Hedge Fund Rubric Capital Warns of ‘Enron-Like’ Accounting Risks in Private Credit
Rubric Capital, a $3 billion hedge fund, warned that certain business development companies are temporarily shifting debt off their balance sheets at quarter‑end, making leverage appear lower than it truly is. The firm described the practice as “Enron‑like” accounting, using short‑term repo‑style financing that reappears after reporting periods. Rubric cited rising defaults of 3‑5% and pressure to sustain distributions as drivers of the behavior, while noting liquidity constraints for retail investors due to quarterly redemption caps. The alert adds to heightened scrutiny of a $300 billion private‑credit market that has faced recent bankruptcies and tightening financing conditions.
IMF’s No‑Bailout Stance Pushes China, Ecuador Back to Markets
Striking that China has taken $2 billion off the table since 2021 while the IMF put $2 billion in ... Talk about not using IMF funds to bailout China back during the pandemic turned out to be just that, talk. You...
Global Energy Transition Hits a Hardware Bottleneck
Transformer supply is hitting a critical bottleneck as lead times for large units have more than doubled since 2019 and U.S. prices have surged 79%. Hitachi Energy is responding with a $1.5 billion investment in new manufacturing capacity, part of a...
Why the Concern over Capital Flows
The Reserve Bank of India introduced tighter rules on external commercial borrowings to curb volatility in the capital account, even as the current account remains stable. While gross foreign direct investment (FDI) has averaged $78 billion annually, equity repatriation has surged,...
Has the Market Misjudged Relx?
Relx’s shares have slumped about 40% over the past year as investors worry about new AI competition from Anthropic. The company, however, retains a unique advantage through its massive, meticulously curated legal and scientific data sets, especially within LexisNexis, which...
Dell Surges 20% Post‑earnings, Defying Market Slump
$DELL - a sight for sore eyes in this market. 20% gap up after earnings. Can it hold?
EM-DM Convergence: A Secular Trade on Deglobalization
Bill Campbell argues that deglobalization is creating a secular convergence between emerging‑market and developed‑market sovereign debt. While investors remain fixated on U.S. policy, structural shifts have strengthened EM fiscal positions and left DM yields underpriced. This mispricing opens a yield‑enhancing,...
Digital Advertising Industry Snapshot 4Q'25
The fourth quarter of 2025 reveals a shifting balance in digital advertising, with Meta’s market share rising to 34 percent and Alphabet’s falling to 48.1 percent after a four‑year decline. Meta’s incremental share has consistently exceeded 40 percent over the past three years,...
Did Indonesia Just Lock Itself Into an Energy Future It Can’t Afford?
Indonesia’s new trade agreement obliges the country to import $15 billion of U.S. oil and gas each year, contradicting President Prabowo Subianto’s pledge for energy self‑sufficiency. The deal was signed to sidestep tariffs that were later nullified, leaving Indonesia locked into...
MP's "Strong" Quarter: Accelerated Production, Long-Term Agreements With Major Tech Companies
MP Materials posted a fourth‑quarter revenue of $52.7 million and net income of $9.4 million, buoyed by a U.S. Department of War price‑floor agreement. The company recorded a 12% year‑over‑year increase in rare‑earth oxide concentrate, producing a record 50,692 metric tons, and more...
Weight of Freight: Talking Tankers with Asyad’s CEO
In this episode, Argus's Way to Freight talks with Dr. Ibrahim Alnathiri, CEO of Asyad Shipping, about the company’s aggressive fleet renewal and expansion, including the recent purchase of three VLCCs and four other newbuilds. Alnathiri explains how a younger,...
Private Credit BDCs Plunge From Premium to Deep Discount
In just 12 months, private credit went from red hot to ice cold One year ago, the average BDC traded at a +6.2% premium to NAV Now, the average BDC trades at nearly a -20% discount to NAV, a level only exceeded...
Weekly Gold (XAU/USD) Forecast: US-Iran Standoff Trumps US PPI, Setting S...
Gold surged past the $5,200 per ounce mark, targeting a seventh consecutive monthly gain as investors seek safety amid escalating US‑Iran tensions. The geopolitical flashpoint has revived haven demand, outweighing the muted impact of a weaker US Producer Price Index....
Gunnison Copper Update Lifts Project Value to Near $2B
Gunnison Copper (TSX:GCU) lifted its preliminary economic assessment, pushing the project’s net present value to $1.95 billion and the post‑tax IRR to 23% while extending mine life to 21 years. Capital spending rose 18% to $1.54 billion, reflecting operational upgrades such as...
'Soft' Data Soars To 2-Year Highs As Chicago PMI Smashes Expectations
The Market News International Chicago Business Barometer posted a 57.7 reading, the strongest level since May 2022 and well above analyst forecasts. This marks the second consecutive month the index has stayed above the 50‑point expansion threshold. Core components such...
Canada's Red Tape Stalls Projects for Decades
Canada Is Being Destroyed By Bureaucracy & Over Regulation It takes an average of 19 years to get an approval to build a new Mine Australia's shipping Liquid Natural Gas to Canada's East Coast: Canada has 300 years of Gas Reserves Let's look...
Fairway Moves Into Home Insurance at Origination
Fairway Independent Mortgage Corp. announced a partnership with The Baldwin Group to launch Fairway Home Insurance Agency, offering homeowners insurance at loan origination. The collaboration embeds Baldwin’s proprietary technology into Fairway’s workflow, allowing real‑time policy quotes during the mortgage application....
Australian Bonds Attract Global Hedge Fund Flows as AI Trade Loses Momentum
Global hedge funds are redirecting capital into Australian government bonds as AI‑driven equity valuations lose steam. Inflows to Australian bond funds topped AUD 4 billion in 2025, the strongest in four years, driven by the country’s 4.7% 10‑year yield—the highest among developed...
NetApp Q3 FY2026 Earnings Summary
NetApp reported third‑quarter FY2026 net revenues of $1.71 billion, a 4% year‑over‑year increase, and posted record non‑GAAP earnings per share of $2.12. Billings rose 10% to $1.89 billion, driven by an 11% jump in all‑flash array revenue to $1 billion. The Hybrid Cloud...
One Month in, Can Honduras’ New President Put the Country on the Path to Lasting Economic Gains?
Honduras’ new president Nasry Asfura has launched a suite of early reforms focused on fiscal austerity, expanding the Temporary Import Regime and re‑joining the World Bank’s ICSID to boost investor confidence. His administration secured a meeting with former President Donald...
The Richest Silver Mine Isn’t Underground but in Solar
Silver has become a strategic material for the clean‑energy transition, with solar photovoltaics now accounting for roughly 17% of global silver demand. Primary ore grades are falling, pushing the industry toward higher‑grade, above‑ground sources such as retired solar panels that...
High Liner Foods Reports Financial Results for Q4 and 2025
High Liner Foods reported Q4 2025 and full‑year 2025 results ending January 3 2026. Sales grew 15% in the quarter to $270.2 million and 7% for the year to $1.03 billion, while volume increased modestly. Adjusted EBITDA fell 19% in Q4 and 11% year‑over‑year,...
Swiss Re Corporate Solutions’ Profit up 19%, Group Net Income Jumps
Swiss Re’s Corporate Solutions unit posted a net income of $988 million for 2025, a 19 % increase despite a 5 % drop in insurance rates on a risk‑adjusted basis. The broader Swiss Re group saw net income surge 47 % to $4.76 billion, driven...
AI's Asset Demand Shifts Money From Tech to Commodities
The framing here just seems so clear to me. AI buildout requires a ton of real assets and commodities to complete Cyclical re acceleration is bullish commodities Everyone is overweight tech and AI is now questioning the validity of the multiples...
Six of Eleven S&P Sectors Currently Trading Green
6 of the 11 S&P sectors are green right now in this moment of time. $XLU $XLP $XLV $XLRE $XLC $XLB. $XLE flat the others red
Merz in China: Germany Between De-Risking and Strategic Partnership
German Chancellor Friedrich Merz concluded a two‑day visit to China, pledging a comprehensive strategic partnership while emphasizing the need for de‑risking amid trade imbalances. He highlighted persistent overcapacity and urged Beijing to play a constructive role in curbing Russia’s war in...
Patience Pays: Trade Hits 2‑Month High, Still Uncertain
#Druckenmiller once said we mostly sit all day reading, researching & waiting. My "ideal trade" finally broke to 2-month high plenty of waiting. Does it have legs? https://t.co/m8fErQ5Bm0 #forex #GBP
Core Wholesale Prices Jump 0.8% in January, Outpacing Forecasts
"Core wholesale prices rose 0.8% in January, much more than expected" https://t.co/LVa2AuC787 "For the full year, core wholesale prices accelerated 3.6%" Big Jan26 drivers: -professional & commercial equipment wholesaling services -Trade services -metals https://t.co/SIuJIRE7bD
Sticky US PPI Sour Risk Mood; Sterling Hit by UK Political Blow
US producer‑price index jumped 0.5% month‑on‑month in January, outpacing expectations and reigniting concerns that inflationary pressures remain entrenched. The surprise lift pushed Dow futures down over 500 points and nudged the 10‑year Treasury yield below the 4% threshold, suggesting markets...
Intrepid Potash Breakout Mirrors Wheat Surge, CF Long
$IPI Daily. Clean base breakout for Intrepid Potash to dovetail the surge in Wheat this week. Ags heating up. $CF worth a look long, too. https://t.co/xrg1BQiWhA
AAOI Surge: $85 Calls Spike as AI Component Play
Applied Opto (AAOI) seeing 880 June $85 calls bought $1.5M with stock up 45% on results, a top components play for a while now on the AI buildout Piece I wrote last Aug. https://t.co/WYy1BykzGw
China Eastern Airlines to Expand India Operations, Plans Mumbai-Shanghai Service From May
China Eastern Airlines will launch a Mumbai‑Shanghai service in May, operating four weekly flights with an Airbus A330. The carrier also plans to revive its Kunming‑Kolkata route for the summer season. Its Shanghai‑Delhi flight, upgraded to a daily schedule, is...
Low Treasury Yields Revive MMT Enthusiasm Flood
Feeling listless and disjointed as I await the inevitable barrage of "#MMT was right all along" posts now that 10-year Treasury yield has fallen below 4%... https://t.co/ANQCCAXJms
Strong Current Accounts Can't Stop Taiwan, Korea Currency Weakness
Taiwan's currency has depreciated even as Taiwan's current account has soared (to 20% in calendar 2025, with 30% expected in 26). But Taiwan is not alone -- the Korean won is also very very weak even as Samsung...
WSP Cautions Against ‘AI Hysteria’ on Q4 Earnings Call
WSP’s CEO Alexandre L’Heureux told investors that the firm is not threatened by the current wave of AI hype, describing the market mood as shifting from “AI euphoria to AI hysteria.” He highlighted the company’s “machine‑in‑the‑middle” approach, where human expertise...
April Short Puts Signal Bearish Pressure on KKR, ARES
$KKR $ARES starting to see some April opening short puts Need that group to stabilize, was my first red signal a few weeks ago
Oracle's CDS Gains Vanish After Equity Funding Shift
Pretty remarkable that the “we’re raising half the money via equity” improvement in Oracle’s 5Y CDS completely reversed (and then some) so quickly https://t.co/E8Qzqv4pMx
The Future of Japan’s Regional Banks: Demographics, Mergers, and a Tight Market
Japan’s regional banks, once pillars of local growth, now face shrinking deposits and borrowers as the nation records its 16th consecutive year of population decline. Consolidation is accelerating, highlighted by the 2025 Aomori Bank‑Michinoku Bank merger that now controls about...
Sticky PPI Keeps Rates High, Drives Yield Decline
The PPI is not falling, it has become sticky. It means rates stay higher. That will slow things down. Thus bond yields are falling. Makes sense? God knows https://t.co/XxE0jqRJ3L
Lithium May Mirror Silver's March‑April Surge?
Is Lithium about to pull 'a Silver' in March and April? $ALB $SQM $LIT $LAC https://t.co/Db55dIPSLT
Intel Set for MSCI Rebalance Boost; Google, Meta Sell
MSCI index rebalance TODAY Cherry picking $INTC has 5.5M shares to buy for the MSCI tonite a notable "few" sells $GOOG $META https://t.co/OEKl7nD5AW
Caution Needed: Breakouts Failing, Hold Cash
We have been advising caution. Tape action beneath the surface is worse than the indexes appear. For the most part, breakouts are not following through and too many reversals to justify aggressive trading. Patience is a virtue and cash is...
Fed's Massive Balance Sheet, Not Warsh, Needs Trimming
"Kevin Warsh Isn’t Crazy, the Fed’s Big Balance Sheet Is" The obvious path to shrink the Fed's balance sheet is to go back to a corridor system. It worked for over 100 years as @josephsternberg points out. The problem: the establishment...
Three Bearish Stock Pair Charts Reveal Missing Piece
The 3 most bearish charts for stocks as an asset are as follows, in no particular order: XLY:XLP HYG:IEI SPHB:SPLV What's missing?
ARLO, FIGS Lead 2026 Small Caps Surge
ARLO and FIGS two top 2026 small caps that hit today, saw about 70 names up over 6% yesterday on that list
China's Central Bank Eases Dollar Purchases to Curb Yuan Rally
China Central Bank Moves to Tame Yuan Rally—China’s central bank on Friday moved to combat a rally in the yuan by making it cheaper for importers to buy dollars and sell the Chinese currency. @RebeccaYFeng https://t.co/uVx5NuUmDE
Dell Poised to Break Above $140, Eyeing Next‑week Rally
$DELL crushed #s and raised a lot. as long as above 140 could close HOD and move higher next week... https://t.co/HsaGKCoa3Y
SPY Holds AVWAP Support From November Lows
SPY early hold of that AVWAP from Nov. lows which has consistently been support in 2026
Floor & Decor Targets 500 U.S. Stores in Eight Years
Floor & Decor FY23 10-K: "We believe there is an opportunity to significantly expand our warehouse-format store base by a low- to mid-teens annual percentage growth rate over the near-to-medium term, reaching at least 500 in the U.S. within approximately eight...
AlfCharts Highlights Brazil's Market Bottoms on Morning Show
You heard it here first folks, @AlfCharts really likes those big Brazilian bottoms. "Who doesn't?" We're talking about the nicest Brazilian bottoms LIVE on the Morning Show @StockMktTV Are you a fan of these too? https://t.co/OC19tkQKgR https://t.co/0WxJlRa8zZ