If one practices “active” investment management, then one implicitly assumes there is some form of inefficiency in financial markets and we can debate its source over cocktails one night. Yes, there are plenty of step-function drops or increases in pricing in public markets, but much of the time strangers congregate during daylight hours to buy and sell their way into a consensus forecast of value in their own imperfect way.

But people in private credit and credit funds mark much of their book quarterly through an opaque process littered with conflicts and internally generated guesstimates. We all know who Blackrock is. This was their TCP Capital Fund- TCPC. On a Friday afternoon, after the close of trading and in the midst of a snowstorm, they filed this. Oops..and not even remotely the middle innings in this game. I personally still hear the national anthem’s dying notes.