The Good Investors·2025-11-23 01:00Group 1: Blue Owl Capital Corporation II Merger - Blue Owl plans to merge its private credit fund, Blue Owl Capital Corporation II, with its OBDC fund, which has $17 billion in assets, potentially impacting investors significantly [3][4] - Investors in Blue Owl Capital Corporation II are being asked to exchange their shares for OBDC shares at the stated net asset value, but OBDC shares are trading at a 20% discount in public markets [4][5] - If the merger is approved, Blue Owl Capital Corporation II investors could see a 20% reduction in the value of their investments, and they will be restricted from withdrawing funds until the merger is completed in early 2026 [5][6] Group 2: Market Dynamics and Investor Sentiment - The merger's cancellation highlights the complexities of private market transactions, where investors may face significant losses when transitioning from private to public funds [6][8] - Investors expressed dissatisfaction with the merger terms, as they would incur a loss if they opted to sell immediately after the exchange [8][9] - The situation illustrates the challenges investors face in private markets, where valuations and liquidity can differ significantly from public markets [9] Group 3: Investment Philosophy and Historical Context - A review of R.W. McNeel's 1927 book "Beating the Market" reveals timeless investment principles that resonate with modern strategies, emphasizing value investing and patience [15][16] - The book's core tenets align closely with Warren Buffett's investment philosophy, advocating for a focus on intrinsic value and long-term growth [16][17] - The enduring relevance of McNeel's insights underscores the consistent nature of human behavior in investing, as fear and greed continue to drive market dynamics [18] Group 4: Future of Robotaxis and Market Expansion - The discussion around Uber's valuation highlights the potential for network effects and market expansion beyond traditional taxi services, with gross bookings reaching $93 billion in rides and $86 billion in deliveries [19][20] - The emergence of robotaxis, such as those from Waymo and Tesla, may redefine market dynamics and consumer trust, particularly in suburban areas [22] - The shift towards autonomous vehicles could address logistical challenges for families, potentially increasing demand for robotaxi services [22]