negativecnvx

Anyone out there work in compute finance, securitization of compute assets (e.g. datacenter ABS or REITs), capital markets innovations related to AI buildout, or related fields? Would love to chat with someone about recent trends.

@iBladesi What is the point of having EARN and EFC, if EARN is going to buy CLOs and EFC is going to buy agency MBS? I don't understand the strategy.

$EARN Q3 BVPS 7.02 (vs 8.12 prior, -13.5%). Distributable earnings of 21c. Starting to deploy capital into mezz and equity CLOs (oh?). Ugh.. share count went up again by 1,459,028. They did not let up despite discount often being beyond 20%. Not ideal.

@iBladesi Ha I was just about to ask what's going on

$EARN wild divergence from peers today.. did someone tell friends and family? 😆

@TheReal50972902 That would have been a great service to the community

@negativecnvx Didn't realize that had gone down. I used it a couple of times as a resource. Too bad it isn't cached somewhere.

Tried to load nuclearphynance.com for the first time in years, to dig up an old thread on Ren Tech. The site doesn't load. Sad times. I and surely many others here learned a lot from that website, during the glory days of 00s forum culture. It had long since fallen to spam...

@iBladesi Interesting, did not realize they were doing that. Appreciate the heads up

@negativecnvx it is.. but their recent behavior of ATMing below book (justified by maintaining 100mm of capital) is bad form; I would expect that shit from a vero beach mREIT.. not EMG

Assuming $AJX dist of 20c, remaining $EFC dists of 45c (assumption is deal closes year end).. 6.20 ajx, 12.25 efc price.. 4.2% spread? ajx pretty damn illiquid tho.. and has a history of being melting icecube

@iBladesi It's got to sting a little that EARN never really took off. It's way better managed than any of those other small guys.

@negativecnvx every time they get asked that question, they shut it down. I'm def aware of the irony. is that irony or hypocrisy? If EARN weren't managed by EMG... EFC would've already bought them. I think BX might have a piece of EARN's external manager.

@iBladesi I wonder they might roll EARN into EFC? They've been buying all these other sub-scale REITs, meanwhile they themselves are running one of the smallest.

ah. not gonna be cute and try this.. too many things can go wrong.

@quantymacro Some similar ideas in this paper... These sorts of effects are one reason among many for using a shrunk covariance matrix as opposed to a sample covariance matrix papers.ssrn.com/sol3/papers.cf…

1) what

@quantymacro Ha, well a wise man once said "most advice is a form of nostalgia" and that's certainly the case here. I've made this mistake several times myself...

@negativecnvx in hindsight this looks really obvious but somehow I didn’t think of it that way. i guess thats the point of asking help from others. thanks appreciate it 🙏

(hypotheticals) A: close to the PM personally (a very kind person), big book, 3-4ppl pod, willing to train me to be a PM, not so interested in the *core* products B: dk the PM personally (but rec by a trusted friend), 2-3ppl pod, medium sized book, *love* the products thoughts?

@quantymacro @macrocephalopod @therobotjames @JessicaNutt96 @TheReal50972902 @AnyonCurve @ALBACapMgmt @zcpbb @bauhiniacapital @OrthogonalAlpha @ThePythonQuant Lots of good advice here. I'll chime in to say that you shouldn't get hung up on whether you like the product. If the team is successful and you're making money, it will naturally be interesting to you. If it's a product or sector that others look down on, it's almost a plus

asking advice from Jira experts @macrocephalopod @therobotjames @JessicaNutt96 @TheReal50972902 @AnyonCurve @ALBACapMgmt @zcpbb @bauhiniacapital @OrthogonalAlpha @ThePythonQuant and anyone thats kind enough to guide. thanks in advance!

@experquisite @therobotjames @theemilyaccount @kchoudhu I like Python types! They're overkill for solo projects, but a good way to add sanity to larger codebases. Quants and traders can work in janky notebooks, but quant devs and engineers can write clean well typed code, and everyone gets to use the same language and toolchain

@therobotjames @theemilyaccount @kchoudhu what’s even the point of python if you can’t change the types and implementations of your functions on the fly

What exactly is the point of the abc module in python.

@timebargains @AnyonCurve Very generous given my infrequent tweeting, thank you

@macrodelics Appreciate your thoughts. I'm much more familiar with mREITs and other mortgage related names but these retail oriented CLO products are new to me.

@negativecnvx It looks like $CLOZ and $JBBB are kind of similar to $EIC, but EIC holds some riskier stuff and 25% of CLO equity. And yeah it’s a CEF. Its preferred doesn’t yield enough for me like the other ones, and they will probably all move lower at some point. Interesting market.

The BBB CLO ETFs are interesting.

Essays like this are good to read every couple years, especially if you're stuck in a creative or professional rut. Every once in a while I need to remind myself to set my sights a little higher.

An excellent essay: "Poetry and Ambition" by Donald Hall. I know nothing about poetry and don't consider myself well-read but this essay strikes me as a literary complement to Hamming's famous talk on how to do great work, "You And Your Research. poets.org/text/poetry-an…

Time for some entry level wineposting - it's my birthday, so we're going to enjoy a birth year bottle

@0xfbifemboy @bryancsk Hard to go wrong with Nomos if you want something dressy-ish, I've worn one for ~10 years: nomos-glashuette.com/en/watches/fam… One of the quartz Cartier Santos Dumont models could work too

@laurentzeimes Some related ideas here papers.ssrn.com/sol3/papers.cf…