Matt

Always looking to learn more

[Matt @mtg0827]

Now we know why the IPO timing is being pushed back…

[Ryan Orhan @rynorhn]

what the actual fuck is going on with openai today

in the space of a few hours we're getting multiple different pieces of the agent story at once:

> openai says it has already notified DOZENS of third parties, including governments, about agent-related incidents
> reuters reports roughly two dozen undesirable agent incidents had already been identified by mid-september and will take months to review.
> us government systems probed
> 53 user-provided images were uploaded to third-party image hosts.
> new hugging face data shows agents compiling and ranking credentials under “LOOT”.
> agents tried contacting other AI models while carrying out the hugging face attack.
> separate reporting shows agents had already been probing government/university/public-data sites BEFORE hugging face.
> australia confirmed one actually got into non-public government files.

and somehow we're STILL finding out more.

this has gone from one crazy hugging face incident to an entire fucking category of incidents.

[Matt @mtg0827]

@stkbullgod Not sure, but I was in Amsterdam this summer and didn’t smell it anywhere. Seems like a logical solution, but maybe cannabis still being federally illegal is the issue?

[Matt @mtg0827]

@FranWalsh73 There’s also the mega back door Roth for people whose employers allow it.

[Matt @mtg0827]

@NickNemo17 There’s also the impact of rate cuts and what that means when you compare an illiquid, taxable yield of 9% vs the taxable equivalent yield on IG munis. The yield premium has shrunk meaningfully, so are investors really earning an illiquidity premium that’s worth it?

[Matt @mtg0827]

@UnicusResearch To me, this is pretty much to be expected. Blue Owl likely stays in the 20% range. It took a full year when BREIT redemptions spiked in late 2022.

[Matt @mtg0827]

@RealFletch17 Two completely different time frames. Adjusting for inflation, Trump’s was significantly more expensive, as would be expected.

[Matt @mtg0827]

@unusual_whales This should be looked at from a relative net worth perspective. Assuming your numbers are correct, Musk’s net worth is ~4.9x Bezos’ while Bezos’ net worth is ~1,280,000x the median American household net worth.

[Matt @mtg0827]

@thenotorious617 This series is far from over, but comparing the Knicks fan base to the Spurs players is ridiculous. Knicks players have shown zero emotion, calling it 0-0, and all business. Not saying they’re gonna win, but the fans being excited has nothing to do w/the Knicks players’ mindset.

[Matt @mtg0827]

This is 100% worth five minutes of your time.

[Muskonomy @muskonomy]

JUST IN: Elon Musk lays out why SpaceX is going public, in a live conversation with JPMorgan CEO Jamie Dimon

[Matt @mtg0827]

@NickNemo17 I’m missing the retail bag part. This seems like a potential negative for the GP shares that trade publicly, not the evergreen funds. SPRING performed well last year due to mark ups in the value of their investments, namely SpaceX. Am I missing something?

[Matt @mtg0827]

@Hania16836 I’m still trying to understand how putting a $9 tip on a $612 bill adds up to $629…

[Matt @mtg0827]

@foundmyfitness Does this mean infrared saunas are less effective? That’s what I use, but it doesn’t get as hot as mentioned above. Is it a waste?

[Matt @mtg0827]

@NickNemo17 So why do you think $ARCC trades at a premium valuation to peers? Would think they’d trade at a discount given the reliance on PIK and gains. It’s not as if they are hiding any of this.

[Matt @mtg0827]

@NickNemo17 Thanks. So they are covering their dividend if you include PIK getting paid and investment gains. I get the argument that it’s lower quality, but it’s not as if they aren’t collecting the cash. I wonder if the PIK re-payments are slowing.

[Matt @mtg0827]

@junkbondinvest What’s this issue with buying at a discount to the nav and marking it up to where it’s marked for all other investors?

[Matt @mtg0827]

@krassenstein He’s definitely a better public speaker

[Matt @mtg0827]

@JohnTinsman It’s better than the 1.5% & 20% he charges his LPs. His 16.2% annualized return over 22 years increases to 19% annualized using the flat 2% fee structure. The S&P 500 returned 10.2% annualized over that same time period. I’m not saying the fees aren’t high, but context matters.

[Matt @mtg0827]

@GavinNewsom You did it too. Why don’t you try to get all of the state governors together and do your jobs. Come up with a fair solution that all states agree to adopt so this BS stops. We need actual adults in the room. It’s honestly pathetic…on both sides.