BlackRock Private Credit fund sees 13% redemption requests. This is up from 9.3% in Q1.
This continues the pattern of acceleration in requests from Q1 to Q2 we have seen from others.
For those who are math challenged this is bad.
@PeterDClack Next gen fission and geothermal seem like our best sustainable hopes for the present. Fusion has been just around the corner since I did a book report on it in the ‘70s.
@ashleyschendel Travel is easier when you are young. I’ve visited a couple of dozen countries over the years. Most were interesting, but not all. It’s a status symbol for those who lack better uses for their time.
@TheBabylonBee Their failure rate seems lower than average, probably thanks to low prices. Hit one with a friend after a day of hiking this week. Chips with salsa and bean dip, a big burrito each, and 2 sodas for just over $20.
Well, here's some math. Starlink is a profitable business with about $11 billion of sales and $3 billion of free cash flow. It might be worth $75 billion at a frisky multiple of 25X free cash flow.
The balance----the space launch business and the AI/data centers in space fantasy----has $7 billion of sales and NEGATIVE -$17 billion of free cash flow. So why is it worth anything, unless you are pricing a dream peddled by sell-side hucksters?!
In short, after trading up to $2 trillion based on $75 billion of tangible Starlink value, where's the remaining $1.925 trillion of it?
This isn't just the classical mania of the crowds. This is sui generis--- mass insanity in a casino that has been giving a lobotomy by three decades of money-printing madness at the Fed and its fellow-traveling central banks around the planet.
My Dad once said about national healthcare, "Sounds good in principle but when you ask the government to spend your money they do a terrible job. Here are over $1.2 billion of your tax dollars being given to Pfizer to give Covid vaccines to kids and other vaccines to adults. This is a crime syndicate and there seems to be nothing--absolutely nothing--we can do to stop it. You ain't gonna solve this at the ballot box.
https://t.co/h3Tyv1Zgg0