Evergrande, The Grande Mess

Detailing Evergrande’s rise to become China’s second-largest property developer - and its recent decline

LTCM 25th Anniversary

Covering one of the most fascinating stories in the world of secret hedge funds, Long Term Capital Management

The Golden Age of Private Credit

Traditionally, companies and transactions got their debt financed by public debt issuances or banks. Today, private debt markets have eaten a large share of the market

One Dollar Test

“We feel noble intentions should be checked periodically against results. We test the wisdom of retaining earnings by assessing whether retention, over time, delivers shareholders at least $1 of market value for each $1 retained. To date, this test has been met. We will continue to apply it on a five-year rolling basis. As our net worth grows, it is more difficult to use retained earnings wisely.”

Lee Ainslie - Founder of Maverick

Detailing the Founder (and now sole owner) of Maverick Capital

Yellow Bankruptcy and Section 363

On August 6, 2023, Yellow Corporation (formerly YRC Worldwide), a near-century-old trucking company that specialized in shipping, filed for Chapter 11 bankruptcy protection, only three years after receiving a $700mm, pandemic-inspired bailout from the federal government during the Trump administration

Getting to know Ted Seides

Ted Seides, the host of famous podcast Capital Allocators

Vice Bankruptcy

Vice raised more than $1.3bn from a total of 17 different investors since 2011. In 2023, Vice Media filed for bankruptcy after almost 30 years of operations. The company continues to operate under Chapter 11 today

Superconductor Controversy & Future

A scientific innovation that would change every facet of life as we know it

Reinstatement Cram Ups and Charter Communication

Today, we will be focusing on reinstatement cram-ups, which are when the debtor instead rectifies its default and returns to compliance with the original terms of its debt, thus “reinstating” it

Fitch Downgrades and Partners Group - Breitling Deal

Alternative Financing and Oaktree Quarterly Letter

Cram Downs and Weaponization of the Dollar