media

Investment Theme
David Kirk

I recently wrote about Bailador portfolio company Rezdy, and how the business started as an idea Simon Lenoir had while working in a dive shop in New Caledonia. The story struck a chord with many readers. Successful companies are founded by very different people from very different backgrounds. In this... Show More

Education
Jonathan Rochford

Stock buybacks are better at getting cash to executives than shareholders. Hedge fund Element Capital has delivered net annual returns of 21% since 2005. A British hedge fund has returned $300 million to Saudi Arabia’s sovereign wealth fund. Brookfield is buying Oaktree Capital – is Howard Marks signalling the top... Show More

Jonathan Rochford

The Baltic Dry index is at its lowest levels since 2016 and US inventory levels have spiked. German industrial production has had back to back ugly months. One developer’s Melbourne housing lot settlement default rate is running at 20-25%. US subprime auto arrears are getting ugly but this cycle’s auto... Show More

Patrick Poke

This week’s guest on the podcast is Jeff Cole, Founder and Director of The Center for the Digital Future, and a member of the investment committee for the E&P Global Disruption Fund. His work has been at the core of the media industry over the past three decades. He founded... Show More

Jonathan Rochford

After six weeks of heavy outflows from leveraged loan funds, US loans are having a minor pullback with margins and upfront discounts spiking higher. Global debt has hit $184 trillion. US bond managers track themselves against with an index with a AA+ average rating when they have a BBB average... Show More

Jonathan Rochford

Private equity has added zero alpha over the S&P 500 over the last decade. Top quartile private equity funds have very low persistence in their performance. October was the worst month for hedge funds in 7 years; a wave of redemptions is likely to lie ahead. A prominent venture capital... Show More

Jonathan Rochford

Rising interest rates, higher oil prices and a stronger dollar are a recipe for lower US earnings. Margin pressures are starting to show up in US industrials. 83% of US IPOs in 2018 are unprofitable companies, higher than the level in the tech bubble. US investors are at their lowest... Show More

Jonathan Rochford

Seth Klarman’s 20 lessons from the financial crisis. Jim Grant’s 10 lessons on markets. 15 bullish investment assumptions you should be questioning. It’s time to switch from sexy to boring investments. Howard Marks warns on private debt and the aggressive lending environment. Goldman Sachs’s bull and bear indicator is at... Show More