Embarrassment of Something: IQ, PE, BX

Katie and Matt discuss Wyclef Jean, the backlash against proxy advisers, AI proxy voting, writing proxies for LLMs, things that annoy Jamie Dimon, private equity recruiting, banking loyalty oaths, the long path to private equity, home ownership, housing affordability, brownstones in Hoboken and sto…

Horse Pilates: A Mailbag Episode

Katie and Matt answer listener questions about performative earnings calls, hedge funds as a calling, favorite quotes, proxy advisers, ETF mechanics, sports betting market structure, 10b5-1 plans and the thrill of horse dancing.

Good Game: WBD, Tricolor, TAE

Katie and Matt do not discuss themes for 2026 but do discuss closing certainty in merger agreements, revocable trusts, personal guarantees, doing deals over the holidays, double-pledging, amortization of past-due subprime auto loans, angling for cooperation agreements, Enron as a role model, nuclea…

Best and Final: WBD, IPO, BNPL

Katie and Matt discuss the Warner Bros. bidding war, negotiating against yourself, having your dad buy companies for you, Bleenberg, breakup fees, trillion-dollar IPOs, getting in on the third floor, orbiting data centers, tech capex, rocket explosion securities fraud lawsuits, alternative consumer…

Flying High in Bird Heaven: MSTR, PSUS, ETF

Matt and Katie discuss corporate holiday parties, shareholder meetings, the Strategy narrative arc, Strategy's dollar reserve, an ouroboros of newsletters, digital asset treasury companies in indexes, the brief beautiful life of Katie's bird, Bill Ackman's closed-end fund plans, CEFs vs. ETFs, Howa…

Re-run: Gappy Paleologo

In an episode from July, Katie and Matt talk with Gappy Paleologo of Balyasny Asset Management about gardening leave, what makes a good quant researcher, factor models, the social function of hedge funds, AI and journalists as portfolio managers.

Bat Tat: Labubu, OBDC, Frank

Katie and Matt discuss Batman, Labubu binary options, sneaker manipulation, publicly traded private credit, OBDC, OBDC II, private credit marks, Frank's email list, indemnification and cellulite butter.

Mouth Noises: 50y, ISS, HF

Katie and Matt discuss ASMR, 50-year mortgages, Fannie and Freddie, housing as a positional good, indentured servitude, assumable and/or portable mortgages, Matt’s mortgage rate, optimal exercise of prepayment options, proxy adviser competition, shareholder proposals, good governance, index fund vo…

Fat Wallet: Tariffs, Mergers, Brands

Katie and Matt discuss tariffs, skeptical questions, nondelegation, major questions, reimbursement, the Metsera deal, amylin targeting, Sam Bankman-Fried’s appeal, alleged fraud at First Brands, factoring due diligence, the blockchain and short memories in the credit market.

Kinda Spooky: META, AI, TSLA

Katie and Matt discuss Halloween costumes, AI capital spending, hybrid financing, K-cup JVs, investment grade private credit, the metaverse (?!?), the OpenAI reorganization, OpenAI capital needs and governance, Elon Musk’s pay package, Tesla succession and getting cut off at the JPMorgan office pub.