Private credit growing too big too fast is coinciding with the product becoming increasingly available to ordinary investors through exchange traded funds (“ETF”). The story is instructive to both debt and equity investors.
Each Friday, we provide an update on the current live tracking portfolio (as of the previous day’s closing prices), a summary of the last week of trading activity, and updates on any significant developments among the companies we have positions in.
In this week’s issue of The Big Secret On Wall Street, we deliver our first-ever report card. Given our focus on long-term investments, the three-year mark has provided an adequate track record to officially show readers how we are doing.
A noteworthy entrant to the distressed ranks is Xerox (XRX) – in the 1980s, the copier producer’s stock was one of the greatest performers ever, registering an astounding 4,500-fold gain in the 50 years through its all-time high on May 3, 1999. Xerox’s senior debt is now on the watchlist for downgrading.
This company is the Michael Jordan of insurance: no one can beat it. Its results are so impressive that the expectations on this business are immense. And we’ve noticed that virtually every time it reports earnings – no matter how good those earnings are – investors are disappointed and the stock sells off.
On Tuesdays we turn the spotlight outside of Porter & Co. to bring you exclusive access to the research, the thinking, and the investment ideas of the analysts Porter follows personally. If you’re new to Porter & Co. and want to find out more about The Spotlight or want access to all past issues, click
