StrategyMay 2026
We Buy Your Assets for a Dollar
When a stuck position has no real bid, we will buy it from you for a dollar so you can realise the tax loss and clear the line off your balance sheet.
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Insights that sharpen decisions.
Research, commentary and frameworks from the YMC Capital team. We write about what we know — capital preservation, credit markets, digital assets, and the discipline of solving problems others avoid.
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Credit
Deconstructing the Cap Table
The valuation in the pitch deck is usually wrong. We rebuild the cap table from scratch, because that's what lays out the battlefield before you commit to anything.
September 2026
Credit
Where You Actually Rank
Your term sheet gave you a label. It describes your position in one entity, on one day, under one country's law, and all three of those can move against you.
August 2026
Strategy
The YMC Risk Framework
In private investments the asset performing is only half of it. You still have to get the money back, and that journey breaks in more places than most memos look at. The YMC Risk Framework is ten risks in the order the money has to travel, grouped under three questions.
August 2026
Strategy
How Did I Get Here?
Nobody asks that question on the way in. They ask it four years later, looking at a position that stopped paying. The due diligence people skip, the four reasonable-sounding excuses for skipping it, and the math that makes it the cheapest money in the deal.
August 2026
Fund Education
What are Secondary Market Transactions
A secondary market transaction can refer to several different structures. Here is how each one works.
August 2026
Strategy
Workout Speed Is a Trap
The single largest variable in any workout recovery is when you let the position resolve. Most of the pressure to move comes from the reporting environment, not the asset. The discipline is letting the asset's clock set the timeline, not your quarterly cycle.
August 2026
Workouts
When the Borrower Is a Friend
The money went out because you trusted them. Now it's been three years, you've stopped asking, and the friendship is quietly rotting around the unsaid number. The most useful thing you can do is hand the position to us and stop being the person on the other end of the conversation.
May 2026
Strategy
When Capital Gets Stuck
Why capital gets trapped, who ends up holding it, and what it takes to force a resolution.
April 2026
Strategy
Preservation Is Discipline
Why the arithmetic of drawdowns puts avoiding permanent loss first — and the rules that hold under pressure.
January 2026
Strategy
The Position You Keep Avoiding
Bad investments, neglected subsidiaries, forgotten agreements. Everyone has them. The question is what to do about them — and who to call.
October 2025
Market Commentary
Relationships Still Beat Algorithms
In Asian credit markets, the best opportunities are not found on screens. They are found through decades of trust.
March 2025
Fund Education
Outsource the Stack, Keep the Carry
The traditional fund launch costs six figures and takes six months. The platform model changes both numbers dramatically.
August 2024
Fund Education
When an SPC Is the Right Tool
An SPC lets one manager run several distinct strategies under one operating stack — admin, audit, custody, regulatory licence — without the assets of one ever reaching the liabilities of another. The structure is statutory; the practical case is operational.
May 2024
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Practical notes on deciding whether to sell, wait, enforce, restructure or write down a difficult position. Written by the partners, roughly monthly. No offers, no performance claims.