Random Walk at Night: Sea Changes in capital markets

Running a Howard Marks metaphor to ground

Random Walk at Night reprises some thoughts on the private lending bonanza (and takes a brief gander at VC), with Howard Marks at the helm.

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