Or why Tiger is eating your lunch (& your deals)| randle.substack.com
Preferred equity exists in a constant state of quantum superposition. It's neither equity nor debt, until it is.| Who is Nnamdi?
Markets rise, and markets fall. This much, at least, is well-known. But why do market cycles occur? What causes the pendulum to swing from euphoria to crisis and back? Hyman Minsky was a 20th-century economist whose ‘financial instability hypothesis’ is probably the best-known explanation for the boom and bust cycles that characterize public financial markets. But there’s far less examination — in fact, there's almost none — of how Minsky dynamics apply to| pivotal.substack.com