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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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CrossingBridge 3Q25 Investor Lettor

Below is the link to the CrossingBridge 3Q25 invesotr letter:

https://blog.crossingbridgefunds.com/blog/q3-2025-commentary-asleep-at-the-wheel-the-real-risks-of-chasing-yield

We discuss First Brands, Compass Diversified and a extremely brief outlook.

Feel free to reach out.

DKS

Comments

  • edited October 18
    David -- great deep dive into First Brands. What's your take on this and Tricolor being one offs or as per J Dimon, the first few of many roaches.
  • I am answering in a personal capacity. These views may not be representative of the firm. And this is not a prediction.

    I lean in with Jaime Dimon
  • But also just complacency is an issue. Why would you be a receivable factor buyer but let an affiliate of the Company selling the receivable be your services? No good practice
  • Understood -- I am far from an expert in BDC's or corporate debt but based on the long history of manias (Tulips, telecom, mortgages, etc..) would not be surprised at all if the gusher of capital into private credit over the last decade turns out badly.
  • Thank you Mr. Sherman. Quite informative and enlightening. As an owner of a few BDC's I found that discussion most interesting.
  • Quite an interesting read.
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