AltAssetReview @AltAssetReview

Illiquidity premium sounds attractive. But: If you need liquidity, it further reduces the assets available to provide it, and increases the odds of making a decision you wish you didn't have to make.

0 0 1 11 0

View Details

AltAssetReview @AltAssetReview

a month ago

Data center demand is driving land values in specific regions: 🏙️ Northern Virginia 🏜️ Phoenix 👨‍🌾 parts of Texas Power access > location is becoming the constraint.

0 0 1 11 0

View Details

AltAssetReview @AltAssetReview

a month ago

Many private credit funds now compete on: 1. speed 2. flexibility 3. fewer covenants Not just pricing. That’s often a late-cycle signal.

0 0 0 7 0

View Details

AltAssetReview @AltAssetReview

a month ago

“Floating rate” only shifts the risk. It is still there. From lender → borrower As rates rise, coverage ratios compress. That’s where defaults begin.

0 0 0 3 0

View Details

AltAssetReview @AltAssetReview

2 months ago

Farmland returns historically: ~8–12% annually (long-term US data) But: ~4–6% appreciation ~2–5% yield If appreciation slows, total returns follow.

0 0 0 3 0

View Details

AltAssetReview @AltAssetReview

2 months ago

Typical real estate syndication fees: 👉 1–2% acquisition 👉 1–2% annual asset management 👉 20–30% promote Before returns, a meaningful portion of economics is already allocated.

0 0 0 244 0

View Details

AltAssetReview @AltAssetReview

2 months ago

In venture capital: Top 5–10% of deals drive the majority of returns Which means: If you don’t have access to the best deals, your expected outcome changes materially.

0 0 0 5 0

View Details

AltAssetReview @AltAssetReview

2 months ago

~$1.5–2T of U.S. commercial real estate debt is expected to mature by 2027. Much of it was financed at sub-4% rates. Refinancing math is the story, not occupancy headlines.

0 0 0 2 0

View Details

DAN @danmatern

2 months ago

Der 'Warren Buffett Indikator' hat diese Woche das höchste Level aller Zeiten erreicht. 232 Prozent Market Cap zu GDP! 🧐 Höher als im Dot-Com-Peak 2000, höher als vor der Finanzkrise 2007, höher als in der 'Everything Bubble' 2021. Zum Kontext: Der Buffett Indikator misst den Gesamtwert aller börsennotierten US-Aktien im Verhältnis zum US-BIP. Aktuell liegt er laut Advisor Perspectives bei 232,6 Prozent, laut Current Market Valuation bei 230 Prozent, laut GuruFocus bei 223,5 Prozent. Der historische Mittelwert: ca. 120 Prozent. Die aktuelle Abweichung vom Trend beträgt 2,05 Standardabweichungen nach oben. Zum vierten Mal überhaupt in 60 Jahren. Die Vorgänger-Peaks zur Einordnung. März 2000 im Dot-Com-Hoch: 172,1 Prozent (Wilshire/GDP Methode). Oktober 2007 kurz vor der Finanzkrise: 105,2 Prozent. Februar 2021 im Everything Bubble: wieder 172,1 Prozent. Der heutige Wert liegt 60 Prozentpunkte über dem Dot-Com-Peak. Jede vorige Episode, in der der Indikator auch nur annähernd diese Region erreichte, endete in Drawdowns von mindestens 25 Prozent. h/t @Barchart

2 1 15 1K 2

View Details

AltAssetReview @AltAssetReview

2 months ago

The median private equity deal today uses: ~50–60% debt financing That works well when rates fall. Less so when refinancing happens at +300–500 bps higher.

0 0 0 5 0

View Details

AltAssetReview @AltAssetReview

2 months ago

Default rates in leveraged loans have historically risen: ~10–30% for every +250 bps increase in rates Higher income comes with higher stress. That tradeoff is just starting to show up.

0 0 0 5 0

View Details

AltAssetReview @AltAssetReview

2 months ago

I'd just say "What he did is not right. He is going to get in big trouble!" The fact is, the thief will get in big trouble. Maybe not immediately, or for the candy, but folks like that don't just try it once. He has probably seen the inside of a jail cell and will again soon enough.

1 0 8 2K 0

View Details

AltAssetReview @AltAssetReview

2 months ago

@realEstateTrent "Your pricing is defined by the competition." They can do whatever they want, but competitive forces will dictate how they play their hand. Fee compression is inevitable. That means adopting AI is a must just to preserve margins.

0 0 4 1K 0

View Details

AltAssetReview @AltAssetReview

2 months ago

@SimonDixonTwitt Finance isn’t one coordinated machine. It’s a mix of competing incentives, adversarial institution, and constantly shifting power. The different players might overlap but they don’t move in lockstep. It’s usually less orchestrated than it looks, IMHO.

1 0 2 377 0

View Details

AltAssetReview @AltAssetReview

2 months ago

@rklb_invest It is Space-X vs. the field right now. Blue Origin and China are really the only competitors. Their real goal isn't necessarily to close the gap, it is to become a viable-enough alternative so Space-X doesn't run away with it.