Today's Finance Pulse
Industry groups push back on Basel III endgame proposal
The Institute of International Finance, ISDA and SIFMA have jointly submitted a comment letter to the Federal Reserve, FDIC and OCC on the Basel III endgame proposal. The letter targets Category I and II banks and those with significant trading activity, focusing on the Fundamental Review of the Trading Book, CVA risk, counter‑party credit risk and the standardized approach for CCR. The groups urge regulators to reconsider capital charges and risk‑weight calculations.
Also developing:
By the numbers: NSE files $3.6 billion IPO prospectus
Engineered Income: The Hidden Mechanics Behind DNP’s Monthly Payout
The episode dissects DNP Select Income Fund Inc., a closed‑end fund that targets utilities and promises a steady monthly payout via a managed distribution plan that can draw from income, gains, or return of capital. It explains how the fund’s premium‑to‑NAV trading, leverage, and the broader surge in U.S. electricity demand—driven by data centers and electrification—shape both its yield potential and its risks, such as interest‑rate sensitivity and premium compression. Listeners learn that while utilities are gaining a growth tailwind, the fund’s engineered payouts may mask underlying volatility and capital‑base erosion, making the long‑term economics a key consideration.
Simplify Systems, Not Competition, to Grow Small Business
Most small businesses fail from chaos, not competition. Growth starts with simple systems, clear checklists, and tools for scheduling, invoicing, and bookkeeping. Know your best customers, ask for feedback, and speak in their words. Build a small circle of mentors, track cash flow,...
A Short Duration Income Trade with a Built-In Exit
The episode examines a ten‑year preferred security that now trades just above par, offering a high current yield and a short time to a likely call. The host highlights the bond’s attractive spread over Treasuries, its qualified‑dividend tax treatment, and...
Silver Paper's Problem
The episode examines the severe liquidity crunch in both physical and paper silver, highlighted by a sharp drop in COMEX open interest and widening spreads that deter speculators. It explains how banks and traders are constrained by the high value...
Russian Military Aircraft Maker Reports Heavy Financial Losses
TANTK Beriev, Russia’s premier airborne early‑warning aircraft manufacturer, posted a 2025 net loss of roughly $65 million after revenue collapsed to $49 million, a 3.8‑fold year‑over‑year decline. Production costs fell more slowly, squeezing gross profit to just $3 million. The firm’s debt rose to...
Strategists Misread CapEx, Overhype Free Cash Flow
I love how boomer strategists present the chart on free cash flows from the Mag 7 as rocket science. We learned on the first days at university that CapEx means less FCF in that year. Do these guys understand anything whatsoever...
Goldman Sachs Makes AI Core of Finance Operations
Goldman Sachs is embedding Anthropic’s Claude into accounting and compliance to automate high volume, rules based back office work. After six months of co building, executives were surprised that AI handled complex financial processes, not just coding tasks. The ambition is clear,...
Sellers Should Monitor How Shipping Costs Are Squeezing Their Margins
Ship.com warns that rising carrier surcharges will compress e‑commerce margins in 2026. It advises sellers to treat shipping expenses as part of COGS when evaluating product profitability. The firm highlights that base‑rate increases are less damaging than a growing web...
Bet Big on Your Six Best Ideas
David Poppe on capital allocation "You will make more money from your six best ideas in life than from everything else you do. When you find that great idea, you want to buy it in size."
CFOs Embrace Agentic AI for Strategy, Shy From Treasury Risks
How Agentic AI Went From Zero to CFO Test Runs in 90 Days survey by @pymnts https://t.co/6MXgAdb3Fx Enterprise CFOs in the US are interested in using agentic AI for strategic planning, but cautious about using it for treasury, risk and compliance. https://t.co/2NioUOuMrE
From the Microsoft Dynamics 365 Finance and Supply Chain Management: Accounts Receivable; Feature Management; Performance After Go-Live; Frontier Firm Vision
Microsoft’s Dynamics 365 Finance and Supply Chain Management (D365 F&SCM) is highlighted for its ability to tighten accounts‑receivable cycles, offering dashboards, automation, and predictive insights that accelerate cash collection. The platform also introduces streamlined feature‑management tools that let administrators toggle new updates...
AI-Powered Accounting Firm Launches Real-Time, Audit-Ready Service
.@Balance1189951 is an AI accounting firm for SMBs delivering real-time, audit-ready bookkeeping and accounting - run by AI, signed off by real accountants. Their agents pull in your financial context and automate your entire back-office finance. Congrats on the launch @mathiaslovring, @EmilMunkD,...
AI, Demographics, Trust Will Redefine Wealth Management by 2035
🇺🇸US #WealthManagement in 2035: Over the next decade, the convergence of #AI, demographic change, and evolving client trust will challenge wealth managers to reinvent how they compete and serve clients. @McKinsey. #WealthTech https://t.co/LYecpUeK0S
From the Microsoft Dynamics 365 Business Central Blogs: BCMCPProxy vNext; Set up, Use EFT/ACH; Install, Configure Power BI Apps; Close...
Microsoft’s Dynamics 365 Business Central ecosystem received several practical upgrades. Stefano Demiliani released BCMCPProxy vNext, a cross‑platform .NET proxy that adds browser‑based token caching for AI tool connectivity. The platform also now supports built‑in EFT/ACH processing with NACHA formats, and Microsoft published...
More Analysis, Fewer Dashboards: Solve the Real Problem
I've worked as a Sr. Director of BI and Analytics and I had to learn something the hard way. Despite what business stakeholders say, another dashboard is rarely the right answer to their needs. Why? Because what's behind the ask is a misconception...
Singapore Budget 2026: S$37 Billion (US$29.3 Billion) RIE 2030 Plan Anchors Quantum as a Strategic Pillar
Singapore’s 2026 Budget unveiled a S$37 billion Research, Innovation and Enterprise (RIE) 2030 plan, a 32% increase that keeps R&D spending at roughly 1% of GDP. Prime Minister Lawrence Wong highlighted quantum technology as a strategic growth pillar, announcing the country will...
Gift High‑basis Assets Now, Transfer Low‑basis at Death
I can think of half a dozen reasons why it is NOT a mistake to gift a house to a child before passing. Why? Because these decisions are fact and portfolio dependent, and always/never advice is rarely reliable when it...
REITs Hit Decade‑Low Valuations: Rare Investor Opportunity
REITs are currently trading at their lowest valuations in decades. The vast majority of investors are not positioned to take advantage of this historic opportunity. 🧵Here's a 'Mini Masterclass' on how to take advantage:
MAG7 FREE CASH FLOW COLLAPSE
The episode examines the recent collapse in free cash flow among the MAG7—Microsoft, Apple, Google (Alphabet), Amazon, and Meta—highlighting how their once robust cash generation has sharply deteriorated. It explores the drivers behind this decline, including macroeconomic headwinds, higher capital...
Buy Manappuram on Pullbacks Amid RBI
Macro: PE flows target Indian NBFCs. RBI cleared Bain's up to 41.7% in Manappuram; ₹43.85bn injected. Risk: regulatory scrutiny. Trading insight: buy Manappuram on pullbacks. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Value Tilt Gains as Momentum Spread Widens 16%
Classic monotonic pattern. When you see this pattern you know with a higher degree of certainty that it is one of THE drivers of how investors are positioning their portfolios. We’ve been recommending a value tilt since last fall, as...
🎥 AGM Unscripted: Goldman Sachs' Jeff Fine - An Investor’s Guide to Private Markets
Goldman Sachs Partner Jeff Fine discussed private markets and wealth channels on the Alt Goes Mainstream podcast, recorded at the 2025 Alternatives Summit. He outlined the evolving landscape, the role of product specialists, AI’s impact, and the growing participation of...
Energy Leads US Sector Gains; Financials Fall
🇺🇸 US Sector Performance in 2026 📈 $XLE Energy up 22% $XLB Basic Materials up 18% $XLP Consumer Defensive up 16% $XLI industrials up 12.8% $XLU Utilities up 9% $XLRE Real Estate up 8% $XLV Healthcare up 2% $XLY Consumer Retail -2% $XLK Technology -2.5% $XLF Financials -5%
Turn Excel Into a Text Mining Powerhouse
Each week I send out a free analytics tutorial to 39,009 professionals. This week is Part 3 in a series on mining free-form text data using Python in Excel. Think about this for a second. Production quality, reproducible text mining inside an Excel...
European FinTech Investments Dropped by 11% YoY Amid Market Uncertainties in 2025
European FinTech investment contracted 11% year‑over‑year in 2025, with total funding falling to $16.3 billion across 743 deals. Deal activity under $100 million shrank 26%, while large transactions above $100 million held steady, pushing the average deal size to $21.9 million. The market’s shift...
AI Threat Looms Over $3.5T Credit Market
Credit markets could be the next AI casualty. A UBS analyst flags the $3.5T leveraged loan and private credit space as vulnerable, with AI disruption moving faster than expected. Up to $120B in fresh defaults this year would turn the AI boom...
FFSM: Sensible SMID Strategy, Competitive Returns, Worth Shotlisting
Fidelity Fundamental Small‑Mid Cap ETF (FFSM) is an actively managed, non‑transparent fund that combines quantitative screening with fundamental research. Since its 2024 strategy shift, FFSM has outperformed the S&P 500 and several SMID peers such as IJH and SMMD, driven by...
Andhra Pradesh Budget 2026-27 Worth ₹3.32 Lakh Crore — What's in for Women, Govt Employees, Health, Agriculture
Andhra Pradesh unveiled its FY 2026‑27 budget at ₹3.32 lakh crore, marking a roughly 8% increase over the previous year. The plan earmarks substantial allocations for women‑focused initiatives, government employee welfare, health infrastructure, and agricultural support. Health spending is set to rise 15%,...
UTF Vs. ASGI: Why A 6% Discount And Rate Cut Cycle Make UTF The Obvious Choice
Cohen & Steers Infrastructure Fund (UTF) received a Buy rating, while abrdn Global Infrastructure Income Fund (ASGI) was placed on Hold due to its premium valuation. UTF trades at a 6 % discount to NAV and carries 29.7 % leverage, positioning it to...
January’s Mild Inflation Report Comes with ‘Qualifications’
January’s consumer‑price index showed modest headline inflation, rising 0.3% month‑over‑month and 3.2% year‑over‑year, but the report included several qualifiers. Core CPI eased to 4.8% annual, driven by lower energy costs, while shelter and services remained sticky. Analysts highlighted the mixed...
Malaysia Beats Forecast, Yet MSMEs Face Headwinds
Malaysia’s Economic Outlook & Risks Full-year performance exceeds government’s upper ceiling based on 4Q 2025 data Outperformance —► Hawkish BNM bias. Chatter of tougher operating conditions on the ground, especially for micro, small and medium enterprises (MSMEs) including F&B sector are leading many...
Unrealized Gains Tax Threatens New Investments Globally
Unrealized gains tax is a mega-drag on new investments. The same reason why the California Asset Seizure Tax by SEIU-UHW is going to destroy startups is happening in the Netherlands. https://t.co/jMgP3ieI2G
Rivalry to Scale Back Operations
Rivalry Corp., a TSXV‑listed esports betting operator, announced it will dramatically scale back operations while evaluating strategic alternatives. The board approved immediate cost reductions, including a significant workforce cut and a pause on player activity with withdrawals permitted. Rivalry is...
Burn Rate Equals Risk; VC Burn Rates at Historic Highs
Burn rate = risk. So of course, this is true. These are the highest burn rates in history of VC. Simple fact. https://t.co/IrsIBd0qDC
Key Signals Founders Need Before Raising Next Round
$40M raised. Series A ready. Episode 232 dives into the real signals founders should look for before raising more capital 👇 https://t.co/0CcjGEIVb9 #SaaS #AI https://t.co/S1vxKwuxiB
Edward Shugrue III and the Emerging Playbook Redefining Distressed Office Tower Ownership
Edward L. Shugrue III of RiverPark Funds outlines a new playbook for distressed office towers, highlighting how mezzanine lenders are moving from passive financing to ownership control. He cites the Worldwide Plaza case, where a $1.7 billion asset is now valued around $350 million, illustrating...
Stocks Are only Cheap During Economic or Business Crises
There are really only two times when stocks become "cheap": collectively, - usually when the health of the economy is in question, - and, more narrowly, when the viability of a business or its industry is in question. You...
Provincial Revenues Forecast 2‑3% Growth, Lagging Economy
1/4 SCMP: "Major provinces are budgeting for 2 to 3 per cent growth this year in general public operating revenue, broadly in line with last year but below broader economic growth targets, Fitch Ratings said in a research note." https://t.co/HwyAPw042O
Friday Footnotes: Italian Tax Cops Go Sniffing Around KPMG’s Office; Depreciation Is AI’s Latest Victim | 2.13.26
The latest Friday Footnotes roundup highlights three intertwined trends reshaping accounting and finance. Big‑tech firms’ $3 trillion cap‑ex plans are prompting aggressive depreciation adjustments, as Meta’s $2.6 billion earnings boost shows the earnings‑management risk. Meanwhile, Italian tax authorities have raided Amazon managers’...
China Cracks Down on Hidden Corporate IOU Market
1/3 Very interesting Caixin article on attempts by Chinese regulators to get their arms around "the opaque market for corporate IOUs that has allowed big-name companies to defer payments to suppliers on a massive scale." https://t.co/FIJywKAtIX
China's January Financing Jumps 2.4% Year‑over‑year, Beating Forecasts
1/5 According to Caixin, China’s aggregate financing grew slightly faster than expected in January, rising by RMB 7.22 trillion. This was 2.4% more than in January 2025 and 10.4% more than in January 2024. It is equal to 5.1% of annual...
Badger Meter Declares Regular Quarterly Dividend and Expands Share Repurchase Authorization
Badger Meter’s board approved a regular quarterly cash dividend of $0.40 per share, payable on March 13, 2026. It also increased its share‑repurchase authorization by $75 million, bringing the total program to $150 million through November 30, 2028. In the first quarter of...
Tech Stocks' Valuations Soar, Yet Margins Remain Stretched
Biggest strength for Tech Stocks. and their biggest weakness? (stretched valuations are underpinned by stretched profit margins) https://t.co/JyYGvhtRlC
Top 10 SaaS Cloud Multiples at Market Close
This week in enterprise software: Top 10 #SaaS #Cloud multiples as of today's market close
Banks Effectively Deputized in Trump's Immigration Fight
President Trump’s Treasury Department has launched an aggressive AML campaign targeting Minnesota and U.S.–Mexico border regions, using new Geographic Targeting Orders and high‑performance data analytics to flag cartel, fraud and immigration‑related transactions. FinCEN now requires banks and money‑service businesses to...
Early-Stage Startups Don’t Need Costly Big‑4 Audits
Startups ($25M ARR? Get bids from multiple firms. You do NOT need a Big 4 audit. It does not me you are a legit company before the Big 4 did the audit. No one cares. 2nd tier firm is fine 3...
Biggest Stocks Push S&P 500 Margin to Record 12.6%
"The exceptional profitability of the largest stocks boosted the aggregate S&P 500 profit margin to a new record high of 12.6% in 4Q" - Goldman https://t.co/5fnYCaoDhm
JEPI: Improving Economic Conditions Should Uniquely Benefit This Fund
JPMorgan Equity Premium Income ETF (JEPI) uses a covered‑call strategy to target 7‑9% annual distributions, positioning it as a low‑volatility, income‑focused vehicle. The fund has consistently met its payout goals since inception, appealing to risk‑averse investors seeking steady cash flow....
Visa's TSR Mirrors Earnings Growth, P/E Stays Flat
Visa total return the last decade or so basically all earnings growth; P/E unchanged while change in EPS estimates roughly equal TSR https://t.co/wYh3Mkz7Aq
Ford Faces $900M Tariff Blow, Highlighting US Corporate Pain
Ford just disclosed an additional $900M tariff hit in its Q4 results. TARIFFS = BAD NEWS FOR AMERICAN CORPORATIONS. https://t.co/kau61WOizz