The planned initial public offerings this year of SpaceX, Anthropic and OpenAI comprise over $3 trillion in estimated value. In addition, a host of smaller (but still large cap) names such as Databricks, Stripe and Anduril are expected to go public soon. This influx of

Private credit—particularly middle-market direct corporate lending—has attracted heightened attention as capital has flowed into the space and retail-oriented vehicles have expanded access. While concerns about liquidity, valuation, and systemic risk have featured prominently in the financial press, a closer examination suggests that private credit is

After an initial muted response to the war with Iran, market volatility surged over the past week. Early beliefs in a limited and contained war faded after Iran’s retaliatory strikes began targeting Gulf refineries, desalination plants and shipping. In response, insurers pulled coverage citing war-risk

Why is the market selling off today when everyone knew that tariffs would beannounced? The Tariff announcement far surpassed expectations The administration’s tariff announcement today surpassed expectations and resulted in broadstock market declines. The dollar also declined, and the benchmark 10-year Treasury BondYield fell by

Humans thrive on stories.  Psychological experiments document their effectiveness in communicating information and changing behavior.  Neurologists measure the actual changes in brain chemistry that they trigger.  It is no surprise then that stories drive equity markets.  A compelling narrative about a technological revolution or, alternatively,

The Republican victory on Tuesday delivered a second term for Donald Trump and majorities in both houses of congress (as of this writing the House is still undetermined but leaning Republican).  As incumbents tend to lose seats during mid-term elections, this majority may only last through 2026.  President Trump will likely utilize his congressional advantage more effectively than he did in the first two years of his first term, with his focus on tax and trade policy providing the greatest impact on financial markets.