Levine Links

Mar 24, 2026 Private Credit Is Not on Sale Money Stuff SpaceX, sports, oil. View enhanced version Private credit The simplest model is that the typical private credit fund is worth, say, 80% of what its managers say it is worth. If you are an

Mar 23, 2026 Elon Did Some Securities Fraud Money Stuff Twitter, UBIFO, Terafab, hours, parties. View enhanced version Elon is securities fraud In April 2022, Elon Musk signed an agreement to buy Twitter Inc. for $54.20 per share in cash, about

Mar 18, 2026 Tokens Are Not Securities Money Stuff Crypto, PE, Musk, Milton, cowbell, SPACE. View enhanced version Programming note: Money Stuff will be off tomorrow and Friday, back on Monday. SEC token taxonomy In the late 2010s and earl

Mar 17, 2026 Anti-Private Equity Is Good Business Money Stuff Anti-PE, tax alpha, pods, DATs. View enhanced version Private equity A possibly good business niche would be “private equity front.” That is: These days, “private equity” has some pretty n

Mar 16, 2026 Make the Predictions Come True Money Stuff SPVs, nuns, tariffs, OBDC II, watches. View enhanced version New prediction market manipulation In theory, a thing that you could do is: Buy some short-dated out-of-the-money call options

Mar 12, 2026 Lever the Predictions Money Stuff Leverage, NAV, death, war, watch/house. View enhanced version Prediction market brokering The way the stock market works is that if a share of stock trades at $50, you can buy it for $50,

Mar 11, 2026 Private Credit Gets Marked Down Money Stuff MTM, call spreads, privilege, random. View enhanced version Private credit marks Let’s say I lend a software company $100 for five years at 8% interest. I give the company $100 in cash, an

Mar 10, 2026 Bill Ackman Wants Your Money Again Money Stuff PSUS, chatbots, binaries, Cluely. View enhanced version May I sell you stock? In 2024, Bill Ackman came to the stock market with a proposition: You could give him $50, and he would invest

Mar 9, 2026 BlackRock Guards the Gates Money Stuff HLEND, anti-ESG, AI/MBB, nihilism. View enhanced version People are worried about HPS liquidity “Private credit” means raising money from long-term locked-up investors and using their mone

Mar 5, 2026 Be Liquid When Others Are Illiquid Money Stuff SREIT, dip, dispersion, bolivianos. View enhanced version The illiquidity premium Money Stuff this week has mostly been about capturing the illiquidity premium. On Tuesday, I argued that p

Mar 4, 2026 People Are Worried About BCRED Liquidity Money Stuff BCRED, WBS, 401(k), Epstein. View enhanced version BCRED Let’s say that you work in private credit and you think that private credit is great. Oh, sure, you’ve seen all the headlines; you

Mar 3, 2026 Everyone Wants a Pension Money Stuff Private credit, war bets, Stake/Drake. View enhanced version People are worried about private credit liquidity The basic situation is that people work for about 40 years, during which they

Mar 2, 2026 War Markets Have Some Bugs Money Stuff 40.11, QQQ, DATs, tone, VCs, Blankfein. View enhanced version Death predictions The US Commodity Futures Trading Commission, which regulates prediction markets, has a rule, Rule 40.11 , th

Feb 26, 2026 The DOGE Doubt Trade Money Stuff DOGE, LME, VC, SAC. View enhanced version Musk skepticism trade One widely known fact about Elon Musk is that he says a lot of stuff that isn’t true. Most famously, he has a long history o

Feb 25, 2026 Kalshi Found Some Insider Traders Money Stuff Hedge funds, OpenAI shorts, M&A, Claude. View enhanced version Kalshi insider trading Last year, on X, Bill Ackman proposed a trade for Eric Adams. Adams was at the time running for re

Feb 24, 2026 AI Can Manage Your Mutual Fund Money Stuff Leases, AI scares, Terra, OBDC II. View enhanced version Mimicking Finance For a while, the way normal people invested in stocks was through actively managed mutual funds. People would poo

Feb 23, 2026 People Are Worried About Blue Owl Liquidity Money Stuff OBDC II, AI pain trades, IEEPA, sleep. View enhanced version Blue Owl In 2018, David Einhorn’s hedge fund, Greenlight Capital, was having a run of disappointing performance. Some investors

Dec 4, 2025 Buy Low, Sell to Yourself ADIC, DEFT, N3XT, DOGE, PDT. View enhanced version Continuation fund If you run a private equity fund, and you buy a company for $2 billion, and you do a good job sprucing it up and you sell it for $3

Dec 3, 2025 Can the Lenders Stick Together? Coops, borrow, puzzles, Wrapped. View enhanced version Cooperation Here is my schematic description of modern “ liability management exercises ”: A company borrows $1,000 in good times from a bunch of

Nov 25, 2025 Take the Crypto Out of the Indexes Money Stuff MSCI, bets, hedges, passwords, Napster, Grok. View in browser Programming note: Money Stuff is off the rest of the week. Happy Thanksgiving! Crypto in indexes For a while, you could sell $