David Tepper says he bought and demolished the Hamptons mansion of his former Goldman Sachs boss, John Corzine, for $43.5 million to get revenge for years of humiliation.
“I worked on the high-yield bond desk in the late ’80s. I was considered one of the best. Then I found out Corzine had passed me over for partnership yet again. I was absolutely devastated and humiliated”
“Then came another rejection. And another. I kept thinking, ‘My God, I just can��t break through. It’s always another “no” from the people at the top”
“In 1992, I left and founded Appaloosa. Within ten years, I had become a billionaire. And he was still there”
“In 2010, I bought his old Hamptons mansion from his ex-wife for $43.5 million. I could have just lived in it. I said, No”
“I tore it down completely and built a house twice the size. That was my way of settling the score for all those years of humiliation”
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This is how to sell a private credit loan "at par" without anyone paying par:
Imagine you're a semi-liquid fund facing redemptions. Your PC loans are marked at 100 annd selling lower would re-rate the portfolio.
So instead, you sell a strip at par to an SPV backed by a secondaries buyer. Let's say $500MM. The headline price shows 100.
But the buyer doesn't wire $500M day 1. They pay $250M now and then $250M in a year. But they collect interest on the full strip from day 1.
Discount the deferred remaining payment and the create px is actually in the low 90s. Everyone else sees par because that's what the seller announced.
Nice and easy.
I think you’re giving bad advice here. The only good advice for someone trying to trade with a five figure account is to tell them to stop, and focus on building a bigger bankroll through their job first.
Why? Even if we assume they are near the top of five figures (say $80,000) and they can make 50% returns per year consistently (incredibly hard) then they would still only be making $40,000 per year.
Anyone who can make 50%/year consistently in trading is smart enough to get a job which allows them to save more than $40,000 per year. And less time spent on trading means more time to focus on their job, which will lead to faster promotions and bigger bonuses and pay rises.
So they should focus their efforts on their job, not on trading, until they’ve built up a more meaningful account. Even better — they should try to get a trading job, so that they can be building their bankroll and learning useful skills for trading at the same time.
This is mentality you need to be a top investment banker
“When the NBA players play on Christmas Day, nobody says your holidays are ruined."
From Matt Levine’s Money Stuff
@MarketAnch0r Maybe consider $sask - atha energy - they are at the beginning of season 3 and have already had 2 very good results out of the gate... other major point is they have a lot of cash
@PraiseKek Are you talking about Australia? In Canada Atha Energy controls 100% of the Angikuni basin (3.1 M acres) which is south of the Thelon basin in Nunavut. This is separate from their 3.8 Million acres in the Athabasca Basin.
@Web3Counsels@DeItaone they're not in athabasca basin. this is in nunavut where they control the entire district. ps they have $63M to
drill. 2024 exploration target at one corridor (they have 3) is 60.8M lbs - 98M lbs. That doesn't include 2025 drilling. The math maths
ATHA ENERGY REPORTS 37M OF TOTAL COMPOSITE URANIUM MINERALIZATION AT RIB NORTH - THE HIGHEST EVER RECORDED - 120M AWAY FROM PREVIOUS RECORD, DEMONSTRATING CONTINUITY