@ebitdaddy90 He stinks. He’s so far over the hill that it’s a tiny speck in his rearview. So many members of this club (see: Einhorn, Sandler, et al) make this same argument to beg for more time and it’s simply untrue
@kieranwgoodwin So this whole long ass post is to say that sponsors should treat their LPs well and be transparent? And prudent risk management trumps the opposite?
Congrats, you’ve written a Howard Marks memo, now make some money off of this situation or quit posting.
@boazweinstein Has anyone besides the media made any money from this prediction? You acknowledge your own prominence, is it a surprise that yelling “PANIC!” leads people to do so?
@jaminball Sure the uncalled capital could’ve been deployed somewhere else, including QQQ. But IRR doesn’t do justice to the dilution that investors face either.
@jaminball Of course. But from a practical standpoint - lots of investors are keeping a cash reserve for cap calls, diluting their returns. And to the extent that they’re investing uncalled capital in equities, they’re paying a tax cost twice (to fund cap calls, and to reinvest).