Clippings 10 ~ Reflexivity

The wheels keep spinning in alternatives, credit, equities, spending, and even content creation.

~ The push for alternatives in retail is generating large paydays in the advisory channel (Financial Times).

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~ The credit cycle. (Verdad, as found in “Reflexivity in Credit Markets,” Robin Greenwood, et al., Harvard Business School.)

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~ Will the divergence continue? (John Authers, Bloomberg.)

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~ Berkshire Hathaway keeps selling stocks . . .

. . . and the cash pile gets bigger and bigger (both images from “Greg Abel leaves unanswered questions about Berkshire’s war chest,” Financial Times).

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~ The scale and mix of KKR, via Alt Goes Mainstream.

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~ Arctos: “New Fund? Get Ready for a Three-Year Slog” (North American and European buyout funds).

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~ Treasury exposures by hedge funds (Reuters, via Debt Serious).

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~ Recent deterioration in the U.S. savings rate (Spencer Jakab, Bloomberg).

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~ Can AI use conference call text to generate better returns? (From “Large Language Models for Asset Pricing: Learning from Earnings Calls, Yizhong Zhang and Guofu Zhou, via Quantitativo.)

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~ “Thought leadership,” from Tom Fishburne, Marketoonist.

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Interested in private equity? This is a must read.

Also on the main site, the most recent Fortnightly of investment ideas.