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But we saved everything 🙂.
Michael Taylor, co-founder and portfolio manager at Agora Trading, described a situation involving a $200 million write down tied to an empty hospital previously valued at par. He argued that this represents a case where the collateral supporting debt is worth much less than its marked value, and added that in his opinion MPT is characterized by numerous inflated valuations.
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Taylor has previously commented on shifts in technology company valuations, noting when Anthropic reduced its IPO valuation from $2 trillion to $1.5 trillion. He also highlighted that over $800 billion in AI funding commitments for Anthropic and OAI are tied to IPOs or debt with double-digit yields. These observations follow his ongoing scrutiny of how asset values are represented on corporate balance sheets.