Finance, from
first principles.
Letters on public and private markets, top down and bottom up, written by a finance professional.
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Most Recent Letters
Aug 21, 2026
A Mental Model for Inflation
What to picture when you hear the number, and how to turn it into a trade idea
Omar Hussain
Aug 14, 2026
GAV vs NAV: Where the Fees Are Calculated
What sits between the two numbers, and why it is never one calculation
Omar Hussain
Aug 7, 2026
Side Pockets: A Hedge Fund Invention
Redeeming from a fund that holds private companies gets you the liquid half. The rest stays invested, and keeps charging you.
Omar Hussain
Jul 31, 2026
The Capital Account
What the fund reports, and what you actually hold
Omar Hussain
Jul 23, 2026
Equalization: Making Late LPs Pay for Time
Dilution, catch-up, interest
Omar Hussain
Jul 22, 2026
The Model Every Fund Must Show LPs
The waterfall, the carry, and each LP's cash flows on one page
Omar Hussain