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19.10.26 - 16:00
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Hedge Fund CIO: "By The Time These Things Are Glaringly Obvious, It′s Too Late, Checkmate" (ZeroHedge)
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Hedge Fund CIO: "By The Time These Things Are Glaringly Obvious, It's Too Late, Checkmate"
By Eric Peters, CIO of One River Asset Management
Colosseums
“Classic late cycle,” said Sparks. “Beginning of the end, that's what's unfolding,” said the investor, entrepreneur, iconoclast. “At the end, everything converges to financial flows.” In every huge cycle, the last stage is Ponzi-like. “Who's going to buy the last CDO? Who's going to buy the last CDO-squared? How do those securities even work? That's what happens in these cycles. The last securities to be issued are the most complex and hardest to understand. They're the riskiest,” he said. “The cost of capital starts going up. This is how it always ends.”
“You saw the Aussie data center IPO [here] that failed this week, right?” asked Sparks. “It's their neocloud equivalent, like CoreWeave, it's the type of sign we saw when the Bear Stearns hedge funds failed.” Summer of 2007. “Some of the margina...
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12.10.26 - 05:27
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3 Cents On The Dollar: Hedge Funds Gorge On LA Fire Claims As Sacramento′s Crackdown Goes Up In Smoke (ZeroHedge)
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3 Cents On The Dollar: Hedge Funds Gorge On LA Fire Claims As Sacramento's Crackdown Goes Up In Smoke
Nearly two years after the Eaton and Palisades fires torched an estimated $40 billion in insured property, nobody has figured out who ultimately pays. Wall Street has decided that's the perfect time to buy.
Hedge funds are stepping up purchases of subrogation claims tied to the January 2025 Los Angeles fires now that the political push to curb the trade has stalled, Bloomberg reports. Prices range from as little as 3 cents on the dollar to around 60 cents.
Bradley Max of broker Cherokee Acquisition, who last year described a "chill" in the market, says the mood has flipped: "There's plenty of appetite for buyers and sellers." Per Cherokee, Eaton claims are trading at 55-60 cents while Palisades claims fetch just 3-5 cents. The firm recently bought roughly $100 million of Palisades-related claims for under a dime on the dollar. Funds are targeting returns in the low-to-...
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