WD 361: Brazil, JetBlue Bankruptcy, Mexican Airlines Merger
Brazil’s Lula victory leaves Nu and Inter’s thesis intact, while JetBlue heads toward bankruptcy and Mexican airlines pursue a merger.
Brazil’s Lula victory leaves Nu and Inter’s thesis intact, while JetBlue heads toward bankruptcy and Mexican airlines pursue a merger.
The asset base is too large and diversified to ever underwrite loan by loan. The thesis is that the private credit apocalypse is exaggerated, $OWL became the poster child given its reliance on the HNW channel, and the market is assigning far too little value to its non-credit assets and durable fee-generating franchise.
@FrenchV33921 Already there with $CRWV and $IREN IS $NBIS worse?
@kingdomcapadv People aren’t convinced $MNRO gets sold
@pansareV ChatGPT estimates it's lagged $VT by 5% since then. https://t.co/X6RvDRFOvf
@sidecarcap This is exactly what I think is happening with $SLM $KSPI and maybe $YB. $KNSL too
@Pembrokestcap But isn’t $OWL reputation, and by extension their ability to raise capital, permanently impaired? Who cares if they own valuable GP stakes and real estate businesses that never tapped the high-net-worth channel? Isn’t the entire franchise structurally compromised?
Shorts that aren't actually that overvalued (a 10+15% grower trading at 30x earnings can be overvalued, but still easily trade to 40-50x). Sizing is very important. Stuff like $CBA, $WDFC, $WMT, $WING have been some of my biggest winners this year with no catalyst.
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