Today's Finance Pulse
Autodesk to acquire MaintainX for $3.6B, expanding into operations software
Autodesk announced a $3.6 billion purchase of MaintainX, a leader in operational‑phase software for the built environment. The deal extends Autodesk’s portfolio from design and manufacturing into ongoing building operation, creating an end‑to‑end data loop. CEO Andrew Anagnost said the acquisition unlocks a $40 billion total addressable market.
Also developing:
By the numbers: Pemberton Asset Management closes $3.7B fourth vintage fund
Chaos of War Bolsters 10-Year Real Yield Heading Into This Week’s Auction
War‑driven uncertainty in Europe and the Middle East has pushed the 10‑year Treasury Inflation‑Protected Securities (TIPS) real yield to its highest level in a decade, setting the stage for this week’s Treasury auction. The surge reflects heightened inflation expectations and a premium for safety amid geopolitical turmoil. Investors are re‑evaluating demand for TIPS as yields climb, potentially softening auction pricing. The market’s reaction will influence broader fixed‑income strategies and the Treasury’s financing costs for the coming year.
$20 Billion Club: Slow & Steady Funded Status Progress
The $20 billion club of the largest U.S. defined‑benefit sponsors has seen funded status rebound strongly since the 2008 crisis, driven by disciplined risk management and liability‑hedging tactics. Sponsors have embraced LDI overlays, derivatives, and a higher share of fixed‑income to...
UPL Global Integrated Operations to Be Cost-Effective, Says InGovern
UPL Ltd plans to spin off its integrated crop‑protection platform, UPL Global, via a scheme of arrangement expected to complete in 12‑15 months, with NCLT approval projected for Q2 FY2027. The demerger will create one of the world’s largest listed...
Electric Vehicles Could Soon Be Cheaper than Petrol Cars in Africa – if Financing Barriers Fall
New research from ETH Zürich and PSI finds that electric vehicles paired with off‑grid solar can already be cheaper than petrol cars in many African markets, especially where financing conditions are favorable. Falling battery prices and expanding global EV production...
Ethereum Foundation Sells $10.2M Worth of ETH to BitMine in OTC Deal
The Ethereum Foundation completed an over‑the‑counter sale of 5,000 Ether to BitMine Immersion Technologies, valued at roughly $10.2 million at $2,042.96 per ETH. Proceeds will fund core operations, protocol research, ecosystem growth initiatives, and community grant programs. This transaction is the...
Asian Terminals Delisted After Maharlika Investment Acquisition
𝗠𝘆 𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗶𝗻𝗲 𝗘𝗾𝘂𝗶𝘁𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 "𝗔𝗧𝗜 𝗗𝗲𝗹𝗶𝘀𝘁𝗶𝗻𝗴 — 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗕𝗮𝗰𝗸 𝘁𝗼 𝗪𝗼𝗿𝗸" On 1 March 2026, I shared the notice regarding the delisting of Asian Terminals Inc. (Ticker: ATI). The development came after Maharlika Investment Corporation (MIC), the Philippines’ sovereign wealth fund,...
Private Credit Failures Are Systemic, Not Isolated
Every time a private credit borrower blew up, a choir of private credit strategists called it "episodic." Just a one-off. Now, they're admitting some issues, but say "it's not systemic". We mapped this circular system since over a year ago. Here's what's actually going...
Prabowo Open to Breach Indonesia Deficit Cap Only During Crisis
Indonesia’s President Prabowo Subianto said his administration would only exceed the statutory 3% of GDP budget‑deficit limit in a short‑term emergency, such as a sustained oil‑price surge linked to the US‑Israel conflict in Iran. He compared any potential breach to...
12 Most Undervalued Financial Stocks to Buy Now
The article spotlights twelve financial stocks that appear undervalued relative to historic multiples, citing resilient credit conditions and higher net interest margins driven by elevated rates. It references McKinsey’s view that operational precision will outweigh sheer balance‑sheet size in generating...
Reclassify Starter Home Profits to Spur Millions of Homes
Instead, we should change the tax treatment of development of for-sale starter homes from "income" to "capital gains"
Former Pensions Minister Warns of Risks of Government’s Retirement Fund Investment Drive
The UK government is pushing legislation that would require defined‑contribution master trusts to reach a minimum £25 billion in assets by 2030, effectively forcing consolidation into a handful of large pension mega‑funds. The bill also grants ministers a reserve power to...
From Penalty to Parity: The SEC Rethinks Stablecoin Risk
The SEC, via Commissioner Hester Peirce, announced it will not object to broker‑dealers treating proprietary payment stablecoins as having a ready market and applying only a 2 % haircut under Rule 15c3‑1. This guidance, though non‑binding, aligns stablecoins with low‑risk cash equivalents...
Pre-War/Conflict/”Excursion” GDP, Core GDP, and Nowcasts
The Atlanta Fed’s GDPNow nowcast for Q4 2025 shows a modest slowdown, trailing the Survey of Professional Forecasters (SPF) projection. Goldman Sachs, assuming a 21‑day Strait of Hormuz disruption, trims its growth estimate from 2.5 % to 2.2 % year‑over‑year. The SPF survey, collected...
Why Tech‑IPO History Could Mislead Investors in 2026
2026 is shaping up as a mega year for tech IPOs, with blockbuster listings such as SpaceX, Anthropic and OpenAI targeting valuations near $1‑1.25 trillion. Historical data shows tech IPOs have outperformed non‑tech offerings, delivering an average three‑year buy‑and‑hold return of...
From Mom’s Envelope System to Ramp’s EU Expansion
Here's what growing up in Lebanon taught me about B2B fintech: My mom used to send me to the corner store with cash folded in my pocket and a mental note of exactly what to buy and how much change...
From $7M to $70M Revenue: How RealDefense Scaled Through Acquisitions | Gary Guseinov
In this episode, Gary Guseinov, CEO of RealDefense, recounts how he grew the company from a $7M ARR acquisition in 2017 to $70M in revenue and $25M EBITDA today, primarily through a disciplined acquisition strategy that adds synergies, reduces CAC,...
JPMorgan Makes Bold Push to Offload Huge LBO Debt
JPMorgan Chase is preparing to place more than $30 billion of leveraged‑finance debt for upcoming buyouts, including Electronic Arts, Sealed Air and a pending Qualtrics transaction. The bank’s effort follows CEO Jamie Dimon’s warnings that the credit cycle could turn sour,...
IDB Invest Successfully Closes Its Subscription Process to Accelerate Private-Sector-Led Development in Latin America and the Caribbean
IDB Invest closed a $3.5 billion capital increase, boosting its ability to finance and mobilize private investment across Latin America and the Caribbean. The new funding is expected to lift annual financing and mobilization from roughly $13 billion today to about $22 billion...
Owners of Southern California Towing Empire Arrested in $6 Million Fraud Scheme
Southern California towing company owners Mark and Ahmed Hassan were arrested on multiple felony counts for a $6 million workers’ compensation fraud. They allegedly underreported payroll by more than $13 million, using a shell company, Courtesy Tow, to conceal employee wages and...
IREN Valued at 5
$IREN 2028 Estimates: - Revenue $4B - EBITDA $3.1B $16.6B market cap, means $IREN trades 5x 2028 EBITDA. What is a fair multiple for $IREN?
Why Jefferies Still Wants Plug Power to Prove Its Margin Gains Can Last
Jefferies cut its price target for Plug Power to $1.80 from $2.00, keeping a Hold rating, as it questions the durability of the company’s margin improvement. Plug reported Q4 2025 revenue of $225.2 million, up 17.6% year‑over‑year, and a full‑year 2025...
Berkshire Hathaway Resumes Buyback, Purchases $226M of Shares
Berkshire Hathaway bought back the equivalent of 309 $BRK.A shares (~$226 million worth), on March 4th, the day it resumed it stock buyback program for the first time since May 2024 - CNBC
Brazil’s Corporate Debt Drama Is Entering a New Chapter
Brazilian corporations have re‑entered the spotlight as two major firms announced out‑of‑court restructurings covering roughly $13.5 billion of debt. The moves, reported by Bloomberg’s The Brink, signal a shift from judicial to market‑driven solutions amid Brazil’s lingering economic slowdown. Investment banks...
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What Is the Average Price-to-Earnings Ratio in the Utilities Sector?
The utilities sector posted an average price‑to‑earnings (P/E) ratio of 23.31 in 2025, with analysts forecasting a rise to 25.42 for the remainder of 2026. Both figures remain below the S&P 500’s roughly 28.5 multiple, indicating a valuation discount. Since 2019...
Homogenized Quant Trading Turns Markets Into Volatility Risk
The public market is just one giant volatility trade now-based off of quant factors. This is what happens when you hollow out active management. You could make the argument it’s way more efficient now, but I think we’ll find out that...
MiB: Matt Cherwin, Co-Founder and Chief Investment Officer of Marek Capital
Matt Cherwin, co‑founder and CIO of the newly launched Marek Capital, sat down for a Risk and Reward interview to discuss the firm’s investment philosophy and market outlook. Cherwin brings 16 years of senior experience from JPMorgan, where he oversaw...
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Federal Funds Rate Vs. LIBOR: Key Differences Explained
The Federal Reserve sets the U.S. federal funds rate, an overnight benchmark that shapes domestic liquidity, inflation, and employment. LIBOR, by contrast, is a London‑based multi‑currency benchmark derived from bank submissions and has long guided global short‑term lending. While both...
As New York Mayor Zohran Mamdani Faces $7 Billion Budget Hole, Free Parking May Be History
New York City confronts a roughly $7 billion budget shortfall as Mayor Zohran Mamdani looks beyond taxing the wealthy. With 97% of its 3 million curbside spots offered free, officials are reviving the idea of charging for parking to tap a dormant...
PIK (Payment-in-Kind) in Private Credit
Payment‑in‑Kind (PIK) interest lets borrowers defer cash payments by issuing additional debt or equity. When used deliberately, PIK conserves liquidity for growth, acquisitions, or seasonal needs while the underlying business remains strong and protected by caps, toggles, and pricing premiums....
John Lothian: Week in Review (March 9th – 13th, 2026)
The Intercontinental Exchange (ICE) has launched a Binary Order Entry API that represents a structural shift in how participants connect, moving performance‑critical paths to client‑side design rather than merely reducing latency. This change alters development skill requirements, certification processes, and...
Thames Water Creditors Offer ‘Best and Final’ Rescue Funding Deal
Thames Water’s creditor consortium, London & Valley Water, has presented Ofwat with a "best and final" rescue package to avert a special administration regime. The deal adds roughly £3.4 billion of equity and £3.3 billion of new debt, while writing off about...
This Week at Stay Tuned, March 14
This week’s Stay Tuned lineup features former Goldman Sachs CEO Lloyd Blankfein discussing the economic fallout of the Iran war, lessons from the 2008 crisis, market outlook and why CEOs should steer clear of politics. A separate episode examines the...
Service Properties Trust: Debt Crisis Overshadows Strategic Pivot
Service Properties Trust is accelerating its transition from a hotel‑centric REIT to a net‑lease model, selling hotels to cut a heavy debt load. While Q4 2025 results beat expectations, guidance for 2026 predicts normalized FFO could fall another 17% after...
Claude's New Visualization Feature Is Insane
Anthropic unveiled Claude’s new visualization feature, letting users co‑create financial narratives directly within a chat interface. The tool visualizes raw P&L data, proposes story arcs, asks clarifying questions via interactive cards, and outputs a board‑ready deck in minutes. In a...
Nebius: Why Nvidia's $2 Billion Move Matters More Than AI Bubble Fears
Nvidia has pledged $2 billion in warrants to Nebius Group, which would translate into roughly a 7.7 % equity stake and make it the company’s second‑largest shareholder. The investment covers only about 10‑12.5 % of Nebius’s 2026 capital‑expenditure plan and less than 3 %...
Serial Acquirers Turn Cash Into Endless High‑Return Growth
One of the biggest reasons investors get excited about serial acquirers: They solve the reinvestment problem. In most businesses, good reinvestment opportunities are limited. You fund the core projects, maybe expand capacity, invest in product… and after that, the incremental dollar usually...
Opinion: How Hong Kong Is Building New Bridges for the Future
James Fok, chief commercial officer of CMU OmniClear, uses the 2026 Hong Kong budget as a springboard to argue that the city must build new physical and digital bridges with mainland China. He contends that deeper infrastructure ties will reinforce Hong Kong’s...
Tata Consumer Receives ₹98 Crore Income Tax Demand for FY23, to Challenge Order
Tata Consumer Products Ltd received an income‑tax demand of ₹98.03 crore for FY23 under Section 143(3) of the Income‑tax Act. The company deems the demand unmaintainable and has filed an appeal, stating the assessment will not immediately affect its financial position or...
The Market Is Punishing the Equity. The Bond Is Along for the Ride. That Is the Opportunity.
An A+ rated corporate bond is trading 50 basis points wider than its credit rating suggests, reflecting a rare disconnect between market perception and fundamentals. The issuer’s balance sheet shows liquid assets exceeding total debt, and fee‑related earnings cover interest...
PETS Faces 30% Decline, Cash Burn Threatens Survival
$PETS is down about 30% since January. Not a surprise, it looked far too risky at those prices, and management did not seem particularly eager to sell. Operations seem to be deteriorating quarter after quarter. In Q3 (Dec ’25 end), revenue declined...
Only Those Lacking a Process Hate Proven Risk Management
Hating on a proven risk mgt process is generally for people who neither have one nor get paid to develop one
Fears of ‘Cockroaches’ in the Private Credit Market
Wall Street’s alarm over private credit intensified after two high‑profile bankruptcies in September, prompting JPMorgan CEO Jamie Dimon to warn that a single “cockroach” may signal a larger infestation. The private credit market, a $3 trillion, lightly regulated segment of private...
Tech Beats Analysts: Infrastructure Ready to Disrupt Finance
Anthropic drops financial analysis capabilities Analyst job postings don't change Yet. The lag between technological capability and institutional adaptation is where fortunes hide Someone's building the infrastructure to replace these roles right now
Back Digital Credit with BTC, Fund Dividends via Appreciation
A Simple Theory of Digital Credit: 1. Acquire a large pool of appreciating capital ($BTC). 2. Issue credit ($STRC) against that capital, overcollateralized by the equity base. 3. Monetize a portion of the appreciation—directly or via derivatives ($MSTR)—to fund the dividend.
True Appoints Sehgal as Sole CFO as Leewongcharoen Moves to Arise
Thai telecom operator True announced that Yupa Leewongcharoen will leave her co‑CFO role to become Group CFO of Arise Ventures Group, following the completion of the Arise‑Telenor transaction. The departure ends the co‑CFO arrangement created after the 2023 True‑dtac merger....
Private Credit Funds Deliver Half of Promised Returns
Morgan Stanley's private credit fund: investors wanted 10.9% out. They got 5%. Cliffwater's $33B fund: investors wanted 14% out. Got 7%. Private credit is a roach motel. $MS https://t.co/O3sy5yijmT
Software Debt Maturity Wall Threatens PE Firms Amid Rate Hikes
A $40B software debt “maturity wall” is about to hit at the worst possible time. -Higher rates -AI destroying valuations -Growth slowing All my PE-backed company friends are nervous because they know what comes next…and it will impact everyone https://t.co/VgLWpfUArt
Buying a Business Costs Less Than You Think
How Much Money Do You Actually Need to Buy a Business? The answer is simpler—and more realistic. https://t.co/1vSKngieRj #SmallBusiness & Deal Making #SMB https://t.co/8co8xWB3QJ
Spirit Airlines Files Second Chapter 11, Aims Reorganization by 2026
Spirit Airlines is in Chapter 11 bankruptcy for the second time in a little over a year. While many assumed the airline would liquidate, the company insists it has a plan to reorganize, which will be completed by early summer...
VC IRR Decay 2017‑18 Exposes Overvalued Positions
VC IRR decay for 2017 and 2018 has been bad. And this was before the SaaSpocalypse. IRRs driven by big positions held at last round valuations. What would they look like at true fmv? https://t.co/sLIC9dcEyo