A very Chicago gamble

This column doesn’t offer investment advice, as I am not a registered investment advisor. This is not merely a mandatory disclaimer; this is a warning. We will discuss some specific securities below that I am not merely incapable of recommending.

Finance performs a strange alchemy, teleporting value through time and space. Ordinarily, Bits about Money focuses more on the plumbing of it than the deals. But a deal enthusiast who goes by The Conservative Income Investor recently flagged a capital raise to me. It has everything: echoes of the culture that is the American PMC 2020-2024, complex financial structuring, a novel web application to move money, a crypto company in the background, and municipal politics. So it seems squarely within this column’s beat.

The municipality happens to be Chicago, my hometown and (after a 20 year stint in Japan) current residence. And so I feel some sense of civic duty, as a Chicagoan, taxpayer, and reasonably financially sophisticated person, to say the following publicly: What the hell, Chicago.

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