Writing

What we learn from reading loan books.

Non-bank lending, portfolio measurement and the capital behind it. Every figure carries its source, and anything modelled says so.

Latest
Capital37questionsbefore anyone asks about yield
22 min read

What a fund actually asks first, and why the answer is never in the deck

Thirty-seven diligence items, in the order a credit committee reaches them, and which of them a connected loan tape closes without anyone typing.

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Risk11monthsbetween two verified numbers
18 min read

The eleven dark months

An audit reads a closed period once a year. What a fund prices is the gap between two audit dates, and that gap is where every loss in this market has been found after the fact.

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Mexico559lendersin one official count, not in the other
23 min read

Mexico cannot count its own lenders

Two official counts of the same sector, 559 apart, and no published loan book behind either. Who lends to Mexican small businesses, on whose money, and where the money stops.

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