BALL GAME‼️

Largest gap in Brent and wti crude I've seen in a long ass time

Added a little more Nvda today into this down move but getting tempted to sell front month LQD/HYG vol and/or add some BTC. The vol buying has gotten too systematic in synthetics

Option 3 it is!

Relative to the absolute spread levels, implied CDX volatility very very high. Even tho realized vol even on 1 mo basis (post meta bond deal) 1 BP/day, nov-jan 1.6-1.7/day and June 2.1/day! Selling vol getting more enticing

Fib # say also buy. It's tempting

Really hard not to have a look at $OTF. Only one non-accrual, lower ARR because so many have been paid off and nearly all pik is by design at inception to increase income. Leverage is tiny at 0.7x (repayments driving). net gain on equity conversions since inception. 10% dividend

Sorry, not buying $AMD investor day. The 2030 AI silicon TAM conflicts with hyperscaler color in the later yrs and that's not even the worst part. Are the mi3s and 4s rlly gonna win 9+ pts of mkt share vs Nvda? If u buy, ur buying right tail. Xilinx m&a=fail, too

Important to realize low price to book in BDCs not usually tied to asset quality although it can be. Often it's indicative of an over earning dividend or a lack of EPS growth

I can’t even laugh at other in-state teams. This losing shit blows.

Here’s what I think will happen in NYC under Mahdami. The free buses and government grocery stores won’t happen, they never do. They sound good during campaigns, but collapse under basic math. You can’t run a city on ideas that cost billions and produce no revenue. The only way

Broncos luck maybe catching up to em but I'd be tempted to live bet em at the half if they down a couple scores

Holy shit huntsman back from the dead

I'm about to just mute "repo" and "funding markets" from my feed. So many terrible uninformed takes

Equity market breath of rally peaked on 9/11. End tweet

Tens of billions of notional HYG puts with very high implied rate/spread correlation (sudden knee-jerk inflation) are outstanding which has made the other side look extremely cheap. I lifted $82 Jan 16 26 calls for 9c. Duration of Hyg way lower than LQD

Be ready for sudden market volatility. There's clear signs of usd funding stress and a blow off top in fiat gold+false starts in crypto signaling danger. Vix closing above 25 and 10 yr tsy sub 4% are key psychological levels that are a pure reflection of pervasive fear. Dump risk

Private Credit: A lot of people don’t understand how long some of these professionals work and how diligent some of their processes are. My private credit experiences have been full of very thorough diligence and very lengthy analysis where there is incredible top-down scrutiny

Fuse. Bang. Wraith for edge pois and Fuse. Wattson. Seer for zone let's get it done

What a massively W of an update