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Public Markets & Valuation · System Three's Goldilocks framework requires recalibration of factory model excesses
now playing · Public Markets & Valuation
Private Creditheadwindscore 9/10alan waxman
Factory model industrialization drives underwriting deterioration and asset-liability mismatches
The factory model—industrializing fundraising then deployment—causes GPs to lower underwriting standards, raise narrow-strategy perpetual BDCs with quarterly liquidity promises backed by il…
AI Economics & Business Modelstailwindscore 8/10alan waxman
AI disruption extends beyond software to every industry via agentic margin expansion
Once any company in an industry deploys agentic AI to drive higher margins, slow adopters across all sectors face existential disruption similar to today's software industry, making adaptab…
Public Markets & Valuationtailwindscore 7/10alan waxman
System Three's Goldilocks framework requires recalibration of factory model excesses
The post-GFC system (regulated commercial banks + matched private capital) worked until 2018; restoring it requires wide-aperture multi-strategy funds with governed inflows, matched liabili…