Stu Cameron

My non-burner account. I’m an investment professional working with the largest institutional investors helping to tackle the most difficult issues they face.

[Stu Cameron @SuitStu]

@Rchammond23 @kshaughnessy2 @ericjackson Yeah, wait til they see two public equity strats at .97!

Doesn’t sell clicks though…

[Stu Cameron @SuitStu]

@LeylaKuni Right - IMO its as much a vehicle liquidity issue than true credit/solvency, (why I avoid retail commingled Evergreen for ALM), but also, PC - should be *known to be illiquid*. BDCs abbrv:
1) mgrs I know 2) high % 1st lien 3) lower SAAS 4) discount margin of safety 5) low levg

[Stu Cameron @SuitStu]

@kieranwgoodwin @dampedspring What proportion of the natural buyer base of each of these vehicles is able to implement the “arb” you’re referencing? I would suggest the segmentation of investors makes the 1:1 swap less obvious. But still agree with outflows at par NAV on private BDCs.

[Stu Cameron @SuitStu]

@macroislander @kieranwgoodwin Good distinction. It’s amusing to me (as someone working with LPs you mentioned) that the headlines about *private* credit are about how there’s the an increasing liquidity crisis. That’s why it’s [supposed to be] private! Small cyclicality here but most loans really are fine.

[Stu Cameron @SuitStu]

@pvtcreditguy Not a big X poaster but commit about $500m/yr to PC across substrats. Work for major consultant. Shoot me your email in a DM if profile sounds interesting. Would have to keep it personal views rather than represent firm obviously.

[Stu Cameron @SuitStu]

@MondoSully @WallStreetApes You’re off by a factor of 10. 100k kids, 1 in 40. That’s 2.5% of population. The population has 5% kids under 5. Lots of fraud out there but this is utterly plausible.

[Stu Cameron @SuitStu]

@leftsidehist @WallStreetApes @Biotransgurl This! Lots of fraud out there, which should be addressed, but in that radius it’s like ~3m people. With 5% of the pop from 0-5 that’s 150k kids. Assume half go to daycare (conservative in a city w/ a high proportion of dual income), that’s still ~20 kids/ center. Not outrageous.

[Stu Cameron @SuitStu]

@Picodegallows @WallStreetApes Went a long way down to find this! Lots of fraud out there but in that radius it’s like ~3m people. With 5% of the pop from 0-5 that’s 150k kids. Assume half go to daycare (conservative in a city w/ a high proportion of dual income), that’s still ~20 kids/ center. Not outrageous.

[Stu Cameron @SuitStu]

@Parksnet20 @GratefulCigars @Cernovich Don’t ask smart questions on the is platform!

[Stu Cameron @SuitStu]

@StatisticUrban Made this move two months ago! DC metro building a lot more in last 20 years has opened up a pretty big gap in comparable housing costs whereas i believe they’d been quite comparable for a long time. Also, intangible but I think DC is a bit more “fun” than Boston as a whole.

[Stu Cameron @SuitStu]

@NewsLambert @FastCompany Numbers of actual qualified applicable applicants likely to be well below the headline figure, driven even lower by the process of getting it through Congress.

[Stu Cameron @SuitStu]

@mikesimonsen Some aren’t getting the question you’re asking…but 20-25% feels fine…at 50 you still have time to save and build equity from there but will have probably started to hit solid home equity (50% HE to TV) so 1m wealth with a $500k home and 250k equity feels reasonable as a ratio.

[Stu Cameron @SuitStu]

@YIMBYLAND The criteria is weird but you can kind of get it in a narrow sense. But under that, how would Philadelphia not make the list - all tourist stuff is in like a 5x5 block radius!

[Stu Cameron @SuitStu]

@aarongraves @MostlyMonkey Agree there’s some fat, but no you def can’t go less than 4k for a 2BR in Manhattan unless a literal slum. That 6k is getting him a walk up with ~1100 sq ft in a C+ neighborhood. If you’re married
w/ a kid out of a top 3 MBA, that’s going to feel like a huge sacrifice already.

[Stu Cameron @SuitStu]

@NewsLambert Lance, have you projected how the wtd avg rate outstanding climbs if no change in rates over the next few years? Presumably in addition to continued DDD related sales pressure, there’s a natural cohort of potential sellers from regular payoff & seasoning as time passes?

[Stu Cameron @SuitStu]

@MicheleGumm @BabaFooka_ @POTUS Gross

[Stu Cameron @SuitStu]

@Noahpinion Leaving aside policy influence from YIMBYs which IS making a difference, isn’t there likely to be a structural tailwind in multi vs SFH just due to the reality of needing to densify over time in proximity to quality jobs? I.E. can’t build increasingly ex-urban forever

[Stu Cameron @SuitStu]

@conorsen @tracyalloway Less competition on the higher end of the return spectrum - someone wanting to grow pool or dig out of deficit still wants/needs that, but I think it’s more the mid single digit infra, real estate, and into the lower vol absolute return stuff. That now has a direct competitor.

[Stu Cameron @SuitStu]

@texasrunnerDFW @AyeshaTariq Agree with overall point, but to say that the two 3-handles were only “remotely correct” is a bit of an undersell for being 1.5% off, no?