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▶ 15:13 · Public Markets & Valuation · System Three's Goldilocks framework requires recalibration of factory model excesses
episode briefing
Invest Like The Best

What 100 Years of American Finance Tells Us About Today

2026-04-08 · 1 company · 3 thematic
sentiment
1 bull0 bear0 neu
speakers
alan waxman

Co-founding partner and CEO of Sixth Street, a global investment firm active across credit, growth, real estate and special situations. Previously built investing businesses at Goldman Sachs.

now playing · Public Markets & Valuation
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System Three's Goldilocks framework requires recalibration of factory model excesses
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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…
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AI disruption extends beyond software to every industry via agentic margin expansion
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