United, American to Inject $200 Million Into Brazil’s Azul
United Airlines and American Airlines have each pledged $100 million to recapitalize Brazil’s Azul as it emerges from Chapter 11, while existing creditors will contribute an additional $100 million. United’s cash will flow through a public equity offering and American will use warrant subscriptions. The $300 million infusion is intended to shore up Azul’s capital structure and sustain its domestic and international routes. Azul, which serves major Brazilian cities and flights to the U.S., Europe and South America, filed for bankruptcy in 2025 due to rising costs.
American Coastal’s Net Income Rises 437% in Q4’25
American Coastal Insurance Corp. posted a Q4 2025 net income of $26.6 million, a 437% jump from the same quarter a year earlier. The surge stemmed from dramatically lower losses and loss‑adjustment expenses after a hurricane‑free period, eliminating a $0.9 million loss from...
Why Pershing Square Holdings Trades At A Deep Discount To NAV
Pershing Square Holdings (PSH) trades about a 25 % discount to NAV, reflecting its closed‑end, London‑listed structure and a portfolio of public equities that investors can replicate. The lack of daily redemption limits arbitrage, while a 1.5 % management fee and 16 %...
Research Review | 20 February 2026 | Forecasting Returns
Recent academic research sharpens the tools investors use to forecast long‑term returns and market risk. Rui Ma et al. show that a market‑cap‑weighted Component CAPE ratio aligns prices and earnings, delivering out‑of‑sample R² above 50 %. Javier Estrada confirms that valuation multiples...
Contango to Raise £5mn for Muchesu Coal Expansion, Debt-Free Transition
London‑listed Contango Holdings announced a £5 million share subscription, funded by Pacific Goal Investments and Huo Investments, to recapitalise the business and erase existing shareholder loans. The deal, priced at a 39 percent premium to the February 12, 2026 mid‑market close, will...
Private Equity: Sponsors Expect to Capitalize on Improved Exit Environment
EY’s latest Private Equity Pulse shows sponsors are increasingly confident about 2026 exits after a resurgence in 2025. Trade sales rebounded sharply, driven by pent‑up strategic demand and stronger board‑level conviction. In total, U.S. firms recorded $481 billion of sales to...
FERI’s Ferrum Fund Future Stars
FERI’s Ferrum Fund Future Stars (FFFS) is a liquid, open‑ended vehicle that seeds emerging hedge‑fund managers with less than $100 million AUM through revenue‑share agreements, capturing a portion of management and performance fees. Since its 2020 launch, the fund has met...
Braemar Hotels & Resorts: HST Four Seasons Sale, Updated Thoughts
Host Hotels & Resorts (HST) announced the sale of its Four Seasons Resort Orlando and Four Seasons Jackson Hole for a combined $1.1 billion, translating to roughly $1.9 million per room key. The deal provides a fresh multiple benchmark for luxury hotel...
The IPO Buzz: Rank One Computing (ROC) Upsizes IPO & Prices It at $6 – Top of Range
Rank One Computing (ROC) upsized its IPO to 4 million shares and priced the offering at the top of its range, $6 per share, raising roughly $24 million and valuing the company at about $114 million. The Nasdaq debut saw the stock open...
From the Microsoft Dynamics 365 Business Central Blogs: Keyboard Access Keys; Basic Auth SMTP Going Away; Accounts Payable; Posting Dates
Microsoft Dynamics 365 Business Central highlighted four recent blog topics: keyboard access keys that speed navigation, the upcoming retirement of Basic Authentication for SMTP in Exchange Online, streamlined accounts‑payable processes, and stricter posting‑date discipline for month‑end closes. The access‑key feature...
Report: Internal Auditors Skeptical of Ability to Respond to AI Fraud
A joint Internal Audit Foundation and AuditBoard survey of 373 senior audit leaders shows that while AI‑enabled fraud is widely recognized as a growing risk, only four in ten auditors feel their functions are prepared to detect or respond to...
Change Agents: Internal Audit’s Role in Organizational Transformation
Internal audit has evolved from a compliance watchdog to a strategic partner driving organizational transformation. Auditors now embed in steering committees, use real‑time risk mapping, and apply AI‑powered tools to ensure changes align with long‑term goals. Modern audit platforms automate...
Financial Statements: A Step-By-Step Guide to Understanding and Creating Financial Reports
The episode reviews Thomas Ittelson’s book *Financial Statements: A Step‑By‑Step Guide to Understanding and Creating Financial Reports*, highlighting its transaction‑driven approach that walks listeners through the three primary financial statements via the fictional AppleSeed Enterprises. It underscores how the book...
Tesla, Inc. (TSLA): Our Calculation of Intrinsic Value
In this episode the hosts walk through a discounted cash flow (DCF) valuation of Tesla, Inc., outlining their assumptions—a 10% discount rate, 3% terminal growth, and projected free cash flows rising from $6.5 B in 2025 to $10.5 B in 2029. The...
B.I.G. Tips – Earnings Triple Plays Recap: Q4 2025
The fourth quarter of 2025 saw 98 earnings triple plays across roughly 1,100 U.S. listed companies, a drop of 110 from the previous reporting period’s 208. A triple play occurs when a firm beats both earnings‑per‑share and revenue forecasts while...
4 Vital Steps to Become an M&A Analyst
The guide breaks down how recent graduates can land a coveted M&A analyst role, outlining core responsibilities such as valuations, research, and memorandum preparation. It details the educational background most banks prefer, from finance and economics to engineering, and recommends...
New SPAC: NewHold Investment Corp. IV (NHIVU) Files for $175M IPO
NewHold Investment Corp. IV (NHIVU) has filed a Form S‑1 to raise $175 million through an initial public offering, positioning itself as the latest special purpose acquisition company targeting a merger within the technology sector. The filing, submitted on Feb 19 2026, lists...
If The ‘Smart Money’ Is A Contrarian Indicator, It’s Time To Sell
Recent data show institutional investors have poured a record $158 billion into U.S. equities during the last quarter, even as inflation remains above target and the Federal Reserve signals further rate hikes. The article argues that when the so‑called “smart money”...
Guest Post: Venture Capital, Startup Liability, and D&O Insurance
When a startup secures venture capital, its liability profile shifts dramatically as cash, fiduciary duties, and litigation exposure rise overnight. Without directors and officers (D&O) coverage, founders and executives can face personal financial loss from employment, equity, or disclosure disputes....
M&A Trends: Outlook for Healthcare, Tech, Banking, & More
Mergers and acquisitions in 2026 are being reshaped by several converging forces. Artificial intelligence is streamlining due‑diligence, while ESG considerations are increasingly factored into valuations and integration plans. Cross‑border activity is surging, especially in Asia‑Pacific, and private‑equity firms are expanding...
Top 3 SPAC Targets – Sports
After a quiet spell, SPAC activity is reviving, and the sports sector is emerging as a prime hunting ground. The article highlights three private companies—Stats Perform Group, Veo Technologies, and Global Sports Group—as the most compelling SPAC targets. Each offers...
Problems at Yelp (YELP)
The episode dissects Yelp’s deteriorating business model, highlighting a sharp slowdown in revenue growth and a recent year‑over‑year decline driven by weaker ad clicks and economic uncertainty. It argues that a toxic sales culture, high‑pressure outbound tactics, and a disgruntled...
SEC Chair Atkins Proposed Further Securities Litigation and Disclosure Reform
SEC Chair Paul Atkins used a Texas A&M law symposium to unveil a second wave of securities‑litigation and disclosure reforms. He urged Texas to consider "loser‑pays" fee‑shifting bylaws and to permit mandatory arbitration provisions for corporations incorporated under state law....
Nordea’s Active Rates Strategy Tops €1 Billion
Nordea’s Active Rates Opportunities Fund has broken the €1 billion AUM threshold, underscoring strong investor appetite for low‑risk, active‑duration fixed‑income solutions. Since its 2019 launch, the fund has delivered more than 2 % per annum in net returns above cash, even as...
Fixed Income Disaster: Will Investors Ever Forget?
The article argues that quantitative easing and expansive fiscal policies have propelled equities while leaving long‑duration bonds lagging, with gold emerging as the top performer since 2022. Chart data shows the S&P 500 up over 700% since 2010, whereas TLT...
Blackstone’s “Defensive Pivot” Week: Home Services Deal + AI Infrastructure:
Blackstone announced the acquisition of Champions Group, a leading home‑services provider, while Odyssey and its management retain a minority stake. Simultaneously, the firm is leading a financing round of more than $1 billion for Neysa to build India’s premier AI‑infrastructure platform....
Brookfield “Top-Performing Alternative Firm” Unshaken in 2026 by AI or Private Credit:
Brookfield Asset Management has emerged as the top‑performing alternative firm in 2026, outpacing peers as AI and private‑credit turbulence reshape the industry. Its portfolio is anchored in global infrastructure, renewable power, and essential services that generate contracted, inflation‑linked cash flows....
AI in M&A: McKinsey, For One, Welcomes Our New Gen AI Overlords
McKinsey’s latest survey shows generative AI is reshaping M&A, delivering roughly 20% cost savings and accelerating deal cycles by 30‑50%. While 42% of respondents believe AI can transform the transaction process, only 30% are using it at moderate to high...
A Brief Illustrated History of the Federal Reserve’s Balance Sheet: 1914-2026
The Federal Reserve’s balance sheet has undergone dramatic swings since its 1914 inception, expanding modestly for decades before exploding after the 2008 financial crisis. Between 2008 and 2022 the sheet grew from roughly $0.9 trillion to over $9 trillion, driven by large‑scale...
Citco Monthly Hedge Fund Update
Citco’s January 2026 hedge‑fund update shows a continued winning streak, with the group’s funds delivering a 0.9% weighted‑average return, marking ten consecutive positive months. Global Macro strategies posted the strongest performance at 6.5%, while smaller funds (<$200 m) outperformed larger peers....
From the Microsoft Dynamics GP Blogs: Check Batches; Use Copilot in GP; What's Next in Reporting; GP Limitations Slowing Finance
Microsoft Dynamics GP users are confronting three intertwined challenges: check‑batch processing is degrading, Microsoft Copilot is now accessible within GP, and reporting capabilities are evolving while legacy limitations hinder finance teams. A slowdown traced to the PM20100 remittance table can...
Warren Buffett: Beware The Investment Activity That Produces Applause
In this episode, Warren Buffett’s 2008 shareholder letter is dissected to highlight timeless investment principles amid market turbulence. Buffett stresses that pessimism, not euphoria, should guide investors, urging disciplined valuation, liquidity, and patience during downturns while warning against chasing applause...
Ed Wachenheim: Homebuilders, Cyclicals & GM Trim Explained
In this episode, Ed Wachenheim of Greenhaven Associates discusses his $6.1‑$6.2 billion equity portfolio, which remains heavily concentrated in cyclical and housing‑related stocks such as General Motors, Lennar, Toll Brothers, PulteGroup and D.R. Horton. He explains recent trims—most notably a 34%...
Paloma Acquisition Corp. I (PALOU) Prices $150M IPO
Paloma Acquisition Corp. I priced a $150 million initial public offering, with its units slated to debut on Nasdaq under the ticker PALOU on February 19, 2026. The special purpose acquisition company (SPAC) is directed toward a merger with a U.S.-based minerals operator...
Trump Card Cap Adds to Clouds over US Consumer at Big Banks
U.S. banks posted robust Q4 consumer‑loan growth, but all warned that a proposed 10% credit‑card rate cap could restrict credit access and hurt borrowers. JPMorgan’s credit‑card revenue fell short of forecasts by 7.6% and the bank now expects card‑loan growth...
Drawing Lines in the Sand
The equal‑weighted S&P 500 continues a well‑defined uptrend, indicating intermediate‑term bullish momentum. In contrast, the broader, cap‑weighted U.S. equity averages remain confined to tight trading ranges, reflecting short‑term indecision. Meanwhile, the VVIX—volatility of the VIX—has stayed above the 100 threshold, underscoring...
🛞 Covered Call Trade Management
In this episode the host reviews a recent earnings event and observes that the stock is stabilizing, hinting at potential upward momentum. To capitalize on this, they outline a covered‑call strategy that generates upfront premium, reduces the effective cost basis,...
Fed Minutes Suggest Willingness To Hike If Inflation Not Tamed
The Federal Reserve’s February 2026 FOMC minutes reveal that most participants remain uneasy about inflation, which is still above the central bank’s 2% target. The minutes signal a willingness to raise rates again if price pressures are not curbed, underscoring...
AI Quoting Hits Retail. Specialty Gains Leverage
The episode examines the February 2026 selloff in U.S. insurance broker stocks, triggered by the launch of AI quoting tools from Insurify and Tuio on ChatGPT. While the market panicked, assuming AI would disintermediate all broker services, the discussion highlights...
When Conflicts Become Compliance Crises: SEC and DOJ Enforcement Lessons From the Real World
Regulators are treating conflicts of interest as operational threats rather than abstract compliance check‑boxes. Over the past 18 months the SEC has levied multi‑million penalties on advisers for undisclosed incentive structures, while the DOJ has pursued criminal cases where personal...
Navigating February OPEX: Fixed Expiration Day: Key Market Levels, Volatility Dynamics, and Single Stock Opportunities for Traders
SpotGamma’s February OPEX briefing outlines the fixed‑expiration day’s critical market levels, volatility shifts, and actionable single‑stock ideas for options traders. The analysis pinpoints key support and resistance zones across the S&P 500, highlights a projected VIX dip to 17‑18, and flags...
AM Revises Outlook for State Street Captive
AM Best upgraded the outlook for State Street’s captive insurer, Federated Underwriting Company, from stable to positive. The agency also reaffirmed the captive’s financial strength rating at A‑ (excellent) and its long‑term issuer credit rating at a‑ (excellent). Federated Underwriting...
US Companies Increasingly Face Investor Pushback on M&A Deals
Activist investors intensified pressure on U.S. companies, with push‑to‑sell campaigns rising 29% in 2025, reaching a five‑year high. More than 30 firms encountered shareholder resistance to M&A deals, while overall activist activity modestly declined to 579 targets. Concurrently, private‑equity firms...
InfraVia, Liberty Global and Telefónica Agree £2 Billion Deal for Netomnia
InfraVia, Liberty Global and Telefónica’s joint venture nexfibre has agreed to acquire Netomnia, the parent of YouFibre and brsk, in a £2 billion transaction. The deal consolidates a significant portion of the UK’s full‑fibre retail market under nexfibre’s control. It brings...
💥New Chapter 11 Bankruptcy Filing - Carbon Health Technologies, Inc.💥
The episode details Carbon Health Technologies, Inc.'s pre‑arranged Chapter 11 filing in February 2026, outlining its rapid rise to a $3 billion valuation and subsequent collapse due to post‑pandemic revenue decline and tighter capital markets. It explains the company’s business model—an...
Leonard Green & Partners to Acquire Mister Car Wash for $3.1 Billion
Leonard Green & Partners announced a definitive agreement to acquire Mister Car Wash, Inc. for $3.1 billion in cash, paying $7 per share, a 16.5% premium to the prior close. The transaction values the car‑wash operator at 13.78 times EBITDA and...
If US Regulators Won’t Hold Auditors to Account, Will the Courts?
The Trump administration slashed the PCAOB budget and installed a career auditor as its head, prompting concerns that auditors are now policing themselves. The SEC argues the changes refocus the board on substantive wrongdoing rather than paperwork errors. Critics fear...
A Year After Designation of Cartels as Terrorists, What Is the Risk Landscape for Multinationals Operating in Mexico?
In February 2025 the U.S. designated six Mexican drug cartels as foreign terrorist organizations, extending material‑support statutes and national‑security enforcement to any company dealing with them. The DOJ’s new guidelines prioritize terrorism‑finance violations, while FinCEN’s geographic targeting orders have already...
Your Foreign AI Vendor’s Black Box Is an Ethics Problem, Not a Technical One
Boards and senior leaders are confronting a growing dilemma: critical AI systems supplied by foreign vendors operate as opaque black boxes, delivering efficiency while limiting auditability. Ethicists Vera Cherepanova and Brian Haman argue this is fundamentally an ethical issue of...
S&P 500 Concentration: The Scare Story That's Costing Investors Money
New research by Mark Kritzman and David Turkington shows that despite recent headlines about the S&P 500’s rising concentration, the index’s current concentration is within historical norms. Using almost a century of data, they find that strategies that reduced equity exposure...