Charon's Ledger
The toll for safe passage — special situations across credit and equity.
| Platform |  | Pricing | Only free issues | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 29 | Founded | 4 months ago | Last Issue | 18 days ago |
| Active | |||||
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creditinvesting.substack.comLatest Issues
Deckers Brands (NYSE: $DECK) | Moderation, Not Desperation
The second of our consumer/retail equity picks; a high-return compounder with attractive prospects, a clean balance sheet and a juicy margin of safety… we just couldn’t help ourselves.
The consumer is stretched, and discretionary s...
Danone SA (EPA: €BN) | A Diamond in the Rough
While Charon typically spends his days discounting coupons and perusing credit agreements, the notion of capital appreciation does on occasion prove too tempting, and he ventures into the convex world of equity investing. We have spent a lo...
Watchlist | 10.02.2026
Week of 30 September 2026 · Issue No. 2
So it looks like our watchlist if going to be a monthly publication, rather than our initially ambitious biweekly target. We’ll claim that’s probably the right cadence anyway…
Five weeks on f...
A Credit Investor's Guide to the Retail Industry
Introduction
Retailers live on famously slim margins. Walmart, the largest retailer in the world, earned $29.8bn of operating income on $713.2bn of revenue in 2025, a margin of 4.2%. Costco earned less than 3%. These are not the returns...
How to Review a Chapter 11 Docket | An Investor’s Guide
Anyone who has ever opened up the docket for a high profile bankruptcy case for the first time will know the feeling of dread, starting at a 3,000 long list of documents, each disguised with convoluted and inaccurate titles, at simply needi...
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| Subscribers | Engagement | 80 | Monthly Web Visits | ||
|---|---|---|---|---|---|
| Accepts Sponsors | Estimated Cost per Ad | ||||
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Authors
The writers behind this newsletter.
Professional credit trader turned debt banker. I write about credit markets, distressed debt, special situations, bankruptcy, restructurings and LMEs. Trade ideas, industry research and financial education.
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