Random Walk at Night: Investors are raising money for a lending bonanza

Last liquidity standing is both fun and scary

Random Walk at Night wonders about all the ‘dry powder’ that’s building to be the only powder, and while it makes sense, it also doesn’t, partly because it makes so much sense.

Editor’s Note: everything reads better in your browser or in the app. The footnotes especially, and Random Walk is really leaning into the footnotes. Plus, if you have the app, you can set delivery to “app only” and then my daily barrage will feel less like a barrage. Unfortunately, substack does not yet have a “Weekly Digest” option, but I’m hectoring them aplenty.

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Random Walk at Night