Private credit exec admits valuations are wrong
Another Tech titan joins the exodus from California
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Private credit exec admits valuations are wrong
A senior executive at Apollo Global Management has bluntly admitted that valuations across much of the private credit and private equity industry are wrong, warning that many assets are significantly overstated as defaults begin to appear.
Marks are wrong: John Zito, co-president of Apollo’s asset management arm, stated he thinks all the marks are wrong and that private equity marks in particular are inaccurate.
Overstated valuations: Many software companies bought by private equity between 2018 and 2022 were acquired at much higher valuations than comparable public firms despite being lower quality.
Recovery warning: Loans to a typical leveraged mid-size software company could recover only 20 to 40 cents on the dollar if the economy slows and defaults rise.
Trust at risk: Zito warned that failing to properly mark down assets could cause investors to lose trust, saying Apollo intends to be a market leader in accurate marking.
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Another Tech titan joins the exodus from California
Uber co-founder Travis Kalanick has officially relocated from California to Texas, becoming the latest high-profile tech executive to leave the state amid concerns over proposed wealth taxes and a deteriorating business environment.
Kalanick moves to Texas: Uber co-founder Travis Kalanick announced he became a primary resident of Texas on December 18th, citing frustration with California policies.
Wealth tax concerns: The move comes as California pushes a new wealth tax targeting billionaires, including potential taxes on unrealized capital gains.
High-profile exodus grows: Kalanick joins other tech leaders such as Google co-founders Larry Page and Sergey Brin who have also left California for lower-tax states.
Broader migration trend: The departure reflects a continuing outflow of wealthy executives and companies from California due to high taxes and regulation.
March storm cancels hundreds of flights
A powerful spring storm system has triggered widespread flight cancellations across the United States, disrupting travel for tens of thousands of passengers.
Massive cancellations: Hundreds of flights were canceled nationwide due to the powerful March storm system moving across the country.
Travel chaos spreads: Major airports reported significant delays and cancellations affecting tens of thousands of passengers this week.
Severe weather impact: Strong winds, heavy rain, and thunderstorms caused widespread disruption to air travel schedules.
March storm pattern: Late-season storm highlights continued volatility in spring weather patterns across the United States.
Reno overtakes Las Vegas for fleeing Californians
Reno has surpassed Las Vegas as the top destination for California homebuyers seeking more affordable housing and lower taxes, according to new migration data.
Reno takes the lead: Reno has become the number one destination for Californians leaving the state in search of affordable housing and better living costs.
Affordability drive: Lower home prices and overall cost of living in Reno are attracting growing numbers of California buyers every month.
Tax advantage grows: Nevada’s lack of state income tax continues to pull high-earners away from California in increasing numbers.
Migration trend accelerates: The shift highlights ongoing exodus from high-cost California to more affordable Western cities and states.
Bessent rules out oil intervention
Treasury Secretary Scott Bessent stated the U.S. Treasury is not intervening in oil markets and lacks authority to do so, as crude prices remain elevated due to the ongoing Iran conflict.
No Treasury intervention: Scott Bessent confirmed the Treasury Department is not intervening in commodities or oil markets at this time.
Limited authority claimed: Bessent stated Treasury has no legal authority to directly influence oil prices or supply.
Iran war pressure: Oil prices continue trading near multi-year highs due to disruption risks from the Iran conflict.
Market remains volatile: Brent and WTI futures stay elevated as geopolitical tensions show no signs of easing.
Trump demands allies secure Hormuz
President Trump called on U.S. allies to help secure the Strait of Hormuz as Iranian threats continue to disrupt global oil shipments and warned that freedom of navigation must be defended.
Allies must assist: Trump demanded international partners contribute to securing the Strait of Hormuz against Iranian aggression.
Freedom of navigation: President stressed the critical importance of keeping the vital oil shipping route open.
Iranian threats persist: Tehran continues to threaten tanker traffic through the strategic waterway.
Global oil risk: Disruption to Hormuz would have severe consequences for worldwide energy markets.
Hey Newscumbag here goes another tax payer —/ how ya likes renting U Hauls ?? You vain incompeten woke tool
If Iran can still threaten shipping in the Strait, then Trump has not hit them hard enough yet.