Saudi rotating capital is old news, not a bank run. They're hedging geopolitics. Reserves remain decent.
This "petrodollar collapse" narrative is recycled.
@RoKhanna@BernieSanders And you compare stock (net worth,i.e., $) and flow quantities (GDP, i.e., $/yr). Numerically illiteracy is the cognitive failure of our time.
Private investors bought in years ago and have been sitting on this equity for a decade and now they wanna cash out and suddenly retail investors are allowed to participate? Sure participate in holding the bag.
Who really knows what actually went down here. But the knives rarely come out until the money stops flowing. When a fund isn't returning capital, every grievance that got swallowed during the good years has a way of resurfacing as a lawsuit, and public infighting like this is a bad look for everyone involved: the founder, the COO suing him, and the LPs now reading about their fund's sober surfer in Bloomberg.
BREAKING: The founder of Delos Capital was sued for running the PE firm in a 'drunken haze'
Ex-Delos COO Sanjay Sanghoee accused founder Matthew Constantino of sabotaging the firm's $275M Fund II and illegally firing him because he raised concerns about Constantino's alcohol abuse and mistreatment of staff
Constantino almost died of alcohol poisoning during a vacation five years ago, after which he wrote a self-help book
1968: "Switching from paint brushes to a computer, artist Richard Fraenkel has parlayed a new use for the machine… His work, ‘Picture Frame,’... will hang in company with those by painters from Leonardo Da Vinci onward, in a demonstration of how artists express the attitudes of their times in relations to technology."
From Centre Daily Times. Nov 20, 1968.
1969: When turning on the computer involved turning a key, checking oil levels, flicking 10-15 switches, and paging the boys in the generator room.
From BBC’s Tomorrow’s World, Feb 1969.