An independent short-only invst. research firm. X is Not Fin Advise. Short: unicusresearch.com/ Macro Credit: contrarianunicus.substack.co…
Ridgefield, CT
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We have some news to share with you.
We are launching a short-biased fund. We are thrilled to announce that @michaeljburry will act as a senior advisor to our fund, Minerva Investment Management LLC.
An abridged note below.
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It has been a journey.
We want to extend our gratitude to this amazing community, many of whom I have gotten to know at a personal and a professional level.
As many know, we launched our private hedge fund this week. We are thrilled to have an excellent team of PMs, analysts, and an experienced advisory member, Dr. B @michaeljburry.
For those who have asked how to reach the fund, please find the website. We will not have an X account for our fund.
minervainvestmentfund.com/
More to come.
Happy to announce that I have taken a role as Senior Advisor to Minerva Investment Management, led by Lakshmi Ganapathi and her global team at @UnicusResearch.
Unicus has built a formidable global reputation with hard-hitting credit analysis. I will enjoy my front row seat as Laks and her team break new ground with their short-biased investment fund.
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OUCHIE
Hudson Bay is parting ways with two executives it hired from BlackRock as the $20 billion firm abandons plans to start a dedicated private credit business. bloomberg.com/news/articles/…
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Just to clarify:
1. A first lien just gives a lender the highest-priority claim on specific collateral.
2. A first-lien debt doesn't guarantee a full repayment or zero risk.
3. Also, AAA does not mean a thing. It might as well be JUNK.
You are welcome.
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@Melody wrote about this for Unicus on Jan 31, 2026.
It was for Confidential Insights members, but today, we are opening it up for basic members.
Link below:
"The 85% decline in value means even the bond’s safest slices, once rated AAA, will get hit. After accounting for ...other claims, Wall Street strategists anticipate a recovery of around 44 cents on the dollar, while holders of seven lower-ranking tranches will be wiped out."
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Watch out for Supply Chain Inflation from AI chips to groceries. The Lag is not priced in.
To understand that, we need to understand how most people financially live everyday in the U.S:
- The United States has approximately 343 million people.
- Of these, roughly 164-216 million Americans (48%-63% of the total population) live paycheck to paycheck.
- Of the Americans who use buy now, pay later, 29% have used it to buy groceries. That is up from 25% a year ago and 14% two years ago.
Now, when you read the below, you all understand how most people live, we are here to say that inflation will remain annoyingly persistent for the rest of FY 2027. Be prepared and mindful with your investment allocation and personal planning.
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$ORCL data center has “hell or high water terms”
$OWL says “all is fine”
Our question: HOW MANY “hell or high water terms” are out there????
“The company made aggressive financial commitments for the facility in contracts that allow it little wiggle room. Now, “Project Jupiter” is mired in challenges over power supply and permitting and is fast becoming a prime example of the risks in the tech giant’s sprawling and expensive artificial-intelligence gambit.”
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🤡
Equities can keep climbing even as rising bond yields raise the bar for earnings growth, according to JPMorgan’s Grace Peters bloomberg.com/news/articles/…
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$ORCL leads the way?
Now, we won’t be surprised if other tech firms slowly do the same. All it takes is one corporation to step up, the rest will follow.
Private credit will hold the bag.
And the whoever holds the PC loan exposure will be impacted.
PC and PEs are cancerous. Once they spread fast, it can not be contained.
The credit market ripple effects for the AI financing are real here. Oracle is citing Force Majeure for permitting delays. Usually that contract clause is reserved for War, natural disasters and acts of God not normal project risk. What does this move say about Oracle’s finances?
Getting spicy now in credit land.
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Bags of chips now contains half air.
So, we’re now paying more for air and sugar water that will give people bloating and other crap?
Nice
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Are you seeing the STAG now?
Strong growth, sticky inflation and a hawkish Fed are a near-perfect storm for higher Treasury yields. bloomberg.com/news/newslette…
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BREAKING: “Oracle cites Force Majeure” Oracle is telling its landlord that the delays at the New Mexico site are not its problem, and it won't absorb the resulting costs.
Guess what: Oracle is shifting the risk onto the Blue Owl-affiliated developer SPV and its lenders.
Private credit infested the economy - the level of infestation is slowly unraveling.
We mentioned this in our $OWL loan book analysis.
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Pot calling the kettle black… is that the appropriate thing to say now?
Apollo Global Management Chief Executive Officer Marc Rowan blasted insurance regulators in Delaware for their handling of Mark Walter’s insurance companies, which are now the subject of a federal probe. bloomberg.com/news/articles/…
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"Better food"?
McDonald’s is earmarking roughly $8.5 billion to help franchisees implement a multiyear plan to serve better food, improve service and make restaurants easier to run. bloomberg.com/news/articles/…
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