Committed to a discipline, not a decision.
PCE 3.7 percent. Six-month 4.1. Unemployment 4.1 percent.
Universal Asset Owners
Briefings, research, charts and analysis on the institutions, capital flows and systemic risks shaping long-horizon portfolios.
Nvidia's customers got 15 more days to pay.
Free cash flow fell 56% in the same quarter. Five customers now owe 70% of the receivable book. In Sydney, a fund gated eleven days before the borrower failed.
Revenue rose 18%. Free cash flow fell 56%.
Nvidia extended payment terms as commitments surged to $279bn; Australian credit funds show how fast liquidity terms tighten. Plus the Vector, the Risk Radar, people moves and the job board.
Britain Bought a Stake in a Tungsten Mine. It Still Has No Tungsten.
Britain's National Wealth Fund committed £36 million of conditional equity to restart a Devon mine, alongside proposed debt, governance rights and an offtake negotiation.
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.
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.
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.
Treasury doubled a cap. Blue Owl filled 27% of tenders.
Treasury is enlarging scheduled long-end buybacks as private-credit funds enforce contractual limits. The lesson is not that public bonds have a new backstop; it is that quoted liquidity and contractual access are different things.
CPP voted against 950 directors. SEC ends no-action letters.
The SEC stopped answering. An insurer reclassified $16bn. The 30-year hit its highest since 2007. Four gaps opened this week between the risk a long-horizon owner holds and the systems used to measure, govern and price it.
NVIDIA capped it at $105bn. The power is 92% gas.
The 8-K discloses the cap, the trigger and the indemnity. The DOE disclosed the gas in February.
Daily Brief
Zero ships crossed Hormuz on Sunday
Reuters, citing Kpler, counted five Saturday transits and none on Sunday (later count: 3 Sat / 2 Sun), against 31 the weekend before. A vendor zero is not a closed strait.
Daily Brief
Spain licensed the plant it already had. India closed the window.
Spain licensed Almaraz through 8 June 2030. India closed new FCNR(B) deposits after $52.300 billion. CPP Investments printed a 7.5% quarter.