Notes from the research desk.
Plain-language research on deals, capital and the markets underneath them, from the Platinum Partnership's editorial team. Written for operators. Never advice.
Latest notes
Tiered Pricing in Private Offerings
Not every investor enters the same deal at the same price — and understanding why reveals more about capital structure than most term sheets will tell you.Privacy Coins in the Current Regulatory Environment
Delisting pressure mounts, but structural demand for financial privacy is not going away.Datacenter Cooling at AI Density
AI cluster density is making conventional HVAC obsolete — and the capital required to replace it is not yet priced into most development timelines.Pipeline Capacity Constraints in the Northeast
Bottlenecked infrastructure is repricing power across six states, and the math is no longer subtle.The Quiet Repricing of Insurance
Reinsurance math has changed. The premium increases hitting your P&L are not a cycle — they are a reset.Indemnification Caps and the Survival of Reps
Most buyers negotiate price. Sophisticated ones negotiate what happens after the wire clears.MEV Auctions: Who Captures the Value
Block producers, searchers, and builders are quietly dividing billions in transaction ordering rents — and regulators are starting to notice.AI Training Run Economics, Year by Year
Compute costs are falling faster than capabilities are plateauing, and that asymmetry is reshaping who can afford to play.Coal’s Long Tail: The Generation That Won’t Retire
Retirement schedules are slipping. The grid arithmetic is forcing hands policymakers would rather not show.Banks vs. Private Credit: The Margin Compression Story
Private credit took the middle market. Now banks are deciding how much margin they'll sacrifice to take it back.
One question per note, worked through plainly.
Each note takes one thing an operator or investor actually runs into, a deal mechanic, a rule, a shift in a market, and works through it without jargon or hype.
The notes are published by Platinum Research, the editorial desk of the Platinum Partnership, and grouped by topic so you can follow one thread.
These notes are education, not advice
They express general market views and educational commentary. They are not financial, investment, legal, tax or accounting advice, not a recommendation to buy, sell or hold anything, and not personalized to your circumstances. Markets are uncertain and capital can be lost in part or in whole. Speak with your own licensed professionals before acting on anything here.
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