Mispriced Assets (on Substack)
Region: US
Saturday 20 June 2026 22:59:22 GMT
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** :
Can you do this again but talk to me like a 10 year old? No joke - I understood 50% and now intrigued but lost
2026-06-21 07:05:21
558
cgq36 :
We cannot afford these billionaires
2026-06-22 01:54:51
0
arian :
in other words we’re in a bubble
2026-06-21 19:50:07
95
beyutch :
So this is my takeaway from a lay perspective: I have a fund that invests in rocks from my driveway. Many are saying that these rocks will be worth millions each in the coming years !! Based off that I’m giving my rock collection a valuation of $20 mil. And the fund could really use another $60 mil in financing to purchase more rocks. And it would be great if I could also get a personal loan with my stake in the fund as collateral so I can invest back into it and help get even more rocks !! Am I close ? Cause it sounds like these firms are leveraging billions off peanuts and are then forcing their execs to get in on the fun.
2026-06-22 00:05:54
16
J_263 :
Deal is levered, the fund has a bridge loan for each investment, then there is a NAV loan, the co-invest is levered itself, and the LPs are levered. Its leverage on top of leverage
2026-06-21 01:28:35
572
Willy :
Don’t worry. While the wealth doesn’t trickle down, the losses certainly will.
2026-06-21 01:57:32
838
Andy :
I’ve been seeing a lot of Greenwich homes with ikea furniture we’re getting close
2026-06-21 18:34:31
120
timkim_tk :
As an auditor in the space, the worst thing I see is the underlying investments are not even cash flow positive. Everyone is just praying they can make a sale some time in the future.
2026-06-21 08:04:26
321
Aquila :
That’s terrifying because it means these PE multi- millionaires are broke, and the billionaires are taking all of the wealth
2026-06-21 16:19:14
135
Sasha Guillaume :
this is brilliant... someone, who has more technical knowledge than me, should do a post about how proformas are useless but banks keep leanding money on them
2026-06-21 15:55:44
25
Aristotle505bc :
Sounds very CDO and 2008ish
2026-06-21 20:51:35
31
Bryan O'Rourke :
and the firms are now at over 7 year holds and they are living off the mgmt fees
2026-06-21 04:19:27
76
Twman1113 :
I work for a mid-size alt credit shop. We have a fund that does GP financing and that’s 1-1.5x levered, we have another fund that provides leverage to funds that provide leverage. The amount of hats on top of hats on top of hats is insane.
2026-06-21 18:31:08
31
Colin Stalter :
As someone who does the IP/patent diligence on these deals, it’s fascinating. I have to sit on financing calls and am shocked how many targets are not growing or cash flow positive.
2026-06-21 18:28:03
22
DW :
Great explainer: this is something that many people in the industry do not like to contemplate. But it is a harsh reality in NYC especially.
2026-06-21 13:15:08
3
felixsteiger_ :
The upper middle class to upper class defaulting was a far bigger issue during 08 than ninja loans 🥀
2026-06-21 18:37:01
0
zerodrip_ :
Instant follow
2026-06-22 01:55:06
0
Keke :
I think we’re at the point where risks and rewards are no longer arriving on the same timeline
2026-06-21 14:18:29
22
Wally - Toy Aussie :
This is EXACTLY correct. I’ve never seen anyone describe this as well as you just did.
2026-06-21 11:45:06
32
pab :
Lmk when u start buying default swaps
2026-06-21 05:30:12
43
martvents :
High stakes, hot potato
2026-06-21 12:24:14
28
Nick K :
And PE is trying to sell portfolios and cant. Arent they choked with assets that appear temporarily illiquid due to higher interest rates?
2026-06-22 00:52:33
6
Me :
Isn’t this called “a Texas hedge“?
2026-06-21 02:55:05
101
GoobToob :
guy went to the US Open I see
2026-06-20 23:04:54
76
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