Matt Levine

speaker

4,268 appearances 11 recordings 1 series first heard Jun 2026 last heard 2d ago

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 — 11 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

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

Because like voice-verified

Clearly you think value is somewhere between voice-verified

Fifty five and a hundred. voice-verified

Eighty voice-verified

So there are people, there are dentists who are trying to get out who are very bearish on this. voice-verified

There are you who are a bitter at sixty-five. voice-verified

But like sound pretty bearish on like broadly speaking the portfolios of private credit. voice-verified

And then there's the people who run these funds who voice-verified

say they're pretty bullish and that this is all overblown and they're still getting institutional inflows and everything's marked at par and whatever. voice-verified

I have written if I were running like, say, Blackstone and I were voice-verified

putting in my own money to cash people out when they were asking to redeem. voice-verified

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