Elham Saeidinezhad
@elham_saeidi
Writing a Book -“Do Banks Matter?”-With @ucpress Elham's Market Microstructure Project: https://substack.com/@marketmicrostructure
"The single biggest problem in communication is the illusion that it has taken place." —George Bernard Shaw. And he wasn't even on #twitter.
A fantastic podcast by @JackFarley96 exploring private credit instruments and the dynamics between various types of private credit funds and their underlying liquidity profiles.
Important reason why private credit loan yields have compressed so much 👇 Private equity funds (which demand private credit financing) tend to be drawdown, meaning they can sit on dry powder... Whereas in most private credit funds (BDCs etc.), the capital is deployed…
Elham has been on a tear lately thinking about private markets on her substack: "Put simply: in public markets, liquidity is a feature of the system. In private markets, it’s a condition of the contract. This is not just a difference in degree—it’s a difference in kind."
Read "Market Plumbing vs. Legal Scaffolding: Why Private Credit ETFs Misunderstand Liquidity" here: open.substack.com/pub/marketmicr…
Excellent read. Those trying to create liquidity for inherently illiquid products should read before they get too far. Illiquidity of private securities is a feature not a bug. “Fixing” it will most likely be problematic.
New Post on the Market Microstructure Project "Market Plumbing vs. Legal Scaffolding: Why Private Credit ETFs Misunderstand Liquidity" What Inspired This Piece Over the past month, three projects have shaped my thinking on valuation and liquidity across public and private…
As we wrap up panelist invitations for the Market Microstructure Symposium 2.0 at NYU Stern, I’m excited to share this year’s program (linked below). While a few speaker slots are still being finalized—including potential participants from the Fed, OCC, and product…
To my dear friends on Twitter, Starting July 1, I’ll be leaving Barnard College, Columbia University, to join CCNY’s Colin Powell School of Business as a Senior Doctoral Lecturer in Finance. I’ll also continue my role at NYU Stern. My Columbia email may go inactive—feel free to…