Philippe Maupas

❝ In theory, securitisation allocates exposure more efficiently and the yield premium compensates investors for the structural complexity. In practice, investors lack the understanding and ability to accurately price the dangers. ❞ ft.com/content/5f3930…

❝ Warsh has been keen to change the paradigm of Fed communications. The result has been more short-term policy uncertainty being priced into markets than any time for three decades. ❞ ft.com/content/17bcdc…

❝ The dollar hasn’t lost its crown; it has changed jobs. For half a century, it was the world’s insurance policy; now it’s the world’s growth stock. ❞ advisorperspectives.com/articles/2026/…

Interested in the Total Portfolio Approach (TPA)? Roger Urwin and Genevieve Hayman wrote a guide for CFA Institute that can be downloaded for free here. rpc.cfainstitute.org/research/repor…

Europe’s big banks have joined the global stock trading party. advisorperspectives.com/articles/2026/…

BlackRock on the space economy. blackrock.com/us/individual/…

Preqin published an interesting Guide to Private Capital Indices and Benchmarks. It's here. preqin.com/insights/resea…

Matt Levine: ❝ Private equity funds are mostly in the business of raising money from investors to allocate capital to businesses. But they are also in the business of business. They are operators, not just capital allocators. ❞ bloomberg.com/opinion/newsle…

Tony Isola on private funds: ❝ Never confuse an unavailable price for a lack of volatility. ❞ tonyisola.com/2026/07/marked…

❝ Corgi may have only unleashed its first ETFs in December, but it is now the proud dogparent of 188 ETFs. Yes, one hundred and eighty-eight. And it’s just getting started. ❞ ft.com/content/e3ed0f…

❝ The fastest growing corner of private equity isn’t secondaries, evergreens or continuation funds. It’s zombie funds. ❞ institutionalinvestor.com/article/more-1…

❝ Cross-asset relationships are not fixed parameters. They are regime-dependent expressions of changing macroeconomic drivers. When the underlying regime shifts, heuristics often survive long after the mechanism that made them useful has disappeared. ❞ rpc.cfainstitute.org/blogs/enterpri…

Spencer Jakab on how China Shock 2.0 is affecting your portfolio. wsj.com/finance/stocks…

❝ You have to go all the way back to 1998 to find a time when you were offered less to take investment-grade credit risk. ❞ ft.com/content/6c7971…

❝ The public markets used to be where companies went to finance their future. Increasingly, they’re where early investors go to monetize the past. ❞ trendlabs.com/the-public-is-…

JC Parets: ❝ The words “initial public offering” make it sound like the public is getting in at the beginning. That may have been true a long time ago. ❞ ⤵️

Allison Schrager on one of the great paradoxes of our time: Americans have never been richer — or more negative about the economy. advisorperspectives.com/articles/2026/…

❝ A quant fund is not a tech company, and a tech company is not a quant fund. One is priced on what compounds, while the other lives and dies by the alpha that gets depleted away. Investors should be careful about confusing the two. ❞ ft.com/content/8ed46f…

For Joe Wiggins, being expensive is not a strong enough reason to underweight equities. To justify an underweight on valuation grounds, you need to believe that equities are so expensive that their prospective return is lower than that of competing assets. behaviouralinvestment.com/2026/07/28/wou…

You could imagine regulators looking at that and saying “hmm, maybe we should dial it back a touch.” But, nope! Instead we have new ways for retail investors to buy more stock with less money down. ❞ bloomberg.com/opinion/newsle…

Matt Levine on CME's forthcoming single-stock futures: ❝ Stock market leverage has been increasing, in the forms of margin debt and hedge-fund leverage and leveraged exchange-traded funds, which makes many observers nervous. ⤵️