

One Horse at a Time: A Mailbag Episode
65 snips Apr 18, 2025
In a lively mailbag discussion, the hosts tackle intriguing questions about law firm IPOs and even explore the concept of high-tech cyber horses. The emotional bond between a speaker and their horse contrasts sharply with the rise of digital alternatives. They dive into private credit dynamics and the intricacies of trading S&P futures. Adding a fun twist, they humorously consider naming children and horses after ETF tickers. Celebrating a milestone, they reflect on their first year, blending finance with creativity throughout the conversation.
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Challenges of Law Firm IPOs
- Law firm IPOs are rare in the US due to ethical rules against non-lawyer ownership.
- Such firms are fragile businesses since lawyers can easily leave, undermining capital investment benefits.
The Value of Real Horses
- Katie Greifeld values her long-term relationship with her childhood pony, Batman.
- She would not buy a cyber horse, emphasizing the importance of real bonds over robotic substitutes.
Private Credit Marketplace Challenges
- Private credit marketplaces face tension between borrower relationship preferences and lender liquidity needs.
- Borrowers often restrict debt transfer to avoid undesirable owners, complicating free trading.