Back in the summer of 2017, I wrote, together with my partner, Stewart McQueen, a commentary entitled Direct Issuance is Here – A New Paradigm For Single Asset Single Borrower (SASB) Securitizations.  Well, it wasn’t really here in the sense that it surely didn’t take off as a transformational innovation, albeit we have done a…

I’d like to direct your attention to my ex Dechert partner (he’s not ex, I am), Will Cejudo, and his recent OnPoint about the eponymously-titled Pancake REMIC.   (Regrettably, no one is paying me for this, I’ve got to figure out this influencer thing.  Nonetheless, Will is a brilliant tax lawyer and a business-friendly one who knows how to…

Have you been thinking about the wealth tax winds blowing across Europe?[1]  You should.  While weather here in the US certainly moves west to east, really bad statist-inspired policies seem to move east to west.  After all, Europe gave us the absolute monarch, utopian socialism, Marxism, nihilism, anarchism, theocracy, fascism and whatever the Russians are doing…

Doesn’t all the happy talk about the state of the commercial real estate economy seems a bit overdone?  Transactional volume is rebounding, asset prices coming back, cap rates stabilizing, interest rates coming down, spreads coming in, etc., etc…sunlit uplands as far as the eye can see.  There is a smaller rump of pessimists out there, wringing their…

I’m sure you know the allegory about the camel’s nose under the tent, right?  First it’s the nose, then it’s the humps.  A camel takes up a lot of room.  They’re smelly, they make an appalling din and while they may be useful in their way, they are not at all amiable company.  Pretty tough to do business with…

I am  joining the hordes occupying the chatter-sphere to opine about what the GSEs should look like, post conservatorship.  Having reviewed loads of opinions about the future of the Twins, I’m pretty sure the bar on looking stupid is pretty low.  To be honest, I’m more instinctually a critic than a warrior on these types…

I think about AI off and on in a desultory sort of way.  I wonder about its threats and promises; a sci-fi dystopia of the Industrial Revolution 2.0.  One thing I share with our most recent wannabe president, Ms. Harris, I, too, know that AI stands for Artificial Intelligence.

I also suspect like almost everyone, that pretty…

With the zoftig and still mutitative Big, Beautiful Bill stumbling through an unseemly Congressional favor-trading lollapalooza, one is reminded of Ms. Pelosi’s famous quip, “We’ve got to pass this bill to know what’s in it.”  That made me think about trades and strategies based upon government dysfunction.  There is and always will be dysfunction and…

Those Bond villains got it so wrong.  All the time and energy they spent trying to control the world through complex and nefarious schemes involving laser beams, atom bombs, Fort Knox gold, exploding satellites and whatever the malefactor was trying to do in that stupid ice palace in Die Another Day (Pierce Brosnan, what were you…