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
February 2026 - The Safest Part of Your Portfolio Has Been Anything But
February 2026 - The Safest Part of Your Portfolio Has Been Anything But
Dear Investors and Friends, Market narratives change quickly. Gold has moved higher. Bitcoin has been hammered. Technology and software stocks, which until recently appeared to mov…
February 12, 2026
January 2026 - The 2026 Base Case, and Why We Don’t Rely on It
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January 2026 - The 2026 Base Case, and Why We Don’t Rely on It
Dear Investors and Friends, Each January, markets are flooded with forecasts. Growth, inflation, interest rates, stocks, bonds, all wrapped into neatly packaged “base cases.” This …
January 05, 2026