Franklin Templeton Partners with Ondo to Tokenize ETFs
$1.7tril asset manager Franklin Templeton partnering w/ Ondo to offer tokens backed by Franklin ETFs… “You can think of this as a new distribution channel." Think arrangements like this will actually help accelerate full securities tokenization. via @isabelletanlee @sidcoins https://t.co/77juyqvqBj
5-Year UST Auction Likely Tough After Poor 2-Year
UST 5y auction will be interesting after a nasty 2y yesterday. Some news cross-currents may have affected clean bidding for 2s which should be a factor for 5s today as well. Also more of a concession would be...
Yield Spike Near 4.5% Signals Market Trouble
Long yields broke out last week and finished the week at 4.39%. As I have written many times, nothing good happens above 4.5% when the risk-free rate is competitive with risky assets, as is now the case. https://t.co/mq0q2S2nBU
Buyout Likely as Activists Target Governance, Shares Plunge
Market is ignoring the looming governance catalyst. Super-voting shares are being phased out as two activists build meaningful stakes, one owning a highly complementary peer. With shares at multi-year lows and the biz stabilizing, the path to a buyout is increasingly likely....
ETFs Capture 37% US Trading, Signaling Shift to Diversification
ETF are increasingly dominating the market. They now account for 37% of total trading volume in the US-higher than in 2019-2020. The idea here is not just that more money is flowing through ETFs. The deeper point is that market participants are...
Avoid Integration Traps: Consolidate with SAP Business One
Stop the 'Integration Trap' 🛑 Bolting apps onto #QuickBooks kills efficiency. With #SAPBusinessOne, your sales, inventory, and shipping live in ONE place. $SAP Interested? Let's chat. Connect and let's talk how I can help you solve your problems. https://t.co/uAVdLLnco2
Brookfield Leads $9B Deal as M&A Spree Continues
Today's M&A notes $BLX.to to be acquired by Brookfield / La Caisse for $37.25 cash per share, 31.8% premium, $9.0 billion $TERN to be acquired by MRK for $53.00 cash per share, 6.0% premium, $5.7 billion $JHG / Trian bumped bid by 6.1%...
CEO Amy Burroughs Discusses M&A Post‑ASH25 Data
I asked $TERN CEO Amy Burroughs right after the #ASH25 data was out how she felt about M&A. Congrats to her and her team. https://t.co/2HemPoiqWO
Robinhood Buyback: Dip Play Amid Crypto‑Driven Fragility
Robinhood Stock Rises After $1.5 Billion Buyback as Shares Stay Under Pressure Question: if stock tripled in 2025 then dropped 39% in 2026, is $1.5B buyback buying the dip or catching a falling knife? Robinhood's crypto reliance = structural vulnerability when...
AI Agents Deliver Rapid, Superior Merger Arbitrage Insights
The $TERN / $MRK deal announced this morning provides a good case study on how Accelerate's AI agents quickly analyze a merger arbitrage investment opportunity: - Equity research agent: Paste target ticker. Agent generates an initiating coverage report on the target. -...
Pension Funds Snap Up $14B Equities, Top Percentile
GS on Flows via BBG: - Pension funds to buy $14 billion in equities for month/quarter-end rebalancing. - Ranks 75th percentile over the past three years in absolute dollar terms, and 97th percentile on a net basis. https://t.co/PkjmgbNxLG
ENLV Posts $25 EPS, $1.23B Net Income
$ENLV numbers are out. $25 EPS, $1.23B net income profit. The @Enlivex treasury strategy is showing up in the financials for the first time. Worth watching how this moves.
Corporate Mafia Hijacks NexG, Recovery Restores Control
Deep-dive into PMX’s Proxy War 1. The Setup: Victor Chin joins NexG help diversify company that secures billions in govt contracts. 2. The Attack: Oct 2025, "Corporate Mafia" group raids NexG to hijack control. 3. The Tactic: "AMLA Code of Takeover" to freeze...
Merck Spends $6.7B on CML Drug Despite Gleevec Era
It's amazing that 25 years after Gleevec we are still watching drug companies pay billions for new drugs for CML. And that, in Adam's previous story, a once deadly cancer was referred to as a chronic disease. Anyway, $MRK buys $TERN...
Swiggy Hikes Fees, Signaling Profit‑first Shift
Food delivery to be more expensive Swiggy hiked platform fee by around 18% once again Current platform fees: ₹14.99 New platform fees: ₹17.58 Recently both Zomato and Swiggy hiked their fees Now Swiggy once again Food delivery apps are shifting from Growth mode to Profit mode now..
AI Agents Become Profit Drivers, Demand New Accountability
Agentic AI is starting to change something fundamental in financial services: who actually drives profit and loss. We are moving beyond models that inform decisions. AI agents are beginning to price risk, approve loans, detect fraud, handle claims, and manage...
HDFC's Structural Change Alters Indian Gold ETF Landscape
Most Gold ETF investors in India won’t notice this But HDFC just changed something structural. And the internet is getting it half right here is my full breakdown.
Meta's Aggressive RSU Targets Signal Confidence, Prompt Buy‑the‑Dip
Meta awards RSUs/options to senior execs tied to aggressive share targets—signals confidence but risks dilution and execution. Trade insight: buy on confirmed pullbacks. 🔍 — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Layoffs Boost Profits, Protect Shareholders, Not Workers
“They fired 8,500 employees in one morning ‘to protect the business.’ 24 hours later: record quarterly profit plus billions stock buyback. Translation: your job was the dividend. Who’s really getting protected here?
Wall Street Embraces Tokenization: BlackRock, NYSE, Nasdaq Partner Up
So far this week… *BlackRock* CEO: Tokenization could update plumbing of financial system. NYSE, world’s largest exchange, partnering w/ Securitize on tokenized securities markets. Nasdaq, 2nd largest exchange, partnering w/ Talos on crypto infrastructure. Paying attention? https://t.co/TWutTJMyhd
2‑Year Treasury Yield Jumps To
The March 2026 US Treasury 2-year yield hit 3.93%, up sharply from 3.45% last month. This is the highest yield since May 2025. TRUMP’S TARIFF WAR AND WAR ON IRAN ARE RATTLING BOND MARKETS. https://t.co/TfJWZRALwu
B‑Book Strategies Thrive Until Market Reverses, Then Collapse
When B Books fail. I still remmember the GBPJPY trade of 2005-2006 like it was yesterday. I was working for FXCM whic was teh biggest retai dealer at the time and of course like dealers the delaing room was rarely offsetting risk...
Municipal Closed-End Funds Squeezed
Municipal Closed End Funds feeling the Rate complex heat of higher yields as well as credit risk pressures turning up.
Aave V4 Reinvestment Boosts Capital Efficiency via DAO Strategies
Aave V4 reinvestment feature enables to sweep float liquidity into DAO-approved strategies such as lower risk hubs, sGHO or t-bills. Creating better capital efficiency for Aave.
Understanding Persistent Foreign Private Demand for U.S. Treasuries
This raises an important question -- namely how should we understand ongoing demand for Treasuries from private investors abroad? 1/ https://t.co/IVZNahIfEc
Treasury Yields Return to Trump Era, Signaling Market Anxiety
10Y treasury back to where it was at Trumps inauguration. Its increased almost 0.5% since the Iran war started in a sign that the market worries do the long term effects of Trump’s chaotic presidency. That makes mortgages more expensive. 1Y...
Ares Honors Few Redemptions, Claims Stakeholder Alignment
Ares: 11.6% redemption requests. Honored 5%. Called it “aligned with the best interests of all stakeholders.” The stakeholders who wanted their money back might define “best interests” differently.
US Yield Rise Threatens Debt Spiral Amid Oil Tensions
Update: 10y UST yields (blue, RS1) USDJPY*oil (red, LS) USDCNY*oil (green, RS2) Hormuz is still closed; China still has several years of oil inventories; 10y UST yields are ~20-30 bps from triggering a US & global debt spiral. What happens first? Let's watch. https://t.co/ixdOHnatCg
2‑Year Treasury Auction Weakest Since May 2024
“Today’s 2 yr auction was terrible:” @pboockvar The bid-to-cover ratio was the weakest since May 2024 and dealers got stuck with the largest amount since October 2022. Traders are having a hard time pricing Fed policy as oil prices swing...
Perplexity Computer Delivers Instant, Deep Guidance Credibility Analysis
I never found a way to adopt the old version of Perplexity in my investment process, but the things you can one-shot in Perplexity Computer are mind bogglingly good, and it has become a daily driver for me (for the...
Canal+ Appears Dramatically Undervalued with Strong Synergies
Help me out here. Doesn't Canal+ $CAN looks pretty mispriced right now. The market is basically valuing MultiChoice (plus all the expected synergies) at less than zero. MultiChoice is already profitable and Canal+ is targeting €400m in annual synergies over the...
Robin Energy Launches Self‑tender for up to 1M Shares
Robin Energy $RBNE Announced has commenced a self-tender offer to purchase up to 1,000,000 shares. https://t.co/kGw8Y2ZS1J
Trump’s Policies Erode Market Integrity, Enabling Scams
The damage Trump has done to the integrity of financial markets is one of the biggest stains of this entire administration. The deregulation and financial market innovation are positive but they don't need to come at the expense of rampant...
Redeemers: Tiny Elite Hold 11.6% of ARES Shares
Interesting nugget in the $ARES ASIF letter, detailing who the redeemers were (11.6% of shares outstanding) ‘The majority of repurchase requests were made by a limited number of family offices and smaller institutions in select geographies who represent less than...
Valuation Hits Multi-Year Low After Three-Year Rise
“Cheapest valuation in years” … in 3 years Notice the chart “history” as well. https://t.co/2WLNIb2E8B
ECB Launches New Scrutiny of Banks' Private Credit Exposure
You can run, but you can't hide: ECB to Start Fresh Checks on Banks’ Exposure to Private Credit https://t.co/nEqJE6yYDf
Market Prices Over One Std Below Long‑Term Trend
"When we map recent developments onto our Valuation vs Profitability framework, we can see that the market is now trading more than one standard deviation below its long-term trend." -Duality Research
FEVR Posts Solid Results Despite UK and Tax Hurdles
#FEVR solid results although UK still a struggle and Tax issue around glass 'packaging' (more useless government nonsense). Cash £91.1m (down a bit after Dividends and Buybacks). In line for coming year.
Crypto Indexing Can't Beat Bitcoin Without New Model
🔺 The "Vanguard Moment" for Crypto? Not quite. Most investors treat crypto like equities, but the data tells a different story. If you’re trying to build a crypto index that actually beats Bitcoin, you’re fighting a structural uphill battle. Delve into...
Private Credit's Circular Lending: Cliffwater Borrows From Itself
The circular relationships within the private credit ecosystem are fascinating. For example, Cliffwater invests in Carlyle's private credit fund. On the other end, Carlyle's private credit fund lends to Cliffwater (first lien loan shown below). So it appears that ultimately, Cliffwater is lending...
Lenders Demand Only Top‑Tier Collateral for Redemptions
Of course assets would have to be pledged as collateral for any borrowings to meet redemptions, under this thought experiment. Doubtful the lenders would accept anything other than the “best” collateral. Think about it.
Hidden Entry Fees Can Drain Millions From Investors
If you invest $10,000 today, how much of that actually gets invested after all charges? If the answer isn't close to $10,000, you should understand why. One client found out she'd been paying a 2% upfront sales charge every time she...
War Hopes Nudge Fed Futures Toward Tiny Cut
The hope of a short-end to the war on Iran sees the Fed funds futures market swing back to a (small chance) of a cut this year--2 bp--. It was around 7 bp of tightening before the weekend and 61...
Redemptions Surge as Illiquid Funds Mismatch Expectations
Why are there so many redemption requests for private credit funds? Many reasons The biggest one in the wealth management space is an asset-liability-expectations mismatch in an illiquid fund structure Do you blame the advisor or the investor? https://t.co/mHPWByumnV https://t.co/ByuxkZ57Pv
Build an All‑Weather Portfolio for Today’s Uncertain Markets
I am at a stage in life where my main objective is to pass along to others the principles I have learned over the last 60 years that have helped me and that I think can help others. I believe...
Own More of Winners, Not Just Find Them
a16z made a 312x return on Instagram. $250k invested. $78 million returned. In under 2 years (!) And it 𝑎𝑙𝑚𝑜𝑠𝑡 didn't matter. a16z had raised over $1B+ across its funds. At $250k checks, they'd need 12+ Instagrams just to break even. One of...
Agentic Finance Remembers, Executes—Beyond Robo‑Advisor Limits
Roboadvisors: set it and forget it Agentic finance: set it and it never forgets The difference is memory, context, and execution across protocols
Treasury Futures Surge: 3.5M Contracts Traded
Very Big Volume in Treasury Complex. Dimes (UST Classic 10 Yr Note Futures) have traded over 3.5 Million Contracts as of 1:40 pm EST.
Reagent Spend Under 5%—Biotech Must Address Cost Gap
The thing to look at in biotech is your reagent costs as a % of your total research spending - inclusive of lab space, EHS, equipment maintenance, lab labor costs, etc. Lab data is the concrete output of biotech...
SaaS Finance Shifts to Real-Time Metrics and AI Close
Most SaaS finance teams are still working with delayed metrics… - Closing the books weeks after month-end - Reporting shaky metrics and data - And stitching everything together in spreadsheets That doesn’t scale. Tomorrow, I’m joined by NetSuite to break...