Something not talked about enough is how the year 1971 broke the US economy forever

Here are 20 fascinating charts to show you what I mean

1. Productivity has skyrocketed while salaries have not moved at nearly the same pace. 2. Wealth inequality has significantly worsened.

Income gains across the economy is now mostly consolidated amongst the top 5%

Apollo just released a 57 page deck on the state of the U.S. economy

Some charts that caught my eye

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1/ Trade policy uncertainty has been improving 2/ Overall economic policy uncertainty is improving

A collection of my private equity-focused primers and slides

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1/ Leveraged Buyout Primer 2/ Leveraged Buyout Modeling: Sources & Uses

Apollo just released some fascinating charts on macroeconomic conditions and state of markets

A few that caught my eye

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1/ Timeline of trade reset slowdown and impact on economic activity 2/ Shipping container departures from China to US

Apollo just released some incredible data on how stablecoins are impacting demand for US treasuries and outlook for the sector

Few charts that caught my eye

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1/ Stablecoin transaction volume has surpassed both Visa and Mastercard 2/ Stablecoin combined market cap now sits at ~$250B

Apollo just released a 28 page deck on the outlook for the US dollar

Some charts that caught my eye

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1/ Hedging costs have increased for foreign investors 2/ Hedged yields are negative for foreigners

Apollo just released a 42 page deck on the state of student loans

Some fascinating charts

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1/ Total number of people with federally managed student loans have now hit 45 million 2/ Student loan delinquencies have jumped over 1000bps since February

Blackrock just released their 2025 midyear outlook

Here are a few charts that caught my eye

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1/ Equity markets have become much more sensitivity to economic and trade policies post 2020 2/ Foreign investors still own roughly 25% of US treasuries

If you are interested in leveraged finance, restructuring banking or credit investing, this thread is for you

A few gems from an old Bear Stearns Leveraged Finance handbook (part 3)

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1/ How to calculate RCF balance and interest expense 2/ How to calculate Term Loan A interest and amortization

Morgan Stanley just released a fantastic 52 page deck on the state of markets and their asset allocation framework for June 2025

Some charts that caught my eye

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1/ Indicators have recently diverged between actual economic activity and sentiment 2/ Tariffs currently trending towards de-escalation...

INVESTMENT BANKING SURVIVAL GUIDE 101

If you are a recent college graduate or intern starting in investment banking in the next few weeks, this thread is for you

Some unsolicited advice from me

🧵 1/ PAY ATTENTION TO SEAMLESS MEALS

As a young banker, most of your time is spent eating outside. That includes lunch, dinner, dates. Watch the calories

This is #1 because without good health, everything else is meaningless. If you feel bad, nothing else matters.

Ardian, a $150B+ AUM private equity firm, just released a great summary on private equity deal processes and value creation

If you want to better understand basics of LBOs and how PE firms generate returns, this thread is for you

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1/ Leveraged Buyout Overview 2/ Key success factors of an LBO

If you are looking for a primer on leveraged finance, restructuring or credit investing concepts, this thread is for you

Few fantastic slides from an old leveraged finance handbook by Bear Stearns

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1/ Introduction to leveraged finance 2/ Company decision to use debt in the capital structure

Blackrock recently published some fascinating data on macro environment and trade policy

Some charts that caught my eye

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1/ The theory that dollars and treasuries hedge a market downturn has broken down since April 2 2/ Trade policy and economic policy uncertainty remains near all time highs, as of April data

My guide on how to read a credit document

Learning how to read credit docs is a must learn skill if you want to work in restructuring banking or distressed investing

Here is how to scan through a credit document quickly and pick out the important information

🧵 When reading a credit document, there are typically a handful of things I first look for

This will include:
- Size
- Maturity
- Pricing
- Amortization
- ECF Sweeps
- Financial Covenants
- MFN protection
- Debt Capacity
- Lien Capacity
- RP Capacity

Apollo just released a 121 page deck on US real estate and housing outlook

Some charts that caught my eye

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1/ Median age of homebuyers is now 56 years old, compared to 31 years old in 1981 2/ 44% of consumers today say it is a bad time to buy a house because of high interest rates

With summer internships right around the corner, here is some of my unsolicited advice on how to crush it as an intern and land the return offer

If you like the read, please share this with someone who might find it helpful

🧵 1/ Show up 15 minutes earlier, leave 15 minutes later

Simple rule. Show up 15 minutes earlier than you are supposed to every day. Leave 15 minutes after your analyst or deal team leaves every day

If you just follow this, you are likely ahead of 50%+ of interns nowadays

Apollo just released a 35 page deck on the growing role of private credit and an update on broader macro environment

Some charts that caught my eye

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1/ Bank lending market share of corporate debt 2/ Fewer AAA and AA rated corporates over time

If you are interested in working in restructuring investment banking or distressed investing, this thread is for you

A collection of my restructuring, credit doc and liability management primers

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1/ Restructuring 101: Restricted Subsidiaries 2/ Credit Documents & Indentures

Apollo just released a 40 page deck on the impact of tariffs

Some charts that caught my eye

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1/ SP500 firms with lower 12M EPS revisions as % of total revisions 2/ Manufacturing survey order outlook has collapsed

Some charts that caught my eye from Bain's global private equity 2025 report

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1/ Global buyout exits increased +34% y/y in 2024 but fundraising for buyout funds dropped -23% y/y 2/ AUM for private equity increased at a 14% CAGR through 2015 to 2023, but remained flat through 2Q24