Seemingly trivial things that intrigue you
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UK horses: OMG a car! 😱
Mongolian horses: Let's go to a rave!
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Charlotte Dujardin, Britain's joint-most decorated female Olympian, has pulled out of Paris 2024 after a video emerged showing her "making an error of judgement".
Don’t know what the error of judgement was, BBC didn’t say but sounds like she had a strictly come dancing moment on a pupil or horse 🤔
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Seems to be some horse hitting.
Suspect it's fairly normal in some sporting circles to treat animals fairly poorly.
Not too different from whipping a racehorse to scare it into running faster, but we all have to accept that.
Put them on bikes instead, I say. Or, if they insist on being "athletes" having 50 year sporting careers, motorbikes.
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The timing of this all feels a bit off. The video apparently goes back a few years. Feels to me like the people involved may have tried to get a bit of a payout for not releasing it and when it didn’t work they went more formal at the most damaging time. Not good for equestrian sport at the Olympics either as the IOC are apparently already looking closely at it due to all the logistics and cost it creates.
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Whipping the horse's legs 24 times would be frowned upon in horse racing. I don't know what she hit it with, but probably not the kind of thing permitted in horse racing these days.
It's horse dancing, so I can't be too surprised about it involving circus style training.
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Latest area in finance of concern for another blow up is in Private Equity, specifically around the amount of debt and leverage in the system.
Banks are obviously exposed, as they're providing the finance, but I think the area where people are feeling nervous is the big increase in "NAV" financing, which is basically borrowing against the stake you hold in the company - for which you already borrowed money to begin with.
Leverage on leverage stuff. Sounds nasty. PE valuations are obviously fairly opaque and they can cling onto valuations more easily but still.
Who's left holding the can? Banks obviously.
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Just how hard core some bike riders are. TCR #10 is on just now, trackers on lostdot.cc, posts on soshul meejah and that.
current leader Robin Gemperle (rider #2) is averaging 580 km per day! Day 3. How long could he keep that going for? Will he blow?
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Yeah….Strictly Come Horse Dancing.
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It's still a long way from the
gloryreckless days of the past.0 -
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Anyone who lends on that basis surely deserves whatever comes their way? They're presumably gambling on a big return so have to be prepared to lose.
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Journalists probably are.
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There is always collateral, in the form of the perfectly healthy businesses they buy and leave with piles of debt.
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I've just watched it. There are worse things inflicted on gymnasts, track cyclists and swimmers in Team GB. But I guess the horse doesn't have much choice.
There is a strength of outrage with this that is likely out of proportion with how rare it is in horsey circles. It isn't as though banning one person means it's all nice again is it?
Personally my feeling is that using animals as a competitive tool is erring towards the outdated, and the Olympics could do with out a few posh sports.
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Just feels a bit like journalistics looking for the new Lance Armstrong.
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Sure but there is always an area in FS where the losses are disproportionate in a downturn. If you're interested in where you put your money, it's worth knowing.
We have done a few NAV roles in the last 18 months; there are some very reputable and very smart well known PE companies who will not touch NAV financing with a bargepole. It definitely smells a bit funny in the market.
It is also an unusual move in general as if you want to lend against your portfolio company holdings, you need to open the kimono to exactly what you've done there - this is obviously quite market sensitive, and a lot of your competitive advantage is out there. The inference being, how desperate must they be to go after NAV financing.
The narrative is that during covid clients wanted redemptions but covid made that a terrible idea so they basically found a way to borrow money to pay off the redemption without selling the asset off.
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I don't think you really understand it. There's nothing particularly magical about it. Horses and courses and all that.
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No, but that's the narrative we hear in the market. I don't think it's magical but we do know there are firms who say they would lose major clients if they started using it, so plainly not everyone takes your sanguine view on it.
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I'd prefer not to be shot by other forumites for being excessively boring, but of course investors have differing views on it. Any additional debt changes the risk and returns which therefore may make it inappropriate for some investors; however, a lot of "NAV financings" are for convenience and are used to bridge the timing mismatch between raising money and deploying it. It's hard to see anyone caring about those beyond wondering whether the fees are justified.
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Even though I don't understand any of that, carry on risking being boring. You could be the next Dan Neidle.
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Fund financing aka subscription financing is not NAV financing. I know enough to know they are not the same. Fund financing is boring low margin work done by banks. NAV financing banks won't touch and is usually done by private debt-only shops.
You don't need nav financing to set up a revolver so you're not going cap in hand to your investors every 5 minutes for every deal you've done. The pledged capital to fund is the collateral, not the underlying investments!
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Please don't insult me like that.
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I agree. Modern Pentathlon is another one which has had its horse welfare issues in the past. They could swap out the show jumping for another event.
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Sorry, TBB. Just that, however much you dislike Neidle, he has made certain aspects of tax interesting to someone who finds tax really boring.
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Something that intrigues me is why you do things like this. Subscription financing has recourse to the subscribers whereas nav financing has recourse only to the net asset values (hence the name although I would never talk about a nav financing). There is a vast range of possibilities within that. Some very high risk, some much lower.
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Modern Pentahlon is due to replace the horse riding with an obstacle course race from 2028 - pretty strange event to substitute it for in my opinion especially when they already have running. Replacing horses with bikes in some way would have made more sense or simply ditching it as an Olympic sport as the new format is basically something made up purely to keep the IOC happy.
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