The Paper Trail: A New Paradigm | bps and pieces

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Every month I publish The Paper Trail, a curation of the best investment research I can find.

February’s edition features:

⛏️ PIK income
🎵 Royalties as an asset class
📡 Systematic investing
🔭 Private equity's 2025 outlook
⚾️ Probabilities and payoffs
🥈 A record year for secondaries

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The Paper Trail: Defying Gravity | bps and pieces

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Every month I publish The Paper Trail, a curation of the best investment research I can find.

January’s edition features:

🌱 VC Secondaries
🎭 Private Debt’s Next Act
🥩 GP Stakes in a Portfolio
⚗️ Public-Private Market Convergence
🧩 Specialty Finance
💡 Contrarian Equity Ideas

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Wanna feel old?

Wedding Crashers came out 20 years ago

The Paper Trail: Climbing a Wall of Worry | bps and pieces

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Every month I publish The Paper Trail, a curation of the best investment research I can find.

December’s edition features:

🧗 Private Debt’s Wall of Worry
📐 Sizing Bitcoin
🍇 Permanent Crops
🌪️ Long Volatility Strategies
🎒 Portable Alpha
🌎 Non-U.S. Small Caps
🚪 PE’s Exit Environment

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Nothing beats hearing your kid belly laugh to Home Alone for the first time

Rare glimpse of Santa reading a Bill Ackman tweet

This is the ideal Christmas album.

You may not like it, but this is what peak performance looks like.

(•_•)
<) )╯let’s circle
/ \

(•_•)
\( (> back after
/ \

(•_•)
<) )╯the holidays

You’re welcome

Not

Most overrated Christmas movie: A Christmas Story

Most underrated Christmas movie: The Family Man

The Paper Trail: Loading the Dice | bps and pieces

bpsandpieces.com/blog/posts/t...

Every month I publish 𝗧𝗵𝗲 𝗣𝗮𝗽𝗲𝗿 𝗧𝗿𝗮𝗶𝗹, a curation of the best investment research I can find.

November’s edition features:

💶 European Buyouts
⚖️ Stock-Bond Correlation
🚆 Infrastructure
🎢 Long Volatility
🧬 Alpha’s Evolution
⏱️ Commitment Pacing
🤖 Machine Learning and Stock Selection

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Took one of those glorious Sunday naps where I woke up and forgot how to speak English

There are few beers better than the airport beer

Tired: FinTwit

Wired: BlueFi