To: Hidden Recipient Date: Thu, 04 Sep 2025 17:11:12 +0000 Content-Type: multipart/alternative; boundary="_----pwMYRbbYsPzXDV+zNnP7xg===_2D/2A-38794-038C9B86" MIME-Version: 1.0 Subject: Money Stuff: Private Assets Need Public Buyers From: "Matt Levine" X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: dQMH902P0WcZ6LFtCW1uwI8m9_Jyrqjf8GEMNHGbolvkoKgVVsZfzaNR2Wtz8yzgBrqFfswpPKj-ygtlr4QFbQ== --_----pwMYRbbYsPzXDV+zNnP7xg===_2D/2A-38794-038C9B86 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset="UTF-8" Money Stuff =0A T. Rowe, tariffs, swaps, fraud, affair. =0A=0AView in brows= er =0A =0A=0A =0A=0A =0A=0A=0A=0A=0AGoldman/T. Rowe=0A= =0AThe basic situation in asset management is that the alternatives manager= s have =0Athe products and the traditional managers have the customers. For= a long time, =0Athe way normal people invested was through mutual funds ru= n by traditional =0Aasset managers like T. Rowe Price or Fidelity. These ma= nagers run active mutual =0Afunds, charge fees on the order of tens of basi= s points, and have accumulated =0Ahundreds of billions of dollars of custom= er assets. And they have good =0Adistribution: They have relationships with= investment advisers, who put their =0Aclients in the managers=E2=80=99 fun= ds; they have good brand names and advertising; =0Athey run funds for 401(k= ) retirement plans.=0A=0ABut these days that business is pretty tough. Acti= vely managed mutual funds =0Aare not especially popular. If you are a norma= l retail investor and you want to =0Ainvest in the stock market, you might = buy an index fund: Index funds charge =0Afees on the order of single basis = points, and most active mutual funds do not =0Areliably beat the index, so = it has become conventional wisdom that index funds =0Aare the correct way t= o invest. Or you might buy individual stocks, because that =0Ais more perso= nally entertaining than entrusting your money to a mutual fund =0Amanager. = But active funds are a little pass=C3=A9, and we have beendiscussing =0A their =E2=80=9Cslow but surely declining trajectory= =0A=E2=80=9D for years.=0A=0AMeanwhile the =E2= =80=9Calts managers=E2=80=9D like Apollo and Blackstone and KKR, which got = =0Atheir start running leveraged buyout funds, now also run hundreds of bil= lions =0Aof dollars for customers, investing in private equity and private = credit and =0Ainfrastructure and real estate and other things that are not = public securities. =0ATheir fees arehigher than those of the traditional ma= nagers, but customers feel =0Athat they are morejustified. Private investin= g plausibly is more active than =0Apublic investing: You can=E2=80=99t just= buy stocks on the exchange; you have to source =0Aand negotiate deals by h= and. Also, there are no private-market index funds to =0Amake active manage= rs look bad. [1] <>=0A=0AThis is a great business and there are lots of cu= stomers =E2=80=94 insurance =0Acompanies, endowments, sovereign wealth fund= s, pensions, etc. =E2=80=94 who give alts =0Amanagers billions of dollars t= o manage, but there is some limit and, uh, =0Aarguably we=E2=80=99ve reache= d it. The action these =0A days is in finding =0A ways to sell private assets to retail investors: =0AThere are tril= lions of dollars of individual retirement savings, which right =0Anow are l= argely in relatively low-fee public-market investments. It would be =0Abroa= dly good for the financial industry =E2=80=94 and specifically good for the= alts =0Amanagers =E2=80=94 if more of those savings were inhigher-fee priv= ate-market investments=0A .=0A=0AThere are variou= s legal impediments to this =E2=80=94 what makes investments =E2=80=9Cpriva= te=E2=80=9D =0Ais that theycan=E2=80=99t be sold directly to retail investo= rs =E2=80=94 but those impediments =0Aarequickly = going away =0A. But y= ou still have to solve the problem of =0Adistribution. The traditional mana= gers have long experience selling investments =0Ato the general public; the= alts managers don=E2=80=99t. There are trades to be done.=0A=0AThere are d= ifferent approaches. The alts managers can build retail =0Adistribution cha= nnels. (Apollo now sort of thinks of itself as aretirement =0Asolutions com= pany .) The traditional managers can =0Abuild the= ir own private funds. (Hard!) The traditional managers canbuy alts =0Amanag= ers . The alts managers can buy traditional =0Ama= nagers.Here=E2=80=99s one approach :=0A=0AGoldman= Sachs Group Inc. will invest as much as $1 billion in T. Rowe Price =0AGro= up Inc. and team up with the asset manager to sell private-market products = =0Ato retail investors.=0A=0AThe unusual arrangement means Goldman will use= its balance sheet to hold =0Aequity in T. Rowe, whose stock has tumbled mo= re than 50% from its 2021 peak. =0AThe companies will collaborate on a rang= e of investments for retirement savers =0Aand wealthy investors, they said = in an emailed statement.=0A=0AGoldman will make =E2=80=9Ca series of open-m= arket purchases=E2=80=9D to amass up to 3.5% of =0AT. Rowe=E2=80=99s stock,= potentially making the Wall Street bank one of its five =0Abiggest shareho= lders, according to the statement. It will be Goldman=E2=80=99s only =0Ainv= estment in an outside asset management firm. =E2=80=A6=0A=0AThe partnership= comes at a critical juncture for the asset management =0Aindustry, with tr= aditional players pushing into alternative assets that have =0Abeen dominat= ed for years by the leading private equity firms. They=E2=80=99re searching= =0Afor new revenue sources, while the private-markets leaders want to lean= on the =0Asales teams and relationships of the traditional firms to attrac= t retail =0Ainvestors while institutional fundraising has slowed.=0A=0AT. R= owe has been in a rut since 2022, when stock and bond markets plunged, =0As= lamming performance and prompting clients to pull billions of dollars from = the =0Afirm=E2=80=99s stock and bond funds. Investors have continued to shi= ft money to =0Alow-cost index funds and ETFs, leaving T. Rowe exposed becau= se of its primary =0Afocus on actively managed public investments.=0A=0AGol= dman isn=E2=80=99t exactly buying T. Rowe for distribution, but it=E2=80=99= s buying a =0Alittle of T. Rowe and getting some distribution. (Disclosure,= I used to work at =0AGoldman, which Ireferred to yesterday as =E2=80=9Cboth an =0Ainvestment bank and, somewhat aspiration= ally, an alternative asset manager.=E2=80=9D) =0AHere isthe press release <= https://bloom.bg/47oGI0J>:=0A=0AThis collaboration will leverage the streng= ths of both firms, including =0Arespective investment expertise, solutions = orientations, and a deep =0Aunderstanding of the needs of intermediaries an= d their clients. A central focus =0Ais on providing a range of wealth and r= etirement offerings that incorporate =0Aaccess to private markets for indiv= iduals, financial advisors, plan sponsors, =0Aand plan participants. =E2=80= =A6=0A=0AThe firms will offer new, co-branded target-date strategies that l= everage T. =0ARowe Price=E2=80=99s expertise in the retirement blend series= while broadening plan =0Aparticipants=E2=80=99 access to private markets b= y incorporating investment =0Acapabilities from Goldman Sachs, T. Rowe Pric= e and OHA. Goldman Sachs will =0Aserve as third-party provider of private m= arket strategies for the target-date =0Aseries. The firms intend to launch = the solutions in mid-2026. =E2=80=A6=0A=0AThe firms are collaborating to de= liver an innovative, scalable advisory =0Aplatform for advisors and other R= IAs to offer managed retirement accounts at =0Ascale in-plan and out-of-pla= n. This includes integrating retirement planning =0Aand advice from the fir= ms into the T. Rowe Price recordkeeping and Individual =0AInvestor platform= s.=0A=0AGoldman has the private assets, [2] <> T. Rowe has the public dist= ribution, =0Aand these days everyone wants both.=0A=0A =0A=0A=0A =0A=0A=0AThe tariff refund trade=0A=0AUS courts= have consistently held that President =0ADonald= Trump=E2=80=99s broadtariffs are illegal , becau= se =0Athat=E2=80=99s what the Constitutionsays . = Trump has appealed =0Athese rulings to the Supre= me Court, which has =0Agenerally been more willing than lower courts to dis= card precedent and let =0ATrump do what he wants. Will he win=3F I don=E2= =80=99t know. Here is aPolymarket =0Aprediction market on =E2=80=9CSupreme Court rules in favor =0Aof Trump=E2=80=99s tarif= fs,=E2=80=9D which at noon today showed about a 51% chance of the =0Atariff= s being upheld; thesimilar Kalshi market is at = =0A54%. Those numbers feel about right to me. A coin toss between what the = =0AConstitution says and what Trump wants.=0A=0AWhat if the tariffs are inv= alid=3F The government has been collecting tens of =0Abillions of dollars a= month in revenue from tariffs =0Athat are, for = now, illegal. Will it =E2=80=A6 have to give the money back=3F I have no = =0Aidea=3F As a matter of legal theory, it does seem like the government wo= uld have =0Ato give back money that it collected illegally. As a matter of = legal realism, =0Ait seems somewhat impractical for a court to order the go= vernment to refund =0Atens of billions of dollars to thousands of companies= . Here is aPolymarket =0Amarket on =E2=80=9CWil= l the Court Force Trump to Refund =0ATariffs,=E2=80=9D trading at about 12%= . Here=E2=80=99s a slightly differentKalshi one =0A (=E2=80=9CWill a Court order a tariff refund=3F=E2=80=9D) at 34%. That = =0Ais, prediction markets think that, contingent on the tariffs beingillega= l, =0Athere is still a decent probability =E2=80=94 between 25% and 75% =E2= =80=94 that they won=E2=80=99t =0Ahave to be refunded. [3] <> An outcome l= ike =E2=80=9Cokay these tariffs are illegal =0Aand you can=E2=80=99t do the= m anymore, but you can keep what you=E2=80=99ve already collected=E2=80=9D = =0Adoes seem sort of plausible.=0A=0AStill even 12% isn=E2=80=99t nothing. = Axios reports :=0A=0ACorporate America may be due= for a multibillion-dollar refund after a federal =0Aappeals court ruled Pr= esident Trump's sweeping global tariffs are unlawful.=0A=0AWhy it matters: = The case will likely go to the Supreme Court, but if the =0Aruling stands, = corporations could be primed for billions in back pay, if =0Athey're willin= g to ask for it.=0A=0AState of play: "Depending on what happens with the co= urt cases, there may be =0Aan opportunity to get some of those tariffs refu= nded," says Everett Eissenstat, =0Aformer deputy director of the National E= conomic Council in the first Trump =0Aadministration and now a partner at t= he law firm Squire Patton Boggs.=0A=0AAnd DealBook reports on refund-rights= trading :=0A=0AFinancial firms have made a propo= sition to importers: They would buy =0Acompanies=E2=80=99 legal claims over= refund rights.=0A=0A=E2=80=9CWe have a lot of clients asking about it,=E2= =80=9D Lenny Feldman, a managing partner =0Aof Sandler, Travis & Rosenberg,= a law firm specializing in international trade, =0Atold DealBook. (His fir= m is not involved in such transactions.)=0A=0AFor importers, selling refund= rights is a potential way to cushion tariff =0Alosses, even if some offers= have been valued at pennies on the dollar. DealBook =0Ahears that large U.= S. companies are among those weighing such proposals.=0A=0AI suppose if you= are an importer and you sell your refund rights at 20 cents =0Aon the doll= ar, that has the additional advantage that maybe the buyer goes to =0Acourt= to ask for a refund, instead of you. =E2=80=9CLegal uncertainty is not the= only =0Ahurdle,=E2=80=9D notes Axios: =E2=80=9CMany large companies may al= so want to avoid sticking =0Atheir necks out.=E2=80=9D=0A=0A=0ADebt-for-wha= tever swaps=0A=0AAn important discovery of modern environmental, social and= governance =0Ainvesting is that (1) some investors actually value environm= ental commitments =0Aand (2) therefore issuers =E2=80=94 companies or count= ries that sell bonds =E2=80=94 can get =0Apaid for environmental commitment= s. There are various ways to get paid; among =0Athem:=0A=0A * A company or = country can issue a =E2=80=9Cgreen bond,=E2=80=9D with the proceeds earmark= ed =0Afor environmental projects, at a lower yield than its regular bonds. = If you can =0Asell a regular 7% bond for $100, maybe you can sell a green 7= % bond for, like, =0A$102. The $2 is called the =E2=80=9Cgreenium .=E2=80=9D =0A * Denmark once proposed a detachable green = commitment =0A: It would issue regular bonds for = $100, and also =0Aissue a =E2=80=9Cgreen certificate=E2=80=9D for $2. The = =E2=80=9Cgreen certificate=E2=80=9D would somehow =0Arepresent Denmark=E2= =80=99s promise to invest in environmental projects, and people who =0Alike= d that commitment could buy it. =E2=80=9COwning both the conventional gover= nment =0Abond and the green certificate is equivalent to owning a sovereign= green bond,=E2=80=9D =0ADenmark argued, a bit of financial metaphysics tha= t I very much enjoyed. =0A * A country with $100 of regular debt outstandin= g could swap that debt for =0A(1) $90 of new debt plus (2) a commitment to = do green stuff, which investors =0Awould value at $10. This is called a =E2= =80=9Cdebt for nature=0A swap .=E2=80=9D =0AAll of this stuff happened= because environmental investing had a big vogue, =0Abut there is nothingne= cessarily environmental about any of it. The form of all =0Aof these trades= is =E2=80=9Cinvestors want countries to do certain things, and they =0Awil= l pay those countries to commit to do those things, and the countries want = =0Amoney.=E2=80=9D When you put it like that it sounds weird. I think that,= 20 years ago, =0Aif big institutional investors went around saying to sove= reign nations =E2=80=9Cwe will =0Apay you a few million dollars to do polic= ies that we want,=E2=80=9D that would have =0Aseemed a bit presumptuous. Bu= t the rise of ESG investing made it more =0Aplausible. =E2=80=9CWe will pay= you a few million dollars to save your coral reefs,=E2=80=9D =0Asure, righ= t, whatever. But once you open the door to that sort of =0Apolicy-for-money= trade, why stop with coral reefs=3F=0A=0ABloomberg=E2=80=99s Natasha White= has a story about investors paying countries for =0Aother policies they li= ke :=0A=0ADebt swaps pioneered by Credit Suisse t= o fund nature conservation are enjoying =0Aa second life, as bankers see an= opportunity to apply the model to everything =0Afrom post-war reconstructi= on to energy security.=0A=0AThe swaps help governments refinance debt at mo= re favorable terms and put any =0Asavings toward a pre-determined policy go= al. After a drought in dealmaking =0Asince late last year, as many as four = new swaps may be completed by the end of =0A2025, according to Jake Harper,= senior investment manager, private credit at =0ALegal & General Group Plc.= But none of them has a nature-focused goal, he says.=0A=0AThe development = feeds into a broader movement in ESG (environmental, social =0Aand governan= ce), as investors and issuers stretch the label to cover areas they =0Asee = as more relevant to the current geopolitical moment. Examples include =0Aef= forts by Citigroup Inc. to put together a deal to help Ukraine rebuild afte= r =0Athe war. ...=0A=0A=E2=80=9CAt the end of the day, these are policy ins= truments,=E2=80=9D [Antonio] Navarro says. =0AHe launched ArtCap in 2023, t= he same year Credit Suisse was acquired by UBS =0AGroup AG in a state-engin= eered rescue. This year, he=E2=80=99s been pitching an energy =0Asecurity s= wap that would channel savings into US oil and gas imports, as well =0Aas h= elp finance the construction of liquefied natural gas plants in emerging = =0Amarkets. ...=0A=0AMarine de Bazelaire, former European head of sustainab= ility at HSBC Holdings =0APlc, says borrower nations should be wary of enga= ging in debt swap deals that =0Ashift control of domestic priorities to ove= rseas entities. =E2=80=9CAt the end of the =0Aday, we=E2=80=99re talking ab= out the wealth and real assets of countries and their =0Acapacity to monito= r what is core to their sovereignty,=E2=80=9D she says.=0A=0AYes, right, in= theory it is quite weird for a country to trade off part of its =0Asoverei= gnty for a lower interest rate on its debt. On the other hand, all =0Asover= eign debt works a little bit like that =E2=80=94 if you=E2=80=99re issuing = sovereign debt, =0Ayou are at least committing to investors that you will p= ay them back, and you =0Amight also be committing to them that you will fol= low sensible economic =0Apolicies =E2=80=94 so it is just a difference of d= egree. Also presumably these are =0Amostly policies that countrieswant to c= ommit to =E2=80=94 Ukraine wants to rebuild! =E2=80=94 =0Athough I guess th= e point is to bindfuture governments that might not have the =0Asame policy= priorities.=0A=0A=0ANot everything is securities fraud=0A=0AFrom 2016 thro= ugh 2018, US federal prosecutors investigated how Walmart Inc. =0Adispensed= opioids at its pharmacies. Walmart was never charged with a crime, =0Abut = in 2020 ProPublicapublished a story titled =0A= =E2=80=9CWalmart Was Almost Charged Criminally Over Opioids. Trump Appointe= es Killed =0Athe Indictment.=E2=80=9D Walmart=E2=80=99sstock price fell 1.88% on =0Athe news, which is honestly not very mu= ch. Still. I oftensay =0A around here that every =0Abad thing that a public company does is secur= ities fraud. Criminally or =0Aalmost-criminally selling opioids seems bad, = and the stock did drop a little, =0Aso shareholders duly sued Walmart for s= ecurities fraud. Last week they lost on =0Aappeal. My schtick is creeping i= nto the US legal system;from the opinion =0A:=0A= =0AAlthough Walmart is a public company, and although plaintiffs allege =0A= wrongdoing on its part, not everything is securities fraud =E2=80=94 a publ= ic company=E2=80=99s =0Amischief is not actionable under the securities law= s unless the company=E2=80=99s =0Adisclosures contain a misrepresentation o= r misleading omission of material fact =0Aabout that mischief.=0A=0AA footn= ote cites me for the proposition that =E2=80=9Cn= ot =0Aeverything is securities fraud,=E2=80=9D though I more often prefer t= o exaggerate and =0Asay that everything is.=0A=0AThe gist of the opinion is= that Walmart actually did disclose that it was =0Abeing investigated by = =E2=80=9Cgovernmental entities related to nationwide controlled =0Asubstanc= e dispensing practices involving the sale of opioids,=E2=80=9D so it=E2=80= =99s not like =0Ait was hiding this from investors. The shareholders who su= ed argued that =0AWalmart should have more specifically disclosed this part= icular criminal =0Ainvestigation, but the court found that =E2=80=9Cthe sec= urities laws do not require =0Adisclosure of all material facts in equal de= tail.=E2=80=9D=0A=0AThere=E2=80=99s one other funny point in the opinion. W= almart disclosed that it was =0Abeing investigated for opioid stuff, yes, b= ut the plaintiffs argued that this =0Adisclosure was misleading, because it= didn=E2=80=99t also disclose that it was guilty. =0AThe court didn=E2=80= =99t buy this argument:=0A=0APlaintiffs argue further that Walmart=E2=80=99= s filings were misleading because they =0Aomitted Walmart was, in fact, vio= lating the CSA and engaging in the conduct for =0Awhich it was being invest= igated. But the Second Circuit, in an opinion we find =0Apersuasive, conclu= ded =E2=80=94 where a company disclosed to investors it was under =0Ainvest= igation for facilitating tax evasion=E2=80=94the company did not also need = to =0Adisclose that it was =E2=80=9Cengaged in an ongoing tax evasion schem= e.=E2=80=9D =E2=80=A6 Rather, the =0Acompany did enough =E2=80=9C[b]y discl= osing its involvement in multiple legal =0Aproceedings and government inves= tigations=E2=80=9D and =E2=80=9Cindicating that its involvement =0Acould ex= pose [it] to substantial=E2=80=9D penalties =E2=80=94 just as Walmart did h= ere.=0A=0AThat is, if a company is doing crimes, and it discloses to invest= ors =E2=80=9Cwe are =0Abeing investigated for doing crimes,=E2=80=9D that i= s good enough. In some ways it =0Awould bebetter disclosure for the company= to add =E2=80=9Cand also we are guilty of =0Athose crimes,=E2=80=9D but it= is not strictly required. [4] <>=0A=0A=0AGolden parachute=0A=0AThe chief = executive officer of a public company will generally, as part of her =0Acom= pensation package, own a lot of stock in the company. The point of this is = =0Ato align incentives. If she does a good job as CEO, the stock will go up= , and =0Ashe will get rich. She wants to get rich, so she will be motivated= to do a good =0Ajob.=0A=0AWhat if she does a bad job as CEO=3F I mean, in = theory, that stock ownership =0Acreates another incentive: She should quit,= so that someone else can come in as =0ACEO. Getting a new good CEO should = make the company more valuable, which should =0Amake the old bad CEO=E2=80= =99s stock more valuable, which she should want. It=E2=80=99s likethe =0Ath= eory of the =E2=80=9Cgolden parachute,=E2=80=9D = the large =0Aseverance package that CEOs (even bad ones) often get for sell= ing their =0Acompanies. It=E2=80=99s not a reward for being a good CEO; it= =E2=80=99s an incentive tostop =0Abeing CEO if that=E2=80=99s in the best i= nterests of shareholders.=0A=0AThat is, uh, maybe not exactly what=E2=80=99= s going on here, but =0A:=0A=0AThe meme-stock ral= ly at Opendoor Technologies has been very good for its =0Aformer chief exec= utive.=0A=0ACarrie Wheeler, who resigned under pressure in August, filed pa= perwork Tuesday =0Agiving notice of her intent to sell 7 million Opendoor s= hares worth roughly $35 =0Amillion. That stake was worth $3.6 million as re= cently as late June, before the =0Astock went viral on social media. ...=0A= =0AThe social-media mob began calling for Wheeler=E2=80=99s resignation in = August and =0Aeventually got what they wanted, in a unique case of investor= activism =0Ainvolving vocal individuals.=0A=0AOpendoor shares hit a new mu= ltiyear high on Tuesday.=0A=0AI mean, the job of a meme-stock CEO is to giv= e retail meme investors what they =0Awant, and if what they want is for you= to quit then you should quit. And get =0Apaid for it! The system works.=0A= =0A=0ATone and body language=0A=0AOne theory of mine is that =E2=80=9Ctone = and body language =E2=80=9D =0Ais, in financial u= sage, a euphemism. The idea is that investors and analysts =0Aregularly hav= e private meetings with executives of public companies, where the =0Ainvest= ors ask questions and the executives answer them. The executives are not = =0Asupposed to disclose material nonpublic information in these meetings, b= ut of =0Acourse the investors go to the meetings in order to learn stuff ab= out the =0Acompanies they invest in, and empirically the investors seem to = be better =0Ainformed after the meetings. What do they learn, if not materi= al nonpublic =0Ainformation=3F The polite thing to say is that they ask que= stions, and the =0Aexecutives answer the questions using only public inform= ation, but the =0Ainvestors can draw conclusions from the executives=E2=80= =99 =E2=80=9Ctone and body language.=E2=80=9D I =0Ahave no idea why this wo= uld work, in the general case. Like, sure, if you ask =0A=E2=80=9Cwill the = company meet its earnings guidance next quarter=E2=80=9D and the chief =0Ae= xecutive officer says =E2=80=9Cour guidance is publicly available and you s= hould look =0Ato our public statements=E2=80=9D but he is sweating copiousl= y, I guess you can take =0Athat as a =E2=80=9Cno.=E2=80=9D But does that ha= ppen=3F=0A=0AOn the other hand, if you ask the CEO =E2=80=9Cso are you in t= rouble for having an =0Aaffair with a subordinate or what,=E2=80=9D and he = looks glum and stares at his shoes, =0Athen that is (1) a somewhat realisti= c scenario and (2) possibly useful =0Ainformation that you can trade on=3F = Like presumably the CEO is not actually =0Agoing to freeze up or sweat prof= usely or run from the room if you ask him about =0Aearnings, but an illicit= romantic affair=3F I could see it. Anyway Nestl=C3=A9 S.A.=E2=80=99s =0Ast= ock was down about 3.6% at one point on Tuesday morning, after the company = =0Adismissed CEO Laurent Freixe because of an af= fair =0Awith a subordinate, and some investors really did get some advance = notice from =0Abody language. TheWall Street Journal reports :=0A=0A[Freixe] unexpectedly joined his chief financial office= r on an investor =0Aroadshow, meeting last week with analysts and investors= in London, Frankfurt =0Aand Zurich, according to people familiar with the = matter. At the last minute, =0ANestl=C3=A9 asked Barclays for a slot at the= U.K. bank=E2=80=99s flagship consumer-staples =0Aconference, due to take p= lace in Boston on Tuesday, the people said.=0A=0AFreixe appeared quiet and = downbeat, according to people present at the =0Ameetings. By then, many ana= lysts covering the company had read about the =0Arelationship on the Swiss = blog. Based on Freixe=E2=80=99s body language, according to =0Athe people p= resent, some wondered whether the investigation might be more =0Aserious th= an the company had previously said.=0A=0AAnalysts who had breakfast with Fr= eixe in London late last week didn=E2=80=99t mention =0Athe rumored relatio= nship, even though it was a topic of concern for their =0Ainvestor clients,= according to an attendee.=0A=0AThey didn=E2=80=99t actually ask about it b= ecause that would be rude, but his demeanor =0Aanswered their question anyw= ay. I suppose that in general if you go to an =0Ainvestor roadshow and the = CEO is quiet and downbeat, that is a bad sign, =0Awhether or not there are = rumors of an affair. The job of a CEO is not to be =0Aquiet and downbeat!= =0A=0A=0AThings happen=0A=0ANasdaq to tighten rules on small stocks after s= uspected =E2=80=98pump and dump =0A=E2=80=99 scam= s. Nasdaq Steps Up Scrutiny of Companies =0ALoading Up on Crypto . Citigroup Hands BlackRock =0A $= 80 Billion of Assets in Wealth Deal. Jane Street =0A Blindsides Regulator in Fight Over India Trades. =0ACarlyle raises $20b= n to scoop upageing private equity stakes =0A. Re= volut Debuts Buyback in Latest Move to Stay =0APrivate for Longer . Bridgewater=E2=80=99s China Surge =0A Draws Billions and Sparks a Waitlist. JPMorgan to =0AenterGerman re= tail bank market in European =0Aexpansion. Finra= Alleges Misconduct by Executives at Failed FintechSynapse =0A. Chicago=E2=80=99s Citadel Center = =0Afor Sale 3 Years After Miami Move. $40,000 Vacations Inspire Finance Pro= s to =0ABecomeTravel Agents . Morrissey =0A Seeks to Sell His Rights to the Smiths=E2=80=99 Songs.= How =0AJet Lag Cost the Global Face of Japan In= c. His Job. =0ATheFinancial Hack That Built the = Eagles Into the =0ANFL=E2=80=99s Super Team. Lawyernamed Mark Zuckerberg sues =0AMeta after repeated account shutdowns over= claims he=E2=80=99s impersonating =0Abillionaire founder: =E2=80=98It=E2= =80=99s offensive.=E2=80=99 Shein UsedLuigi Mangione=E2=80=99s AI-Generated= =0AFace to Sell a Shirt. =E2=80=9CHe concluded = with a =0AGrok-generated image of a crazed-looking man in a suit shoveling = coal, the AI =0Abot=E2=80=99s response to Keele=E2=80=99s prompt, =E2=80=98= what=E2=80=99s it like tolead legal at xAI =0A.= =E2=80=99=E2=80=9D=0A=0AIf you'd like to get Money Stuff in handy email for= m, right in your inbox, =0Apleasesubscribe at this link . Or you can subscribe =0Ato Money Stuff and other great Bloomberg n= ewslettershere =0A. Thanks!=0A=0A[1] Every time I= write something like this I get emails from someone saying =E2=80=9CI =0Ah= ave a private-market index fund,=E2=80=9D but no you don=E2=80=99t.=0A=0A[2= ] Though to be fair T. Rowe does too: It bought Oak Hill Advisors =0A in 2021, and has been offering retail-ish =0A private credit out of Oak =0AH= ill for a while. Oak Hill is a bit of an afterthought in the press release,= =0Athough. =E2=80=9CWe view this collaboration as an important milestone i= n OHA=E2=80=99s growth =0Awith T. Rowe Price,=E2=80=9D says its founder.=0A= =0A[3] That is, Kalshi has illegality at 46% and refund at 34%, or about a = 74% =0Aprobability of refund conditional on illegality. For Polymarket, ill= egality is =0Aat 49% and refund at 12%, or about a 25% conditional probabil= ity.=0A=0A[4] Not legal advice. Also I suppose there are gradations here. I= f you say =E2=80=9Cwe =0Aare being investigated for crimes, but we intend t= o fight this investigation =0Aand we believe we are innocent and will emerg= e victorious,=E2=80=9D and you are =0Aextremely guilty and get convicted, t= hen arguably your disclosure was =0Amisleading. But of course here Walmart = was never charged, so the plaintiffs=E2=80=99 =0Aview that it was guilty is= largely theoretical.=0A=0A=0A =0A=0AFollow Us = =0A Get the newsletter =0A=0A=0ALike ge= tting this newsletter=3F Subscribe to Bloomberg.com =0A=0A for unlimi= ted access to trusted, data-driven journalism and subscriber-only =0Ainsigh= ts.=0A=0ABefore it=E2=80=99s here, it=E2=80=99s on the Bloomberg Terminal. = Find out more about how the =0ATerminal delivers information and analysis t= hat financial professionals can=E2=80=99t =0Afind anywhere else.Learn more = =0A=0A.=0A=0AWant to sponsor this news= letter=3F Get in touch here =0A=0A.= =0A=0A You received this message because you are subscribed to Bloomberg's = Money =0AStuff newsletter. =0AUnsubscribe =0A=0A |Bloomberg.com | Contact Us =0A =0A=0A | =0ABloomberg L.P. 731 Lexin= gton, New York, NY, 10022 =0A --_----pwMYRbbYsPzXDV+zNnP7xg===_2D/2A-38794-038C9B86 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="UTF-8" = = Money Stuff<= /title> <!--[if (mso)|(mso 16)]><style type=3D"text/css">a{text-decoration:= none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:ant= ialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:= 150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color= :#000;text-decoration:none!important;border-bottom:1px solid #000;backgroun= d-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@= media only screen and (max-width:480px){.lihide{display:none!important}.lis= how{display:block!important;width:auto!important;overflow:visible!important= ;float:none!important;max-height:inherit!important;line-height:inherit!impo= rtant}.email-ssl-image{width:100%!important;height:auto!important}.body-ima= ge img{width:100%!important}.logo-image{width:100%!important}}</style></hea= d> <body style=3D"width: 100%; -webkit-font-smoothing: antialiased; font-fa= mily: Helvetica, Arial, sans-serif; font-size: 16px; line-height: 150%; mar= gin: 0; padding: 0;">=0D=0A<div style=3D"color:transparent;visibility:hidde= n;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padd= ing:0px;border-width:0px!important;display:none!important;line-height:0px!i= mportant;"><img border=3D"0" width=3D"1" height=3D"1" src=3D"https://post.s= pmailtechnolo.com/q/r1AQs06LVUlLrF1abRVSuQ~~/AARGbBA~/SGLadolGQzgxkqgNwGVE8= gaKV9DRkWViw0ZsybjQIvdzsu0r2nVG86p35o1iYLawmUT3y6r99RIz62Etb47QrA~~" alt=3D= ""/></div>=0D=0A<span style=3D"color:transparent;visibility:hidden;display:= none;opacity:0;height:0;width:0;font-size:0;"></span><img src=3D"https://li= nks.message.bloomberg.com/s/eo/EImx9kAmNS13PkEWGwlcdD27wt1_CeHsJY0HrG6MD80e= JoGyQmiRNmOjkbkHXu2F4Qnt0uspGmH8Bemf8Uxppwsw6BbfrYaahlLS8yVgqtolzBN7h8d2vhA= cGRaXOiKTgGcycIUaz-ZMED3x35wbtZV35tsB2Oe01SBM_J6OtmE4y1Uhkl4vbOT7EoRZAP06Vj= EnUKRZJE55wh_j4Cjj0yk9z0cno8pkS34C/TaSRghLwpYJWWczKlASUkJr5Q9MVKQhJ/12" sty= le=3D"border:0;width:1px;height:1px;border-width:0px!important;display:none= !important;line-height:0!important;" width=3D"1" height=3D"1"/> <table id= =3D"wrapper" width=3D"100%" align=3D"center" border=3D"0" cellpadding=3D"0"= cellspacing=3D"0" style=3D"-webkit-font-smoothing: antialiased; font-famil= y: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: = 100% !important;"> <!--[if mso]><center> <tr><td> <table border=3D"0" cellp= adding=3D"0" cellspacing=3D"0" width=3D"550"><![endif]--> <tr> <td style=3D= "border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;">= <div style=3D"display: none; max-height: 0px; overflow: hidden;"> T. Rowe,= tariffs, swaps, fraud, affair. </div> </td> </tr> <tr> <td style=3D"border= -collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-= bottom: 15px;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa= dding=3D"0"> <tr> <td align=3D"center" style=3D"border-collapse: collapse; = mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> <a = href=3D"https://links.message.bloomberg.com/s/c/fdpeU-wnZzXA-Ts8JiAC_xDEOXG= _JGbnmlKv85X9ed9FkrmTAEEB3aBWnK1F4ZAkJo0jst4Cuvp-R-pH1-8Lc2qlxQju4ensYbg_Dv= CiCZaHZHynBhDPBcDpHCfWslW3nPMY1feAU7mPgmBYKLuxguxTJy9xjIufRn9xPngY3GXQft8bU= _9_I9YIIpDnQP3VTIFpUqVk_Vc22ezLIdgKLbm9T_MMnW_WyX92GcOd6fCtU5MzOn417VPVMV66= 3Rc310jRPsRux5GvYXqiPQ9J5HqZS5bo9fQbuf5Cda4IW-1I1h9AkDp70qPmSwiQvO9GuOcHhkn= 9DEIfJt2lugRqNCLcSijPChNlnqOa8Jzgin1D-qi8Ax4v5eSP9g/i2zB4q6TdpCdFsf_WTuTPws= YSOD8Ffbq/12" style=3D"font-family: Helvetica, Arial, sans-serif; text-deco= ration: underline; font-size: 14px; color: #767676 !important;">View in bro= wser</a> </td> </tr> <tr> <td align=3D"center" style=3D"border-collapse: co= llapse; 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width= : 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--[if= !mso]>--> <tr style=3D"display: none"> <td colspan=3D"2" style=3D"line-hei= ght: 1px"> <a href=3D"https://links.message.bloomberg.com/s/c/mAfSXYcgRLJ9C= 15S8Ca4vmGvcHIld9ZyigKXqWX_PDqEU985jZuwg7vIZEpUMtHR-50vzm5Uh5E4m8vZ5YEkC-3q= WxsqpvO-JxKV2ck1ZHMyDquEm9I85wfn5cADZCXsUQErttaIp15UuhmpWGccipK7sWUYSv0Hr0g= JvARHtJBrtCZAq-L3EXaWNKIfE7f41n6XBFscBdCW6nR3LQHqfceeaJ75WnXgnVL7TidbfNWAXa= 16wy7hU7Dy_cGPMD2DrZFSHmERGLOL6RvUCjqe3D5rbEJauf720z4O19C6oKnpzrmRmkgrlGsc3= hftC-BMSgldlO08FtCxPIX0Ym5dUPcNXElkgCslVqdMynr1Hc1tn_FOv7zdFBiXJ9e7xaIR-6HE= F0GN5mcQRooMb9OnkFp7Wq0wWIkS-fiPim6-JRSlvsFM5hIwazHZqAvQyWERsFQOvAX6p_oLOQG= gcfaeSkEiskQnmSB4CKPrGfNs_F7KpmPGDZX_cyxR7lnh_mB-JeNsiOlB9DBVbrYFwBIWZ3R2UF= 77iSv9FBCexQK1-WuyIs4cG6b_RE2OhzKtW2iJiq9gBYI8T3nCBKvxnGgZOoPeDWG8fbPYj-YAE= maNd_3VDkz7bBjjl1_N442BRYhuAljOaaOw73SvqZaRf7CtC4s2fn61uhiFab9CuNGzIAYhmGpx= OKXH5q2Pefo1aJw/zNV7MmfBWteqaW_gUDhjE4QkCmkewIkz/12" rel=3D"nofollow" targe= t=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&li=3D= 14848075&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09042025&lctg=3D6ab2b7de-= 2e48-4d78-b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Dmobile&collapse_width= =3D550" border=3D"0" width=3D"550" style=3D"display: block !important; widt= h: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--<!= [endif]--> </table> </td> </tr> <tr> <td style=3D"border-collapse: collapse= ; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width=3D"100%" bor= der=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-col= lapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height:= 150%; padding: 0 10px;"> <table width=3D"100%" border=3D"0" cellspacing=3D= "0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-tab= le-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; fo= nt-family: "Arial Black", Arial, Helvetica, sans-serif; letter-sp= acing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style= : dotted; margin: 0px; padding: 16px 0px 5px;">Goldman/T. Rowe</h2> </td> <= /tr> </table> <p style=3D"margin: 16px 0;">The basic situation in asset man= agement is that the alternatives managers have the products and the traditi= onal managers have the customers. For a long time, the way normal people in= vested was through mutual funds run by traditional asset managers like T. R= owe Price or Fidelity. These managers run active mutual funds, charge fees = on the order of tens of basis points, and have accumulated hundreds of bill= ions of dollars of customer assets. And they have=C2=A0good distribution:= =C2=A0They have=C2=A0relationships with investment advisers, who put their = clients in the managers=E2=80=99 funds; they have good brand names and adve= rtising; they run funds for 401(k) retirement plans.</p> <p style=3D"margin= : 16px 0;">But these days that business is pretty tough. Actively managed m= utual funds are not especially popular. If you are a normal retail investor= and you want to invest in the stock market, you might buy an index fund: I= ndex funds charge fees on the order of single basis points, and most active= mutual funds do not reliably beat the index, so it has become conventional= wisdom that index funds are the correct way to invest. Or you might buy in= dividual stocks, because that is more personally entertaining than entrusti= ng your money to a mutual fund manager. But active funds are a little pass= =C3=A9, and we have been <a href=3D"https://links.message.bloomberg.com/s/c= /5A1K0OTVgABrepYp71aoRZeGlomObhmV8jWbe-lCLFD0i1YEqFrukf9Yim4gvxcr0BnqBgfodz= HGXzifq0kFn9LLwS3cDFzWNAFRBSgDy2xORlKjjeu9WVuINPfyuRaVlWOgOr5sLKXt5mGRCK_iY= _HnvYZYJg1RxjEZHHxukRdy3C5Siv2-o3oAJvgh4LfW3kbEvEZmGydYBizQSGioz5vULhXY1ugP= q2uS0mJ2n9Af1p-iMfjll3CYGbf8z4ZmgDoravQczC-_2D8NlShoUaQwvs-9ZUz4qviTBF4Qjv1= PFaBBUd0OdLHttLzKMzNkz9xbQX7Z61pJEpjY_QZ6zUv92uYHqSUC_Fgr77_q6Am_f9oPiXKRS5= IHDw/DOa5hVq0xuBrjxwRzJhg4svXM-VkLcOg/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">discussing</a> their =E2= =80=9C<a href=3D"https://links.message.bloomberg.com/s/c/cRtWmmF5lHFdGtVifR= 9tObRighpnQ2N4clQqUNZE9cfi25ycFTBjjE272rKbxJLIzVdwjlt0aLHu17mDnvPGBu4SQFFRA= xZBcDP9ImKUwX2wJvhLx9LXtDL4QPeguNiQze7maOOkw0iBAbnxV1lA-kXEb-BevYawJKd-qu9U= I5SHFG8JDtx7c6WJEUKwsgcoZT8a5DdvMGOHZNDCz9gSRt4MwP9Ih4S3Asrw598aPkv60TPnGMr= hQ3hpMiQJjgFPt0aV7yFeniCvQWigs7XmubU5xRj6m7Io--Unfz4rOtuPst19o1Jsmrf4tFPFTq= WCUWI_5BCdKLqBf2U57cqOdHuzrdXfTISMaYoJ2rglUelLBv5K32VIgc-MRA/QcTlhEfbtQTJ6B= bGvY0NOfrTwT0UI5YF/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" targe= t=3D"_blank" style=3D"color: #000000; text-decoration: none !important; bor= der-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: s= olid; background-color: #ccc;">slow but surely declining trajectory</a>=E2= =80=9D for years.</p> <p style=3D"margin: 16px 0;">Meanwhile the =E2=80=9Ca= lts managers=E2=80=9D like Apollo and Blackstone and KKR, which got their s= tart running leveraged buyout funds, now also run hundreds of billions of d= ollars for customers, investing in private equity and private credit and in= frastructure and real estate and other things that are not public securitie= s. Their fees are=C2=A0<em>higher=C2=A0</em>than those of the traditional m= anagers, but customers feel that they are more=C2=A0<em>justified</em>. Pri= vate investing plausibly=C2=A0<em>is=C2=A0</em>more active than public inve= sting: You can=E2=80=99t just buy stocks on the exchange; you have to sourc= e and negotiate deals by hand. Also, there are no private-market index fund= s to make active managers look bad.<a href=3D"#footnote-1" style=3D"color: = #000000; text-decoration: none !important; border-bottom-width: 1px; border= -bottom-color: #000000; border-bottom-style: none !important; background-co= lor: transparent !important; display: inline-block;"> <span>[1]</span> </a>= </p> <p style=3D"margin: 16px 0;">This is a great business and there are lo= ts of customers =E2=80=94=C2=A0insurance companies, endowments, sovereign w= ealth funds, pensions, etc. =E2=80=94=C2=A0who give alts managers billions = of dollars to manage, but there is some limit and, uh, arguably we=E2=80=99= ve reached it. The <a href=3D"https://links.message.bloomberg.com/s/c/w_IIj= KqDvBpPjF4FvsUmB2sAHQvFPK3OWs0gu-W0jgGuTynNTdwbBW6i0Tp4WajCtoaJoZ4fVld7HEIu= EujOG1R7JK5KVvz97Fg2F9TdnRy5UR_dQNE9ibCR8kc5k1N_A5iqk461AAL9BmrkIjGjyGHj88h= LrL85_okyjjbhaVUQE-7kvIr9pwNxMS5Ga4UQX3Px6TP-RYySk-7wkAPBmubEDxxEW0HqDfXXgR= MTt4lqlikDl6iDsmFNbGH7sI8KJsgVcDbQ62q5pdtNSYJ_OvI7iEqgXAqw_PUcTogDFax3qeI_Y= -lOayA2Jz7E4ECVS4cVLYlPeYq61-iOym5vlNOmYosjqCXJztikiIH9YAAagCn6fkWl1cv0Qw/S= Lj3Yko9eyNE2na4_ru6vj94AulRCMjg/12" itemprop=3D"StoryLink" itemscope=3D"ite= mscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !i= mportant; border-bottom-width: 1px; border-bottom-color: #000000; border-bo= ttom-style: solid; background-color: #ccc;"> action</a> <a href=3D"https://= links.message.bloomberg.com/s/c/73w0gFq-T4OhmYz2A8417E8s3WUuYZpltq9qsnqVgDW= 0_fvrcQLtH0pIjepOn2-msrG9OPuYvZWRQn0-PLvdnpa-EFITSqQB8vZ9T7nJ7FPm7kEXuLxfZ4= J5DTy4UfeOM6McG2O-7p-dbYOKgoPa8_2fw5e7ujKCIYwCiOHmdbf1HteFdvt7pq63AVeqlCsmu= EDmGfWQzRLgQ-6wO9lU-18VLBfNkdNF_ef1JaEKPGLwcNyVinsHzKhyuB6CHPI7N_yZIrslc9IH= YP0YyboiRK6iKZ62A2gVYqhiFvjNdiWfuui7_aZRB1epi-Erva42fDmUoq2QX5Qe5UD7bIZ3Nnv= _rr2xaIssT7Y_QGhEXJbe-VYZ_eu2PO-LjQ/T2LJiQ52p5KHY5blw4lv1TjV4KO9q4iY/12" it= emprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"col= or: #000000; text-decoration: none !important; border-bottom-width: 1px; bo= rder-bottom-color: #000000; border-bottom-style: solid; background-color: #= ccc;"> these</a> <a href=3D"https://links.message.bloomberg.com/s/c/NzQOo5q= P7Pp8hQL9XKNnwqBdHXFLpy9Xaoy3xSNBy0JIaaMCubmNrLRRjreUwiSwLwSexeYhIOa_eRhBah= ERdvrRfCL5NhxR1YBqpqzw1CEwB0ek3b2K1_k6hPulqOTOz5fjSCifityfe0kifAvFznWSuQlIF= VLuwCfWKkOyiacfL8fe3BqaRsvFjb5OWBRl84y5hdMIBW9GHVdfcAB36lZqZN1ZUY8mvQq8RCuN= UfPH-2TZZFd6zj5yb2jaChOaSPRhe2W_L4lP3NbjcDW3UogyK_ND2gc92-Xph_WDyxXR5Me4gxV= 34f0aD9Uc_9IejCrcEfR-RXQrL5MwkOdFYU89dod5rRZK6DbOAsusPkN183OrlqYI81BKEIE/vp= YawmQm9pRMqe80QaEau-e2uszrXDoC/12" itemprop=3D"StoryLink" itemscope=3D"item= scope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;"> days</a> is in <a href=3D"https= ://links.message.bloomberg.com/s/c/8Q4hH6Gbp7iMebMmzdfyYSUJLI9s-sa4cGVRLqAp= hJcQCDRFAto-jogxgFHit3DNR0tJtGUXniB1l_Tp0YuCvuCFCf-0TXfRj_ljhe2E5WZdYeETNlm= 1z-oQHCSttAT_QISF-sLWQfzzIuNeD-tGaXVfnkczXNHbxOx4x3vQPj_gBAX-pOPRJaQPsOgoer= n4d71iJsrVdFrx3XkwctgkRps84ufR1DZSsDTntn1hkwF4Hp0Q3Bmxxx9-9emy37X4zdm2Yed2r= EzHtwR9icfLN0DxoLKk618PbSJnffyDSz1r0b1wf-SCK-rnaSjXoHDPjn60_lyCZYpQjhIlXjzE= 3iLp_85XtCX-9wGClVPYLRDaqYfS4weTvmsKPws/3ukiqZLYHt6Ti6UDZWH9w8fBy-xKoo1A/12= " itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D= "color: #000000; text-decoration: none !important; border-bottom-width: 1px= ; border-bottom-color: #000000; border-bottom-style: solid; background-colo= r: #ccc;"> finding</a> ways to sell private assets to retail investors: The= re are trillions of dollars of individual retirement savings, which right n= ow are largely in relatively low-fee public-market investments. It would be= broadly good for the financial industry =E2=80=94=C2=A0and specifically go= od for the alts managers =E2=80=94=C2=A0if more of those savings were in <a= href=3D"https://links.message.bloomberg.com/s/c/SFt9qMRxr4Wls1D0A2KOgyjJYp= _eFf4jBqfGeJdF0bikd182A0VvbWy_9lPqZYFTlx-QXvMYfmbeLOBaTV0_QMDkrMLRZ3ex3vlUW= h9lEmLDrqNVGMZGHyNTrBN_WLDeEqs8bm4wOl4kCiYAW05kBVEBklltGtoE3Ebkakz6-xvDAIZK= Ovds3gvqDQOsWoR01SWYhbgkt7fsmETzk6Yzuobx0pdQwGwXkAAYXvG1v1QfuOlgbaGB0xFtf73= tBXlsD7rQ7qPLVBpLJ78WnUMSTrzqTTfcZFdWMgmAWF-4VMwvChbbaGLCNx1lyOFcxtthe2Ozlx= MgHwjUDyRlQVyyoZNRrO7YpuQQHfunSj_-bMKunonOOP66-Tps7Zg/5EdwV3xXcd4dHIPLpdmQX= GncKnvVYVwX/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_b= lank" style=3D"color: #000000; text-decoration: none !important; border-bot= tom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; b= ackground-color: #ccc;">higher-fee private-market investments</a>.</p> <p s= tyle=3D"margin: 16px 0;">There are various legal impediments to this =E2=80= =94=C2=A0what makes investments =E2=80=9Cprivate=E2=80=9D is that they=C2= =A0<em>can=E2=80=99t=C2=A0</em>be sold directly to retail investors =E2=80= =94=C2=A0but those impediments are <a href=3D"https://links.message.bloombe= rg.com/s/c/BINVHsSIhf_fDhzp8Q3tOwZPcXRIM0KMFivGO1IDmyPU82QJbhiB16e8WV9VjvGo= cV-3vvZ0xVIB_UGpnoQMTUbvPxBORvrLLTa6oqT4fyKwRnyQhq4YB2bv4tVwfXKK5yNw3QWnPne= j9bxFZeboNY9qPduink0hIWE5NqV0CLZ-7KpzfYhmlcIA5QMyQups_KPPn_FBGNlhTVAjmr0Aty= I37hs5Xo9s2OJpsZ_skS_flDrkPMMjMdMDrv12oIcskAx8DE3TjlPyhziJgsusmlOyu3I1DeHF-= H3QzJK-JG4vXfzf5D-ldYovJSx8ElK_fuz2iN1GSCo546YT5SnMmXU4TIpiVc54Huc7jdBO83pp= gDMS0kWw01B9gSM/TQOCjjNrJ7OazzvR2Vagj_C4_rSt_Sb8/12" itemprop=3D"StoryLink"= itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-de= coration: none !important; border-bottom-width: 1px; border-bottom-color: #= 000000; border-bottom-style: solid; background-color: #ccc;">quickly</a> <a= href=3D"https://links.message.bloomberg.com/s/c/7VJaqseUmn_GnZi3k6vBA6BsBm= 1Xn_sYh_dAJC-Set02v5dxOpYyFeRWKQr_5-nl9zL238dOuj7GSs0pikTTc9OaQ8Hh098kHgbp9= t3_wWDfIo9ro7c2I_wy39tw5oPLfn6Dnm5GSzQD9U-4uN8oZPHEN_OTkeS8AcBM3UDPGig3pj4N= wmFW81r0TVrZHbl-6uLbQu9L1v84NoFGRft5ryFwtYNFxQlF8no7PM35kjUPWUfIV1TnjeWK4yP= vCx-qWQ_xBOWYDnSzSCS5J4MpVcGt0xCnlHh5OLR53Tgosic7yVNmdMelW9yT0QurLc5dk7Zq3E= aKkGSGyJdr03iD__70yeL_stFyEoAAzaPH5hMn5oPeW6Za7n8C0No/6V0_xKVbFnskB-CzFjqWI= 05_gDrQoq3F/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_b= lank" style=3D"color: #000000; text-decoration: none !important; border-bot= tom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; b= ackground-color: #ccc;">going</a> <a href=3D"https://links.message.bloomber= g.com/s/c/VPVfHtXo2qszImvfD6DIbNsEV6iB14YHWvPw-Bypu0XPKn1JahZ26hXQf0-sU95Ym= cNrfX6xQuczPDECXJs5x68MicWW20s48iwj4Dqqdzpm5w1Gs-coUbozSncEqysIGjL39lIS9kg7= 4-ezPxWCqb6O5Th2acXVHHinCqchE96W6j1NZ7t3LNSYFWfTgcOX25WKN9I-qqNendDO3vIy8x5= ZltH_AjFX-pDh2qaV9E_YQ9kFZL0MpDHvg18jPNiq_lC7_eTFD8r_aQGlL4NOM19Qbqhhvfz1Ix= 1IMAOupSx5ZxyA7y2ge0omV33L1weamp8YSOg3_l-HHss0VBXDA2emouIKPv55ddvr9aTYCVXl3= joYi9dmgmWRy3E/BetT5Iu7pZkyNnMqGrF67zFM-JNMLdlb/12" itemprop=3D"StoryLink" = itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-dec= oration: none !important; border-bottom-width: 1px; border-bottom-color: #0= 00000; border-bottom-style: solid; background-color: #ccc;">away</a>. But y= ou still have to solve the problem of distribution. The traditional manager= s have long experience selling investments to the general public; the alts = managers don=E2=80=99t. There are trades to be done.</p> <p style=3D"margin= : 16px 0;">There are different approaches. The alts managers can build reta= il distribution channels. (Apollo now sort of thinks of itself as a <a href= =3D"https://links.message.bloomberg.com/s/c/h3Rvt3qhfGFRBva7rSunb5MUYXxsp27= KRR7VwZ_Q-N2-5JIAUMZpiCmIKE1x2FSsKeVlEFD0JWfE3j0O72FIJ9Hc7mIOJH-YtQRF1xLDyV= QRRg_8GdksnZkxbnroC_8MTZL1FXEKnp0231a3PSaTYZX3cf131wq-Thccewqp2lN_jSKpxXXoJ= koyM2KZQamkaG0f02ZjUW4TTQg9EmWeOhGotu2dip2fhIPvrB_b9gt--6mnosKfT4Jr9cECVGJ5= 0DMkJrDu0tYk4_TkskwAxyEk9rJ-kPlfdu94jUjM7VFnS6kGNjcnpyksp7apvRMFSOFuoC7e7IG= Ncm0Motb4Xrb2AYmDoufFlzlJbtjlX03KIEVJ3KPCGqivEo8/8_x3XK-9r-OLTvkDzUEpO6iBVK= 1HeIxv/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;">retirement solutions company</a>.) The traditional manag= ers can build their own private funds. (Hard!) The traditional managers can= <a href=3D"https://links.message.bloomberg.com/s/c/4LWNzHElguQyhU3Idg_66F2= tm6RoqeqtfMTei8-kdM2q0zf8nbSx17RgGR2UY_aH9kzmsXMk_b6MI-OIr0Ff1HhwJIpHQ_wxz2= mS6PxaNJYcMUIJ4jSA_t9-qS2oMVgRheS33BNA0SeG8lzWMbMfa2XWas3C4QDQD7CKLGs0Gz0rU= wXKmlF6ceUxNVAvTyjbIqUtNHGF6FijcJ0irSUyokLuPvBAm1DBeq6qMegDZibBm3TZFqta9x_B= ROBySLpOZvLmegA1KCx8QZQlUQo37oYXiUA-RTCmbSS4uQrJcLCC5SJDZje-j-Pwe8Prj4gWDsq= 9mVDeYSIF3QHn_9XXDehVW86Z5uNEGtx06SxlSuiyLEcZQcm9Q5wvYKU/-grVB7fn3cu8k0B1Dp= jSdyQHX5Cj0P5j/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D= "_blank" style=3D"color: #000000; text-decoration: none !important; border-= bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid= ; background-color: #ccc;">buy alts managers</a>. The alts managers can buy= traditional managers. <a href=3D"https://links.message.bloomberg.com/s/c/B= IG5cUGHefiEbVcXV0ORNd-FFub9aP9pmWPBpzFXUx_MDDPia-BsJbQyyjHeRMNbOtntFPp5dzhU= KGrAKrb7hZhNwMegIsf_RiybEQQiT1-lU2Mh73awYOk0CbKnzQXgr5NS5W1oxX-iji9qD7Rex3c= 0HUyayQqegoP64IIuHmSse_WzH4jqNQSKByESJYwvEfb8xh7fXGJh8pilTOzY5ku7V6s0Yh-r4s= KUfr_np5UNqkZKUyeY0CHQuXrvRgmV1YeD3kyAn5PMbylDMnHeiZq-DE95SMC2bAR7Gs9UIsjXr= vcJnUF4r9IdQngXiffNe1iomaZwUg-7J2xYj5FzpM3sa6s6hrF0wDyvM9ny9LqM5pDFv-dAODuC= y_s/jzt5RE__mBM7mlEoTnvc2_rxTosznbHv/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">Here=E2=80=99s one appro= ach</a>:</p> <blockquote> <p style=3D"margin: 16px 0;">Goldman Sachs Group = Inc. will invest as much as $1 billion in T. Rowe Price Group Inc. and team= up with the asset manager to sell private-market products to retail invest= ors.</p> <p style=3D"margin: 16px 0;">The unusual arrangement means Goldman= will use its balance sheet to hold equity in T. Rowe, whose stock has tumb= led more than 50% from its 2021 peak. The companies will collaborate on a r= ange of investments for retirement savers and wealthy investors, they said = in an emailed statement.</p> <p style=3D"margin: 16px 0;">Goldman will make= =E2=80=9Ca series of open-market purchases=E2=80=9D to amass up to 3.5% of= T. Rowe=E2=80=99s stock, potentially making the Wall Street bank one of it= s five biggest shareholders, according to the statement. It will be Goldman= =E2=80=99s only investment in an outside asset management firm. =E2=80=A6</= p> <p style=3D"margin: 16px 0;">The partnership comes at a critical junctur= e for the asset management industry, with traditional players pushing into = alternative assets that have been dominated for years by the leading privat= e equity firms. They=E2=80=99re searching for new revenue sources, while th= e private-markets leaders want to lean on the sales teams and relationships= of the traditional firms to attract retail investors while institutional f= undraising has slowed.</p> <p style=3D"margin: 16px 0;">T. Rowe has been in= a rut since 2022, when stock and bond markets plunged, slamming performanc= e and prompting clients to pull billions of dollars from the firm=E2=80=99s= stock and bond funds. Investors have continued to shift money to low-cost = index funds and ETFs, leaving T. Rowe exposed because of its primary focus = on actively managed public investments.</p> </blockquote> <p style=3D"margi= n: 16px 0;">Goldman isn=E2=80=99t exactly buying T. Rowe for distribution, = but it=E2=80=99s buying a little of T. Rowe and getting some distribution. = (Disclosure, I used to work at Goldman, which I <a href=3D"https://links.me= ssage.bloomberg.com/s/c/pHe69xdxwf7-KQpcKyNzvLn3CEne5fSp4ez3PcvD1iwXLcnGGJN= H3KiF5fXqTJIFaiJrEm8QaMIZKOMb2TUKAKMzqHfJLt-UUk_pEABBqjCtFGZrfiyrHWDkwHJsny= wgelSTGmTzEvovV9pHkRoouNty41rlgg1e0D0MwgA6lFtpiClRD7NNvbexSQt14VDwj1m0Y--Mi= CTqUC-vdx0thDdwdzzXbKEMT7LJWV4I3RbOinlLin8zoPRCDNILSoKv7EcjXjfObCedEKKqv2wf= rWYfhZyHW8UbzGzzOxYJls9UJ5SkmEVJFmlWAQgZFCZ7Q9smgqsWlmvW3arE0Bw8g6YHdlcxpgJ= wIydx7gGsIDajwQM-6dISCzBnVzs/ADk_-Jsy1AWEmZr64_JNk5FO8mfuxVj2/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= referred to yesterday</a> as =E2=80=9Cboth an investment bank and, somewhat= aspirationally, an alternative asset manager.=E2=80=9D) Here is <a href=3D= "https://links.message.bloomberg.com/s/c/aGHqs3hBpC2OEMSZ1H6vrscsgQcuR7Oyri= mFRNAHO3ZZSpsFRjf5oladZ7iWuuewClsd_cR0M-QN1wXjtMZWkiTFb5jRZ6VkGMrEF1RLM-8kP= WX8YIiLd6kRDr6l5vaf2JXAIDGE7083fMtOU19UwHMzrLxBWRYs_Q1dzra6X0pG9nMRi1phMpwT= tpuG7c93fyVznqp9oo9Puqsr68gSTkS2DiyzdH6MKmJgXWniVOWusES6vblbKFgNvdB6om_pCJl= u-WU_tifzHmdg2-li5tNRw_HeZUWTT4w4ixmAzs_rgRLfOk9Sy2rNLlaTSLUlXjeKuTf1RgPCd2= feN_SC_RDAzodZRj1alR6ZSYb1x2OXoAAw1sk7bik5KRY/FEq_WMc58kxmlIBGTkR6GOCBsSt_M= 8F8/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" st= yle=3D"color: #000000; text-decoration: none !important; border-bottom-widt= h: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgroun= d-color: #ccc;">the press release</a>:</p> <blockquote> <p style=3D"margin:= 16px 0;">This collaboration will leverage the strengths of both firms, inc= luding respective investment expertise, solutions orientations, and a deep = understanding of the needs of intermediaries and their clients. A central f= ocus is on providing a range of wealth and retirement offerings that incorp= orate access to private markets for individuals, financial advisors, plan s= ponsors, and plan participants. =E2=80=A6</p> <p style=3D"margin: 16px 0;">= The firms will offer new, co-branded target-date strategies that leverage T= . Rowe Price=E2=80=99s expertise in the retirement blend series while broa= dening plan participants=E2=80=99 access to private markets by incorporatin= g investment capabilities from Goldman Sachs, T. Rowe Price and OHA. Goldma= n Sachs will serve as third-party provider of private market strategies for= the target-date series. The firms intend to launch the solutions in mid-20= 26. =E2=80=A6</p> <p style=3D"margin: 16px 0;">The firms are collaborating = to deliver an innovative, scalable advisory platform for advisors and other= RIAs to offer managed retirement accounts at scale in-plan and out-of-plan= . This includes integrating retirement planning and advice from the firms = into the T. Rowe Price recordkeeping and Individual Investor platforms.</p>= </blockquote> <p style=3D"margin: 16px 0;">Goldman has the private assets,= <a href=3D"#footnote-2" style=3D"color: #000000; text-decoration: none !imp= ortant; border-bottom-width: 1px; border-bottom-color: #000000; border-bott= om-style: none !important; background-color: transparent !important; displa= y: inline-block;"> <span>[2]</span> </a> T. Rowe has the public distributio= n, and these days everyone wants both.=C2=A0</p> <table width=3D"auto" cell= padding=3D"0" cellspacing=3D"0" align=3D"center"> <tr> <td colspan=3D"2" al= ign=3D"center" valign=3D"top" style=3D"padding:0 0px"> <a href=3D"https://l= inks.message.bloomberg.com/s/c/-c6Vg82fd0E1ReW98ANxjMOSbgRu0k2nXQUhH7LIEZHd= 9eaiSsxT7fssJWg9YEGuWrK53uPUQ5hd03PFwQlrfeQCyZ5RniA9OybdAn5-2yOlbdguROXKbeX= kIZcf2ueFef3hoEPa3KgpWjIeksgdQKda9lS8W0GG5Q3FgPCQbIumfnwRZu_Dd32RRSRkMF_M6c= miC30cYFSbuSM72ty80v9L7gNc6OUMmXcLpIMsIJTE0nZwWCunMqx_2ghku2Ghs0GcyjlNFMYgN= WeP8gqLYuh_QpMAOAA-AgV0gJAR1DaAmpV3H3g2cQFjYaAprM2F30nDn07z3SjjL6MLISxpULup= 3uVX5WjsJdAOAGLCQD7bBNYK74dgofsWccX8S0-Wr9dDF4NUwPbxEGZqzsXoRqEQcoZm6jEbDnl= To4jUw4gP3V7BwRePXDy2G4c6Czb3VyMlYZoTZLG1CjV4qTfUAJgYSnozpZ-x6GxArz1Dbjgx5K= Ygm_JhrKgbYB8C9lESFCtLBtt7Ki5-JKuct684olItZG9jkU93XSOwxKovC3M-xi_DMPSEAh9fE= sqEfj42Q3jppGj2fJcPSZz7OdPQ6u3coJzh35DEockgzgBi-OM-y5p4NnCE_mV8wFXzxKmfRo0l= JhBvlqiLP9vNZa_lu6Eki0jrjbLyrGjt25mpBQVTag8LFNoRND9z3sExYg/sMWjSHdQzx9tzuaK= _kYsQtk5Z3hpTbKz/12" target=3D"_blank"> <img src=3D"https://sli.bloomberg.c= om/imp=3Fs=3D868432&stpe=3Ddefault&li_coord=3Ddesktop&collapse_width=3D550&= li=3D14848075&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09042025&lctg=3D6ab2= b7de-2e48-4d78-b91a-0ecf23e38de5" width=3D"550" border=3D"0" style=3D"displ= ay:block;height:auto;width:100%;max-width:550px;" alt=3D"" class=3D"lihide"= /> </a> </td> </tr> <tr> <td colspan=3D"2" align=3D"center" valign=3D"top">= <!--[if !mso]><!--> <div style=3D"display:none; overflow:hidden; width:0; = max-height:0; line-height:0;" class=3D"lishow"> <table width=3D"auto" cellp= adding=3D"0" cellspacing=3D"0" align=3D"center"> <tr> <td align=3D"center" = valign=3D"top" style=3D"padding:0 0px"> <a href=3D"https://links.message.bl= oomberg.com/s/c/VKhhZnssqhIEjvZ9_2k9eR1VpQtJ3GtOBHJFmIWd5DIhURjjDommQTtTnXv= ukQ-39DCB3FthnzT88oDm4_5tT3QfaD95rWoNP6yXchPjwSCHS4zNJrhNHNhpTmAPh7oYr3438Q= cNoNZgkgNaQbqEVXhgAYYazOQC1xsU3ldr2YUnw_ndh6HPZ2GM9NaQWZIuqJIoqFMVbwq4wgDMI= zxaiGZGyE_1ZWpRHQRDPApnwViF5o7g0Fe2_7PFs-kuYwozEeoZK6ipJ43S6WNd_VXheb2CgEhx= G24-q7oJH-ZkcOyIvx7lw8Pvxa06msCOftdVR2uRTQy6WRH8PV7wuhZd2CQIUTwT3jMOHsHDmae= _ESQrCfghyurWqHuDwsqjkhjPRVuNZgM43EmgrW1fvEXRpVY0rH60U7J9XvYQPNFl5hPcbcZw9N= Ihxx_eCTquxOS40tjiFcN9cioaXaG1XXdY0wnUI8G1g4-C4LZum3R05eyFJrjWaf-Z3Fl0lWL_i= oIWVJ_snrVa9wJ3X7_xvnId-pnZ110wZAsy5RKHUQS3xBYvZyHxsw0fnuXNu3ZvFYxrjTuiVDG_= FFvJL0mZRPWVw11ckNxR73Ci_FvQasdYRHIf0yr3JIBk_Xahft4U46ETf6vhlyMqblS_Yfbfnfn= YJ9xEYm4PitOe2anc4h3gm9Ce_T8ZzrpnhBa6a_Axaw/jPgelyYzKQuWSC6n6sbz8_t7Yc5a4x7= m/12" target=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D86= 8432&stpe=3Ddefault&li_coord=3Dmobile&collapse_width=3D550&li=3D14848075&m= =3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09042025&lctg=3D6ab2b7de-2e48-4d78-= b91a-0ecf23e38de5" width=3D"100%" border=3D"0" style=3D"display:block;heigh= t:auto;" alt=3D""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td>= </tr> </table> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa= dding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace:= 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family:= "Arial Black", Arial, Helvetica, sans-serif; letter-spacing: -1p= x; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; = margin: 0px; padding: 16px 0px 5px;">The tariff refund trade</h2> </td> </t= r> </table> <p style=3D"margin: 16px 0;">US courts have <a href=3D"https://= links.message.bloomberg.com/s/c/hJ2rQqGQ3WRASiooLye8pe_iKLBwwjADeRPKm4_QPWO= iQ47TjSzhKv1bSmeA7efxCiXArLc_M-Y0qeavR_7ojNUZi3dkG7_W-6icwB8umF8s6D1cU5xlgp= u2EkFof8yLxZhCbi1dXgr2RgkNd8H6adUV1xfkxz_3yCnT2ggZycMVBWB3AxfgVS8b-3qGRaCkZ= nUtKAlUuuwf61bYEdJsTegd4IsFuMWY8AKz3oswzJkqUJlr16ggmx8BHtfhwIZBtpOcyZGSpJ9k= 34tbrdVEUSJdCqYq9gRWuyp7_q7U3CoASRSHjo_090eOjYKxhirv1tcv8U7nL0_K6Oti7lrSmKH= 4IAcKJh6XVqLTfVvJHbfpIS73rtbVULYJTnw/-dVxkd5CgJuxCcK3u5MKudHKVl4fnV_F/12" i= temprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"co= lor: #000000; text-decoration: none !important; border-bottom-width: 1px; b= order-bottom-color: #000000; border-bottom-style: solid; background-color: = #ccc;">consistently held</a>=C2=A0that President Donald Trump=E2=80=99s bro= ad <a href=3D"https://links.message.bloomberg.com/s/c/uQNJi-H93tyuYsJS_ygrd= UOpd_kexQYY4msbwwDrN59S_WpiphsZdk8UJ7Or5AE3vPxM5i0scj27jhksnzNrn8ErN9v0_8c-= 0NL_FphNnbX3OSECYlgqby-rT8H2XkCIqumOsSuiVGIaEHB5vcFFJSXXtI4O9KYItOq-2cen1T2= mwv-hiFhNVh4-jGdV8vGKOJ25vHlb9ljL8A7UpyJ3nxU13XD-QPfX5RCV4doVZYi9HLIorxJmV3= xvdV8D07vdtbBJrDlet12ln8HeJYTQkxfMWnrNEZAZhXHcK7ruhIRO7q-yCjYRED-J2Q2VUva2J= VbzSqahtb9eqK-9yK2mWUlXcgDDe1B-U-PffkzTdHPQMN6L58aFwrzt8xQ/_YPCFfpCqDgRG-Zg= Io67A07HhP31V7gb/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target= =3D"_blank" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: so= lid; background-color: #ccc;">tariffs are illegal</a>, because that=E2=80= =99s what the Constitution <a href=3D"https://links.message.bloomberg.com/s= /c/A26ToBGxkV2UxIG5qsKJdBBiQLp9cknb3PleuyATRRI6laIbgJ6FtwwHWMIJ275jtTrU7dsJ= Ge3nVGcHHJ_ctdaMsdIEpYna24a7rAtzYmghQkmlfryjjX3XlABAs62WCPuEXBNvzFAdaDbB3y-= yf8aCU6caur6BoR_E-kNzoiy9giHAUv9zDbGDdtAsDyF4W4lXgMTqbF1oZuMbDp5HZ22dIaGu_6= 3Ywlbm8iLWj6gfXa3kVNyMm8Myba12s7AKdASsgwgkgix-lUZtHxENeoxT948CW8vjFg_5WyiKb= 5hmCrxCoJGwPcUkb_FGaoQuiIYDJkh4nqFUnw9MW2ca5GolOkjwNOe2Xxoi1FkagzVyMbBv0E5h= NEPSlis/6XnhYAMT0JBOXmVv_iKjqh1YXu4scKtj/12" itemprop=3D"StoryLink" itemsco= pe=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration= : none !important; border-bottom-width: 1px; border-bottom-color: #000000; = border-bottom-style: solid; background-color: #ccc;">says</a>. Trump has <a= href=3D"https://links.message.bloomberg.com/s/c/ep7Tnjo0av3d3L9HwtAikCQdJa= 1vlPk_tZtiY9_OrJaLa3Mh_lZH6yftcREIaX_m6PKe7iYM6NjG6NwRrOJ6Eatu7hU79sUxf2TvG= box9VV8Y5mf1XU0ysXWCMCS784NfN6mqZAXq4RHtN12RznAeIhpwcOGHOvb2qdRwcZfiQRTBRqy= -IyaV6TRgC-7aMqH1YqbohYT47mu-h-wWFXAHNXka5bqJIRXR8DhfcWUVBIulynILUVT9hzPwXs= 5Lm5PRmAbW1UjIAusDyPncHVzmSXAYGSJr1MTGr3PpYaiCblrbSsizWNsw7qw7nY7WAQwWRlL_W= fDIK0dXlIW1Bcn_9O3kBCaXiKyFMDtfO9dlJdayMRZgEnMGhvBMYg/LOPwGltmO3cEn8eM1c0J7= hU3xI65ae4z/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_b= lank" style=3D"color: #000000; text-decoration: none !important; border-bot= tom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; b= ackground-color: #ccc;">appealed these rulings</a> to the Supreme Court, wh= ich has generally=C2=A0been more willing than lower courts to discard prece= dent and let Trump do what he wants. Will he win=3F I don=E2=80=99t know. H= ere is a <a href=3D"https://links.message.bloomberg.com/s/c/8fvm2qTUz86cRTg= EIxtKGkmUeVMVrj8UWjqJwy91FTPA-WYDeHC1SZtWCsWh-ziqaEB6Pl7kXTl5QYn5sP10W0EdwX= DE_IJoz8TlXym-CQvtEzhjFi-zRznTVPypmjvfR8sjJRP4eprL5bZHEwbpnJSLlijIE930-YNQd= kF59gs6jfXvtuu2nP-GmiBlXP6RnF9FfN7rOH2UxUmgmWiZo9M1kApgGLmPYOiBdxZbjn6F_QFN= 4boAR1oEq_DsDwB2fKzhzRiGM7ZHUE3keic-jUorC6H5n-jtFcpXpp7Oo1rZ147DwptxOmpulyE= ZSTz5EprkQNaPSV-_nTnVqUT4Xvg2FrmvxwetO5IR_YTUMS8kKUSP-oJEhpOuuY8/pAv-ind14-= 5-EgnOjN4eRJx2m_t53oLJ/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" t= arget=3D"_blank" style=3D"color: #000000; text-decoration: none !important;= border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-styl= e: solid; background-color: #ccc;">Polymarket prediction market</a> on =E2= =80=9CSupreme Court rules in favor of Trump=E2=80=99s tariffs,=E2=80=9D whi= ch at noon today showed about a 51% chance of the tariffs being upheld; the= <a href=3D"https://links.message.bloomberg.com/s/c/b3AbLshESRJDD_YH9HnyyVy= rV0cv2RZu7saB2MgTBdDKpNxFCqz0ePQWc5DyGF5fF3boSQdqxi3fkVJ8vT5MeQaY8xe1FpE5Z2= HoCHtFAPoMDvwTMX31El94N0tu6ACPrR2ZtvOg98Mp5Ps4c_nPLZS5XDpkCz9Yn9YtvgvXBXZEj= Zf0ytaj_lRrn96mtk4A6IveU-TLu62akEuGUSxLaNQMMXfzVfJfwEV3kVM4FIkqWqZrzjMJ6Xc9= oT-XhzFuIFbPHN09xxU6t3Uj3-KoFn7Zl4I9wYmRMspHlFoq_f2ldyhkigp4mMD_Os9f9qqfyei= IM5ARIFC4MySeuaJ5rqyF5sOJsOzdB43qO1uC4H-QZFFzUchoKcLxiDk/P1eMKriehj-VzpN-kF= Vn8Q63tiVUJRYs/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D= "_blank" style=3D"color: #000000; text-decoration: none !important; border-= bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid= ; background-color: #ccc;">similar Kalshi market</a> is at 54%. Those numbe= rs feel about right to me. A coin toss between what the Constitution says a= nd what Trump wants.</p> <p style=3D"margin: 16px 0;">What if the tariffs a= re invalid=3F The government has been collecting <a href=3D"https://links.m= essage.bloomberg.com/s/c/PdvZasDCPwm17UAuOsffvPf5ZwfngbPfHBr-dg2FwFjahLG2D2= UnsQnajCl40E3APPBYBv3nL5U0KoeKDG9heiWUmaShgM7Yid3oHaKzZ3cl98_nS07dryV6zBTbw= d-YCIb62XudzuXFgqpmOKq_99tYuCKWf6kjrBfZ3El7GLUemVTrSSSJuRCAloMibUr6vM1t1rOe= vc_IIMsNL4-JGXp3SqOEx_geguvWL_TLsa5GC498A8zdMtijPQryP8_MhFMOeSpDoOIHs1HJBlY= 5Q_gnP5D4gBzEOsBofHoT4VEmjKjinIepIiM5Kqw-mi--fadfyCl8AbO-GTRPKRS1jLGdkjaDq9= YJWi6ejpBQBmH53lFNuDt_61R0nyU/41nbUPjN0rsHyrAdVyGqA3fnOH2nQ4wd/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= tens of billions of dollars a month</a> in revenue from tariffs that are, f= or now, illegal. Will it =E2=80=A6=C2=A0have to give the money back=3F I ha= ve no idea=3F As a matter of legal theory, it does seem like the government= would have to give back money that it collected illegally. As a matter of = legal realism, it seems somewhat impractical for a court to order the gover= nment to refund tens of billions of dollars to thousands of companies. Here= is a <a href=3D"https://links.message.bloomberg.com/s/c/o-w-lURAOEUyotbO3Z= AsXOMu5hnME4j8bVmS5LJN4Rr0_vCd0SP7f-rmaxunc0BnbLrEuliSt--bmo-O_3fQeKpjdfeVV= YqrQr8l_kjSG18XblE2uVO0uT5P-yuAHl1Wagh22tLAm2PHfDD6g_-MiKZDUtVAhGULChog-OqX= G6DDIINwvBHmpDHe4uy_s_NetaDtkAEUibLErx6P_YrQek4JbViZaSaozVzXMYU5FMKqKK-rJAI= 9mDmDLrJCLzqugx33luXmNZTPE8HX-1QZZKqGuXP08V_jBCqmgnmp3DyVNQCncQPoSy8xahS2go= _Hy5I9WI0FrNCDGuEkI_F-FbZR0Jklkyvcy0WNa1yHdSDm_BcbE2RTSB-l95I/8JfetEEaeLlgZ= Ku2IkjhDz38z9_5M9Dq/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" targ= et=3D"_blank" style=3D"color: #000000; text-decoration: none !important; bo= rder-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: = solid; background-color: #ccc;">Polymarket market</a> on =E2=80=9CWill the = Court Force Trump to Refund Tariffs,=E2=80=9D trading at about 12%. Here=E2= =80=99s a slightly different <a href=3D"https://links.message.bloomberg.com= /s/c/1wzNtdF0Zb2srj6RVeY2f_iq_CtH3qdawyAF9KHGpvTvsbtv9e5vypj_minSBHYLYDu1QM= DDmOCX6ifhjrBNMPPtUFW9vwUI3lnBjHLSMD5BEHVFNYUsVnyaVZcG-826eh61TXJQ5vhHyLOCJ= SOokOA8yBEL80TiHaAkff5g0fAuqfCIwAn1IObTn3wJeNl-OmyQXisrH2_9anGgtZhz4uDHUCqZ= N5TKZAFlCEBgOfFs4FT6ugl8aoJtHOhcrc9K6bffajfot9jK5SG4vwGpXrPD9ZNplOUdpPg-f3Z= IrANLJx2rB_nUyQV5dURAd02LrR4lD_Tclt6Fb-z_MuVPj7JW0wufsbEaagezAy7780dEcLMa4D= 6bDHZLX-g/X_DFQOYMUZ0rg2Q-zD0DLMRUm32fIrZl/12" itemprop=3D"StoryLink" items= cope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decorati= on: none !important; border-bottom-width: 1px; border-bottom-color: #000000= ; border-bottom-style: solid; background-color: #ccc;">Kalshi one</a> (=E2= =80=9CWill a Court order a tariff refund=3F=E2=80=9D) at 34%. That is, pred= iction markets think that, contingent on the tariffs being=C2=A0<em>illegal= </em>, there is still a decent probability =E2=80=94=C2=A0between 25% and 7= 5% =E2=80=94=C2=A0that they won=E2=80=99t have to be refunded.<a href=3D"#f= ootnote-3" style=3D"color: #000000; text-decoration: none !important; borde= r-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: non= e !important; background-color: transparent !important; display: inline-blo= ck;"> <span>[3]</span> </a> An outcome like =E2=80=9Cokay these tariffs are= illegal and you can=E2=80=99t do them anymore, but you can keep what you= =E2=80=99ve already collected=E2=80=9D does seem sort of plausible.</p> <p = style=3D"margin: 16px 0;">Still even 12% isn=E2=80=99t nothing. <a href=3D"= https://links.message.bloomberg.com/s/c/AHnpsCZcp9mt6rdqYWf11Kaf7l7iz5DLg3U= 2ZCMbIQtk9Xi54QSQEfCvLC16u4LzzadrbJFzdA9B5hON8T0Nt6aDEVaGB5GcoXBTUr8fcvEMpK= 9mJsU9qSNsfjaLBaVciGW4_rnzKI0xdJspgzXqFct-dwXAUlCeHSF15KABWm1WvYD555b86J8U9= orGhN4U-tuDrO8npXxDjqfkw09dUm33incLgITxzCGgQECW52lufJYqJe7omdaxqCcYuy3aSI3J= tsIyCReHsdibbKzXhP96x3JvCD_chcAVPW6tm1tWUoERawSkuSLO7LcbFtgL6E4jMVFp4NkyBob= SsRSvTX7J19aShKOmRABbKfzaSl-cXUfxMljD6mE61MQ/FO3KqgHOVo6kTtezaHRdysuixg6ACS= Ue/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" sty= le=3D"color: #000000; text-decoration: none !important; border-bottom-width= : 1px; border-bottom-color: #000000; border-bottom-style: solid; background= -color: #ccc;">Axios reports</a>:</p> <blockquote> <p style=3D"margin: 16px= 0;">Corporate America may be due for a multibillion-dollar refund after a = federal appeals court ruled President Trump's sweeping global tariffs are u= nlawful.</p> <p style=3D"margin: 16px 0;">Why it matters: The case will lik= ely go to the Supreme Court, but if the ruling stands, corporations could b= e primed for billions in back pay, if they're willing to ask for it.</p> <p= style=3D"margin: 16px 0;">State of play: "Depending on what happens with t= he court cases, there may be an opportunity to get some of those tariffs re= funded," says Everett Eissenstat, former deputy director of the National Ec= onomic Council in the first Trump administration and now a partner at the l= aw firm Squire Patton Boggs.</p> </blockquote> <p style=3D"margin: 16px 0;"= >And DealBook reports on <a href=3D"https://links.message.bloomberg.com/s/c= /FgBA3g81X5oplYaOrZnwv6vupF_cMsknMUeovBK9DSq7Upn-Upv-D0TSrXZnOnEPYtBaNyPRrQ= 28YymdiKF5gYfc2NvKYq7bhq1ZF50_OYClHglvyRAckFs7CRIuhRM8jK5ysbTLLSPBDFl8usy-q= ht4C2bS1SmciyKj2tl0MBdpgogc3KxofQko9O4n7B9nx9L4HAEcev9LWzRAkcri101i9ysQRgtW= 7WcuExLkZK_nJuGCBan8pC4w69gNTUh0yINXSglAM-ZZtKgFhJO9OJ3R8EggBoqoQfmMASHURX_= pKGwrtD4qH-_TXNzrYbo90DNU0IzM8XZE5STdBBn3A9JAzPrf5DILnPp-W8tmxVJflhk5UnyyGA= 6DE0E/BO64sW3nCNWmjDwhzlx-Qq3_4z--c8-1/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">refund-rights trading</a= >:</p> <blockquote> <p style=3D"margin: 16px 0;">Financial firms have made = a proposition to importers: They would buy companies=E2=80=99 legal claims = over refund rights.</p> <p style=3D"margin: 16px 0;">=E2=80=9CWe have a lot= of clients asking about it,=E2=80=9D Lenny Feldman, a managing partner of = Sandler, Travis & Rosenberg, a law firm specializing in international t= rade, told DealBook. (His firm is not involved in such transactions.)</p> <= p style=3D"margin: 16px 0;">For importers, selling refund rights is a poten= tial way to cushion tariff losses, even if some offers have been valued at = pennies on the dollar. DealBook hears that large U.S. companies are among t= hose weighing such proposals.</p> </blockquote> <p style=3D"margin: 16px 0;= ">I suppose if you are an importer and you sell your refund rights at 20 ce= nts on the dollar, that has the additional advantage that maybe the buyer g= oes to court to ask for a refund, instead of you. =E2=80=9CLegal uncertaint= y is not the only hurdle,=E2=80=9D notes Axios: =E2=80=9CMany large compani= es may also want to avoid sticking their necks out.=E2=80=9D=C2=A0</p> <tab= le width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <t= d style=3D"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspa= ce: 0pt;"> <h2 style=3D"font-weight: bold; font-family: "Arial Black&q= uot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; = border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding= : 16px 0px 5px;">Debt-for-whatever swaps</h2> </td> </tr> </table> <p style= =3D"margin: 16px 0;">An important discovery of modern environmental, social= and governance investing is that (1) some investors actually value environ= mental commitments and (2) therefore issuers =E2=80=94=C2=A0companies or co= untries that sell bonds =E2=80=94 can get paid for environmental commitment= s. There are various ways to get paid; among them:</p> <ol style=3D"list-st= yle-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style=3D"margi= n-bottom: 5px;">A company or country can issue a =E2=80=9Cgreen bond,=E2=80= =9D with the proceeds earmarked for environmental projects, at a lower yiel= d than its regular bonds. If you can sell a regular 7% bond for $100, maybe= you can sell a green 7% bond for, like, $102. The $2 is called the =E2=80= =9C<a href=3D"https://links.message.bloomberg.com/s/c/UECqpI93sLP4IjofdAmRJ= RyrLLzthhbFi5SlzDGaGXCzqREqt3uJh02Q5QXzMk4fHtRYv8x2nDjS9T5WBWSiTCJuTCfBADKq= OB1ClToVFxik2sLTYodmw-55FCP2P6dTDrvW7weHCnkoDPgYGEmXXY1hGs770txAJnTq_UhaJdW= KIVYRffF2eCFLoD3fz4iz6BmrDudFGysXm0VYnP5YkrR3oq6g2cb9Jh_aSfzXdKcfR0ViVYsXhp= eEGucMpVjB58gftxbBO8OuehZ4XC3_7DTtp8JMzI0JfyFIGlrObpcEl_PNJBMQuFs5B92lWkkUX= QH5xTJSKXUnu4ONck08plgPgkl4uC1BUXlcRk0vfKoaCukOCPyPmj2sUOg/Bcz46eWgQpzvcAWj= JAiGeCCwAgYJC2sA/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target= =3D"_blank" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: so= lid; background-color: #ccc;">greenium</a>.=E2=80=9D</li> <li style=3D"marg= in-bottom: 5px;">Denmark once proposed a <a href=3D"https://links.message.b= loomberg.com/s/c/E_NIlyY3c4eMR7sTBX7zn5uo7Sv_f4ujO76IeOiSImJSffkCMN-5SxjBRu= qiSUJCHc8pkWgd9T7JxjOSPLZykEAlyR1j1CKmIvlTUA0r8yFiUZKe_7bCF4xEp9oYwgZakMMs-= OcRfZ-TATZmVEj-N-DP6GbjG5s73jJYstffzek_XHC2BIUsS5KyyQIUbOqLWN55cBZOErZ2V-Zs= YkGwJmL9bT0-XFGXJkP6kwDvIADir0wgb4o8uMmpuWCO_9MsxNItkv1SCTm2tjIoQE_0WqhmOmJ= q7GtJdaabpUBAXnMgV02Hh2wZI2ASV6ZmendDigWYW7oOsJ5LeDaVL2PRsdBnaQniFq3j_FS_P_= fb-y75eunQuYZienpU37g/TVHuxDnocMOIsenBgeY5Fe3457uqld2Z/12" itemprop=3D"Stor= yLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; t= ext-decoration: none !important; border-bottom-width: 1px; border-bottom-co= lor: #000000; border-bottom-style: solid; background-color: #ccc;">detachab= le green commitment</a>: It would issue regular bonds for $100, and also is= sue a =E2=80=9Cgreen certificate=E2=80=9D for $2. The =E2=80=9Cgreen certif= icate=E2=80=9D would somehow represent Denmark=E2=80=99s promise to invest = in environmental projects, and people who liked that commitment could buy i= t. =E2=80=9COwning both the conventional government bond and the green cert= ificate is equivalent to owning a sovereign green bond,=E2=80=9D Denmark ar= gued, a bit of financial metaphysics that I very much enjoyed.</li> <li sty= le=3D"margin-bottom: 5px;">A country with $100 of regular debt outstanding = could swap that debt for (1) $90 of new debt plus (2) a commitment to do gr= een stuff, which investors would value at $10. This is called a =E2=80=9C<a= href=3D"https://links.message.bloomberg.com/s/c/veW_uM2oUM0uZL1czpmPrRf8rB= bvaAOX1Ear9Xl_e0dFlB4zLiEjNgeGce2THKNsg_rnIqr3qpMtiBUtqhGpdUOzk-5uf5ZfoHLks= PiqqpXO3uie_klxaowU8vOsIAeyqK1G3_r0QYGE1ziz93MC2v2Zns3Q061gBUty6ApCthq3Yj3M= rLS2aM8ByD2JPsYQBDBmqKKwiuPsTLSxfXYRnH8klT5taEs4PRGYsjF3QjopTyLjRAWy9k_ZJRn= xYJl_Ffu7SE1vduKQz1z-Fg-EssL0gOMeqJ8y1lVZ6xQglMs-m_toaK2-I6YSeJdnaQZ_1lCQde= t3gl3Nrct_yTOJ9dGOChmYvcGgLKmvEr9kAohC40hyHUEwoT0meJI/3eXFUezo1quskvsuxg06F= a6GqHCXBrVN/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_b= lank" style=3D"color: #000000; text-decoration: none !important; border-bot= tom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; b= ackground-color: #ccc;">debt</a> for <a href=3D"https://links.message.bloom= berg.com/s/c/qfiHnHAwfMUyp21ieIYY1dxnmgQNr4q7aErSWxVW2SQRPWFpuwGBt7CCWpT-01= EeDSHoKeMQktsvL1ZTtfbX5EwvhMfL8GdIB38NIiEFMk_X8FllV3RphIS3MWdiy4pHEHqB7dOys= HjQQ1bdFcKYiYv0PhKS_5uOCAbTo2-JNKq7k8-9sf0bF2Yzwtw2eCQM_NnptB7WRV7_SKDFHaGk= ATwDIWt0Bfg_o1CnzZ9pMM9Ne5dQdGHZeRrX5RQarKnQ_M0jsV7NSnDZBP8Tk9SSHWzebUhUWVB= sYjCOLVf9yVW4ARqBK3VR_PBum6r_xUbyqq8JNWJQ0cu0OyEj-15gRyT9NETiIb7fw6jlp6FoRD= zt-qAf3unKiW26xPc/DLnAwynaj9lmbynJlrZLl7Y8xXJPrj8M/12" itemprop=3D"StoryLin= k" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-= decoration: none !important; border-bottom-width: 1px; border-bottom-color:= #000000; border-bottom-style: solid; background-color: #ccc;">nature</a> <= a href=3D"https://links.message.bloomberg.com/s/c/LYtSe3RFhbcBqOxd8pe0zFXeE= 62mun-JX-lTJ0dN2hKIFmZFQZGXRcBaU0vaxcr-J3X9lQwhoL0JpjDXbw0nTsKz60Kvpomhbidb= o-MRC8SEe-05Fq0gtW0D0QvwlIozTKeXHWxVFzOJ1fcXwB7-CoHCJ_zmfcAVmY2u5czuKPHUHqC= IR7b2jPGAHk9LM6amUv-AKio1e7_dVKIzL1EKxXg_aQRuGoRswKINKJiTbc-BrZPdcWMNCv2Wlw= H7OsGkzzShrBDq-BoAY96LwcTl4tQ_JuoYyB7GZiK1eciKzMh0gBBnUK_Nv87AaCl-iTgzhi1Yi= 0mDnxENOyXAdf08UzPKOm_f9YHdsS5IpDstisBaAiYJv2pxIvZwtYM/DHS7V56wnDSZkpY2-3Rp= HPQsajKa2xK9/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_= blank" style=3D"color: #000000; text-decoration: none !important; border-bo= ttom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; = background-color: #ccc;">swap</a>.=E2=80=9D</li> </ol> <p style=3D"margin: = 16px 0;">All of this stuff happened because environmental investing had a b= ig vogue, but there is nothing=C2=A0<em>necessarily=C2=A0</em>environmental= about any of it. The form of all of these trades is =E2=80=9Cinvestors wan= t countries to do certain things, and they will pay those countries to comm= it to do those things, and the countries want money.=E2=80=9D When you put = it like that it sounds weird. I think that, 20 years ago, if big institutio= nal investors went around saying to sovereign nations =E2=80=9Cwe will pay = you a few million dollars to do policies that we want,=E2=80=9D that would = have seemed a bit presumptuous. But the rise of ESG investing made it more = plausible. =E2=80=9CWe will pay you a few million dollars to save your cora= l reefs,=E2=80=9D sure, right, whatever. But once you open the door to that= sort of policy-for-money trade, why stop with coral reefs=3F=C2=A0</p> <p = style=3D"margin: 16px 0;">Bloomberg=E2=80=99s Natasha White has a story abo= ut investors <a href=3D"https://links.message.bloomberg.com/s/c/59N__xwt0MY= BOh6h-HjbspyoqlNtZ-ITbvT-jYNOB3TE-UMDcjIq3M4zIFIajTh3d9YbZx2lMRPc36XyQTRtSD= Z2XSiN2a5sHkTCu8SDX2S2_gCaVkkxvrYL9HIJqM2oZx1a1LNb_dG4hii19EF9999wtAvXyJoAG= gtWrbBoOWf-M843giV7_BJMG9qOoBEFqlfiR62cbSkSZk_9Ltzr5D-fukB1qEnjio4AUv-Vvmdl= L1FDPRn_4m8JwHnqVICwQCEW9KoWAv8Q-sNHwFRftqVTgiffqBSGvAZvLh12EV6sK76I0NbvDlA= zkf2GJNRNCnDZgL1EoUuYXZmt7hAHcho5uqebJ70iQPpBKIQuIJsYw6mFeu29IQuAmew/71BjoY= LW15x4x4lquYINnP6AjzgZefZs/12" itemprop=3D"StoryLink" itemscope=3D"itemscop= e" target=3D"_blank" style=3D"color: #000000; text-decoration: none !import= ant; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-= style: solid; background-color: #ccc;">paying countries for other policies = they like</a>:</p> <blockquote> <p style=3D"margin: 16px 0;">Debt swaps pio= neered by Credit Suisse to fund nature conservation are enjoying a second l= ife, as bankers see an opportunity to apply the model to everything from po= st-war reconstruction to energy security.</p> <p style=3D"margin: 16px 0;">= The swaps help governments refinance debt at more favorable terms and put a= ny savings toward a pre-determined policy goal. After a drought in dealmaki= ng since late last year, as many as four new swaps may be completed by the = end of 2025, according to Jake Harper, senior investment manager, private c= redit at Legal & General Group Plc. But none of them has a nature-focus= ed goal, he says.=C2=A0</p> <p style=3D"margin: 16px 0;">The development fe= eds into a broader movement in ESG (environmental, social and governance), = as investors and issuers stretch the label to cover areas they see as more = relevant to the current geopolitical moment. Examples include efforts by Ci= tigroup Inc. to put together a deal to help Ukraine rebuild after the war. = ...</p> <p style=3D"margin: 16px 0;">=E2=80=9CAt the end of the day, these= are policy instruments,=E2=80=9D [Antonio] Navarro says. He launched ArtCa= p in 2023, the same year Credit Suisse was acquired by UBS Group AG in a st= ate-engineered rescue. This year, he=E2=80=99s been pitching an energy secu= rity swap that would channel savings into US oil and gas imports, as well a= s help finance the construction of liquefied natural gas plants in emerging= markets. ...</p> <p style=3D"margin: 16px 0;">Marine de Bazelaire, former = European head of sustainability at HSBC Holdings Plc, says borrower nations= should be wary of engaging in debt swap deals that shift control of domest= ic priorities to overseas entities. =E2=80=9CAt the end of the day, we=E2= =80=99re talking about the wealth and real assets of countries and their ca= pacity to monitor what is core to their sovereignty,=E2=80=9D she says.</p>= </blockquote> <p style=3D"margin: 16px 0;">Yes, right, in theory it is qui= te weird for a country to trade off part of its sovereignty for a lower int= erest rate on its debt. On the other hand, all sovereign debt works a littl= e bit like that =E2=80=94=C2=A0if you=E2=80=99re issuing sovereign debt, yo= u are at least committing to investors that you will pay them back, and you= might also be committing to them that you will follow sensible economic po= licies =E2=80=94=C2=A0so it is just a difference of degree. Also presumably= these are mostly policies that countries=C2=A0<em>want=C2=A0</em>to commit= to =E2=80=94=C2=A0Ukraine wants to rebuild! =E2=80=94=C2=A0though I guess = the point is to bind=C2=A0<em>future=C2=A0</em>governments that might not h= ave the same policy priorities.</p> <table width=3D"100%" border=3D"0" cell= spacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collaps= e; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight= : bold; font-family: "Arial Black", Arial, Helvetica, sans-serif;= letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bo= ttom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Not everything is = securities fraud</h2> </td> </tr> </table> <p style=3D"margin: 16px 0;">Fro= m 2016 through 2018, US federal prosecutors investigated how Walmart Inc. d= ispensed opioids at its pharmacies. Walmart was never charged with a crime,= =C2=A0but in 2020 ProPublica <a href=3D"https://links.message.bloomberg.com= /s/c/FkC_7U8BKPK4uaaIPl1fK6mA6tCbqj_OCfKL3peJKs2YGq5OcAX6bt3GD0QzzIvDVdHgtT= knDc4aoaq8sbUwK7QdW78QHtPkOsei4cl3wfTxmd2KbluWs1FWhQLthlXUHZJ9LAoNMbmPfwO7Y= 5HtN5Wh4sebbiO23Q63nEtyAwNeYntsmXueIFg2Qq4SaWeo5-WZoPgBIM1Lw0boNgAfIpEk0DaX= VL84LIKTN4fEc3_TrsfF3EF47dvnJvYomsDN2wna_K6ywzfPKx4Wp3BIowFoZRZird6ncraGTgS= QCDbWITApcE9K4JdFGlLMbFdb7vMh9ShJrwHxXG-I3TFmsUEwMdBcJMj-qXo7yMCdQ3G2xZxJys= 1LJjXRomE/EbT_XJfGLq2QqJgc2utHpcoT506x4VOw/12" itemprop=3D"StoryLink" items= cope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decorati= on: none !important; border-bottom-width: 1px; border-bottom-color: #000000= ; border-bottom-style: solid; background-color: #ccc;">published a story</a= > titled =E2=80=9CWalmart Was Almost Charged Criminally Over Opioids. Trump= Appointees Killed the Indictment.=E2=80=9D Walmart=E2=80=99s <a href=3D"ht= tps://links.message.bloomberg.com/s/c/qvzmXZ-BCpfQTXpGOuKTHpOC6Kgej85hPv5CV= ioQs6OcjfzVBMxCXnnhLozkf5SZW2ZRPSBcy_if6jv-A4yvfj2Hhtrac2QmLxeLQ4a7Do2ao-VL= RLScSOMZOpi2171neriu0gy67QMZ4wHwVy0yci56N1O_3FOqdyTRAs2W4l9kT3YOUkrlJQagbeD= lWlyVoW_MTuWmSrLGnPb0Gz5IDHuo-st4aLirBzO0i4F-xraRkJ1N3CHMkb1pWH-OlQTfeyn1YN= QNTMh2xPhx_mK5mh9jWSukvFbRoXyjucl4_KrN8EEmUZTZcH1pzA2PX5IsVjWj-DAoOs2_-o1rG= qfaTEz82yrivTJaG9HHBMngKpH9tfwI4Vg2oin5Hxk/noBjlUN6UjX8sKoeZhrEKC6ZcfHzugXY= /12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">stock price fell</a>=C2=A01.88% on the news, which is honestly= not very much. Still. I often <a href=3D"https://links.message.bloomberg.c= om/s/c/N-kSAvuV-mSY4k83P4DJ_mIMzOKCqi3VajqPYxGGNavhWV9M6pcyTKKKzk6CJLbfkDbC= pg62BJd400UAUrT8byLAQ2RYaCROw8fBix5p43BB5kvPHisx-rQ_dpwLFUxchqN21UKMkQsoje-= m8CWPtPJkG31gC172jyFv6dQ9WX1ftqvSAjNkNUFWo_kotl5KDMjGBQQi1QEC_nSFz9VxPHsQAB= IrZtORGdtoxaGwjIB7NUYV4opIZijtoL2LEzTUrI85kKGXuTPqgT1KMgX0FTcTdLRwVP5oF7neF= cPFOvwExtFToin4zIQWuyOjVTvKUNRzWbMXRsAQngPL0TiXfJYCSnbItyIzkz7jaw3dpqhQnZ0M= N26djnX5-3Y/LjuwGEbq5BhJxMC1ng-C_KBneUQM3KyD/12" itemprop=3D"StoryLink" ite= mscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decora= tion: none !important; border-bottom-width: 1px; border-bottom-color: #0000= 00; border-bottom-style: solid; background-color: #ccc;">say</a> around <a = href=3D"https://links.message.bloomberg.com/s/c/cMJofH1qDuGyMY--eu0ez-L0-70= BssWCvbzMbRiEWg8BQ8JVfOB64bbw_OdUWEfQv9GnNL58GaocJ8aSwFVSz5qAqMSOPWVaevvSZm= rmwLIwItXI9uAMTTxk3WYlzYDtZwOaLtNDgrTKISLcuE35e1azBweBx1YEaRuA37qBJ-aV4mSas= dGSs-1kP66MBjrqU3KgZYr0khff6_kIeMjBparTe7napI_xtUReg9NXnrUVrIivpjQfvE7-OpUY= GdjZQzqvIaFxrGhU4I2IYfd_aeZLFEp5BJqQZDuWr6ZAzlQyY7tcJDjT1SO5deDo7YZ4qHwqkjt= rzV3Ifbd6qHjz9YBRhWhFhIYKN91twYipoc40vutHtWtl1PbH7xs/GsVJl3H_r5m4Tybb-taamC= oAzzDEjgfE/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bl= ank" style=3D"color: #000000; text-decoration: none !important; border-bott= om-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; ba= ckground-color: #ccc;">here</a> that every bad thing that a public company = does is securities fraud. Criminally or almost-criminally=C2=A0selling opio= ids=C2=A0seems bad, and the stock did drop a little, so=C2=A0shareholders d= uly sued Walmart for securities fraud. Last week they lost on appeal.=C2=A0= My schtick is creeping into the US legal system; <a href=3D"https://links.m= essage.bloomberg.com/s/c/xYlK5jivo8hlpOib6X_RJvwGftd-BGz8jt4JBpryHN0TQmiEY2= xqRGW7hGIgCOpO2CKj-36KM-837MNLRuoKIKsIY8-Fp2DtxllMgetedDKWWLN-0EaXuSAJ1vtAv= 7CEwMW_3liJiYXlAfv9_5wSLdI74mdoh8xscOuwmtEdj_NJO0a0s76QwV8IV1Z_BiLRp2aMSDNL= lkbaHPz76FhXCy5PfvfC-Urv8t8gKWwmgrnJeGkGpu36HjjHI12VI1oDR5wFIVDqT1-5Lmto_Fa= PeqcTm-Gp0odwn9ObXM1dJjuy2-oxxV1Fzc3HqfV8Z1-7nia0sUrDvktbsAXNrBh4sBZIJD8i6K= 9ErCIp41xxsFbu4QTwhItoMx1gKJI/4t8i0z58X66sGcU3b_rlfHNGJjpbwBG5/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= from the opinion</a>:</p> <blockquote><p style=3D"margin: 16px 0;">Although= Walmart is a public company, and although plaintiffs allege wrongdoing on = its part, not everything is securities fraud =E2=80=94 a public company=E2= =80=99s mischief is not actionable under the securities laws unless the com= pany=E2=80=99s disclosures contain a misrepresentation or misleading omissi= on of material fact about that mischief.</p></blockquote> <p style=3D"margi= n: 16px 0;">A footnote <a href=3D"https://links.message.bloomberg.com/s/c/L= TKCLt35UGwjDah_pd2TA4YeN5ijwUkqfsZ8cas3JCgwGPFVfFg1Hvz2Z1wHpL4RITCWFFDfSHud= mvcv6XjZi7X8mQmGGAGz3gJv4GquVP5Ckg_ZCMIAzhjPijmh0bfA21g7_4evZCcOn1PsuJU3IER= QIuQ-ZB7dMW3xgd2QJQ5RkqC21c3ftm2txtK364w8TxEJk7baT1jmbDmZKlGwwroff4IjDnXZYy= ejsJQ_vGGw6Wi5qWnf6OlSnQ3eZA6B4uY8ZaKpsX2tc5JaGoOD4BpAU0RFg74CI9NsZU1g878mp= BqMTCgmEeIbYVhjKZkY8bO7Br_te8zjVo0ZLw_SCWfJJR39GDLJBW-MJhLECTy1uK0-RTAV6gg4= Pv8/hykekxOzcxQzY9JicbBUfNWETAiy9T6Q/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">cites me</a> for the pro= position that =E2=80=9Cnot everything is securities fraud,=E2=80=9D though = I more often prefer to exaggerate and say that everything is.</p> <p style= =3D"margin: 16px 0;">The gist of the opinion is that Walmart actually=C2=A0= <em>did=C2=A0</em>disclose that it was being investigated by =E2=80=9Cgover= nmental entities related to nationwide controlled substance dispensing prac= tices involving the sale of opioids,=E2=80=9D so it=E2=80=99s not like it w= as hiding this from investors. The shareholders who sued argued that Walmar= t should have more=C2=A0specifically=C2=A0disclosed this particular crimina= l=C2=A0investigation, but the court found that =E2=80=9Cthe securities laws= do not require disclosure of all material facts in equal detail.=E2=80=9D= =C2=A0</p> <p style=3D"margin: 16px 0;">There=E2=80=99s one other funny poi= nt in the opinion. Walmart disclosed that it was being investigated for opi= oid stuff, yes, but the plaintiffs argued that this disclosure was misleadi= ng, because it didn=E2=80=99t also disclose that it was guilty. The court d= idn=E2=80=99t buy this argument:</p> <blockquote><p style=3D"margin: 16px 0= ;">Plaintiffs argue further that Walmart=E2=80=99s filings were misleading = because they omitted Walmart was, in fact, violating the CSA and engaging i= n the conduct for which it was being investigated. But the Second Circuit, = in an opinion we find persuasive, concluded =E2=80=94 where a company discl= osed to investors it was under investigation for facilitating tax evasion= =E2=80=94the company did not also need to disclose that it was =E2=80=9Ceng= aged in an ongoing tax evasion scheme.=E2=80=9D =E2=80=A6 Rather, the compa= ny did enough =E2=80=9C[b]y disclosing its involvement in multiple legal pr= oceedings and government investigations=E2=80=9D and =E2=80=9Cindicating th= at its involvement could expose [it] to substantial=E2=80=9D penalties =E2= =80=94 just as Walmart did here.</p></blockquote> <p style=3D"margin: 16px = 0;">That is, if a company is doing crimes, and it discloses to investors = =E2=80=9Cwe are being investigated for doing crimes,=E2=80=9D that is good = enough. In some ways it would be=C2=A0<em>better=C2=A0</em>disclosure=C2=A0= for the company to add =E2=80=9Cand also we are guilty of those crimes,=E2= =80=9D but it is not strictly required.<a href=3D"#footnote-4" style=3D"col= or: #000000; text-decoration: none !important; border-bottom-width: 1px; bo= rder-bottom-color: #000000; border-bottom-style: none !important; backgroun= d-color: transparent !important; display: inline-block;"> <span>[4]</span> = </a></p> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding= =3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace: 0pt;= mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family: &quo= t;Arial Black", Arial, Helvetica, sans-serif; letter-spacing: -1px; fo= nt-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margi= n: 0px; padding: 16px 0px 5px;">Golden parachute</h2> </td> </tr> </table> = <p style=3D"margin: 16px 0;">The chief executive officer of a public compan= y will generally, as part of her compensation package,=C2=A0own a lot of st= ock in the company. The point of this is to align incentives. If she does a= good job as CEO, the stock will go up, and she will get rich. She wants to= get rich, so she will be motivated to do a good job.</p> <p style=3D"margi= n: 16px 0;">What if she does a bad job as CEO=3F I mean, in theory, that st= ock ownership creates another incentive: She should quit, so that someone e= lse can come in as CEO. Getting a new good CEO should make the company more= valuable, which should make the old bad CEO=E2=80=99s stock more valuable,= which she should want. It=E2=80=99s like <a href=3D"https://links.message.= bloomberg.com/s/c/1abSVE1Tfb3AulXijvk74RHovPloVikVs32ODsp1BkAjQP_5GbjTh55-3= os54WooKdI5XnUBoRWw5tWxbnswciQc2t4DQOWQd1YlxaR3XSoMNPxqjuLKcCIkYJUZUY8G8_gx= nLaHycyLoAvsqodbiTfeZTT0deRd5q8416gfwB0x3sI9ImWcham8CeyqD_W-F7yiBdtZcjayF0b= jY5KtUoUH-W_h6fffB5_8tCHT9hU7UByDCMvF0t_p1Gs5bFMl-LxWK-0G5zxb5KWGjUZQ4IK1dP= aXlmN8bzYgzpoFB9VtYc1rLvsLPdur5pIHYE3velGqhNrdaGdPYpyXVyDsJHp6rQmpDH05UEDvs= aBHFXt9whEneuWLRzbRGU4/um4vll3VXX0j1-ab25V1AJn2WuLZLHK5/12" itemprop=3D"Sto= ryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; = text-decoration: none !important; border-bottom-width: 1px; border-bottom-c= olor: #000000; border-bottom-style: solid; background-color: #ccc;">the the= ory of the =E2=80=9Cgolden parachute,=E2=80=9D</a> the large severance pack= age that CEOs (even bad ones) often get for selling their companies. It=E2= =80=99s not a reward for being a good CEO; it=E2=80=99s an incentive to=C2= =A0<em>stop=C2=A0</em>being CEO if that=E2=80=99s in the best interests of = shareholders.</p> <p style=3D"margin: 16px 0;">That is, uh, maybe not exact= ly what=E2=80=99s going on here, <a href=3D"https://links.message.bloomberg= .com/s/c/wYiwHd2XP-cSHFpwjWdQat2nr4wQX8tC4A13NNTRAOeizK2_jIz2CQYrzvoqmU4cE= 7PkIIMdRN54KQY7T6nu3TC0LhnQUAmvOgGSAw7z3rH4Xu029-Dvy2y93ed2gpQp8E2DX7Ajh8Y5= zHAlV2c8-ghU3Eq8lg4u009-8mNceaEl2YLZi6DKCFhgmPguBQay_OiU62-MM_StKoinpiZhs4Z= ugUENAqdOH0M2Vzcss0fBPjmTv8wE68E7qATNnhpT_aiVxvPfNeWkCBIJ6mml7j3eBF-LmRp7x4= ZHir0kNHATGBD8MTZzRNyTpSNK3188WlqLSKhBvb8PFcnjW2LX3pCGVK9_H3zuD0_OvwQJxTqe1= x-m12SkbKNBQ1g/S81GUgqL6M9zA56z3BjE_EC3N4QsZ7y6/12" itemprop=3D"StoryLink" = itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-dec= oration: none !important; border-bottom-width: 1px; border-bottom-color: #0= 00000; border-bottom-style: solid; background-color: #ccc;">but</a>:</p> <b= lockquote> <p style=3D"margin: 16px 0;">The meme-stock rally at Opendoor Te= chnologies has been very good for its former chief executive.</p> <p style= =3D"margin: 16px 0;">Carrie Wheeler, who resigned under pressure in August,= filed paperwork Tuesday giving notice of her intent to sell 7 million Open= door shares worth roughly $35 million. That stake was worth $3.6 million as= recently as late June, before the stock went viral on social media. ...</p= > <p style=3D"margin: 16px 0;">The social-media mob began calling for Wheel= er=E2=80=99s resignation in August and eventually got what they wanted, in = a unique case of investor activism involving vocal individuals.</p> <p styl= e=3D"margin: 16px 0;">Opendoor shares hit a new multiyear high on Tuesday.<= /p> </blockquote> <p style=3D"margin: 16px 0;">I mean, the job of a meme-st= ock CEO is to give retail meme investors what they want, and if what they w= ant is for you to quit then you should quit. And get paid for it! The syste= m works.</p> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi= ng=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace: 0p= t; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family: &q= uot;Arial Black", Arial, Helvetica, sans-serif; letter-spacing: -1px; = font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; mar= gin: 0px; padding: 16px 0px 5px;">Tone and body language</h2> </td> </tr> <= /table> <p style=3D"margin: 16px 0;">One theory of mine is that =E2=80=9C<a= href=3D"https://links.message.bloomberg.com/s/c/18YofMdGlEOFjbN6lw7LecLaC-= 3FBQohaScsmidjmgQJB61RyKbLaDWqSMZxBbbQCAUXUtKEAfCz7YOzpocywae6FJy34DOubNcSE= GLElwOw6FKyhBYybFg0-ARhBOBqVfJf37rfu53d9zzTvQgZmfZBWXzefxnukm1UnbL2jGhyjNZP= fp6mD_6SRv-dJ_d4cCiAcEtnWTjaaxgbG3F8tFFbSxwpy0GAvIJoGzb3Kg1QSRLJia3FjDt6A7H= otnewhRfK2e-5S-PjP6K1_s6Vi-WwsLQ3r-ag2KLS4f0v2FOR5PUNpXRLajncR0JAfjtlAAc6Kx= -H4pXzPoOT9oT6tZSEi8BBAC1_zswJ2ZbsiAzcLCsCP3spLcFRggM/pmC3dYAjo7rCwC8lBt4r-= Sz8YVWbyMfc/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_b= lank" style=3D"color: #000000; text-decoration: none !important; border-bot= tom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; b= ackground-color: #ccc;">tone and body language</a>=E2=80=9D is, in financia= l usage, a euphemism. The idea is that investors and analysts regularly hav= e private meetings with executives of public companies, where the investors= ask questions and the executives answer them. The executives are not suppo= sed to disclose material nonpublic information in these meetings, but of co= urse the investors go to the meetings in order to learn stuff about the com= panies they invest in, and empirically the investors seem to be better info= rmed after the meetings. What do they learn, if not material nonpublic info= rmation=3F The polite thing to say is that they ask questions, and the exec= utives answer the questions using only public information, but the investor= s can draw conclusions from=C2=A0the executives=E2=80=99 =E2=80=9Ctone and = body language.=E2=80=9D I have no idea why this would work, in the general = case. Like, sure, if you ask =E2=80=9Cwill the company meet its earnings gu= idance next quarter=E2=80=9D and the chief executive officer=C2=A0says =E2= =80=9Cour guidance is publicly available and you should look to our public = statements=E2=80=9D but he=C2=A0is sweating copiously, I guess you can take= that as a =E2=80=9Cno.=E2=80=9D But does that happen=3F</p> <p style=3D"ma= rgin: 16px 0;">On the other hand, if you ask the CEO =E2=80=9Cso are you in= trouble for having an affair with a subordinate or what,=E2=80=9D and he l= ooks glum and stares at his shoes, then that is (1) a somewhat realistic sc= enario and (2) possibly=C2=A0useful information that you can trade on=3F Li= ke presumably the CEO is not actually going to freeze up or sweat profusely= or run from the room if you ask him about earnings, but an illicit romanti= c affair=3F I could see it. Anyway Nestl=C3=A9 S.A.=E2=80=99s stock was dow= n about 3.6% at one point on Tuesday morning, after the company <a href=3D"= https://links.message.bloomberg.com/s/c/SboDGVXlkLzd0CgqSoDPjd5_eWbNGWvATO-= yz6PT69NqxuHvd2ETZXONgjjdGzUsbqge7KPcyHLNrsIzBClar3dhW3FBtEvhKrjJcKdLxvfbtj= Yuxiw3ITJ1RPzvsYdCSOl44HmexovpPl0F3ZIdUpOdTbTzxLKINFIRNFyYuEGfgaIuHPEcEE-TE= dBlW_YauwHkTuykwc0GuXTrwKn9RTwwTxbUPgSBd1RD0dSDSmDJPGOp6TEOE8g8nES-bKFZfYZx= JggsjEoo9TgYuis1762R5j2V_App7hGBpMM3j2VbXf_Hb3gu9mX-NVowKPqB36nE1pb53Ju7e4W= Mfi5HZfoGvVB-NGj3oWQoOduhS5pO5K3tUCX0DuCeGsY/6htOcLQQT2YhqRPXBAVhF5XpauXOAX= kg/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" sty= le=3D"color: #000000; text-decoration: none !important; border-bottom-width= : 1px; border-bottom-color: #000000; border-bottom-style: solid; background= -color: #ccc;"> dismissed</a>=C2=A0CEO=C2=A0Laurent Freixe because of an af= fair with a subordinate, and some investors really did get some advance not= ice from body language. The <a href=3D"https://links.message.bloomberg.com/= s/c/mb7ZjcPnGJEVSCUXqUJuinF8hYrqyg1AnhxVzENdIW1q8ZOGx1v1bbEHuvYLZxBICKICFQm= LZkgX5x7IZa6cBftEDcuplDHOt5sxjZ6kTGP0bAd5wrr5AonX_iWjRAyNPpbPTOyXTDd1n2JQtx= NqNcNI-nawRbK2geXABhsUcdYkvekmgE5K7vfeVfWOjCgu7Cp2H2W23A3eeQ7IHl0HqgWFYuPEX= dQehA0LR2SdZwFEcRZ_wjV-PWimJRZiJfigFQuMGBHhH07edqoa5C-5fd6rj13dQTiMiHda8ANV= Poj5orOltxs75I3jNl69LeMDUw5pzw1Uay4c35cDD1gHW-h1s5SdptYw_Pkuk2a9Pkbt5FPLsLR= HgkcisBk/iXcoZ9wGGtLzGPNTcDSLRKRR3qZDwRhI/12" itemprop=3D"StoryLink" itemsc= ope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoratio= n: none !important; border-bottom-width: 1px; border-bottom-color: #000000;= border-bottom-style: solid; background-color: #ccc;">Wall Street Journal r= eports</a>:</p> <blockquote> <p style=3D"margin: 16px 0;">[Freixe]=C2=A0une= xpectedly joined his chief financial officer on an investor roadshow, meeti= ng last week with analysts and investors in London, Frankfurt and Zurich, a= ccording to people familiar with the matter. At the last minute, Nestl=C3= =A9 asked Barclays for a slot at the U.K. bank=E2=80=99s flagship consumer-= staples conference, due to take place in Boston on Tuesday, the people said= .</p> <p style=3D"margin: 16px 0;">Freixe appeared quiet and downbeat, acc= ording to people present at the meetings. By then, many analysts covering t= he company had read about the relationship on the Swiss blog. Based on Frei= xe=E2=80=99s body language, according to the people present, some wondered = whether the investigation might be more serious than the company had previo= usly said.</p> <p style=3D"margin: 16px 0;">Analysts who had breakfast with= Freixe in London late last week didn=E2=80=99t mention the rumored relatio= nship, even though it was a topic of concern for their investor clients, ac= cording to an attendee.</p> </blockquote> <p style=3D"margin: 16px 0;">They= didn=E2=80=99t actually ask about it because that would be rude, but his d= emeanor answered their question anyway. I suppose that in general if you go= to an investor roadshow and the CEO is quiet and downbeat, that is a bad s= ign, whether or not there are rumors of an affair. The job of a CEO is not = to be quiet and downbeat!</p> <table width=3D"100%" border=3D"0" cellspacin= g=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso= -table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold= ; font-family: "Arial Black", Arial, Helvetica, sans-serif; lette= r-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-s= tyle: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td>= </tr> </table> <p style=3D"margin: 16px 0;">Nasdaq to tighten rules on sma= ll stocks after suspected =E2=80=98<a href=3D"https://links.message.bloombe= rg.com/s/c/qs7cAGnjxd78Kh0vtdZJzePibGcdzviIjeDAOrY_yh0PQL1rYWdsJY98odz30rZd= Fd4lww39uFOZvBfEgcz-ZRzy5uLLpoEU2F3OVVDjbt9k438FqTjt2KNGCJcAGEClDQg4Fw00LGT= 6kyM85hzcujJoDsBYULqHF-_hz2xeceNHZd3ayjKliTVFh7XGEXMFRflRci9aQXpbZXL7z1S6NL= FOEKrxXE7UpXhdhTpaD7ZYMQlqNJGiFKYpyOVix8CxENVSZUUFxfC6BgpYuEVBI0t-C5v_ysOpD= p5W2v5qRsJVMKl1Ns1TjLnK04eOpyno4vZiP4ZW8he-kJmz6IDdZfhw4n9NwofCeTo2xB11r3Mp= ePViEp42PP9GUGc/6o2pFiTESjQPDRuUThN8ETl2QBEzDJpi/12" itemprop=3D"StoryLink"= itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-de= coration: none !important; border-bottom-width: 1px; border-bottom-color: #= 000000; border-bottom-style: solid; background-color: #ccc;">pump and dump<= /a>=E2=80=99 scams. Nasdaq Steps Up Scrutiny of Companies <a href=3D"https:= //links.message.bloomberg.com/s/c/S_WEp-362_ol4lSFFUKUSFw0vvO10y_joUEZe_Kzx= djmuYQwYdkxG9ED2c5jh6dhV8y5H1mjKm2ZTzR5DlkGy1Q-lJUrs31yc7WsBZt0jNMsTnOJFuDn= 4BXmN2L3RESWGWN6Mj0sSb_qglTncwHMKhMSBxh6YC0leu4gRWjyP7NIpnsxRN3CjB376aGZbog= PJqUKUrolR2ej8gQ_6UAEuhJDk2KtWUmjqRZMSq_WRcTCDqRYOV8Ro1GLNZRzdCPu8W_boJQhGY= g06lC30yZYz6w9onJ2091DdHgUQ2LUp62WKPn23hj91-YBdvABA4kEUKOZ-7lUbzNhe0MpfIWrQ= LWanz495MpBSfr-D1-vzpPuO46RCEdY-k3lB80/VpLhgGvYtmjgdh7Zz8gRvTE4ViM_Q-xI/12"= itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"= color: #000000; text-decoration: none !important; border-bottom-width: 1px;= border-bottom-color: #000000; border-bottom-style: solid; background-color= : #ccc;">Loading Up on Crypto</a>. Citigroup Hands <a href=3D"https://links= .message.bloomberg.com/s/c/GcAG8Rd1G9yOtB0YptbJKrOuklGqNO76HrBSgjhhUME2m1V= LPHc5X3L9dFDJvoCQl0ll3A4qZETEN36xMinVeha9Yn1Xr50RNczts9Ec9TNfoyiP6bnrFuBzLC= nPnulei7uS3Rjmkqi9dVMVo13RE_y4uu7cFwGM5rjwHY9CX3UswewkhU8kG51u3mPdeZGv_tw8b= rQ5ytYQ80FYGC1XqePaXrdWtRzt0RUYu1y3_glb7xUr3gxRM70lKjNHzQ5L8Ky7SrZiLISC098J= 6Nqvy1u5BuItMal2GKpPoOuOF6n-jmMI2LntBBaei2SCHB9IvlZNoJE5NMnFhw4-G36V-TzRN_b= uGcwJck0S1sLma7ZUnQFdxmHQ4rLWNgk/RSsov3_ue2teV2XVTIUCj9lpUUTusCmm/12" itemp= rop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color:= #000000; text-decoration: none !important; border-bottom-width: 1px; borde= r-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc= ;">BlackRock</a> $80 Billion of Assets in Wealth Deal.=C2=A0<a href=3D"http= s://links.message.bloomberg.com/s/c/z_IGylyjvMU9wAN0-nsC9zmNnbFDzos8saBeARV= dTvC9D8DfBeisB8Q8u2mTNfcVpuuBnY10P6qXqVXdKYkWjhL3fxMW0H4bFwy-FIwqhoIdI416MX= hAXFKmhYDeV9u_9i0iGYFABDGQJjAuqSNcQNyt-2yVrA9mLAHDVeEGXyzBVWotUo25q6fh9BCmt= XYLSL6POtD8Kv7pLPiqUKxH6fe2x3viRlvvITUSToXf-fozbnJ2VF6az6eF0HMxTomkD4_vIcbT= f3Agr2OFG_LSBf0teQh3gBa2KR0iZtwGEOq1ZLMdVAxMfeGqH653kWf3-4IvIx1XsvUwOmUqjEJ= BWKod6LPiS2yDOatBtNJeEccd7fzZ0mVeeYXOPoc/UDV0TJMkJpo_5P9PcEz8JeT0NO3T67qo/1= 2" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">Jane Street</a> Blindsides Regulator in Fight Over India Trade= s. Carlyle raises $20bn to scoop up <a href=3D"https://links.message.bloomb= erg.com/s/c/E27HcmPJHsqUc0Y_Q8SP94LUByLFTBfOtH8MKJSndbyRYv7DHtEVZUwFEx0ZJB7= cj8HkAJ0kHy0BpjlbpgQ4l2rQnCb3Qym6YpMGMcjsC5gHMDWOqp83R_xex2gp3lkRJN0k5-vJM4= Sjt_p-m0llgh2iDMG1vOHJa1Z85B8hSW-Kv6X7xByy6HiCY6hiroYDJ14GGMRd1SR8NCq_LnDIu= FPzS9hzy15W8N9BqwAtKefZV79Uu2DRznKsopBOhcNFVraOhk8XETj-2A1kg494k3ncZAAbfLW4= PChOeTDxfNrJJxZZ5G3C-Wd95G_zunec6K3tZBQy87qJ8DQv-uiFDAdpOtMamYzJjjGvV6jwP0-= 4LoGFNEePRaLys3c/jzHzmXmiYGfjaYV7s-BKku1webUrXnlo/12" itemprop=3D"StoryLink= " itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-d= ecoration: none !important; border-bottom-width: 1px; border-bottom-color: = #000000; border-bottom-style: solid; background-color: #ccc;">ageing privat= e equity stakes</a>. Revolut Debuts Buyback in Latest Move to <a href=3D"ht= tps://links.message.bloomberg.com/s/c/s-ZLsenOZFEbwAFAzB7YkaTgPtcE4ok3l9f8-= zO6BtoYEvrA8a21dogzWMtRA_nntIx_dygZruSOwoWoCwqcF4RpsGlK7BhZNsvYEwU12UDi7Hqe= rJp-fq-cLwRZV1R8qpW35Lz3x20zSsc2WC5eISzIp4sZLkkseMCR7HDaBuDClH0IJhKTV2758lg= soPZk5C8s3WmZda5mNjZUn6kVLgg-y_JGyVZaajxc8w6RjVkbe7OSyxzIdqZr9U1QzZOGemKsCG= wS7w16t9O2f2O2UofeGyroktQQTT4muNyIoQSIf-TgJ4r1qmZ1trrMr-5Kb63k_bfAi8bupm-2E= TVjBli1moiye7lmwzUMjU0L4JSfDG_Pm9TTBWtv-0U/uecGxnwLp7cU7JcMnaDrDdE6buXCMDBY= /12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">Stay Private for Longer</a>. Bridgewater=E2=80=99s <a href=3D"= https://links.message.bloomberg.com/s/c/PpGsHJ-GKJGm85FDLfjaNTMu-6iUGDs3Ttf= r3R2ltDipBZ29GHOPJIjSrl7RGcPDZAUOy2-y3SqhY6-vXLBPf4O_WyGAoGe557kzFL8JtZ86rr= _rQlPFaSee4oYN-q9TWbko5sakstAG_4DRmBhSb82BOOROc12AEwxptoJwkbl7Kt8F24QVvtAj1= 8AhwThOjL1Y6CJlyc1IGsgaQuKvAQN_Kj5TWXr-EDk4Q_oi_3KCuQm0xeMiT3bbX2qD8DUbhypN= EP9Z49O_-aZ8BZNPJY41spiZ783fQPN_u1cJ0QEEPUN3WFpdkhyowDUb2-TO5iDmgRavsNQjaAB= BjQPJXsHmjGvdoummuDVJwEvEVoinGmt2SDwUvm9JAy4/vupOEkbXk_5I5CsXOWwskp20aKG2fq= zZ/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" sty= le=3D"color: #000000; text-decoration: none !important; border-bottom-width= : 1px; border-bottom-color: #000000; border-bottom-style: solid; background= -color: #ccc;">China Surge</a> Draws Billions and Sparks a Waitlist. JPMorg= an to enter <a href=3D"https://links.message.bloomberg.com/s/c/eybaAzZ52mRY= RkNtIUUY4W_fhOK-8dAnA1XVXbqzpMgGIGLlGsHzi-s7pDQ3vhZgLg4LcWhkvlg5TO6ZSAFgnOD= GxUCPGUcnWGNXoeRCFsCD3pA-sQJIyo8Ube04lVz6rvAd7j2InYydXvfIPda0lLO1XTg0GwMIas= E-geJ_slTKqYwfAznXZW0VtXthiML1tfVb2aY3Zg0W1pq4evcwq84BT6WgGXODC-dIFTyIQfTo2= xIRUgClSXL840mkKSJCHcEh8dT798Y1xaF1xghneIImqCgCKoD_g7VzxexNUHRmLKdn89urrks-= a_BxdxCAfP-FJiejWI4YrSP26W4t3LGd9SKSHxXLj68-APwPMGYsRZ3ypngd0L2cPPI/1H067jU= j0vRVLtGBqIpQO-QiPS4y8Mtk/12" itemprop=3D"StoryLink" itemscope=3D"itemscope= " target=3D"_blank" style=3D"color: #000000; text-decoration: none !importa= nt; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-s= tyle: solid; background-color: #ccc;">German retail bank market</a> in Euro= pean expansion.=C2=A0Finra Alleges Misconduct by Executives at Failed Finte= ch <a href=3D"https://links.message.bloomberg.com/s/c/ydqs10GT8cWziSs3h-U_P= TttJyRgp-4Q-lt8MdTNH9I6wvtKhE39WRRzS9aUmPpjwD2YetJsvZ71kIMWkyFReRaMb-8-gTvu= D1Q--j6o8-t_T5mVxKt6HpuWgiyNbpKoZ_fkO8OLLJwMqcRtb18SSrcaAkR9mHiZzU4_JFqsrO9= s0V66yDelvygNOQClW3B8WAxSuWvE5nvhVGypQsKcpZyHGGXMy710GWeaxtuWB2HX-mOQeGVU5F= QRGx5Oq9aOKZj5Mozf0DZfcbEPjrpgJttHnMbtOarLLKahwKI7NkNtmPUaieFBJgwdGXp1e84E5= x8VAffu5f6At4tqrX1xRUZ1EZivb90yIuySPCUVuvaQwPp9ZptXZose8lc/56hqQiIPyJAApTa5= jBmZZAjRNx_5YZyp/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target= =3D"_blank" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: so= lid; background-color: #ccc;">Synapse</a>.=C2=A0Chicago=E2=80=99s <a href= =3D"https://links.message.bloomberg.com/s/c/QiN0S2-7zWm56XxAwvFda31o5Py9TYS= efg158hn2wfVOh4Uw_JdO7Z9hueQu0icjoCab5Qq5E1SuPTcHlch9wE5HQL0hywZdAyiueaF-Rx= njLWg0IiSUXoKtJVzT546sISlwVpsrt2Y0mVNEx2mstrHKC88sYuw81p2EwngEqQdvMd3em2Tru= 2qOr1G4yfqsoDNe-Kt8ut-HQ7pB7fSs5brkCOEqPJh5gXyUqr-19kZhfrk8wsQCMswPdDdVN4V0= x1a_cor7Wbt3-HboKFoIIvffGlDEjPa2InSfD9SME2FWHmqXnZCDP0AU0SxhxMVKgCMgpzWzY4O= SBKDdlBnB0leDoRX3cq1gVpTUyVIwmVcIa6fikBctOnBaWRg/vGzyeDrhrHqAD-PXgRBVti_Li_= 3HM0ef/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;">Citadel Center</a> for Sale 3 Years After Miami Move. $4= 0,000 Vacations Inspire Finance Pros to Become <a href=3D"https://links.mes= sage.bloomberg.com/s/c/UPP75ZgqBulfYMurG1g6UuXUU7BaNwducaZNpk96FUh0F6AnqIdS= OWcmSgGo6am3zFcA8Ktvx6ZQ9sWiP16PsUUw8aJ0K9p2_ygUCz21iaG3qgt9PmdfPVSgvNMna8J= suYd7xjle4UO8ppFRvjwi3AMy6WTfCyMHixRtQUwvYFD9nFNvByzQbnEIRcXHenwpOhx5L5Br8p= Ehq96WHoDAqlsmyoJrJbFcw25fm78EsVNzU3fvJ6NkuD-X7uZ3iCB5ZUhHMGz1yUONwB4PbmfYr= m8XKNDtqcd63q2uAYfgGlG_uVztg_fKe1-B82fuYGp1PjtbrN2kaHIneUknULy-OYxBzqsSW7A8= 4NYetA71ZO4HeJ5UE5H6GpKzMHI/bTfp5tlPTeQ7JO5Efb7hNdqt3pA00QJa/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= Travel Agents</a>. <a href=3D"https://links.message.bloomberg.com/s/c/8wpan= _OhR7x3BBfVjrAojPZ0ZvLys_NoHbCtLs85QsKgNOwK-umpX-bKkGRMswrL6bpKb1c9sOF0UQAH= shdoduMdAuR_JaorZZz1m_lA9jotOUMzQJaPfNiZmtJr8GfvB92vHHvkPTx6WxP8Efz22EBy7PH= 0G0AncSS2rsD_SM8Cw_cJLDbGW0JwRtadaJyo49eNW99yZn2ttmY6068mNUMrCzT1TUeB-7KxYq= euEJ7nZQwlJjS43o--HVc0WsGzGBVstzBsNgmBX_g2D5fmw9Ea5UguKgZzUUtL9kDGY6T378j08= EcJ9UbcIZwFtai_8Hkj6vnZrwCXvsxVaGYHn23JqQJ4u-57PncRof6fmCLl7BmCMwZd4Vnorcw/= _uMe3PzMHmGtBMx1fdPjKi25WACodQAG/12" itemprop=3D"StoryLink" itemscope=3D"it= emscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none != important; border-bottom-width: 1px; border-bottom-color: #000000; border-b= ottom-style: solid; background-color: #ccc;">Morrissey</a> Seeks to Sell Hi= s Rights to the Smiths=E2=80=99 Songs. How <a href=3D"https://links.message= .bloomberg.com/s/c/TY5qafXlu6M-ok6YSOM39TQwIinLfwEEkn09hCgAYKagSt0rcG2F40w= cH6WDb-3aFNrdRUUra2DVKgN8vvq05OoaviSt9XC1ISZowXpAGQ6ZewkTDHFBlYpCZd3RY3EzAN= FAvCjAgAn0z2znBQpt56ISoldLgSf1op4NkR8KW4QHPC9LuxJybra89bIoSA3_Ixb-mc5nKwOS6= nvITse0-F84DlayPTehGlxLBEmqQUkpq5f3fYxtKnE9Oly2PEghHq3ZN23Ju1olrn3tsh3wK14y= 8_NKYytyjeviRCKzuAGSYs-_O-j0bK4PFpyJTvHmKhsP2tkoNmh-ylw4ur0tsLmVhdZraOhCFa5= yUOM_NAHCteOmjfv6WgozkdY/WtCBUxx4Jbf8iEGX4_3Fxh-EyTLvIv3b/12" itemprop=3D"S= toryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000= ; text-decoration: none !important; border-bottom-width: 1px; border-bottom= -color: #000000; border-bottom-style: solid; background-color: #ccc;">Jet L= ag</a> Cost the Global Face of Japan Inc. His Job. The <a href=3D"https://l= inks.message.bloomberg.com/s/c/rJHPbZPKANvv5rVeYu7gT6VOJTH38v_cuHNCP2Bw9WZr= cFbL7gR7x1Yt4Ja11oyYXQ3TxfLLHZ4Au-fhrFj7XLmP73wmO1TzZbyq2b9Gx4orLTf1gC2neoC= -E1DGA5AY4POTXSHHdY2WiDUoyefqGVuxAiNpdRb0YafH0uc8lLGp7F9my_NIU2kYg_gTiWMY8u= gZy2uK9EHJfgpLl-SgiGZYhzPvMvipaM7vtBUyxsHRpDMxh7i-OMhL9NAQn5vtywHzyWdmxdzJ0= CidzPKI-Fl1bmSWRSo2x-9bmRlmVBUP5TfHNh22lA-erlpjtweAH_7g-hA6QgGBD3HK82PCLpZZ= d5GPlBVS2Ev38Ze8MnubkIxRmfB_b2J0ZFY/D4D_cci8vLquBaZjcZa9AG-Xcv0WnyuR/12" it= emprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"col= or: #000000; text-decoration: none !important; border-bottom-width: 1px; bo= rder-bottom-color: #000000; border-bottom-style: solid; background-color: #= ccc;">Financial Hack</a> That Built the Eagles Into the NFL=E2=80=99s Super= Team. Lawyer <a href=3D"https://links.message.bloomberg.com/s/c/n-7jF-04r_= CfhrrFR-CE2ZwWOm-nX7mJyo3rLN1V7CYztMJwCKDI2PPKwZloXrY5vRNGRsLgvH2Je9jtPNQFn= bb94s-Hc2lCH0lyoWIIMjRc3dUvN5EkUgxRMUHVCF7_00fCmKoIOzEGv2RSR4la0NPXUKeYUMG5= Pxq9u9-pFKoiylEHq74TVec9rli9xfOiSB7cKLPON01xNW6HUBPlPUES8nHF3o09eKfl5GHUkNK= 5F3b9w5TV5WkpBQJ6PaLqjEdW8ZbjWpBP34qcxenUQVbua3w4bXVxG_LW0kB6by99xS3a3ykFYW= h3fWdDZz9oE9_h1vgKaDZNQfTEHwl8w6NWv7sKkRYcYHszkQ2VTlybClFRkFO--fDcHQI/7LNZU= -vAzUT8M9cv4OxBDZtzaqd_qfZr/12" itemprop=3D"StoryLink" itemscope=3D"itemsco= pe" target=3D"_blank" style=3D"color: #000000; text-decoration: none !impor= tant; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom= -style: solid; background-color: #ccc;">named Mark Zuckerberg</a> sues Meta= after repeated account shutdowns over claims he=E2=80=99s impersonating bi= llionaire founder: =E2=80=98It=E2=80=99s offensive.=E2=80=99 Shein Used <a = href=3D"https://links.message.bloomberg.com/s/c/HABWeMGkLr_Wcb3Z2808PQRBivL= 0-dpcTY6aZsrXVajV9LQ5cx9uO_-FVJlOkAIYbDbcE9z5ycG6zdDudZTPa91USiDw6SpkVTgXd8= xrl1EI4ka84X2mcFHpfEOA16JhcWZfloL9aFBiOMcvB9V93coUcTsYn39q3LrHWdjK0Rz7mgQQI= a8ib-fOvmemdLpmGFwnYsAHoqNBNsWUDRI_FsQlv7-wywagE2bXqajBPj6QN7k0WOagGDko-17L= ASziU8IY-2WrpUgEVVeessuhYDWMtgh6D9AaAZ0wrHxVZQGIIXyd6vr53WPdGGe1cdQgqH2ziLV= Xs2Qleswfp9JQhvSJXVbO9U1yN8ZXh6slQEKB2Vxg3Dy-uBLTMYk/DYI6FhmKA5tOFbfa4TKONS= mt3lM_845V/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bl= ank" style=3D"color: #000000; text-decoration: none !important; border-bott= om-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; ba= ckground-color: #ccc;">Luigi Mangione=E2=80=99s AI-Generated Face</a> to Se= ll a Shirt. =E2=80=9CHe concluded with a Grok-generated image of a crazed-l= ooking man in a suit shoveling coal, the AI bot=E2=80=99s response to Keele= =E2=80=99s prompt, =E2=80=98what=E2=80=99s it like to <a href=3D"https://li= nks.message.bloomberg.com/s/c/8VEKVxmwTDvifmvRFTuKSJ4TgG32OH1OR379rXK62wwoR= qJ3NZOdJb5ZBd4tjbdGasK7tJZJGn_avYr8ahb-paXVWuQxZR5rDMbinIxmMuqYVkUpc-JWwUxy= Tki8eecj2anAUoWDlshgdDf80qfBHLPtqN5PZsgbp-H3md-nWuRg3OxnMQTUpsxsSbLf9iX129E= cs07DHXDr1b0A13XgSC3X7wYPu3-VDRfVl2g2iQnJ7xfWxy8hULN8AGd8S6sAoh4K3FKXDHjpj2= gL4ofy2nkq_xVheTTCYzCKpTN34u6EjQv0TgNoasNC4aWoeOgmB5MoBjz-v4CyfbjwSZo0IG1MO= aysn8EAkqS9kvMkfELGuyf2YCTlc9Z7ujs/5kzS3jQehg5w3aM9sG6gmzgDyGuj5ql-/12" ite= mprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"colo= r: #000000; text-decoration: none !important; border-bottom-width: 1px; bor= der-bottom-color: #000000; border-bottom-style: solid; background-color: #c= cc;">lead legal at xAI</a>.=E2=80=99=E2=80=9D</p> <p style=3D"margin: 16px = 0;"><span><em>If you'd like to get=C2=A0Money=C2=A0Stuff=C2=A0in handy emai= l form, right in your inbox, please=C2=A0<a href=3D"https://links.message.b= loomberg.com/s/c/PAarKYSVpgi3C6X7Au3pZ9b2wTY4xlFvHdqDc_1FuNZethJpV3yLERtzWD= xJLfcpgK7ed3qZz8D7g84Tcitmh8eJjVkXWAeX7uWaez5AGec83Uthn7HTr16kxs9XDMakGzqPk= 3DeonA5Bv55bnpCKnrA1sDq7ZYKwVXaqxqL7zgwgmXPbzLDiUX5ME1bMpvQ1SUG1Bjmv_YGFCT9= F1GWfCh9mBWXhjUX32lv722iiwMDwrTUnXVn2Jpo5qJg9WKSS7IqYSmf7h4hVZrCzbj0U3TfRoO= fLakRjEEJUzeTAzojjQzljkMOZLAJvOa8iQp4AiL64zUEzuMKPO6nO-MvbXKz9zepujZ1cIEKRG= 7FmG7hsmJYOvwCdAbHJrk/4lQMa4pDD7xZjzczJoYgCiRQBfhXM3qs/12" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Mon= ey Stuff and other great Bloomberg newsletters <a href=3D"https://links.mes= sage.bloomberg.com/s/c/i8YjIJAaqT_9hMtKOJo_Pi-eFMDFTK8Nq_MwvCxw-h_-6_B2wb9l= nYxE-bmsEfHLLqbpGY5DpzCLgzt3dMrhUQMQiP5wkiRFR-VB0DoV95Wl85nLHAXffL7UVweMWHj= jnum-drJj6spXp3K8KPz9YO_6DkLjb4b90I0eWP1Zl-q_iM1nLu-sslR8-DUC4NOwYiLxSThlJS= BSKqdvbDMD2d6zu9BtHHmqJvB3Ve0XG9n-9tezLocaTdn1kLeg8lPqAS4BMziIuHrQNNiBvUH6M= jrZDJoVaVNLDtW4A817RIp9pK89EeGpT-0frwenywEg49mzoqeeb9t9MfiuPNu0zDb9j55oni36= v7w8l24eY5H0Kc6waoJBMZjJfSc/yiX9Fv0i98qnWyLOkNGbLxH93Y3IrpZz/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" style=3D"color: #000000; text-decora= tion: none !important; border-bottom-width: 1px; border-bottom-color: #0000= 00; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!<= /em></span></p> <div id=3D"footnote-1" style=3D"font-style: italic;"> <p st= yle=3D"margin: 16px 0;">[1] Every time I write something like this I get em= ails from someone saying =E2=80=9CI have a private-market index fund,=E2=80= =9D but no you don=E2=80=99t.</p> </div> <div id=3D"footnote-2" style=3D"fo= nt-style: italic;"> <p style=3D"margin: 16px 0;">[2] Though to be fair T. R= owe does too: It <a href=3D"https://links.message.bloomberg.com/s/c/e7hfiIW= TJ2heLOhIUKdaRyXqXAccqf7QbqWz9j_8-SBCyyOaTFKyx7XFuJdMeNpdiWurQ5MoMrftUH3veq= 3-9_kheaca_K7I0nNX180nzt_DdIT2q9_VJSt01w3MlCYDWGN0nlABPVHY24KW_Hbho-IpGfrou= 9m3rCkbWwpIop0Rym-2ZpkN27tdMNbuR9X7HEHSQfPcyB5AzTZ2hUUnO-tiO5SuSfxGebwrgOzM= kPvbSvkaj-CyjRXa6whmXs-08MXdafN3cxgMmYji9ue0ePwhCNYXH98fqT8EWkMaH_yi_Woa3BV= R4kSwUBYPSWfUP_5ObxWdBgS1bfZ8ovGS8M5ze030u9_arllfDCshjDbyndXVpLAo-CP34Ps/zZ= nnb-SRuF8UMe7G9tKbRu88nx9rX1ul/12" itemprop=3D"StoryLink" itemscope=3D"item= scope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;">bought Oak Hill Advisors</a> in = 2021, and has been offering <a href=3D"https://links.message.bloomberg.com/= s/c/TDKUpqXkG-oqxX5uoVXSh25i5F-A_IOBbsUjZ3AuDQdoBBuL5fjo7sjbJ_pssvUKWSnPNSA= WmNWey93vO3W7Db-bN1ApEUMbhKNPuYeMZnf9j2cYVCWFiOCwBS-3pp8wFjFYo3ZiHQLJH06OQI= xgfObN0AsdKUTitDz4cdMCJzqSXO0IPsi-xFAM--kJGTjufXogCRR2EU4eLzv3p3j11J1gq69OC= ls_Tcj1MANwA_eeKLlOOIqAT55mtjyuWerUTeyp472lQwN8XIKpj18P9xSqhoHUpI_BKxR1iBc_= Tf3HwfIUA75OdAlcO72qsI_yjzspBNB7ixrMZv3x3ao4QBVc7JE44zoPm6yt66zcPkYV31F2eJi= Cm1B8DSk/N48CCy4TmzFafvB7-IkzcRPZCB-uPKLR/12" itemprop=3D"StoryLink" itemsc= ope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoratio= n: none !important; border-bottom-width: 1px; border-bottom-color: #000000;= border-bottom-style: solid; background-color: #ccc;">retail-ish</a> <a hre= f=3D"https://links.message.bloomberg.com/s/c/B3i1ZwidQSICvo17sS2H1lBW1QfHw-= t2PLAEdf09Lc5_PDH9jhw9jXl6cjau7nNTVeb3ueboCG4VyvImf2xS6624Mb7hjmt6oYiUPNQv6= 3OUO1bCnXiniqCKTjIxMlo_bQC0ufZqChohQjEKbi-sl1tRcDzPnlQjh-9TBSKCYXJASUkXGCLZ= _8eRcX7FqL_L73zZwKEpknHZQleXB7cs4eFP8pKEU69SRLV231xVvpnQld1Z-tZ-xGBFtgneysa= m1OSzdr68SQlxfYQ4KOr2iTeuywfNMVYLCr9UN5mlLcaWEH_pRhHdrATm2Yx67LWEXcBaVnHQG1= 9xwdecBc_5_LPYXRrgOiPCVNroBhwh8nZMyxlplQbn-_7Lnzw/0uYZ7hGVAINVn2DjCgrfabQ5h= WK5Wjuy/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">private credit</a> out of Oak Hill for a while. Oak Hil= l is a bit of an afterthought in the press release, though. =E2=80=9CWe vie= w this collaboration as an important milestone in OHA=E2=80=99s growth with= T. Rowe Price,=E2=80=9D says its founder.</p> </div> <div id=3D"footnote-3= " style=3D"font-style: italic;"> <p style=3D"margin: 16px 0;">[3] That is, = Kalshi has illegality at 46% and refund at 34%, or about a 74% probability = of refund conditional on illegality. For Polymarket, illegality is at 49% a= nd refund at 12%, or about a 25% conditional probability. </p> </div> <div = id=3D"footnote-4" style=3D"font-style: italic;"> <p style=3D"margin: 16px 0= ;">[4] Not legal advice. Also I suppose there are gradations here. If you s= ay =E2=80=9Cwe are being investigated for crimes, but we intend to fight th= is investigation and we believe we are innocent and will emerge victorious,= =E2=80=9D and you are extremely guilty and get convicted, then arguably you= r disclosure was misleading. But of course here Walmart was never charged, = so the plaintiffs=E2=80=99 view that it was guilty is largely theoretical.<= /p> </div> </td> </tr> </table> </td> </tr> <tr> <td style=3D"border-collap= se: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10= px;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0= "> <tr> <td style=3D"width: 100%; border-collapse: collapse; mso-table-lspa= ce: 0pt; mso-table-rspace: 0pt;" width=3D"100%"> <center> <a href=3D"https:= //links.message.bloomberg.com/s/c/kVsigbuy1tlAWlyAWF4gdxq3_w2S_kwy5dMVAnXG5= _zuflOv2hZ_VJpteOR46MDq5sDM9SMKTs22JhpKG-eKQ7avsFLQ66t0My0o1_6uThCdk76MbL5o= V-mc77hkkFoIiy2WRWUQQUZqlyVG1WSNY2e8yuXVluhrjXcxAJ5jP3KexYPqwlUIoDjMQPLG2Ou= 6mUYDY-WXR79cU2HY_JKP53pGyM2T1bRg0Ba743aPTEjB38WQCOIC59QvCXNB6ltXUcjjg6NILh= 30S-yGEkybyxV1w2F9ZKCptvVtV3D-0gK_AFbKoJAgU170jcygVGBcm4OnIU1t7icXmlkxNI9vd= _a9JlG0n4BPxWgLrWA9WTiLCTG-KA3njoQAhCA/9ZkX_mmPdsPaAFC07oz02iy-OpP7YA5L/12"= target=3D"_blank"> <!--[if mso]><table width=3D"550"><tr><td><img alt=3D"L= isten to the Money Stuff Podcast" src=3D"https://assets.bwbx.io/images/user= s/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width=3D"550"/></td></tr></table>= <div style=3D"display:none"><![endif]--><img src=3D"https://assets.bwbx.io= /images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt=3D"Listen to the = Money Stuff Podcast" style=3D"max-width: 550px; 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