4 ms·

Usually love Connie’s writing, but this is a pretty bad headline. It’s factual, but conflating 2 facts that are not casual. Tiger didn’t deplete their VC fund

Usually love Connie’s writing, but this is a pretty bad headline. It’s factual, but conflating 2 facts that are not casual. Tiger didn’t deplete their VC fund because of their hedge fund losses, that would be an incorrect understanding. The funds are insulated from another. Tiger simply deployed a lot of their VC fund already, hence depleted. Separately , Tiger—like SoftBank— levers their VC funds, so it’ll be interesting at which point JP Morgan and other underwriters start calling in the margin if private stakes are written down. FT direct source for hedge fund losses: Tiger Global hit by $17bn losses in tech rout https://on.ft.com/37uCacr https://on.ft.com/37uCacr

jjtheblunt 4y ago
> that are not casual typo: casual -> causal ?
- deleted 4y ago
  [deleted]
- KMag 4y ago
  I wonder how much auto-correct is going to cause relatively rare words with a small edit distance from common words to slowly leave the English language.
  - i67vw3 4y ago
    British english will become extinct in few years due to American english based auto-correct which is enabled by default on all systems when you opt-in into auto-correct feature.
    - jonathankoren 4y ago
      autocorrect
      - i67vw3 4y ago
        Was on mobile, corrected the word.
    - johnsanders 4y ago
      Not sure I agree. As an American living in the UK I constantly battle autocorrect to spell it "rumor" or "favor," lest someone think I've gone native.
      - evgen 4y ago
        As someone in a similar situation I have mostly internalised the unexpected u, but the ones that still end up getting me (and which I had to go back and edit in this very sentence) are the s/z swaps in the ise/ize trigraph.
        johnsanders 4y ago
        Yes! And defence/defense. Honestly I've forgotten which of those is which.
    - Veen 4y ago
      That's not true. As British copywriter working mainly for U.S. tech companies, I often have to manually change autocorrect from British English to U.S. English and back again. Every laptop and phone I buy is initially configured for British English.
kolbe 4y ago
Do you know what kind of size they lever with? Because if JPM is on the hook for like $20bn on 2:1 leverage, then they're already looking at negative net equity.
- snake_doc 4y ago
  Bloomberg cites $4B exposure for JPM. https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-s-vc-arm-borrows-billions-jpmorgan-calls-in-more-banks https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-...
Traster 4y ago
Sorry, how can they lever their VC funds, surely with VCs you’re getting highly speculative valuations and terrible liquidity? That sounds like a terrible thing to lend against?
- snake_doc 4y ago
  Not too many banks do it, but it’s conservatively done, 3-6pts above risk free and at 10-20% of collateral: https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-s-vc-arm-borrows-billions-jpmorgan-calls-in-more-banks https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-...
- JohnJamesRambo 4y ago
  It’s how you get here. https://en.wikipedia.org/wiki/Minsky_moment https://en.wikipedia.org/wiki/Minsky_moment
pbreit 4y ago
Sounds like a very direct link, then.

jjtheblunt 4y ago

> that are not casual typo: casual -> causal ?

deleted 4y ago
[deleted]
KMag 4y ago
I wonder how much auto-correct is going to cause relatively rare words with a small edit distance from common words to slowly leave the English language.
- i67vw3 4y ago
  British english will become extinct in few years due to American english based auto-correct which is enabled by default on all systems when you opt-in into auto-correct feature.
  - jonathankoren 4y ago
    autocorrect
    - i67vw3 4y ago
      Was on mobile, corrected the word.
  - johnsanders 4y ago
    Not sure I agree. As an American living in the UK I constantly battle autocorrect to spell it "rumor" or "favor," lest someone think I've gone native.
    - evgen 4y ago
      As someone in a similar situation I have mostly internalised the unexpected u, but the ones that still end up getting me (and which I had to go back and edit in this very sentence) are the s/z swaps in the ise/ize trigraph.
      - johnsanders 4y ago
        Yes! And defence/defense. Honestly I've forgotten which of those is which.
  - Veen 4y ago
    That's not true. As British copywriter working mainly for U.S. tech companies, I often have to manually change autocorrect from British English to U.S. English and back again. Every laptop and phone I buy is initially configured for British English.

kolbe 4y ago

Do you know what kind of size they lever with? Because if JPM is on the hook for like $20bn on 2:1 leverage, then they're already looking at negative net equity.

snake_doc 4y ago
Bloomberg cites $4B exposure for JPM. https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-s-vc-arm-borrows-billions-jpmorgan-calls-in-more-banks https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-...

Traster 4y ago

Sorry, how can they lever their VC funds, surely with VCs you’re getting highly speculative valuations and terrible liquidity? That sounds like a terrible thing to lend against?

snake_doc 4y ago
Not too many banks do it, but it’s conservatively done, 3-6pts above risk free and at 10-20% of collateral: https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-s-vc-arm-borrows-billions-jpmorgan-calls-in-more-banks https://www.bloomberg.com/news/articles/2022-03-18/as-tiger-...
JohnJamesRambo 4y ago
It’s how you get here. https://en.wikipedia.org/wiki/Minsky_moment https://en.wikipedia.org/wiki/Minsky_moment

pbreit 4y ago

Sounds like a very direct link, then.