February 2026 - The Owl in the Coalmine
February 24, 2026
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Liquidity, Leverage, and the Structure of BDCs Executive Summary Business Development Corporations (BDCs) provide retail access to private credit. They lend to middle market companies and distribute most of the income they generate, often producing yields above traditional bonds. Leve …
February 2026 - The Safest Part of Your Portfolio Has Been Anything But
February 12, 2026
Dear Investors and Friends, Market narratives change quickly. Gold has moved higher. Bitcoin has been hammered. Technology and software stocks, which until recently appeared to move in only one direction, have fallen sharply amid growing concerns about competition and disruption from …