Gone Fishing

On November 5th, the 2025 government shutdown became the longest in US history. Source: The Daily Shot

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Out to Lunch

The Fed’s rate cut last week of 25 bps brings the funds benchmark down to 3.75-4.00%. That’s roughly 150 bps…

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Auto Correct

The value of First Brand loans was close to par – until it wasn’t.  Source: Bloomberg, S&P Capital IQ, iCapital Investment…

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MENA Wealth 

Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg

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Letter From Kuwait

When we visited friends and clients in Kuwait last November, we noted increased sophistication of institutional and sovereign wealth investors…

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