Matt Levine

speaker

4,099 appearances 10 recordings 1 series first heard Jun 2026 last heard 18 Sep

Matt Levine’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 10 in all, peaking in Jul 2026 with 5.

Appearances

newest first · ▶ plays the moment

Money Stuff: The Podcast · Re-Run: Boaz Weinstein · 14 Aug 2026 podcast

Saying you should do this in the letter voice-verified

this before I think maybe we're f filming that. voice-verified

A thirty-five discount is not what it sounds like because these are levered funds, right? voice-verified

You want to just voice-verified

I gather these places are run voice-verified

had like less leverage than they could be and like have some voice-verified

Headroom there, but maybe that's not true. voice-verified

of like a match like how you'll debt against getting along this stuff or like is it am I missing something like that? voice-verified

as you say, you say look out below, like is there like a scenario where like voice-verified

The stuff you can be short in high yield totally diverges from like PDC software loans. voice-verified

people think you're gonna buy none. voice-verified

Like it's really it's like such a classic like market maker adverse selection question. voice-verified

Like you're either gonna buy none or you're gonna get filled and you're gonna probably immediately regret getting filled. voice-verified

Sure. voice-verified

instinct is you get none because voice-verified

Because of like the experience and this is now a long time ago, but when they tried to convert O B D C two to a public B D C which was like the public B D C was trading like down, you know, twenty, f twenty percent something and the shareholders revolted. voice-verified

So I like extrapolate from that to like the shareholders certainly don't want to sell to you down thirty five percent, but that was months ago and voice-verified

If you get it, like how do you get out of the trade? voice-verified

Is it like you put in your five percent every quarter or is it like you like call them up and cut a deal or is it you just hold it until twenty voice-verified

Which do you do that? voice-verified

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