Today’s private credit reminds me of “junk” bonds and private mortgages in the 1980s-1990s. These “innovations” created disasters. Leithner & Company neither owns private credit nor plans to do so. We’ve conducted no due diligence in this space; we therefore know little about the major players, whether in Australia or overseas, and nothing of the contents and quality of … [Read more...] about Today’s private credit – tomorrow’s public liability?
Archives for December 2024
To lift your returns, swap these risks
If you want to commit fewer loss-making errors, you must accept more gain-foregoing ones. I establish and justify this crucial exchange. Investors inevitably make mistakes. That’s because investment unavoidably entails risk and uncertainty. (By “risk” I mean known potential outcomes and estimates of their likelihoods; uncertainty, in contrast, entails outcomes that are … [Read more...] about To lift your returns, swap these risks