Research

[Research @PFoSF2]

@AureliusValue @FriendlyBearSA @AlderLaneEggs - I did a primary research today on $FRG owned Vitamin Shoppe. I checked google to go busiest time of day (Sat at 11 am). Strip mall parking was packed. Vitamin Shoppe empty. 2 paid employees and only 1 customer. GNC type BK coming

[Research @PFoSF2]

@radar_online This white mail seems to be doing a good job

[Research @PFoSF2]

@NickNemo17 BCRED touts a made up metric that doesn’t apply to corporate credit ‘Loan to Value’. Somebody ask Grey about actual metrics. What is debt / EBITDA?

[Research @PFoSF2]

@chamath - there is no record of a dividend recap at Medallia, otherwise someone would own that dividend recap debt. It don’t exist - only the initial debt. Medallia tweets was in PIK, didn’t have the cash to pay current interest let alone a dividend recap

[Research @PFoSF2]

@NickNemo17 How does a 20% LTV Senior Secured loan have debt / EBITDA of 15x??? Make up the ‘V’ and change what was previously called ‘Illiquid junk’ to a new label called ‘Senior secured’ because it’s easier to sell to dumb retail.

[Research @PFoSF2]

@JulianKlymochko But isn’t this a 30% loan to value loan? Where did the Value go?

[Research @PFoSF2]

@CliffordAsness @Ritholtz Private investments diversify accounting approaches, not risk.

[Research @PFoSF2]

@NickNemo17 @rdubitsk $BX is below median in all their products. They only ‘win’ in the category of ‘brand’. Statements don’t lie, returns are below average

[Research @PFoSF2]

@patefortworth If I got all my K-1s by May it would be a miracle. Always a few idiots out to October and usually on the most basic of funds. #privatesuck

[Research @PFoSF2]

@JackFarley96 From public filing I have found loans where the sponsor claims the loan has a 40% LTV. But when I find financials its debt EBITDA is 12x. What is ‘Secure’ about a 12x debt / EBITDA loan?

[Research @PFoSF2]

@realsteveeisman You need to expose the fallacy of private credit discloses, metrics, etc. As much as private credit is being discussed, this topic has not been well covered #seniorsecuredBS

[Research @PFoSF2]

@JackFarley96 Citing LTV on a private credit loan is a farce. There are no hard assets backing these loans. The ‘V’ in this instance is a made up number from a very conflicted sponsor. Show me any public company that uses this metric - NONE. They use real ratios: debt / equity or debt/ EBITDA

[Research @PFoSF2]

@CliffordAsness Private equity doesn’t diversity your risk, it diversifies accounting standards

[Research @PFoSF2]

@NickNemo17 Another one: loans with ‘bad PIK’ are still on accrual. In other words lenders are still representing they will get paid in full on a loan that can’t even come up with cash just for interest payments

[Research @PFoSF2]

@FreightAlley Private credit ie ‘relatively’ liquid. Just wait until the redemptions hit private equity where the marks are total dream land

[Research @PFoSF2]

@InvestingVisual @JrAbbate You left out $mile metromile. One of the worst

[Research @PFoSF2]

@theallinpod Never forget - @chamath compared his $Mile to Buffets Geico. $mile went down 90% and was on verge of BK before a mercy take Private. Complete joke

[Research @PFoSF2]

@litcapital I only open my brokerage statement once every 10 years and it never goes down either

[eric sondheimer @latsondheimer]

High school recruiting is illegal last time I looked.

[Research @PFoSF2]

@MaxPreps 17 transfers. Is it the coaching or the cheating (aided by CIF)

[Research @PFoSF2]

@ICuRaRook @FSOceanClub In Europe VAT is already bundled into the menu price, this receipts adds in addition