Peter C. Warren

Ex-soldier and hedge fund manager; now investor, advisor, podcaster and public speaker. «If you think like everyone else, you'll perform like everyone else».

[Peter C. Warren @PeterCWarren]

@business Withdraw from Ukraine and you will be extending the lifespan of 30.000 Russian soldiers per month.

[Peter C. Warren @PeterCWarren]

Good one😂

[Leyla @LeylaKuni]

"I'm a portfolio manager at a $12 billion private credit fund.

I've been managing institutional capital for four years, and I'm proud to say we've never experienced a single default.

Disciplined underwriting. Rigorous covenant protections. Deep relationships with our private equity sponsors.

Also, we don't classify loans as defaulted if borrowers are still making interest payments.

And we're flexible about what constitutes an interest payment.

Let me give you an example. In 2021, we lent $180 million to a private equity-backed software company. Recurring revenue, mission-critical product. Beautiful business.

The sponsor paid 24 times adjusted EBITDA. We provided debt at eight turns.

Some people thought that was aggressive.

But we'd worked with the sponsor before. Very sophisticated people.

In 2023, EBITDA fell 35%. The company couldn't afford its interest payments anymore.

We agreed to let it pay us in kind.

For those unfamiliar with private credit, PIK means we add unpaid interest to the loan balance.

The company saves cash, and we earn more interest. Everybody wins.

Our loan grew to $197 million.

We marked it at 98 cents on the dollar.

The following year, EBITDA fell another 20%.

We provided a $35 million super-senior loan, extended the maturity by three years, and agreed to capitalize more interest.

The sponsor contributed $5 million in equity.

Strong alignment of interests.

Our discounted cash flow model assumed EBITDA would recover and the company would eventually sell for 18 times EBITDA.

We marked the loan at 96.

Conservative, in my opinion.

Last month, the company missed payroll.

We hired a restructuring adviser. $1,200 an hour. He concluded the company was insolvent.

I disagreed with his methodology.

We're now negotiating a debt-for-equity restructuring and considering transferring the loan to our affiliated opportunistic credit fund.

Our original fund can exit the investment. Our opportunistic fund gets exposure to a promising turnaround.

Everybody wins again.

People from traditional banking backgrounds sometimes struggle with private credit. Me? I love it.

Anyway, our fund just reported another quarter of positive returns.

Four years without a default.

I received my annual bonus last Friday. Cash, obviously.
I'm not an idiot."

[Peter C. Warren @PeterCWarren]

@TuittHeure Årsaker opptrer ulikt i ulike scenarioer. Håndtér risiko først og narrativet etterpå.

[Peter C. Warren @PeterCWarren]

Når anvender en unnskyldning, fraskriver man seg ansvar. -Ken Griffin

[WOLF Terminal @WOLF_Terminal]

🚨 CITADEL FOUNDER KEN GRIFFIN ON THE EXCUSE EVERY LOSING TRADER USES:

"Everyone's favorite go-to answer when they're losing money is hedge funds are de-leveraging... I've seen the entire industry de-leverage to zero at least 10,000 times"

Why it's dangerous:

"The reason that people love that answer is it actually washes your hands of accountability... the minute I start to use an excuse, I actually stop learning"

What he asks instead:

"What prices are changing and why? What don't we understand?... What dots have they connected that we don't see?"

His rule:

"That's like option 10 on the list, not option 1" 👀

[Peter C. Warren @PeterCWarren]

Et faktum lett oversett av mediene som feilaktig påpeker hvor mye Norgespris «koster».

[Pål Ringholm @PRingholm]

The future is bright

.. In Sweden

[Bloomberg @business]

Goldman Sachs has irked some of its staff after it banned most of them from using advanced artificial intelligence tools designed for coding after reviewing productivity and risk concerns. Read more here: https://t.co/vkKyggwrGk

📷: Michael Nagle/Bloomberg

[Peter C. Warren @PeterCWarren]

Si hva du vil om kinesiske biler, men holdbarheten er imponerende. (DN)

[Peter C. Warren @PeterCWarren]

Dette er i så fall en regnefeil som vil medføre vesentlig økte nettoinntekter for staten. Verdt å ta med seg for alle indignerte.

[Peter C. Warren @PeterCWarren]

Er du banken som ligger på bunn når det gjelder kundetilfredshet, har du intet å tape.

[H100 @H100Group]

New Swedish rules open share buybacks to companies listed on MTFs such as NGM Nordic SME, where H100 Group is listed.

The law enters into force on 5 December 2026.

CEO @eirikgro : Buybacks are an important tool for listed companies, and I am very pleased that companies on the MTFs will now have access to the same toolbox as those on the main markets."

"For us, buybacks will be one of several capital allocation options, particularly when the stock is trading below NAV.

H100 has taken no decision on any repurchase of own shares. Any buyback would require an authorisation from the general meeting and a resolution by the board, and would be announced in accordance with applicable rules.

[Peter C. Warren @PeterCWarren]

Mens statskanalen @NRKno fortsetter sin historieløse kritikk av Norgespris, kan nordmenn på denne dag være stolte av at de bidrar til at Nord-Europa har lavere priser enn oss. #filantropi

[Pål Ringholm @PRingholm]

Herzliche Grüße aus der Schweiz

Sveits, det nye norske hovedkontoret

[Fritt Ukraina @FrittUkraina]

An Astronaut Saw a Russian Missile Head for Ukraine From Space. Then She Went Where It Landed. See Ukrainean @United24media's article with Norwegian astronaut Jannicke Mikkelsen and Fritt Ukraina's transport number 134
https://t.co/Oz3j95L5H7

[Peter C. Warren @PeterCWarren]

Me too, me too

[Peter C. Warren @PeterCWarren]

Bra for banken, en katastrofe for Bolleland.

[Peter C. Warren @PeterCWarren]

I morgen er strømprisen i Sør-Norge nesten 16 ganger så høy som i vårt naboland. Slike politikere vil staten ha. @nrk

[Peter C. Warren @PeterCWarren]

@sveinfr

[Peter C. Warren @PeterCWarren]

Kall meg gjerne lite pirkete, men å benevne et fond som var ned 2.2% i 2025 for «krisefond» er å gå langt over streken. Spesielt når dette fondet på årsbasis fortsatt har slått alle relevante referanseindekser siden oppstart.

[Peter C. Warren @PeterCWarren]

For bare $1.2 millioner i året skal du nå kunne kjøpe innsideinformasjon av Trump-familien helt åpent og lovlig. #U_cannot_make_this_sh*t_up