Private Credit Fund to Adopt Daily Mark‑to‑Market by Year‑End
This week a major private credit fund manager pledged to mark-to-market all positions on a daily basis by year-end. Which means they aren’t doing it now, even internally.
HOA Threatens Foreclosure over Fees After Fire
Huntington Palisades HOA provides nothing, obviously, since the Palisades is burned to the ground. They insist I pay HOA fees or they’ll FORECLOSE ON MY HOUSE. I pushed back; they said “we have the right”. We’ll see.
Private Credit Outlook Shifts: From Golden Moment to Cautious Reality
Bloomberg ran “key takeaways from the Milken Conference” last year. One was the narrative of a “golden moment” for Private Credit, per the panel. The panel this year might have a different tone. BTW I am on...
Propose Cutting CA Taxes Until Fraud Is Curbed
I’m told the California Attorney General’s wife has introduced legislation that is being interpreted as making exposing fraud a crime. What I would propose is legislation eliminating all California income taxes until fraud is greatly reduced. Why this defense of...
Low‑rate 2020‑21 Loans Force SME Refinancing Crunch
A lot of lending to small/midsize companies is for a term of 5 to 7 years. A great deal of debt issued 3/2020 to 9/2021 is therefore coming due these days. UST interest rates were near zero in that issuance...
California Billionaire Tax May Violate Fourth Amendment
Just the administration of the proposed California “Billionaire Tax”, as drafted, would clearly violate the US Constitution’s Fourth Amendment, prohibiting “unreasonable search and seizure”.
Private Credit Redemptions Surge, Confirming Multiples Prediction
On the Julia LaRoche show 1 week ago I predicted the next round of Private Credit redemption requests would be a multiple of the last one (which led to gating in some cases). Check out today’s headlines.
Two Fed Cuts Aren't Enough—Bet on a Different Strategy
Here is what I said: “If your only hope is two Fed cuts this year, you’re backing the wrong horse.”
Fink Admits NAV Is Bogus, Cites Fiduciary Conflict
Larry Fink: “If I allowed more people to redeem, I’m not a fiduciary to those who are staying in”. It’s an admission that the reported NAV is bogus.
Lenders Demand Only Top‑Tier Collateral for Redemptions
Of course assets would have to be pledged as collateral for any borrowings to meet redemptions, under this thought experiment. Doubtful the lenders would accept anything other than the “best” collateral. Think about it.
Avoid General Obligation Municipals in CA, IL, NY
People ask about muni’s and I typically don’t have much to say. But now, looking at the deficits caused by absurd spending, and tax policies accelerating revenue erosion, I can say avoid all General Obligation muni’s in California, Illinois &...
2‑Year Yield Jump Signals Imminent Fed Rate Hike
The 2 year U.S. Treasury yield has risen 50 basis points in less than three weeks. It now suggests one Fed HIKE may be coming.
JPMorgan to Demand More Collateral, Signaling Falling Asset Values
JP Morgan said it will likely (my interpretation) be demanding more collateral for their loans to Private Credit. That means JP Morgan believes the collateral values are down from the loan origination date.
2026 Private Credit Funds Mirror 200
A Private Credit Fund of Funds in 2026 seems to rather closely resemble a CDO-squared in early 2007.
Low‑volatility Tricks Fail: Loss Frequency × Severity Constant
Gundlach’s law of financial physics: The frequency of losses times the severity of losses equals a constant. Implication: do not invest in artificially “low volatility” strategies.