Pyxus International’s Second Lien Debt

Pyxus International, fka Alliance One International, coordinates the purchase, processing, and storage of leaf tobacco from farmers all over the world and then bundles it all together and sells it wholesale to the major tobacco product manufacturers. They're headquartered in Morrisville, North Carolina and employ about 3,300 people. They recently changed their name to reflect… Continue reading Pyxus International’s Second Lien Debt

Fiduciary Standard & Radical Financial Transparency

The best part about only managing your own money is that you're incentivized to always do the right thing because it's your own money. My goal is to maximize wealth within the context of a risk management framework. I don't have a boss that's constantly pushing me to gather new assets or maximize revenue. So… Continue reading Fiduciary Standard & Radical Financial Transparency

Bridesmaid Momentum

Based on where the market was trading when I wrote Bitcoin, the Stock Market, and Other Asset Bubbles there weren’t any terribly attractive mainstream asset classes. Volatility! Trade Wars! Trump! The headlines are creating noise to try to explain what’s going in the market these days. The good news is that none if it is going… Continue reading Bridesmaid Momentum