Span Capital

No actionable ideas

[Span Capital @SpanCapital]

@woahhvickyyy @edgeofarete I’m an LP in the CV on this one

[Span Capital @SpanCapital]

@edgeofarete @jeremygiffon Look, they’re selling cents for dollars

[Span Capital @SpanCapital]

Every major asset manager is hiring infrastructure investment professionals and you’re bearish?

[Span Capital @SpanCapital]

I resigned from Athene today. I spent the last three years doing underwriting research at both Athene and Security Benefit. Neither company is acting responsibly. They are racing straight to state receivership and gambling with our life insurance. More thoughts below.

[Span Capital @SpanCapital]

@edgeofarete Mommy and daddy are fighting again

[Span Capital @SpanCapital]

Can’t believe Mark Walter killed Dolly Parton

[Span Capital @SpanCapital]

@TylerHardt Not from institutional capital

[Span Capital @SpanCapital]

@junkbondinvest This can’t be accurate

[Span Capital @SpanCapital]

Cliffwater just announced that $OWL common is on sale for 5% off today!

[Span Capital @SpanCapital]

Is the finance job market just absolutely shit right now or is it me who’s shit

[Span Capital @SpanCapital]

@blue_chip1 Pools and sells ABS loans

[Span Capital @SpanCapital]

So $V just took a fat loss because of Spirit shutdown or have these been securitized away?

[Span Capital @SpanCapital]

@origoinvest Life settlements aren’t illegal (everywhere) but they’re way shittier businesses than it appears. It’s structured to underperform but sold to investors like high yield strategies

[Span Capital @SpanCapital]

@debt_serious Isn’t this exactly what you’d expect?

[Span Capital @SpanCapital]

@origoinvest OWL might not be the best alts manager but they are the most mispriced

[Span Capital @SpanCapital]

$OWL with strong earnings, still proving street narrative is wrong. Those inside PC and Ins know how strong demand is for these products. Fee rebates though

[Span Capital @SpanCapital]

@junkbondinvest It’s a fair categorization, and anyway most of the time there’s not a huge difference between public and private ABF

[Lenora @edgeofarete]

The dominant mental model for the agentic economy is Coasean bargaining at scale, agents serving as tireless negotiators in order to reduce transaction costs to near-zero. Krier (DeepMind), Shahidi et al. (NBER), Rothschild et al. all assume coordination will emerge through prices + property rights executed at computational speed.

New paper argues this gets the problem wrong at the level of substrate. When agents with world models interact, the coordination medium itself becomes endogenous to their behavior. The problem now lies in the reflexive entanglement that exists between competing state-transition projections that no market mechanism can resolve.

I argue that the solution lies in constructing this environment: a world model of the multi-agent system itself.

[Span Capital @SpanCapital]

@kashyap286 @Tintincapital This is a serious misunderstanding of asset managers

[Span Capital @SpanCapital]

@AyyouEm Rated?