Rich Catastrophe, Poor Catastrophe
Good Morning. This morning capital markets may systematically underpricing the biggest risks, and the fixes are arriving from external authorities
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How California's Wildfire Bust Became Hedge Funds' AI Boom (And Why Banks Took the Other Side)
The perfect market-dislocation play driven by wildfires, California's energy utility sector was made for activist and credit funds trading on companies buckling under ballooning liabilities. The AI-driven datacenter electricity-demand boom has changed the calculus.
Hedging Hurricane Season With Robinhood
Atlantic hurricane season opens today. Things to watch from risk, models and markets.
Before Hurricane Season Starts, Markets Are Trying to Price The Risk Models Can't Capture
As the 2026 Hurricane seasons starts on Monday, risk and market professionals are playing a different El Niño hedge.
KKR ❤️ Private Credit, Insurance Illiquidity Is Forever
KKR's Co-CEO defends the private credit illiquidity premium, Moody's maps a $375B- $1 trillion uninsured flood exposure gap that private carriers haven't closed.
The Election That Is Really About Who Pays for the AI Buildout's Wildfire Risk
Ebola, statistics, and what pandemic science can teach markets.
Weather, Prediction Markets and “Minnesota Nice”
The federal risk appetite is contracting and the private arket infrastructure built around it is being repriced in real time.
