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UAO Editorial

Chart of the day — 2026-08-26
Chart of the Day

Chart of the day — 2026-08-26

Sources: Tungsten West plc, “Strategic Investment by the UK Government NWF”, RNS, 25 August 2026;

UAO Editorial · Aug 26, 2026
Chart of the day — 2026-08-25
Chart of the Day

Chart of the day — 2026-08-25

Source: Federal Reserve Board, H.15 Selected Interest Rates, release dated 24 August 2026, carrying

UAO Editorial · Aug 25, 2026

38% of $15.6bn. The private-markets exit is rationed.

An application to the SEC would let a fund change its managers without a shareholder vote — including affiliated ones. The compensating right is an exit that met 38% of the dollars requested last quarter.

UAO Editorial · Aug 25, 2026
Federal funds effective rate against 10- and 30-year Treasury yields, two years to 20 August 2026

A fund that is 35.8% cash. Seven exit doors, from 5% to 10%.

Seven notices told investors how much they may ask for back this quarter. Four reports showed how much is sitting in cash. And a filing reported as a launch is the fourth attempt to register the same fund since March.

UAO Editorial · Aug 24, 2026
Marcie Frost: Three Words in Blue Ink

Marcie Frost: Three Words in Blue Ink

She started as a teenage typist and never finished college — on her application she wrote “not degreed yet” in blue ink. Then she took America’s largest public pension fund from 68% to 85% funded. Inside Marcie Frost’s decade at CalPERS.

UAO Editorial · Aug 22, 2026
A 25-year high in real yields just broke the buyout math.

A 25-year high in real yields just broke the buyout math.

Treasury sold 30-year inflation-protected debt at 2.973%, the most since 2001, and primary dealers were left holding 2.10% of it. The same morning a canal cut traffic to 34 ships with its lake at a five-year average. Both are the same story.

UAO Editorial · Aug 21, 2026
Chart of the day — specification
Chart of the Day

Chart of the day — specification

Source: Federal Reserve H.15 (DFII30, DFII10), latest observation 19 August 2026. Diamonds mark auction stop-out yields — a different measure from the daily constant-maturity curve.

UAO Editorial · Aug 21, 2026
Chart of the Day: The Reopening Already Happened. It Got to 27.
The Probability Desk

PD Chart of the Day — 2026-08-20

For four weeks in June and July a signed US–Iran memorandum reopened the Strait of Hormuz to toll-free transit. The seven-day moving average of daily transit calls peaked at 26.71. The 2025 average was 75.16; the threshold prediction markets use for "normal traffic" is 60. The memorandum expired on

UAO Editorial · Aug 20, 2026