Investing & Capital
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Private Credit’s Record Fundraising Tests Underwriting Discipline
Record private-credit fundraising is colliding with slower lending volume. The finance question is whether managers preserve…
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Norway’s Wealth Fund Puts Engagement Before Exclusion
Norway’s sovereign-fund commission would put ownership engagement before exclusion and give diversification more weight. The governance…
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The S&P 500 Is Up 14%. Its Median Stock Is Up 4%.
The S&P 500’s 14% rally masks a 4% median-stock gain. What market concentration means for portfolio…
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SEC Proposal Would Reopen Bond Cross-Trading for Funds
The SEC’s proposal could lower bond-trading costs for registered funds. The savings are credible only if…
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Nvidia’s Cash Flow Has a Second Claimant
Nvidia generated nearly $70 billion of conventional first-half free cash flow but spent $35.2 billion net…
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SpaceX’s Spectrum Deal Buys Coverage Before Capacity
SpaceX’s low-band spectrum acquisition may solve a coverage constraint, but capacity, regulatory approval and customer economics…
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USDA’s Rural-Energy Rule Shifts the Financing Burden
USDA’s new REAP rules demand a year of results before a grant application. The question for…
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Google’s Power Agreements Put Contracts Behind New Capacity
Google’s Constellation agreements show how long-term power commitments can finance new capacity while shifting execution and…
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Informa’s £2.24 Billion Clarion Deal Concentrates the Portfolio
Informa’s £2.24 billion Clarion acquisition, £940 million equity raise and Taylor & Francis separation concentrate the…
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Schneider’s PTC Deal Needs Revenue Synergies to Earn Its Price
Schneider’s $22.6 billion PTC acquisition lowers its valuation multiple only after full-run-rate synergies. Most of the…