The Institutional Risk Analyst

Ponder the fate of Anthropic, for example, which just dropped its weighty S-1 with the SEC and promptly saw the market value of its public comps plummet. The god of AI does have a sense of humor. The prospective initial public offering (IPO) valuation of Anthropic has fallen by roughly $500 billion (a 25% drop) over the past week, according to US News and World Report.

So is now the time to pick up exposure to US financials? Maybe. Will refinance volumes return to the US mortgage sector? Deo volente. Bank OZK? Thinking (see below). Readers of The Institutional Risk Analyst know that credit metrics for all manner of bank real estate exposures are dramatically skewed in the too-good to be true direction. When will the proverbial pendulum swing the other way?