Founder Notes Ep. 30 - The last AAA

The US just lost its last AAA credit rating, and Nelson and Prath are not exactly shocked — but they are keeping score. This episode traces the economics of a bifurcating country where SpaceX employees are bidding $2M over ask on dilapidated San Francisco houses and everyone else is paying $7.29 for gas, then pivots to private credit: why $18 billion in annual secondary trading sounds impressive until you learn that corporate bonds trade $70 billion in a single day, and what it means that AI data center deals are now pricing inside public markets. Macro gloom, credit math, and an HVAC-on-Mars tangent. The usual.