What the calendar knows
Jeff Penney·February 2026
·5 min
Funding stress is usually a scheduling problem wearing a solvency costume. The tell is that the numbers are fine and the dates are not.
A maturity ladder on a wall, updated weekly, has prevented more alarm than any model we have reviewed.
Notes are not revised after publication. Where one is overtaken by events, a later note says so rather than the earlier one changing.