Pier Asset Management

Every 1st of the month, we publish Planks & Pilings, a bite-sized digest of what's in our minds and on our plates. Jillian Jaccard Murrish and Conor Neu write short reflections and the team shares what content they have been consuming. Sign up now to be sure you get the Aug. 1 edition! https://lnkd.in/gW6_r3Pt

Every 1st of the month, we publish Planks & Pilings, a bite-sized digest of what's in our minds and on our plates. Jillian Jaccard Murrish and Conor Neu write short reflections and the team shares what content they have been consuming. Sign up now to be sure you get the Aug. 1 edition! https://lnkd.in/gW6_r3Pt

Thanks to Upstart for a fun discussion on the Leaders in Lending Podcast!   Jillian shares capital markets insights for early stage fintech originators, emphasizing the importance of preserving optionality and flexibility by keeping things simple in early funding strategies. 

Public specialty finance multiples have risen over the last year. Source: Janney

The Fed has indicated "higher for longer" and treasuries have reacted. Source: Janney

While we are not commodity traders, we go through a lot of chocolate in our office. At least we used to...might have to cut back.

Personal interest does not include mortgage interest. It's still below 2008 levels, but increasingly rapidly.

The NFIB survey asks 10,000 firms if they plan to increase selling prices over the next 3 months. Over the last 3 months, the number of firms responding "yes" has jumped from 20% to nearly 40%. This survey is highly correlated with CPI inflation.

The SBA has a charge off (defaulted loans) problem on their hands. Source: deBanked.

We track trends in unemployment at the state level as a leading indicator of nationwide UE. December saw 45 states with a rising unemployment trend, something only topped by 2008-2009 and Q2 of 2020. Hence, we do believe unemployment is on the rise.