Carte Blanche

Grant yourself Carte Blanche to chart your own path. Advice from 10+ years (and going) on Wall Street. Subscribe here:

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@MrFamilyOffice Everything is wrong. In different ways, big and small, but it’s all wrong in some way. Liberating when you realize that.

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@ContrarianCurse KYC teams are all mostly offshore and barely functional.

Abismal processes.

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@Maga4liberty There is no way Chinese labor is less skilled than Mexican. Would think pretty obvious to anyone.

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@Financier25 @HighyieldHarry They will do the same thing or worse in PE.

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@lindsaystamp3 Can you provide a bit more color on this?

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@signulll We are so far away from post scarcity that it’s too abstract to even fathom, imho.

Think ppl underestimate how long and how much societal suffering it will still take to get to true post scarcity.

Just on energy, we are so far…

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@BoringBiz_ Yup. It still doesn’t trade though. Liquidity still will lag public markets. But it will help.

Plus gets them access to biggest pool of capital to charge fees off of — retail..

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@El_Shaarawyl @BoringBiz_ Research typically has access to management so they can build projections in a more informed way.

Plus private companies can financials public if they choose to do so. It’s mandatory as a public company but it’s not forbidden for privates, they can do so if they want.

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@ArbitrageAndy1 Held it through thick and thin.
Thanks!!

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@LeylaKuni Great summary. I’d add that it’s all driven by trying to get to the biggest pot of AUM in existence - retail.

Contrary to popular belief, most money that is in the hands of individuals.

Blackstone managed to get a piece with BREIT but there is so much more out there…

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@CJHandmer You can’t just take a company private because you are the CEO. Everything else you can pretty much do, but not that.

Also, take private and then give out equity? Very very few companies have equity that is worth owning in private versus public markets.

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@the_P_God As more of a passive observer now that I’m an older millennial, married, with kids, living in the city for a decade plus —

There are groups of men, women, and mixed groups.

Young ppl are out there having a great time in the city. All is well.

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@Restructuring__ Probably testing reactions rather than output.

No full time will spend any time reviewing these in detail.

Probably look at output, if not wildly off, good enough. Next.

Or they may not get reviewed at all. Just seeing who keeps their composure and turns something in.

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@LeylaKuni What you are missing is that the government doesn’t pay the yields at which treasuries trade.

It pays what they were issued at.

The real issue is where does the demand come from for lower rate bonds.

Well debt monetization, of course.

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@Geiger_Capital It would, but would it really, really, matter either way?

We can’t sustain these levels of debt servicing nor these levels of deficits.

Both of these result in that debt monetization will need to occur.

That is the ultimately existential issue.

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@joserosado Content is distribution. Outcomes are sales.

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@the_P_God Part of the reason for these seemingly absurd entries into IB is probably that there was a much lower number of candidates for probably at least as many seats.

Information wasn’t as widely available. Knowing IB existed was like half the battle to getting in.

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@ArbitrageAndy1 Neither.

If someone is cashing a MASSIVE profit and dropping it into hard assets...that might not be the worst idea ever.

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@austin_rief Executives don't always say, rarely actually, what they really think.

They say what they think they need to say.

In this case, she may think saying there is such bias would cause an avalanche of people unearthing potentially biased articles.