LargeCapTrader
28.8K posts
LargeCapTrader
@largecaptrader1
Because money won is twice as sweet as money earned.
NYC Katılım Şubat 2010
1.2K Takip Edilen5.5K Takipçiler
LargeCapTrader retweetledi
LargeCapTrader retweetledi
I tweet about private credit fund finance here sometimes so figured I'd add some signal to the noise.
Presenting: the private credit Back-Leverage Demystifier
100% public data, sources cited. Enjoy!
backleverage-demystified.netlify.app
(1/x)
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Why do I sort of agree with this tax on 2nd homes? Am I a socialist now?
Megan McArdle@asymmetricinfo
This seems like an indication that she doesn't think she can raise income taxes any more without triggering capital flight.
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@HFMajorTom Another bonus, they picked us up outside the terminal at JFK versus schlepping 6pcs of luggage and kids to the AirTran
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@HFMajorTom I actually use CarMel limo when bringing family back/forth from airport. Same price every time and always get a big suburban to haul all our stuff for family of 5 (it's a lot!). Have not tried Uber XXL but haven't had a need to as of yet (fingers crossed)
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Buddy sent me this:
Structured note. BX/APO/ARES
No protection, you get the return of the worst of that basket 1:1 on the downside.
On the upside you get 4.6x the return of the worst performer (all 3 need to be green).
Maturity is 5 years.
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Do people get paid per negative tweet on Private Credit? How can I get in on this gravy train?
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@JulianKlymochko @DaglioDavid Do public BDC disclose or discuss their "watchlist" names anywhere?
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@DaglioDavid That "news" was disclosed Jan 23rd in an 8-K
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Not sure why the write-down of a $20 million loan that was disclosed nearly two months ago is news but here we are
x.com/JulianKlymochk…
Bloomberg@business
BlackRock slashed the value of a private loan to zero just three months after assessing it at 100 cents on the dollar bloomberg.com/news/articles/…
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@AyyouEm Subordination points to Aa/A but I'd say since CLO manager can "trade" versus BDC I'd notch down to BBB.
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CreditTwit Hypothetical:
Assume a CLO and BDC book of ~same composition (concentration/WAL/metrics etc...), standard tranche splits and avg. Debt/equity for the BDC... "apples/apples"
To which tranche in the CLO would you compare the BDC's sr bonds?
"It depends" = don't answer
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LargeCapTrader retweetledi
Buyer of public PC BDC etf today . Apologies to all the longs
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Make the rent so cheap some college kid or retiree can open a quirky little shop based on some useless hobby.
Phil BuildTheFutureNow 🇺🇸🦅🌲💙@PhilSustainable
What would you do with all the empty retail at Fulton Center? 🚇 This prime transit hub in Manhattan has too many vacant stores. How would you activate it to bring in jobs and generate more revenue for the system?
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@ExcessDefaults Which rules? BBB and below CLO buyers might be sweating
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What are we going to start talking about the naic rules going into effect end of year? Which insurers super heavy in borderline bbb structured securities will be putting up more capital? Does this delete smaller players? Does this force cayman to shut?
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@ExcessDefaults Does not seem normal, not just risk but capital intensity. is that just general account or includes SMA?
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End of 25 insurance investment portfolio:
11% cash
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43% ig liquid
17% ig private
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9% junk private
7% liquid equities
7% private equities (prob all asset classes)
6% junk liquid
Does that seem normal vs other alts at roughly 95% IG (at their word)? P&C / life ins only 6%.
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Think it’s interesting that Athene gets lions share of systemic risk comments given Brookfield came from a standing start in late ‘20 to $200B in assets / $20B in equity, UK and Japan, Life and P&C and a distressed credit franchise bought in ‘19.
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"...our portfolio construction continues to emphasize downside protection and resilience through infrastructure, GP stakes, PE secondaries, and reinsurance strategies, complemented by selective hedge funds."
Wild to me that people make a living doing this quality of work.
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