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Nick O’Neill says MicroStrategy didn’t start looking like a Ponzi until it introduced $STRC "It wasn’t a Ponzi at the beginning. It actually wasn’t until they introduced Stretch" "As long as the ATM is being used to pay dividend holders, then objectively the new investors that are buying are...

61,071 просмотров • 2 месяцев назад •via X (Twitter)

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"Constipated." That is the word now being used for the private credit market. And it is exactly what this looks like. The private credit story is changing. For months it was framed as a liquidity problem. Investors trying to pull their money out. That is still a huge problem. BlackRock just had a couple of funds suffering big runs. But there is a bigger one. It is no longer just the investors who want out. It is the investors outside who no longer want in. And that is the much bigger story. Because the private credit boom was built on flows. Constant inflows from wealth managers, pensions, insurance companies, and the general public. That is how big it got. The machine has to keep moving. Money comes in. Loans get made. Funds grow. Redemptions get handled. Managers collect their fees. Everyone pretends it is calm because the marks are smooth and the exits are limited. Now the machine is reversing. Reuters reported US direct lending issuance in the three months ending May was down roughly 40% from the first quarter. Issuance to private-equity-backed borrowers dropped nearly 37%. Volume tied to leveraged buyouts fell about 34%. So this is no longer just a redemption story. The exits are clogged. New money is hesitant. Sellers will not cut prices, and buyers will not pay yesterday's valuations. Credit funds are handling redemptions. Leveraged loans are showing strain. And publicly traded BDCs are not rebounding, even as the broader market soars. So the question is no longer whether investors are still withdrawing. They are, and it is accelerating. It is not about the people inside who want out. It is about the people outside who no longer want in. That is the bigger problem. It pushes us deeper into stage two, and the odds of stage three go up from here.

Jeffrey P. Snider

24,551 просмотров • 2 месяцев назад

Logan Paul says he spent $562,000 on a Michael Jordan signed court, discovered it wasn’t what he was told, and thinks he’s uncovered something shady that could rattle the sports memorabilia market “I bought an 8 foot by 8 foot piece of Chicago Bulls floor court that was supposedly used during the second three, Last Dance, signed by Michael Jordan” “Turns out it is not what they say it is, and they will say it is what they say it is, it is objectively not what they say it is. So the only way for me to not move forward and have to pay $562,000, because they were making me do it by this certain date, was to file an injunction, which made SportsCenter news. It’s like, hold on a second, let me inspect this item and verify its authenticity first. And I tried so hard to verify that this thing was what they said it was, and that it was used during the years of 1994 to either 98 or 99. I could not do it. It didn’t check out” “As this house of cards was falling down, I discovered that this is just the tip of the iceberg in items that have been authenticated and actually don’t have the proof that they are what they say they are.” “I believe I’m sitting on a story that is going to rattle the sports market to the core. There’s been some just shady fucked up shit that’s happened, and it appears that one company in particular said things were used or are things that they actually are not. That is my opinion”

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53,654 просмотров • 15 дней назад