K&E’s pitch that co-ops are anti competitive is silly, but if you’re not in a name that the entire market owns (ala Altice), and is something maybe even smaller than LABL, maybe that argument keeps some smaller but aggressive lenders away? That’s what it’s designed to do, after

The reasons these deals will happen more and more because there is no point of agreeing with lenders for a consensual deal. You’re not in trough earnings that will recover… you’re just stuck. What’s the point of handing all the power to lenders in a consensual extension deal?

The more I trade the more I think the most important thing to know is whether you’re hot or cold. It requires a lot of confidence to lower the activity when you’re not in the groove. Too many people, in the name of action, keep the gross up, and keep digging the hole.

“Analysts at KBW tallied up new pri-vate-credit funding deals this year for financial-technology firms in consumer lending and estimated those deals could support nearly $140 billion in lending globally over the next few years. That is a big surge from under $10 billion in 2024”

I stand with the LGBTQIA+C

I’d have thought this would have had broader ramifications by now, but these things move slowly, so maybe still in the offing.

It’s pretty clear Bessent would be the Fed chair in 2027/28 after Hassett is unable to deliver what the WH wants, because it’s hard to deliver much lower yield in the world’s most liquid market market where tons of new supply is on the way.

Never seen a DIP paper get whacked like this.

VP is pitching rising cost of living as a virtue. Not sure whether it will work out that way.

This is a well-written account about the troubles in Vegas by Luke Winkie. It’s the kind of long article The New Yorker used to be very good at. https://t.co/EWMJBgQCDa

Oh man….

Another DeepSeek moment. This is the world’s first actual smart phone. It’s an engineering prototype of ZTE’s Nubia M153 running ByteDance’s Doubao AI agent fused into Android at the OS level. It has complete control over the phone. It can see the UI, choose/download apps,

How is this not called Lettuce Chat

1. The extraordinarily rapid spread of gambling through society is hurtling us back toward the early modern world, where people wagered—through the medium of "insurance" contracts—on all manner of ghastly things.

Imagine where this kind of language takes us to.

Chat is this bearish for AI?

Look whatever stupid jobs people in finance have, nothing compares to the self-important nonsense prevalent in consulting world.

“Its name, intended as a derivative of accent on the future", was ridiculed when it was adopted in 2001 after the business, Andersen Consulting, broke ties with accounting group Arthur Andersen and was forced to change its name. The rebrand was reported to have cost $100mn.”

According to a new report from active-duty and retired FBI agents, there was a bit of an issue when Patel arrived at Provo in the aftermath of the Kirk assassination: he would not leave the plane without an FBI raid jacket. They found a female special agents' jacket for him. But

This issue will exacerbate in 2026-28 and will lead to increase in leverage across HY/LL space, and sustained liability exercises.