P.E. Yew…
Last year in Anatomy of a Private Equity Train Smash we made a bold call – that private equity would be the worst asset class of the next 10 years. Today we build on that view with the 2024 year-end data plus new insights on the state pension fund industry from Equable. But it’s not all bad…
Fartcoin Sharted
Two months back, we were at a family wedding, and ran into some uncles, cousins and other assorted relatives that we haven’t seen in a few years. As the resident ‘financial guru’ they came up to us to seek ‘advice.’ Except, this time, they didn’t ask any questions. Instead, they bragged about the 3x levered…
Vests In Distress!!!
It’s said that markets don’t usually crash from equity bros doing really stupid things, but they usually crash from debt bros doing really stupid things. With that in mind, we should probably talk a bit about PE, especially as the charts are starting to break. And the same can be said of large BDCs who…
Boooring…
Turning to the markets, as traders, we recognize that sometimes there’s a whole lot to do, and sometimes the best thing to do is absolutely nothing. In this game, you get no points for fighting boredom. Sometimes, it’s best to just sit and wait it out. We’re in such a world. While we are outright…
When The Window Closes…
We just got off the plane from a VERY long couple of weeks of client meetings plus the Pareto Offshore Conference over in Oslo, so forgive us if make this week a bit shorter than usual. While in the air, we got caught up with a ton of Substack reading, and one that caught our…
Yoga pants and oil…
As the market is focused on ORCL’s *not fake* RPO numbers, we continue to hunt for themes outside of the mainstream. Call us boomers all you want but we like value, with real assets and investing in things that hurt if we drop them on our foot (h/t Gartman). But every time we write about…
The Roaring 20s….
,It feels like every week in KEDM we are mentioning a new crypto treasury stock – this week, its American Bitcoin, last week was Trump & Co. trying to corner CRO. In many ways, these stocks capture some of the market’s greatest hits over the past few years: they pop up at the speed of…
Bye, Bye Lula
It seems like groundhog day at KEDM. Wasn’t that long ago (Q4 2024-Q1 2025) when NVDA was dominating the headlines, and we were leaning into SMH/SOXX as a proxy, all the while hunting EMs. Fast forward 6 months and here we are with NVDA & Co. still propping up the entire market at 14% of…
Big Themes With RooJoo
We want to thank Roderick for joining us on Friday to chat thematics, ED and KEDM. We covered a TON of ground from nic pouches, to US automotive (Issue 237), to Long Vol names. As we typically do, we will get the recording up on the Video section of the website later this week. In…
Ice, Ice Baby
It’s been almost 6 weeks since the Big Beautiful Bill Act passed and most of the tax benefits for American businesses have been well discussed. 100% bonus depreciation on Capex and full tax deductibility of R&D are welcome benefits for US based businesses, but there are many niche provisions that have received far less coverage.…