HeyJaredThe Unicus Investor
The Unicus Investor newsletter invites you to seek investment value by taking the less crowded path. We offer insights from our industry sources and relevant, consumable bites of investment insights.
- Indexed issues, last 90 days
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- Sep 25, 2026
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- Jul 30, 2026
Latest issues
Supply Chain Inflation From AI Chips to Groceries: The Lag Is Not Priced In. (opens the original)
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Note: 1916 to 1920 is the closest available template we have for sequencing events and lag, not magnitude. It tells you the peak comes after the shock and that the central bank is usually late to act. It does not tell you how big - as we continue to reiterate, what we are about to endure over the next few years will be a painful, persistent, and prolonged economic and societal nightmare. What appears now as random has a pattern - once you see the pattern, you will realize the magnitude of what i
Nebius and The Art of Data Center Grift (opens the original)
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Watching as the system gets looted day in and day out can be a little wearing. Isn’t someone coming to stop the bad guys? It doesn’t seem like it, and this year's political theater feels particularly cartoonish. Thus, it can be somewhat satisfying to read about those who are actually getting caught with their pants down, as a subscriber recently commented. Our story today may not satisfy that schadenfreude, but it could in the future. Let me introduce you to 201 Milan Parkway in Birmingham, Alab
Insuring the Unmeasurable: Why Data Centers’ Love For Captive Insurance Is Dangerous. Who Bears the Ultimate Residual Risk? (opens the original)
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Wherever there is great property, there is great inequality. For every very rich man, there must be at least five hundred poor, and the affluence of the few implies the indigence of the many.Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all. - Adam SmithOrchestrated chaos, fear, and poverty distract the masses when they are overwhel
It’s Everywhere: Netflix Is Buying a $1.85 Billion Studio for $400 Million (opens the original)
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In 2021, ViacomCBS sold Radford Studio Center for roughly $1.85 billion. It was the largest studio real estate deal in Los Angeles history. Hackman Capital Partners and Square Mile Capital planned a $1 billion modernization on top of that price.By January, Hackman had defaulted on the $1.1 billion mortgage. Per Trepp, Radford was the single largest hard maturity in August at $1.10 billion. Extension options were gone. A Goldman Sachs-led creditor group took control.When the creditor group put th
How Many First Liens Are Actually First?:PART I (opens the original)
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In April, Thoma Bravo handed Medallia to its lenders and wrote off roughly $5.1 billion of equity. Blackstone, Apollo, and KKR took the keys and injected $150 million in new money. The PIK broke it: when the payment-in-kind option on its ARR loan expired at the end of 2025, annual debt service jumped about $100 million to near $300 million against roughly $200 million of earnings. Lenders had been marking the loan near par for three years.OCSL’s schedule shows something interesting. On five borr
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