HeyJaredRod’s Substack
Former 1 ranked Wall Street analyst, now Investigative journalist exploring financial misdeeds, inequities, excesses and bubbles.
- Indexed issues, last 90 days
- 10
- Latest publication
- Sep 23, 2026
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- Jul 6, 2026
Latest issues
More Insurance Canaries (opens the original)
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<img alt="" class="sizing-normal" height="1026" src="https://substackcdn.com/image/fetch/$s_!ZGRc!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a26a012-1ba5-4fc2-9440-ce77083cbe72_772x1026.png
The AI Bubble Fault Line May Run Through SoftBank’s Balance Sheet (opens the original)
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“The struggle itself towards the heights is enough to fill a man’s heart. One must imagine Sisyphus happy.”--- Albert Camus<img alt="" class="sizing-normal" height="885" src="https://substackcdn.com/image/fetch/$s_!BQmj!,w_1
How Rating Agencies Prop Up the CLO Market (opens the original)
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Note: This article was first published earlier this year on LinkedInRecent conversations, observations and insider tips led me to the following question – With over 60% of Leveraged Loan (LL) defaults occurring via Distressed Exchanges (DE), how did the rating evolve post-default? As CLOs own 64% of all LLs, the treatment of DEs in CLOs is paramount to the entire LL market. And as goes the LL market, so goes Private Equity. CLOs and LLs are the sine quo non, without which Private Equity collapse
Security Benefit Life (SBL) Bet It All on a Risky Asset, Then the NAIC Closed the Loophole (opens the original)
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When I first started looking into the various Mark Walter insurance/private equity/sports empire insurance stories, I initially considered the size of the exposure modest and the systemic risk small. I also considered the primary issue of affiliate reclassification a pretty common one that I have raised many times. I first argued that Athene’s Apollo affiliated assets were around 50% compared to less than 20% as reported. Athene themselves later disclosed that Apollo originated assets were well
Jane Street: Reasons for Concern at Wall Street's Quiet Giant (opens the original)
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OverviewThis article was largely completed before news broke last week that Jane Street Group (JSG) lost $15B in July and refinanced $15B in public debt to private debt. The news dropped a couple of hours after I did a podcast where I warned of risks associated with Jane Street (and SoftBank).The spin on the refinance was the joy of privacy but I suspect the reality was that the loss would trip a covenant in the public debt. This has all the earmarks of a bailout or distressed refinance. I don’t
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