As many of you know, I am retiring from Dechert LLP but anticipate staying active in our industry in my advisory vehicle, Jackstay Investments, LLC. The firm has graciously given me the domain name CRUNCHEDCREDIT and hence, I will begin to resume publishing
Crunched Credit
Legal Commentary on the Commercial Real Estate Debt Markets, Economics, Politics and More.
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The Fed’s Conundrum: Godzilla vs. King Kong
It’s a good time for disaster movies…Civil War, The Day After Tomorrow, Armageddon and, of course, in the theatres right now, Godzilla vs. King Kong. Fun on the big screen, not so much in real life. Have you seen Godzilla vs. King Kong? A guilty…
How to Play It If Goldilocks Is in the House
I perhaps have a well-earned reputation for an excess of fascination for risks, downside, black swans and other things that prevent the good times from rolling. Lover of Schadenfreude. I hope not, but I do often feel compelled to point…
Could We Bring It All Down?
I’m going to tell you a story. This is the type of thing told around campfires designed to scare naïfs, who know too little, and PhDs who (think) they know too much. I don’t necessarily believe in the story, but…
Trading Is Not a Dirty Word (CRE CLO)
Trading Is Not a Dirty Word and Other Thoughts on a More Manageable CRE CLO
As we begin to reflate the CRE CLO business this year with shrinking spreads and hopefully shrinking SOFR, we need to think of this as…
Live in Hope…Die in Despair! Will Rates Come Down (Far Enough)?
Live in Hope…Die in Despair! Will Interest Rates Come Down (Far Enough) This Year?
I sure hope they will. While I’m a member in good standing of the higher-for-longer club, I would love to be convinced that rates are coming down…a…
The Golden Turkeys: 2.0
Hello, folks. I’m back. From now on, you can follow my musings on that which annoys, amuses and confounds me here in CrunchedEverything. I look forward to continuing to engage with my readership. Please don’t be shy about telling me…
Why Are We So Calm?
This is just a short note, with little actual utility, but it’s about something that’s really bothering me.
Why are we so calm? What has anesthetized us?
I’ve had numerous conversations with market-makers in and around our business and many,…
Winter Is Here: Buy a Snow Shovel
Winter is surely coming. One might hope it will arrive without the sorcery, murder, mayhem and intrigue of that memorable HBO show, but surely it will be freighted by its own quantum of trauma and anxiety. Actually, what am I…
Welcome to the New Normal – Funny Times Revisited
Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the next couple of…