealEstate

-> New Episode The US housing cycle is key to building products. Expect less bankruptcies and more LME drop-downs & maturity wall engineering. For many companies, the real risk lies in capital structure, not housing starts. #USHousing #HighYield

Banks price deals on capital relief, not risk. Investors, however, focus on the risk taken and the return for it. Extensive analysis is key for investors to assess portfolios and underlying assets. #Finance #Investing