Kaia Parv

CIO, CFA, nearly 20 years inside investment banking + hedge funds. Institutional finance, the version they don't publish.

Finance, undiluted.

[Kaia Parv @kaiaparv]

A must read to understand how market infrastructure works #RobinHood

[Kaia Parv @kaiaparv]

The market pays Salesforce a growth multiple built for software. Part of the per share growth under that multiple was produced in March by the treasury desk, not by the product.

[Kaia Parv @kaiaparv]

In March, Salesforce sold $25B of senior notes — eight tranches out to 2066, coupons up to 6.7% — and put the proceeds into a $25B accelerated buyback. It's half of a $50B program, and the largest debt deal in the company's history. Raised to retire stock.

[Kaia Parv @kaiaparv]

That's the part to sit with. A business generating billions in free cash flow chose to fund $25B of buybacks with debt rather than cash. That pulls the per share benefit forward, at coupons up to 6.7%.

[Kaia Parv @kaiaparv]

Which other private positions distort both a public earnings aggregate and a Fed inflation series simultaneously?

OpenAI / Microsoft runs the opposite direction — equity method accounting, MSFT carrying $3.1B of OpenAI losses in Q1 (+490% YoY), -$0.41 EPS.

[Kaia Parv @kaiaparv]

Q1 2026 S&P 500 operating EPS growth printed +27% YoY.

Strip Amazon and Alphabet's Q1 Anthropic MtM gains and the underlying rate is closer to +17%.

Roughly 10 points of the print is one private funding round running through fair value accounting. #AIcapex #anthropic

[Kaia Parv @kaiaparv]

Same AI capex cycle distorting two prints in opposite directions of consensus.

Bull case reads EPS without stripping the Anthropic marks.
Bear case reads core PCE without stripping the software + accessories line the Fed has already flagged as possibly mismeasured.

[Kaia Parv @kaiaparv]

Fitch has US private credit defaults at 6%. Record. I gated a fund in 2019 — Argentina, peso vs USD, NAV suspended. By the time a quarterly mark drops 25%, the book is already worse than the official NAV. Discretion + lag. Whatever they disclose, it's probably worse.

[Kaia Parv @kaiaparv]

My favorite typo is misspelling my own name like a moron 🥴

[Kaia Parv @kaiaparv]

A bit rich coming from a company that has been sued at least 5 times on different copyright issues.

[Kaia Parv @kaiaparv]

@leadlagreport there's always room for growth!

[Kaia Parv @kaiaparv]

I recently started working with a web3 company. I am amazed by the energy and the creativeness of the people I've met since. I don't think I want to work in traditional finance anymore.

[Kaia Parv @kaiaparv]

@AshleaSimonBF Yes it does based on recent history. Let’s look at the color of an average person during the British empire when the Crown thought it would be okay to colonize the world 🤷🏼‍♀️

[Kaia Parv @kaiaparv]

@_Just__Ice_ @runews Then again anyone can guy those docs in Russia knowing how corrupt the country is.