Contrarian Positioning Without the Hero Story
Three fair objections to leaning against the crowd, each answered with sizing and a written exit test.
Member, Emerald Coast Holdings LLC · Fort Lauderdale, Florida
Peter DeCaprio
Notes on venture debt, private and distressed credit, high yield, and the balance sheets behind telecommunications and utilities, written as mechanisms rather than forecasts.
About
My days go to middle market companies, venture debt and early stage capital, as a Member of the private investment firm Emerald Coast Holdings. Before this I spent my working hours inside institutional research, reading both bonds and stocks, and following telephone networks and power companies for a long stretch.
This site is where the reasoning gets written down. The pieces explain how a loan, a bond or a balance sheet actually works: who is paid first, what a document permits, where cash goes when a plan slips. None of it is a recommendation, and none of it depends on this quarter's news.
Writing
30 articles on this site
- Venture debt3
- Early stage capital3
- Private credit3
- Middle market companies3
- Distressed credit3
- High yield3
- Telecommunications3
- Utilities and infrastructure3
- Credit research3
- Risk and sizing3
Recently added
A Credit Model That Starts With Cash
Nine lines, built in order, from the customer's payment to the lender's coupon.
Customer Concentration and the Middle Market Borrower
The anchor account that justifies a loan can sink it too. One invented supplier, two outcomes.
Data Center Load and Utility Balance Sheets
Why the biggest new customer a utility has ever had starts out as a claim on its borrowing capacity.
When Early Stage Debt Beats Another Equity Round
Two founders at one fork, and why the right answer depends on what sits at the end of the money.
What an Early Stage Lender Reads in Board Decks
Starting from the money and working toward the vision, one slide at a time, with the questions each one raises.
Start anywhere
Every article sits under one of ten topics, and each stands on its own.
All writing