April 2026 - When Correlations Rise
April 2026 - When Correlations Rise
Dear Investors and Friends, March was an interesting month. Geopolitical developments, including rising tensions involving Iran, contributed to a meaningful increase in oil prices.…
April 21, 2026
March 2026 - Liquidity Risk and the Value of Separately Managed Accounts
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March 2026 - Liquidity Risk and the Value of Separately Managed Accounts
Dear Investors and Friends, Investors today are navigating a wide range of risks, including geopolitical tensions, signs of a softening U.S. labor market, and rapid technological d…
March 24, 2026
February 2026 - The Owl in the Coalmine
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February 2026 - The Owl in the Coalmine
Liquidity, Leverage, and the Structure of BDCs Executive Summary Business Development Corporations (BDCs) provide retail access to private credit. They lend to middle market compan…
February 24, 2026