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Please don’t rev your supercar engines during this time I just near had a heart attack.

It happens slowly, and then all at once.

BlackRock just told investors they can’t have their money back.
They got hit with $1.2B withdrawal requests this quarter, BlackRock only paid half and locked the rest.
Blackstone had the same problem, injected $400m of its own money just to cover redemptions. Blue Owl stopped paying altogether and sent IOUs instead.
BLK fell 4% at open.
The reason this keeps happening is that these funds hold illiquid loans, the cash isn’t there. BlackRock also just wrote a $25m loan to zero, it was valued at par 3 months ago.
Bill Eigen at JPMorgan said “bad news often happens all at once” in private credi

Petrol hit $2.35 in Sydney this week. Nearly $4 in the Northern Territory.
Queues at servos across the country with some stations already cleared out from panic buying.
The crazy part is that the price spike from the Hormuz closure hasn’t arrived yet.
It takes about a week for global oil prices to hit Australia. So what people are paying right now is before the war fully priced in.
Australia imports 90% of its fuel, so when the Middle East goes to war Aussies feel it before almost anyone else on the planet.

OPEC’s response to the Hormuz crisis was to add 206,000 barrels a day of extra supply.
20 million barrels a day go through that strait. They announced 1% of the problem.
But even that misses the real issue. The countries with spare production capacity (Saudi, UAE) their oil still has to exit through the same blocked waterway. They have pipelines that bypass it, but those pipelines can handle maybe 2.6 million barrels a day combined. Iraq has no bypass at all and is already offline.
So the playbook everyone’s relying on (OPEC turns on the taps, gap gets filled) only works if the oil can actuall

News on Brent crude lately—
Oversupply incoming! Wait, Hormuz is closing. Nah it’s just posturing
Shit, tankers on fire. Ok prices are peaking
False alarm, talks in Oman -nevermind war’s back on. Insurance pulled, strait’s cooked
Maybe it stabilises.. nope, Lytton’s going offline too​​​​​​​​​​​​​​​​. Sh**!

Brisbane’s Lytton refinery (Australia’s largest) is scheduled to go offline for 10 WEEKS of maintenance while the Strait of Hormuz is closed and Australia has crisis levels of reserve diesel left.
This was raised in Senate this week, and the minister’s response was to argue about which party closed more refineries.

Mia Khalifa is going off on social media again and wishing ptsd on US military.
This is the same girl who supported Hamas and told them to “film horizontal” as people were getting massacred.

JUST IN: the UAE has successfully intercepted a total of 645 drones, 161 rockets and 8 cruise missiles.

Nexo returned the US this week. For context, in 2022 they were forced out by Gary Gensler’s SEC which make it impossible to operate
They paid $45m in settlements and watched BlockFi, Celsius, and Voyager all go bankrupt around them.
3 years later, every crypto lender that tried to fight the SEC is now dead. Nexo survived by walking away, kept building in over 150 countries, grew to $11 billion in assets under management, and came back when the environment changed.
They are currently the second biggest lender.
You can borrow against crypto instead of selling, earn yield while you hold, and a