Wild to me that every week, the US sovereign wealth fund is buying up chunks of private companies with my tax dollars and there’s zero coverage or fanfare. As far as I know @CatoInstitute is the only place you can even find out what we bought this month. https://t.co/WbJnQAZAW8
My pick for Read of the Day in the @WSJ:
The travails of a furniture maker that tried to bring manufacturing back onshore from Asia to the U.S.
https://t.co/8CwOOChDHL
🚨Interrupting our regular programming for some good news:
@jasonzweigwsj linked to my article in his (awesome) Intelligent Investor column in The Wall Street Journal!
For those who missed our previous episodes: I'm crowdsourcing ideas for what the SEC should require private funds to disclose.
The SEC is considering rule amendments aimed at facilitating what it calls "responsible retailization" 🫠 of private markets.
The retailization train is coming, regardless of what you and I think about it.
This is our shot to make the playing field a little flatter and private markets less opaque. Let's use it.
At the top of the wish list, based on reader feedback: redemption history. Not just how much money investors got back, but how much they actually asked to redeem.
A few more things I'd love to see:
→ Valuation inputs and methodologies
→ Look-through leverage
→ Fees, PIK interest (toggles vs switches), and borrower credit quality (with related metrics)
→ A complete map of SPVs and related-party transactions
What else belongs on the list?
I'm collecting suggestions -- bring it, kids.
My choice for Read of the Day in the @WSJ:
A Soldier Cut Off His Own Foot to Survive. Then Came a Daring Drone Rescue.
This story of the heroism and ultimate rescue of a Ukrainian soldier is just phenomenal.
https://t.co/9J0s9nnm9G
Berkshire Hathaway was a New England textile company long before Buffett or Omaha, and it was domiciled in Massachusetts.
The Museum of American Finance just ran an excerpt from my book, The Complete Financial History of Berkshire Hathaway, tracing the company’s roots back to the earliest days of American manufacturing and the mills of Massachusetts.
Read it here: https://t.co/l2rcPMkY65