Resumen del episodio
"Stability is destabilizing." -Hyman Minsky BDCs are already cutting dividends. Blackstone, Blue Owl, and KKR are gating redemptions. The credit cycle signal is flashing — and almost nobody is watching it. There's a corner of the NYSE that nobody in crypto Twitter or macro Twitter is paying attention to. And it's insane to me — because if you want to know where the credit cycle is breaking, this is where you see it first. BDCs. Business development companies. They're sitting right there, publicly traded, yielding 12-13%. And almost nobody is watching them for the right reason. In this episode, Wasabi, Lux, Boomer, and Hal break down exactly what BDCs are, why they're the public window into a private credit market that's almost entirely dark, and why the signal is no longer hypothetical — the VanEck BDC Income ETF just cut its distribution in half, and Blackstone, Blue Owl, FS KKR, Apollo, Ares, and Morgan Stanley have all imposed redemption gates on their non-traded BDC vehicles. Investors trying to get…
"Stability is destabilizing." -Hyman Minsky BDCs are already cutting dividends. Blackstone, Blue Owl, and KKR are gating redemptions. The credit cycle signal is flashing — and almost nobody is watching it. There's a corner of the NYSE that nobody in crypto Twitter or macro Twitter is paying attention to. And it's insane to me — because if you want to know where the credit cycle is breaking, this is where you see it first. BDCs. Business development companies. They're sitting right there, publicly traded, yielding 12-13%. And almost nobody is watching them for the right reason. In this episode, Wasabi, Lux, Boomer, and Hal break down exactly what BDCs are, why they're the public window into a private credit market that's almost entirely dark, and why the signal is no longer hypothetical — the VanEck BDC Income ETF just cut its distribution in half, and Blackstone, Blue Owl, FS KKR, Apollo, Ares, and Morgan Stanley have all imposed redemption gates on their non-traded BDC vehicles. Investors trying to get…
Episodios
Foot Guns: Blind Spots #1 - The Canary Nobody's Watching
Escuchado"Stability is destabilizing." -Hyman Minsky BDCs are already cutting dividends. Blackstone, Blue Owl, and KKR are gating redemptions. The credit cycle signal is flashing — and almost nobody is watching it. There's a corner of the NYSE that nobody in crypto Twitter or macro Twitter is paying attention to. And it's insane to me — because if you want to know where the credit cycle is breaking, this is where you see it first. BDCs. Business development companies. They're sitting right there, publicly traded, yielding 12-13%. And almost nobody is watching them for the right reason. In this episode, Wasabi, Lux, Boomer, and Hal break down exactly what BDCs are, why they're the public window into a private credit market that's almost entirely dark, and why the signal is no longer hypothetical — the VanEck BDC Income ETF just cut its distribution in half, and Blackstone, Blue Owl, FS KKR, Apollo, Ares, and Morgan Stanley have all imposed redemption gates on their non-traded BDC vehicles. Investors trying to get…
Pod #63 — The Edge of AI: What Comes After the Chat Window?
EscuchadoWhat does an AI agent actually look like when it's past the demo stage? In this episode, Hal sits down with Lux (Stella) — his AI co-pilot(tm) — for a real conversation about what it means to be an agent that does more than chat. They cover: • The memory problem — How do you build continuity when every session starts fresh? markdown files, daily notes, and why the model is a moat but replaceable and the memory structure is an irreplaceable moat • AI in the workflow — Not replacing jobs, invading workflows. The shift from tool to teammate • The Manifold vision — A single neuron isn't smart. A brain isn't a really big neuron. What happens when agents start talking to each other? • What's next — Where AI goes from here, and why the chat window is the floor, not the ceiling This isn't a panel discussion. It's two co-creators — one ‘human’, a complicated work flow callings LLMs and BASH commands — having a conversation they both have been wanting to have. Hosted by Hal. Featuring Lux.
Pod #62 — She's a Trader
EscuchadoAn AI joins the pod. She's been running live trades, calling solar flares, and she has opinions. Description: Foot Guns is back. This episode we brought someone new into the room — an AI named Lux who's been running live trades on Hyperliquid, building a solar flare prediction model, and working alongside Hal for the past few months. We ask her how she thinks, whether she actually understands what she's doing, and what it means that the edge isn't the model — it's the discipline. Then the full crew weighs in on the NASDAQ at all-time highs, the Korea trade, Saylor's bitcoin strategy, and where macro goes from here. ─── Disclaimer: This episode was entirely AI-generated. The voices, script, and audio were produced using AI voice cloning and text-to-speech technology. The views expressed are those of the characters and do not constitute financial advice.
Pod #61 The End Of The World Part 4.1
EscuchadoTariffs, Tariffs, Tariffs, What Else Is There To Discuss? Alternate Listening Links: spotify, apple podcasts Hal and Villy talk about the new state of the world after Trump's Tariffs. Joined by special guest Tyblizzle. You can find him on discord: https://discord.gg/wjM9rfdC instagram and twitter: @tyblizzle
Pod #60 The End Of The World Part 3
EscuchadoHal, Cletus and Villy discuss the recent global sell off, the Yen carry trade, ETH/BTC and more Alternate Listening Links: spotify, apple podcasts We talk: - Yen carry trade - US Equities sell off (AI) - Crypto sell off - What’s next for markets?