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The credit grade you're not allowed to read

1 month ago

The credit grade you're not allowed to read

$481 billion of bonds graded in private letters nobody outside the deal will ever see.

The lender that never asked what you earned

1 month ago

The lender that never asked what you earned

Twenty years of unpriced credit ended on July 1. What's arriving instead has a credit-score floor of 670.

I own gold

1 month ago

I own gold

A few coins in a cupboard. In India, that chain is a credit line, and the whole book just doubled.

My insurance company made a bet I never agreed to

1 month ago

My insurance company made a bet I never agreed to

Taiwan's life insurers hold $700 billion abroad. Under half of it is protected now.

I looked up who owns my vet

1 month ago

I looked up who owns my vet

A family name on the sign, a private credit fund on the loan documents

BBB to CCC+ in twenty-four months

2 months ago

BBB to CCC+ in twenty-four months

A state agency lent its tax exemption to a train, and owes nothing if it fails

You've seen the ad

2 months ago

You've seen the ad

Four years after Congress opened the door, under 1% of the file has moved.

I had $2,000 for the water heater. Plenty don't.

2 months ago

I had $2,000 for the water heater. Plenty don't.

$50,000 today. $76,491 in three years, even after a 30% drop.

30 cents per dollar reserved. Bonds sold anyway.

2 months ago

30 cents per dollar reserved. Bonds sold anyway.

Hilton Grand Vacations holds $3.97 billion in loans it wrote itself. It expects to lose a third.

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Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

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No part of this publication constitutes financial advice.