The 19th century SubStack
06.03.2026 15:59
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The 19th century SubStack
The simplest answer is the unlisted BDCs have approx $250bn (out of a ~$1.8trn market). There's plenty retail in listed BDCs too, but there's always a price and an exit for those...
If you're lucky enough to be in the biggest two of those you've probs agreed to a three or five year lock up!
This is a totally fair point, but at the same time even the various lineages of cub funds haven't been trying to extend growth by going down the affluence scale right?
Man Camp, do do do do do doooo
I said Man Camp, do do do do do dooooo
Don't you wanna come
Work On AI
Don't you wanna come
Work On A. I-I
www.bloomberg.com/news/feature...
The bad news is everyone now knows there is already a queue of unsatisfied investors waiting for next quarter...
BlackRock/HLEND really sending a message here. Paying out just $620m (5%) having had $840m new money in this quarter and having $4.4bn of avail liquidity.
Telling investors: The terms are the terms - and illiquid means just that!
www.sec.gov/Archives/edg...
BBG: BlackRock’s $26 Billion Private Credit Fund Limits Withdrawals
HLEND got requests for 9.3% redemptions, sticking to only 5%, per its terms
Presenting FedLock, A New Way to Measure Fedspeak With LLMs
This project from
@weisenthal.bsky.social
is pretty cool and shows something about what you can do quite quickly with a bit of imagination >>
www.bloomberg.com/news/newslet...
The confidence of people who have no respect for that fact that they might not after all have the first clue what they are doing.
US gas prices rise to highest level of Trump’s time in office
sherwood.news/markets/gas-...
“We have an opportunity as the federal government to come in and establish, I would say, some normalcy,” Burgum said about the plan to provide insurance guarantees. “The US can take on some risk to help make sure that our allies in the world are well supplied, and we’re the only ones that could do that, because we’ve got the financial power and the naval power to make that happen.”
This quote from Doug Burgum, interior minister, about controlling oil prices really raised my eyebrows this morning. Everyone in that admin seems totally convinced of their own invincibility >> www.bloomberg.com/news/article...
Another parody: Allister Heath The Axel Springer agenda is a terrifying glimpse into a woke, totalitarian future
Actually, it’s worse than he first thought.
Parody headline generator: Allister Heath If we surrender to German publisher, we will lose our country forever
Well that hasn’t gone down well.
And in return
www.bloomberg.com/news/article...
The biggest levered meme stock trader out there!
SoftBank is seeking a loan of as much as $40 billion to mostly help finance its investment in US tech giant OpenAI, according to people familiar with the matter www.bloomberg.com/news/article...
Just running round chucking derisory bids at anyone who looks troubled
Corey Lewandowski looks to have been comfortably in the middle of the money flowing through Noem’s controversial $240 million ad campaign. www.bloomberg.com/news/feature...
Boaz Weinstein has decided to become pawn broker to the investor class. Or maybe scrap dealer.
Saba Capital offers steep discount for Starwood real estate shares www.ft.com/content/a4f1...
“The assumption of inevitability has replaced the burden of argument.”
This war is probably way more complex than the US admin has remotely understood. Good discussion of why swift regime collapse in Iran was always unlikely.
www.lrb.co.uk/blog/2026/ma...
Twin poles of European confusion over Trump’s attack on Iran from @opinion.bloomberg.com >>
www.bloomberg.com/opinion/arti...
A bit of light relief. Sometimes juvenile hubris does get a slap. Cc @katie0martin.ft.com
Goldman Sachs Juniors Photo Shoot in Hermes, Tom Ford, Sparks Blame Game
www.bloomberg.com/news/article...
Sick sad boys
bsky.app/profile/rike...
Yeah Levy always thought he could do it on the cheap. He thought wasting millions on Mourinho and Conte without refreshing the squad was the short cut to a trophy and probably a big sale.
Apparently related to this torygraph story about plans to shoplift posh goods from Waitrose as an inequality protest…
www.telegraph.co.uk/news/2026/01....
Again?! FFS.
By a show of hands on Question Time last night somewhere between 3% and 5% of people support Britain’s involvement in this war.
Right on time ffs
bsky.app/profile/chri...
I was never against this diversification and thought it was smart (even if some of the club’s comms to fans on it was completely tone deaf at times). But it was too big a business for Levy to run alone and he/the club did lose track of the football. Should’ve had a more powerful tech director sooner
IDK to be honest. Also I think for a lot of the people in this story it’s about days inside Dubai rather than outside UK.
Zero prem experience was a real red flag but the board were paralysed and then panicked and had no idea who to even call IMO. Tudor’s CV had been just left in Paratici’s desk from six months before! The whole boardroom and executive have no clue what they’re doing.