Taking on Omar: Part 1

Time to bet on further downside in Blackstone, the big beast of 'Big PE'.

The 🐿️ is coming at the King.

Summary

• The 🐿️ has been on the case about private asset markets since late 2022. Fortunately, we chose to express our view via ‘short’ position in the intermediaries that benefit from transaction flow in ‘Big PE’.

• Now, it is time for a more direct approach. Blackstone is undoubtedly ‘the King’ of the ‘Big PE’ jungle. We go through the rationale.

Reminder: Blind Squirrel Macro has just launched its subscription service. Details here. The Acorn (trade ideas) and archives will be going behind a paywall next week.

Taking on Omar

We are now close to the time where the 🐿️ is comfortable that a more direct approach on private asset markets, as outlined in the ‘front section’ of our October 23rd letter, is appropriate.

'Fishy' returns in private markets.

Omar Little, the fictional hitman and antihero of Baltimore gangland in HBO’s TV show, The Wire (the 🐿️’s 2nd favorite TV show after Succession), was the character that launched a thousand memes. Most of the memes were inspired by this particul…