Katie and Matt discuss high school quiz bowl, Bill Ackman’s closed-end fund again, the rich history of CEFs trading at a discount, economically attractive places to work, preferred performance fees, private credit vibes, accepting illiquidity for high returns, marking private credit to market, NAV arbitrage, assassination markets, fine print and resistance to innovation.

Reintegration With the Default World
41:28

Re-run: Midnight Madness: Ryan Patch and Jon Seale
40:45

Trying to Save the World Is No Excuse
38:24