Профиль

Duration is a hell of a drug

Long bonds are twitchy and you get fun headline px moves from smaller spread changes

Yes!

Nobody is eating anything. SPCX came when market was much hotter and the META SPV bonds came when AI was in total meltdown. You can’t directly compare pricing at two distinct points in time SPCX debt came well within the range I expected when it priced

No, they didn’t. They priced slightly wide to the index, very normal pricing. And I think you misunderstood my point about bondsplaining, I’m literally the subject matter expert

And now they trade at 7.5 while the TXEDCI bonds trade inside of 7. I’m really the wrong person to try and bondsplain

You’re comparing SPV debt due in 2048 to regular way corporate debt due in 2031… And the TXEDCI bonds came absurdly wide (priced during SA blow-up) which is why they are already up 5pts

On 5yr IG paper that’s like 1% LTV? Homie there’s no conspiracy, that shit priced in market

It’s the GPU financings. I looked at them when they were marketed

It wasn’t. The related party footnote is talking about unrelated GPU financings

No, that’s SPV GPU debt and has nothing to do with the bonds

No

Forgive me, Father

More evidence that Stancil is a fat cat

It’s justification for massacring a music festival on 10/7

2011 Honda Fit, real fat cat shit

Stancil driving an infinity mileage Honda Fit makes this whole narrative even funnier

Narrative violations, can’t address them

Seems like good runway to find something else

Oh hell yes

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