
The First Step in Governance Will be Down
It is a long held opinion that supersized voting rights in excess of economic interests is a terrible idea.

It is a long held opinion that supersized voting rights in excess of economic interests is a terrible idea.

PE Manager is selling an investment in Fund 1 to its Fund 2 at a discounted value and thus screwing investors in Fund 1.

Having no “plan” makes no sense. Having an “always behind the 8-Ball late, rigid asset allocation that perennially finds new things to do at the

The democratization of private equity is not democracy, it is marketing.

Said another way, watching professional tennis and some other things one might see on screens are really not “models” for activities in which many participate,

From CNBC as Noted in Grants: “In finance, when you’re playing defense, you’re almost certainly losing,” [Ken] Griffin said to Citadel’s new class of summer
I am normally loath to add commentary on the macro yack d’jure as I simply can’t imagine you woke up this morning wondering, wow, I

Rarely has a man been so quoted and so rarely followed, except maybe Christ and Mohammed. “Dude, I was at Berkshire with my buddies…are you

The Federal Reserve’s decision to cut short-term interest rates by 50 basis points in September 2024. The management of the LA Fires in 2025. Arguably

Yes, you are the CFO of a public company in the Great Era of Degradation in the quality of reported earnings. And yes, because “all

Byrne Hobart thinks..not always correctly but that isn’t the point. He makes you think. “And it’s an elite school story: it opens with an anecdote

From a Mystery Q4 Earnings Call: I would also like to spend some time this morning reiterating and elaborating on XXX capital allocation priorities. First, our

This “may” be a version of me admitting in 2023 that cat videos exist and are very cute, but since it is a long essay

Yes, that is the Principal at the far end as the moderator for an investment panel at the Markel Annual Meeting (Yes – please come

We Sadly Have NOT Met a Lot of CEOs Like This. And Another 70% Drawdown and We Might Buy the Stock. Q. We look at

The Perfect Sound: A Memoir in Stereo Shantaram Paradais The Power Law The Cursed Bunny Eight Days in May: The Final Collapse of the Third

It’s very hard to collect. And…I wonder how long this guy keeps his job?

One of the joys of being a securities analyst is reading conference calls when a CEO goes AWOL and tells people what he or she

If a Cryptocurrency cannot be readily exchanged for cash, what is it? If a Cryptocurrency trades with a beta greater than 1 with the direction

This is an old-school article about an old-school topic. The theme is fairly simple – can youthful enthusiasm for money and fame raise flags for

Stablecoins are unregulated demand deposits. Every version of it in 4000 years of history involves a run on the bank. And in the Post War

You might have heard about this “Green” thing. On an unemotional basis, estimates are thrown around regularly that “we” (whether that includes China, India, Brazil,

I read a lot. And cut and paste a lot. And save a lot of things, From time to time, I don’t feel like “working”

“Servicers who put struggling families first have nothing to fear from our oversight, but we will hold accountable those who cause harm to homeowners and
I try to read widely. I stuff my IPAD with things and time goes by and I truly don’t recall how I ran across it.
If there is something upon which anyone in the world can agree, it’s that there is simply an overwhelming amount of “information” out there that
Some of the benefits of investing in private assets instead of public companies have been well documented. As an investor in a private fund, you
As we all know from Star Trek, there are many parallel universes out there. While their existence cannot be proven logically—at least up to
I am 5 years into a successful marriage, so I am slowly becoming an expert in the field. And like many things my grandmother told
The New Yorker has become almost unreadable for certain political and woke reasons, but from time to time, there is actually a focus on old