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WisdomTree has filed to change the name and mandate of its Alternative Income ETF to 'Private Credit and Alternative Income'. It'll invest in CEFs, incl BDCs, as well as listed REITs that provide exposure to 'private credit and other alternative credit' spr.ly/6016NtIxm

Hamilton Lane has filed to register a 'credit income' interval fund that'll engage in direct lending plus buy senior secured loans in the secondary market. In addition, BDCs, other LPs, unlisted CEFs, etc. spr.ly/6019Nt207

One postscript: Appears the ETF got long the market again today. It'd been out since early-Apr and so while it avoided swoon from 4/4-4/8 it missed the snapback rally entirely. S&P has traded above its 200-day simple moving average recently so that triggers move back in to mkt.

The first A Quiet Place movie is legitimately excellent.

Guidestone is liquidating its $122M Impact Equity fund. Launched a few years ago, gathered nearly all its assets right out the gate, then...nothing. Turns out, was held mainly by other Guidestone alloc funds, which I suspect are shifting away from it. spr.ly/6011NQIu5

Lazard has filed to liquidate its US Sustainable Equity fund. It recently had $9M in net assets. spr.ly/6012NvTcC

Another day, another filing to register a private credit'ish interval fund. spr.ly/6018NvTUi

Maybe craziest finish to a game I’ve ever seen.

‘You can not make friends with the rock stars’ and ‘Gimme a thousand words on Black Sabbath’ are enough to make Almost Famous permanently rewatchable.

It appears SSGA has filed for a 'Short Duration' version of its 'IG Public & Private Credit' ETF. Apollo will be involved in this one, too. spr.ly/6010NFGjQ

It’s always a treat to chat with Jason Zweig, which Christine Benz and I recently had a chance to do on The Long View podcast. We discussed ‘The Intelligent Investor’, Jonathan Clements’s impact, private markets, and more. 👍 spr.ly/6016N2pHK

Somehow this interview is even more insane than I expected. (It’s also hilarious, but I expected that.) spr.ly/6017N4lL7

I've got a new Substack post up. For once, I'm not writing about something that went wrong, could have gone better, or is just plain weird. This time, I'm writing about something that's gone well for investors. Really well. Times $350 billion. spr.ly/6019NfYNW

Simplify has filed to register a 'Private Credit' ETF that will track an index of "private credit instruments" held by BDCs and closed-end funds. There will also be a sleeve where they can use derivatives to hedge interest rate and credit risk. spr.ly/6019Nfoic

Another fantastic paper from Michael Mauboussin and Dan Callahan. References an awesome study Wes Gray 🇺🇸 did called 'Even God Would Get Fired as an Active Investor'. Great stuff.

The Hardhome episode of Game of Thrones is truly one of the best episodes of TV ever.

I've got another new Substack post up that builds (mooches?) off of Michael Mauboussin's recent terrific paper on drawdowns and recoveries. In this post, I focus on funds and how mergers/liquidations can mess with mean reversion/recovery. fwiw. spr.ly/6014NhiPe

In my latest article, I take a look at how Vanguard’s target-date fund/CIT investors have fared amid the ups/downs of recent years. Might sound dry but there’s an interesting story there. spr.ly/6014Nh0g2