The size of private credit market is modest relative to several individual companies!

So there’s momentum to momentum

It was a great episode!

Say it all disappears by 2035, what would have to happen in your opinion?

Monopsony power reduces the costs to employers of paying a slightly "wrong" wage.

When firms have more wage-setting power, profit function is flatter near the optimum. A wage far below w* barely hurts profits, but costs workers a lot.

Envelope theorem - from my class today.

The best way to blunt the effect of higher interest rates is to speed up permit approval processes to reduce the amount of time people are sitting on high-interest construction loans.

It’s pre-product right

@mattalt.bsky.social thanks for meeting with us on Monday. Great to learn about your business and hear you and Hiroko talk about the ideas behind your books. A highlight of our Japan trip so far for sure

Loved this question Bryan. Keep up the great work

What in the world happened

Thank you! We've all really enjoyed the book, I'll share this piece with my colleagues

@robinwigglesworth.ft.com I'm part of a book club discussing Trillions on Thursday evening. Is there anything that has happened since the publishing that you would've wanted to add to your reflections in the book, or you think would be fruitful for us to discuss?

That margin collapse is brutal, did they give a timeline for rebound?

Death of a Sports Section The Washington Post sports department was dismantled before its leaders gave it a chance to change

Great reflections by @bryancurtis.bsky.social on the death of the WaPo sports section. It really seems like a "we've tried nothing and were all out of ideas" situation from the WaPo management. Hopeful the DC region will have something spring up in its place www.theringer.com/2026/02/04/m...

That's what I can't figure out about all the noise they're making about GSE IPOs. They aren't investable until the Senior Preferred Stock Purchase Agreement is actually repealed. Congress has zero appetite to do GSE reform, so I'm expecting an executive work around or nothing happens

Exit from conservatorship without an act of congress is legally suspect. I guess we'll see if this stuff actually matters

bsky.app/profile/nate...

Honestly think they just want the headline of an IPO. 10% is already public OTC, would these be new shares or treasury's shares

Is there a blog?

This logic fits nicely with the latest @kyla.bsky.social theory of the reality tv president. Reality TV shows need to escalate for ratings.

We'll take them in the ACC now

Awesome post man. Really great work

Brutal chart

The level of @publicenterprise.bsky.social intellectual victory here is wildly underappreciated

His point in the screencap is especially relevant nearly two years after the post was written. YIMBY arguments on constraints have become conventional wisdom in policy circles. It would be great for discussion of hurdle rates and payback periods to be more prevalent

Unlock a Housing Boom through Depreciation Bonuses How Financial Frictions are holding back Housing and Taxes can Help

arpitrage.substack.com/p/unlock-a-h...

It's commonplace these days for YIMBYs to think about regulatory constraints - zoning and building codes — which hold back housing construction. I think increasingly they also think about operational costs for multifamily building operators which raise the cost structure and rents. Financing and accounting adjustments also need to be part of the pro-housing coalition agenda. The coming expiration of the TCJA by the end of 2025 is a good motivation to kick off the debate over how to structure the tax code to best support American prosperity.

Great post from @arpitrage.bsky.social I just came across.

The renmac guys sounded optimistic about a pick up on their last pod as well, which I thought was interesting

Can’t believe you’d log on and express preferences like this

Supply chain for tobacco may lend itself better to the monopolistic market we have now when compared to alcohol

Different strokes I guess