John Cox

CEO & Founder of Cox Capital Partners (@coxcapitalptnrs) | Liquidity Provider | Rec. Poker Player | Tweets are not investment advice

[John Cox @JohnCoxCap]

This song slaps. Despite me not being a LOTR guy and an anonymous account reposting it.

[Palmer Luckey @PalmerLuckey]

One funk to bring them all, and in the disco bind them.

[John Cox @JohnCoxCap]

@YourAnonOne There’s definitely an interval fund w hantavirus in there somewhere…

[John Cox @JohnCoxCap]

@LeylaKuni

[John Cox @JohnCoxCap]

@LeylaKuni Nice, so it’s not just me

[John Cox @JohnCoxCap]

@LeylaKuni Not to beat the point to death but HNW stayed in bc their firms told them to stay in and their firms told them to stay in bc they’ll lose the servicing fees if investors redeem. Huge conflict of interest.

[John Cox @JohnCoxCap]

Hard to say, there are a lot of factors. Class S converts to Class I once the trail fee is maxed out so there are a few ways to get there.

The fact that there is a consistent difference in Class S/Class I redemption behavior across all multi share class products I’ve checked is telling though.

Also 10% of accounts redeeming 22% of the fund doesn’t sound like it’s the small accounts…😬

[John Cox @JohnCoxCap]

@CliffordAsness Cool now we can get to part where Asness, Luckey, and Cox start a law firm

[John Cox @JohnCoxCap]

@NickNemo17 “I have a NT fund kink”
“What?”
“You’re gonna get screwed and cry…and you can’t leave”

[John Cox @JohnCoxCap]

Anyone looking for illiquid, opaque, cross-border credit risk packaged for retail, I have the fund for you.

Only 88% PIK. No distributions or redemptions.

Backed by chocolate and bankruptcy claims.

TRILINC Global Impact Fund should be a bonding moment for the industry.

[John Cox @JohnCoxCap]

I genuinely enjoy working with advisors and helping solve complex client problems.

But there’s a remarkable correlation between unpleasant interactions and multiple BrokerCheck disclosures.

Today’s highlight: “conduct including alteration of client documents.”

[John Cox @JohnCoxCap]

@kkmaway Mentor once told me “making money isn’t hard, raising money is hard” he was correct. Hard and expensive.

[John Cox @JohnCoxCap]

Throwback Thursday.

[zerohedge @zerohedge]

A Perfect Storm: Wall Street Launches Private Credit CDS Ahead Of The Next Crisis, And Now The Fed And Treasury Are Getting Involved https://t.co/bdDciS1yq6

[Mohamed A. El-Erian @elerianm]

Bloomberg on the Fed responding to private credit news:
"The Federal Reserve is asking major US banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry, according to people with knowledge of the matter.
The queries by Fed examiners are intended to assess the level of stress in the private credit industry and the potential for it to spill over to the wider financial system, said the people, requesting anonymity to discuss the work."
#economy #markets #privatecredit

[John Cox @JohnCoxCap]

Apparently, the plan is to match new buyers with sellers… assuming sellers exceed redemption limits…. So the inflows match the outflows and never hit the fund, etc

Very on brand for NT-alts to assume there will always be a buyer. But to be fair, historically they’re not wrong.

[John Cox @JohnCoxCap]

Just got the hard sell on “netting flow” technology. (Platforms that net inflows against outflows when non-traded funds are in proration.

1. Optically, sales pitch needs work, sounds like a Ponzi scheme (although it is not)

2. There’s no tech required for this. $BCRED just spun up a feeder and did this

#innovation

[John Cox @JohnCoxCap]

@ChrisTayeh @LeylaKuni @AdviserCounsel @investing_law Yes this is 100% the guidance managers must follow. You cannot leave a position at cost once a new NAV is published because early investors aren’t being compensated for their risk.

[John Cox @JohnCoxCap]

@SpecialSitsNews

[John Cox @JohnCoxCap]

@JulianKlymochko