James Rose

@401Casey A lot of those huge check writers are or have left CA. Just sayin…,

There is no better place in the world than California and many people write huge checks to the state government every year for the privilege of living there. California politicians in some ways have perfected figuring out how to collect tax revenue

As a reformed municipal bond guy two stories have fascinated me the last couple weeks and they are of course very related. Washington state implementing an income tax and the downgrade of New York City

TLDR: I am a recovering alcoholic with no fund, no credentials, and no lobbyist. I rebuilt myself from nothing. Then I broke into finance with no degree, no pedigree, and no permission. I parsed SEC filings for a $31.5 billion private credit fund called Cliffwater. Not because anyone asked me to. Because nobody else would. The filings are public, but they are buried in footnotes that are not indexed, not searchable, and not structured for analysis. I have been told by fund managers that nobody even attempts this. Billions of dollars in pension capital, and the people who manage money for a living do not bother to read the filings. So I read them. Every loan. Every amendment. Every semi-annual PIK disclosure. 2,330 positions. I hand-researched fifty. I found 189 loans where borrowers are paying interest with more debt instead of cash. I found over 50 loans that are not generating enough cash to service their debt at all — carried at par on the books of a fund that has never reported a losing month in 41 months. The fund's Sharpe ratio is 3.75. Bernie Madoff — who was fabricating returns and could pick any number he wanted — ran a 3.5. He got caught because the numbers were too smooth by Markopolos. The greatest quant fund in history, Renaissance Technologies, runs a five or six. Cliffwater is claiming risk-adjusted returns that would be impossible even if you insider-traded with perfect information every single time, because the volatility of the underlying markets would still prevent it. Nobody asked questions. Bloomberg confirmed 14% redemptions 48 hours after I published. S&P cut the fund's outlook to negative this week. Cash on hand fell 76% in six months. This is not an isolated fund. This is the structure. $9.4 trillion in private equity. $3.5 trillion in private credit. They all pay their own valuation agents. The valuation agents decide what the funds are worth. No valuation agent has ever been fired for saying the number was too high. The marks produce the NAV. The NAV produces the fees. The fees come from pensions. The pensions come from firefighters and teachers and nurses in Oregon and California and Illinois who will never read a private placement memorandum in their lives. Wall Street ran out of rich people. The endowments were full. The sovereign wealth funds were tapped. So they went downstream — to 401(k)s, to retirement accounts, to interval funds sold to people who have no idea what they own. 1. Direct the SEC and FSOC to examine Level 3 fair value practices across interval funds and BDCs. 2. Require that valuation agents be independent of the funds they mark. 3. State publicly that the current self-marking regime creates systemic risk. 4. Mandate position-level mark disclosure for every fund that accepts pension capital. There are two ways this ends. It breaks all at once like 2008 and we fix it. Or it rots slowly like Japan: one fund blows up, six weeks of quiet, another one, and nobody connects it for a decade while a generation of retirees gets destroyed. I am not asking anyone to take my word for it. I am asking them to read the filings. If you know someone in the administration, a regulator, or anyone on a legislative committee, please send this to them. One person learned this from a one-bedroom apartment. Your government can too. The will is what is missing.

Ok MAGA! Its time you learn Sharia Law.....

Muslim man says “Attention MAGA” "Sharia Law is coming and we are bringing Communism with us" "No more PORK for you" What is your response to him ??

@timburchett Did you ever get them?

I asked the Intelligence Committee in January to release her immigration records.

@supressedvoic2 #DefundNATO

🇪🇸PM Pedro Sánchez went for the European Council meet and took a stand against Trump on behalf of Europe 👏 "Not just Spain, entire Europe is against this illegal war in Iran. We won't join it no matter what. "

@LeaderJohnThune @LindseyGrahamSC Perhaps our money would be better spent by defunding NATO.

@Tom_Emmet @Amockx2022 Guess he forgot his own history.

@Amockx2022 He’s the European leader with most corruption cases against him. A crook waiting to be jailed.

BREAKING : Spanish 🇪🇸 PM Pedro Sánchez refused to bow down in front of Trump's warning "My stand is clear, i can't support war and i am with people of Gaza & Iran. I am getting letters from across the world praising the stand of Spain" 🔥 He goes on to showing messages he got from the US and European countries. The world is recognizing his leadership. BRAVO 🫡

@TheKevinDalton $625,000 for each shed you can buy in the Home Depot parking lot. What a loser!

It’s now been three years since Gavin Newsom announced he was spending $750 million taxpayer dollars on 1,200 tiny homes for the homeless. “And so what we are doing is we're deploying these 1,200-plus units. You can see these units are not just in every case for one individual, multiple individuals in these units. We're hoping to get them constructed within a matter of months and not years. I wanted to say the summer, but my staff said the press will attack us if we fall short, so they're saying the fall." - Gavin Newsom, March 2023 I hope you’re sitting down, but Gavin Newsom hasn’t delivered on a single tiny home. But I’m sure taxpayers got their $750 million back, right?

@Tim_Walz No, they are cutting off $250M in fraud!

The White House is cutting off $250 million for Minnesotans health care.

@TrumpsHurricane Aunt Mommy!

This Islamic Scholar urges the world to let Islam rule as its rightful authority, and warns that anyone who refuses will be punished by Allah. What is your response to him ??

@ThrillaRilla369 Yup, beautiful Mustang!

Be honest... could you jump into a stick-shift car and drive it without a problem right now? 🚘

How incompetent is the French military? A sailor on Charles de Gaulle aircraft carrier just revealed its location by using a fitness tracker (Strava) while jogging on the ship's deck 🤣 Source: Le Monde

@cvpayne SuperMicro should be banned from doing business in the U.S.. A couple of years ago it was servers sending data back to China, and now this. 2.5B in AI chips. Wow!

This stock never traded in line with its numbers. It always looked "cheap." Jensen self proclaimed best friend should pay a massive price if this is true.

@MomAngtrades SuperMicro should be banned from doing business in the U.S.. A couple of years ago it was servers sending data back to China, and now this. 2.5B in AI chips. Wow! Just Wow!

I’ve always known $SMCI was a scam, but never in my wildest dreams would I imagine the would be into smuggling.

@Bearlovesbull SuperMicro should be banned from doing business in the U.S.. A couple of years ago it was servers sending data back to China, and now this. 2.5B in AI chips. Wow! Just Wow!

🚨 WAIT WHAT : U.S. prosecutors say $SMCI co-founder, employee, and contractor were involved in illegally smuggling $NVDA AI chips to China, bypassing U.S. export controls meant to restrict access to advanced computing hardware. Authorities allege the group diverted high performance servers with Nvidia GPUs using shell companies and false paperwork, violating U.S. national security trade rules. $NVDA $AMD $INTC $TSM $SMCI

@DOJNatSec @realDonaldTrump @VP @howardlutnick @nvidia SuperMicro should be banned from doing business in the U.S.. A couple of years ago it was servers sending data back to China, and now this. Not America First! 2.5B in AI chips, wow. Just Wow!

Three Charged with Conspiring to Unlawfully Divert Cutting Edge U.S. Artificial Intelligence Technology to China “The indictment unsealed today details alleged efforts to evade U.S. export laws through false documents, staged dummy servers to mislead inspectors, and convoluted transshipment schemes, in order to obfuscate the true destination of restricted AI technology—China,” said John A. Eisenberg, Assistant Attorney General for National Security. “These chips are the product of American ingenuity, and NSD will continue to enforce our export-control laws to protect that advantage.” 🔗: justice.gov/opa/pr/three-c…

@itzFrayoo @GavinNewsom

@svstartupguy @GavinNewsom Perhaps 🤷‍♂️🤷‍♂️🤷‍♂️

$200 BILLION IS ENOUGH TO: - Double the annual per‑person spending on K–12 education. - Expand the ACA tax credit for 7 years. - Provide up to 2 million people the SNAP benefits they need. - Provide a middle class tax break of $3,500. Instead, we will spend it on an illegal war. This is only the beginning. More money will be wasted. More lives will be lost.

@chrisbledsoeufo Question: How do you explain that Regulus will not be in the alignment with the Sphinx next month during Easter, but in September of this year? Could you have been misled by some government organization (NASA, CIA)? @TheWhyFiles

Had a great time with AJ and the Why Files youtu.be/BYzXPxktcuM?si…

@itzFrayoo @GavinNewsom Or as he has shown end up in his wife’s pocket.

@GavinNewsom My pov => x.com/itzfrayoo/stat…