We recently hired an ABS expert and a Forex/Derivatives Analyst.

Here is our upcoming series in our newsletter under Confidential Insights:

1. Series: Who’s Really Funding BNPL? – Part 1: Private Credit Bears the Risk.

“Buy Now, Pay Later” was sold to consumers as a UX story. The one where “we’re selling this as a user experience improvement, not as a lending product” story.

Underneath, it has become a funding story – and that funding is increasingly coming from private credit, not banks. And this is a problem and here is the reason...

To be published tomorrow.

The full deep-dive article below is part of Confidential Insights. Thanksgiving offer: 40% off ends tomorrow night.

Subscribe here if you want the full pre-mortem work on consumer credit, ABS, and private equity/private credit:

2. Series: The Yen Carry Trade Margin Call.

Everyone is staring at Washington and watching credit spreads in the U.S.

Almost nobody is watching the real margin call sitting in Tokyo - except a few.

Analyst estimates of the yen carry complex range from roughly $4 T to as much as $20 T, depending on how broadly you define it. The risk is not local, it is global.

Part 1 – Mapping the Yen Carry Machine: Who Borrows, What They Buy, and How Big It Really Is. Coming soon to our newsletter: Confidential Insights.