Alt Data

71% of investment managers say combining data from different sources is their single biggest challenge. The alt-data industry's answer to that problem, for the most part, has been to sell more sources. That's backward. A fifteenth feed doesn't fix fragmentation; it deepens it. Another login, another format, another vendor relationship someone on the team has to learn and maintain. The question that matters isn't how many sources a platform covers. It's whether it combines the

By the time credit deterioration shows up in the financials, it's already old news. The covenant breach, the ratings action, the widening spread - all of it is confirmation, not discovery. If you're building a distress thesis based solely on the reported numbers, you're working with the same information as everyone else, at the same time as everyone else. Private credit has its own challenges. There's no filing to eventually confirm the story, just management updates and what

After 20 years in the investment management industry, one pattern I have consistently seen is this: the managers who outperform aren’t just better risk managers; they recognize changes in companies earlier than the rest of the market. That may sound obvious. But what’s less obvious is how difficult it’s become to actually see those things first. Traditional data sources are crowded. Filings, ratings actions, and public disclosures are widely accessible, and, in many cases, co