Andy

ok one more

she’s been making wine since 1957, this might be the old lady’s last cuvée

Happy Friday, you guys

Iconic cover

it's insane that my country's current position is that, if we don't like the leader of a sovereign nation, not only do we get to kill them we get to pick their successor

FWIW, US registered funds like non-traded BDCs/REITs/intervals have the ability under ‘40 Act to deliver liquidity in excess of redemption gates but it requires 1) the approval of the fund’s board of directors and 2) sufficient liquidity to deliver the requisite proceeds

*TRUMP WANTS IRAN'S 'UNCONDITIONAL SURRENDER', RULES OUT DEAL

Doesn’t seem like a man looking for an off-ramp, you guys

Trump’s stated goal is regime change, not a limited strike. At this point, there’s no clear political off-ramp and Iran’s proxy militias are dispersed (making them difficult to eliminate in a short period) who are seeking to widen the conflict across the region. They appear to be succeeding

We’ve decided to placate our client state and in so doing created a vacuum alongside the most important shipping channel for EU/China commodity needs. There are no credible exile groups capable of assuming state functions in Iran, nor is there any stabilization plan that I’ve seen

Trump says Iran war projected to last 4 to 5 weeks, could go ‘far longer’ In latest statement, Trump says US was 'very nearly under threat' from Iran, drawing immediacy of attacks into question.

4-5 weeks to this man is basically forever www.aljazeera.com/amp/news/202...

Genuinely think at this point people are ignoring the many indicators of a prolonged military engagement that’s likely with Iran (regional escalation, the entire track record of the 20+ year aftermath of every comparable U.S.-led regime-change operation since 2001).

I feel like over the next few months headline CPI will be spiky because of energy, you've got the increase in memory prices flowing through consumer electronics, real consumption growth might be negative because of the hit from gas prices, and then housing remains stuck.

looks like SMU heading to the CFP first round loss

Hormuz crisis is a wake-up call for complacent gas consumers The world has already reckoned with its dependence on oil but retains other energy vulnerabilities

“…coming out of the winter season, European storage is on average less than 30% full - lower than usual.” giftarticle.ft.com/giftarticle/...

like wtf are we doing here

Israel is not 51st state of the union

How Trump Decided to Go to War

One of the great blunders in American foreign policy across multiple administrations is the fact that we don’t treat Israel like the client state they are www.nytimes.com/2026/03/02/u...

*BLACKSTONE ALLOWS INVESTORS TO PULL 7.9% FROM BCRED FUND

the plan, insofar as there is one, looks to me like 1) kill regime and IRGC leadership, 2) tell the opposition to leroy jenkins, 3) ???, 4) declare victory

a little chilly up here in Wausau but a great weekend for being outside

Heading up north to ski this weekend so here’s the apres lineup, you guys

sweet westie!

Filing the 8-K an hour after cash close, god I hope they’re down another 5% tomorrow

MFIC trading 26% below NAV and heroically decides to mark down their book by…3%

this took an hour to open up, very young

normally no drinks on a school night but exceptions can be made

Happy Wednesday, you guys

Got our tin can phone at home this week and my younger kids are obsessed. We have a little phone book with friends and neighbors numbers. Such a great throwback!

some GPs reducing target returns on new vintage vehicles (I saw HPS dropped to 7-9% net IRR in latest vintage). Retail don’t know and are buying 3- and 5-year performance anyway. I do think return compression has coincided with huge fee compression for GPs, this is priced like a beta product now