Emerging Managers - Socrates and Plato

If Yale were Socrates in the endowment approach world, MIT would be Plato. In Philosophy 101, we learned: Socrates believed in being...

Bubble Puzzle

“In simple terms, bubbles are booms that went bad. Not all booms are bad.” – Proessor Goetzmann GS’s Peter Oppenheimer published a very...

Spacman is Baaaack

It was 2006, a very early day of my career when Fir Tree’s founder, Jeff Tennenbaum, gave us a “lecture” on SPAC. It was still a nascent...

Growth Equity: Not Venture, Not Control

There are many ways to build a $1 trillion company, but one common question which arises in the mind of an entrepreneur is, “How much...

The Credit Debacle 2.0

This article was co-authored by Cook Pine Capital and Star Magnolia Capital COVID-19 Has Triggered a Corporate Credit Cycle Shinya joined...

Qingming Festival

On April 4, China observes Qingming Festival, a tomb-sweeping day, this year. Ahead of this memorial day, the Wuhan government decided to...

Wisdom of Good Allocators

Each quarter, we receive hundreds of letters written by managers. Some of them are excellent, most of them are not, but we still read...

Requiem for the American Dream

Housing Markets: Different Paths of the Recovery Is the U.S. housing market recovering? We were quite puzzled and didn’t really know the...

Another Dream of Californication

Source: Supplemental Nutrition Assistance Program, Census When we are on the road for research trips, we usually try to check the...

It wasn't me... it was CHINA!

China is an interesting topic. We spent hundreds of hours to understand what China really is and we still do not understand. We think...