“Lonely at the top: Super Senior tranches offer record carry relative to iTraxx Main”
October 2026 – Credit Market update
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Back to HomeInvestor Letters
Access the latest investor documents and updates. Each file can be downloaded directly as a PDF.
“Everyone has a plan until they get punched in the mouth”
June 2025 – Credit Market update
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"Investing is the only business where when things go on sale, everyone runs out of the store”
April 2025 – Credit Market update
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"Those who cannot remember the past are condemned to repeat it.”
December 2023 – Credit Market update
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"The Market is designed to transfer money from the Active to the Patient.”
September 2023 – Credit Market update
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"Promises are the uniquely human way of ordering the future..."
June 2023 – Credit Market update
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And some things that should not have been forgotten were lost.
March 2023 – Credit Market update
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