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…

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 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 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…

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…

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 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…