...

Its ok 'cause they don't have any feelings.

[... @1logic]

@excel_ranger @ADeermount The more pibbles the better the neighborhood.

[... @1logic]

@kgreifeld Just think of the May flowers though!

[... @1logic]

@IceburghCapital Does it even matter what businesses actually "do"?

[... @1logic]

There are also other investors who can step in to lend if spreads are wider, like insurance cos, pensions, etc.

[... @1logic]

At most 20% of the direct lending market is in evergreen funds and not all evergreen investors are retail clients that will rush to exits. These redemptions will cause some spread widening, but the idea that it causes a seizing of the direct lending market is absurd.

[Whitney Baker @TotemMacro]

The problem with private credit investors fleeing is the funds are, in turn, forced to cut loans. But if their borrowers are loss-making and require new borrowing to repay old borrowing, cutting them off simply turns the loans bad. You can see how this easily spirals...

[... @1logic]

I can't believe 66k people follow this guy.

[Brian Wesbury @wesbury]

Most people don’t understand monetary policy. The Fed can only control one thing…the dollars purchasing power. Not unemployment, COVID, war, or oil prices. Somehow, we’ve come to expect the Fed to react to everything. This, however, is just a recipe for never ending inflation.

[John Frankensteiner @JFrankensteiner]

A Stuart Little (1999) ad at Steinway St Station in Astoria, Queens (2025)

[... @1logic]

@EconomPic @AcaciaCap Do you think Boaz will be able to buy enough of any of the vehicles to force a change in advisor? I really doubt it, so Blue Owl is still going to be in control either way.

[... @1logic]

@Morgan_03 That's what I don't get. Headline after headline about issues with OBDC, but nothing about Thoma or Vista marks. If OBDC is taking losses we're seeing large amounts of PE just decimated.

[... @1logic]

@Morgan_03 I haven't seen many details yet, but were they staying out in huts prior to the storm?

[... @1logic]

This is odd because I've never seen a multifamily proforma with negative rent growth.

[Jay Parsons @jayparsons]

Where have rents for NEW apartments fallen most? Here's the top 15.

We're comparing today's effective rent (with concession included) versus the peak for market-rate apartments built since 2020. The deeper that decline, the longer it'll potentially take for a rent rebound -- not only for new apartments, but likely for older apartments too given the downward pressure we've seen from the filtering effect of new construction.

Not surprisingly: Ultra-high supply markets dominate the top 6: Phoenix, Austin, San Antonio, Jacksonville, Denver, Charlotte. Further down we also see high-supplied markets like Orlando, Salt Lake City, Tampa and Atlanta. All are strong demand markets, but have seen even more supply.

Maybe more surprisingly are the lesser-supplied (relatively speaking) markets like Pittsburgh, Sacramento, Los Angeles, Memphis and St. Louis. These don't rank on the construction leaderboard, but also haven't seen a ton of demand. And in many cases, supply has still been elevated relative to local history -- with much of the construction concentrated in a handful of submarkets.

In nearly all 15 of these, starts have plunged in the last couple years. Most will see completions below pre-COVID norms in 2026 and 2027. But it'll still take some time for demand to catch up to all the supply.

[... @1logic]

@jdcmedlock Are we saying a drop of 4-5% is the same? You can debate the causes but LFPR has been on a steady decline since 2000.

[... @1logic]

@PScatterpatter Yet another L for CFA Institute....

[... @1logic]

I'm always torn during girl scout cookie season as the cookies are delicious, but I have a deep loathing of parents taking over the process and spamming the office with flyers.

[... @1logic]

You touch the turkey, you wash your hands.

[... @1logic]

@oknotsomuch Not sure I'm back yet, but I thought freedom of speech and diversity of thought were core American values, but apparently we're arresting visa holders and green card holders for thought crimes now.

[... @1logic]

The worst part of this administration is trying to figure out who's more of a pudgy bitch, Rubio or Vance...

Actually the worst part is all of them running roughshod over the constitution.

[Secretary Marco Rubio @SecRubio]

Last night, in a successful counter-terrorism operation with our allies in El Salvador, the United States military transferred a group of 17 violent criminals from the Tren de Aragua and MS-13 organizations, including murderers and rapists. 

In order to keep the American people safe, @POTUS designated the Tren de Aragua and MS-13 as Foreign Terrorist Organizations. These criminals will no longer terrorize our communities and citizens. 

Once again, we extend our gratitude to @nayibbukele and the government of El Salvador for their unparalleled partnership in making our countries safe against transnational crime and terrorism.

[Robin Hobb @robinhobb]

Whether we attribute it to Patrick Henry or Voltaire, it's an important sentiment. "I may disagree with what you say, but I will defend to the death your right to say it."

[... @1logic]

@hassankhan I'm so sorry for your loss. His smile was always so wholesome and brought me a lot of joy even if I never mentioned it. I'm going to try to smile today just for him!

[... @1logic]

After numerous different customer service talks someone gave us a single $12 meal voucher. I honestly think that @Delta needs that $12 more than I do.

[... @1logic]

Got delayed this morning on @Delta and missed our connection and their customer service has been atrocious. Next flight out was 9 hours later moving our layover from 1hr to 9. Their stated policy is for nothing, not even a meal voucher in this situation.