Commentary

Third Quarter Report (Last of a Series)

As the year has progressed, there’s been a growing bifurcation between the level of activity from middle market pure loan buyers and that of larger credit managers. Funds with less capacity have limited origination capability. They typically get product from loan syndicators, only able to hold tickets in the $10-40 million range. By contrast, a

Third Quarter Report (Second of a Series)

For two weeks in a row we’ve been blessed with memorable quotes from top market observers. We wrote in our last column about Fed chair Powell’s comment that the current cycle could go on “indefinitely.” This week’s nugget comes from our long-time friend, Steve Miller, the chief executive of Fulcrum Financial. “You can’t fight the

Third Quarter Report (First of a Series)

William McChesney Martin, the chairman of the Federal Reserve under five presidents from Truman to Nixon, famously said the Fed’s job was to remove the punch bowl just as the party was warming up. Seems like the current occupant of that job expects the bar to be open all night. As our Quote of the

Leveragin’ Loans

So much that was disturbing about the news last week. Social media was abuzz with opinions flying on both sides. Twitter was filled with long-submerged memories of crazy times hanging out at…everyone’s favorite orange-and-red java shops. We’re referring, of course, to the decision by Dunkin’ Donuts to drop “Donuts” from the brand name. In today’s

Big Game

Right on cue, with the tenth anniversary of Lehman’s collapse only now in our rear view mirrors, a mega-leveraged cross-border buyout “reminiscent” of 2007 hit the credit markets. At $17 billion, Blackstone’s purchase of a 55% share of Refinitiv, Thomson Reuters’ Risk and Markets business, represented one of the largest bank and bond deals since

#Yield Signs

Deep inside a cave some 200 miles east of Cape Town, South Africa, archeologists uncovered ancient markings that represent the earliest evidence of human drawing. The hashtag precurser – six parallel lines criss-crossed by three diagonals – was etched by a prehistoric artist over 73,000 years ago with a red ochre crayon on a small

Ten Years On – A Reflection

“With Lehman filing for bankruptcy, Merrill falling into the arms of B of A, and AIG scrambling to announce a restructuring plan, investors had their hands full to start this week. The Dow dropped 500 points as the Fed refused any Bear-type rescues. Now it may be morale hazard.” – On The Left, September 15, 2008.

Food for Thought

News reached us on North Carolina’s Outer Banks of an unusual find in an Egyptian tomb. Archeologists discovered a “mysterious white substance” in pots from the burial site of Ptahmes, a 13th century B.C. official. Chemical analysis proved it was cheese. Past Egyptologists have made similar findings. In 1942 one team reported something dating back

Summer School

For those of us with liberal arts degrees, the topic can be a sensitive one. We’re talking about those published surveys showing the best-and-worst paying college majors. Inevitably, engineers rule, and this year is no exception. According to a chart courtesy our friends at the Daily Shot [link], six of the top ten best paying

Fish in a Barrel

The San Antonio Aquarium was the site last week of an unusual heist. A horn shark was swiped from a petting pool by two men and a woman posing as employees of a marine salt supplier. They made off with the foot-and-a half long fish in a baby stroller. Police recovered the shark, named Miss