Stephen Dodson

Portfolio Manager @BrettonFund | Investing, longform, fun facts

[Stephen Dodson @stephendodson]

@ArmandDoma https://t.co/rNoYkFyz37

[Stephen Dodson @stephendodson]

@dieworkwear They had 159 regular stores in 2005 (and 41 factory stores). By the end of 2015, they had 287 retail stores (plus 161 factory).

The expanded footprint certainly hurt, but the debt from the TPG buyout and the drop in J. Crew brand sales were probably bigger factors.

[Stephen Dodson @stephendodson]

@InnocenceCapit1 @QuisitiveInvest The $25 bn markdown can't be just long-dated securities. They only have $32 total. So maybe the $25 bn is what the markdown would have to be on the loan and HTM book if a buyer bought the bank. Or the $25 bn could be referring to some other type of capital need?

[Stephen Dodson @stephendodson]

@Hoffrocket This is great. Thanks for sharing. For instances where uninsured depositors weren’t immediately made whole, I haven’t been able to find any info on the ultimate resolution (other than IndyMac in 08). Have you?

[Stephen Dodson @stephendodson]

@StevenTDennis An FDIC takeover might not have been imminent, but they absolutely needed to raise a lot of capital. They have been insolvent on a mark-to-market basis for a while and were seeing large deposit outflows.

[Stephen Dodson @stephendodson]

@AnnieLowrey By mid/late last year, they had too much invested in LT bonds, especially in HTM. Repositioning the portfolio at that point would have led to large losses and likely insolvency on a GAAP basis. Maybe they could have done it early last year, but not not much later.

[Stephen Dodson @stephendodson]

@AnnieLowrey I think the simplest answer is that sudden high rates and large deposit outflows were both considered not super likely. Happening together might have been considered very low probability, the assumption being a tech downturn would happen alongside low rates.

[Stephen Dodson @stephendodson]

@DiMentor And you never know who you’re going to run into…

[Stephen Dodson @stephendodson]

@InnocenceCapit1 This is the best piece I've seen about Bronny. He's a real top prospect and good enough to be an McD All American, but sounds like it's a real stretch for him to be an NBA contributor anytime soon, which is when LBJ would want to play w/ him. https://t.co/rHpfbLWZy7

[Stephen Dodson @stephendodson]

@DiMentor I think it’s great, but I’ve noticed a very high error rate. It told me George Washington was married twice! The tricky thing was that it sounded so convincing it had me questioning myself.

[Meredith W. Dodson @MeredithWDodson]

Merry Christmas from our family to yours! May you have a blessed and joyous holiday season.⭐️

[Stephen Dodson @stephendodson]

@thecliffbar This won’t do it, but it’ll get you in that direction https://t.co/YZ7B1RPN7i

[I'm @Ketanjoshi.co on Bluesky @KetanJ0]

Here's the most awkward custom search function I've ever created: everyone you follow, who's also paid Elon $8 for a dodgy tick

The Search Of Shame

https://t.co/T4vGwtpjgh

[Stephen Dodson @stephendodson]

@ArmandDoma

[Stephen Dodson @stephendodson]

@boltron apres moi... le deluge

[Stephen Dodson @stephendodson]

@GuyMarzorati Absolutely, strong game 6 vs OKC vibes tonight

[Stephen Dodson @stephendodson]

@SFjkdineen Collected Stories?

[Stephen Dodson @stephendodson]

@HilaryShirazi Ha! I did the same almost 15 years ago and am still with GEICO.

[Stephen Dodson @stephendodson]

@Sharkyl 💯/💯

[Stephen Dodson @stephendodson]

@MattHaneySF @SFGiants