Philippe Maupas

❝The Trump administration, which definitely carefully planned its war on Iran and thought through all the potential implications, seems to be getting increasingly worried about the completely unforeseeable rise in gas prices.❞ ft.com/content/2b002c…

One Hundred Years in the U.S. Stock Markets, another top piece by Professor Hendrik Bessembinder. papers.ssrn.com/sol3/papers.cf…

Eventually, GMO will be right: Value will pay off. The only question is: When? institutionalinvestor.com/article/gmo-in…

Using syndicated loan data, we find that loan spreads increase with passive ownership and provide evidence consistent with higher loan spreads reflecting increased risk due to reduced shareholder oversight." bis.org/publ/work1330.…

"This paper examines how banks adjust their loan pricing when firms have a higher share of passive index fund investors as shareholders. ⤵️

For Mark Higgins, the run on private credit funds is the beginning of a panic that is likely to accelerate rapidly. blogs.cfainstitute.org/investor/2026/…

As startups grow, they face a three-way choice between going public, staying private, and being acquired, and they have increasingly chosen the third option." papers.ssrn.com/sol3/papers.cf…

"For the last quarter-century, IPOs have been declining. SEC officials usually attribute the decline to startups’ choices to stay private. But that explanation is incomplete. ⤵️

Jason Kephart on the factors that have contributed to the Vanguard Target Retirement series’ continued role as the most popular option for retirement savings, and those that haven’t. morningstar.com/retirement/why…

Ben Carlson: ❝You need to think long and hard about your time horizon for any investment but especially illiquid assets. There are obviously far too many investors who didn’t think about this before allocating to private credit.❞ awealthofcommonsense.com/2026/03/an-ass…

❝A healthy dose of skepticism is warranted when themes dominate headlines. Trends that dominate the media and then emerge as the target of a new ETF often signal that the narrative has already been fully priced into the market.❞ morningstar.com/funds/how-newe…

An interesting piece on ETF trading venues in Europe. etfstream.com/articles/the-r…

Assets invested in the ETFs industry in the United States reached a new record of US$14.28 trillion at the end of February. Year-to-date net inflows were US$358.90 billion, of which US$140.83 billion for active ETFs (39.2% of total inflows) Source: ETFGI. etfgi.com/news/press-rel…

Jeff Ptak: ❝ Indexing isn’t a silver bullet, but it emulates do-nothing investing by minimizing trading. This is almost certainly one of the reasons—apart from an enduring fee advantage—it’s been so hard for even the largest managers to beat. ❞ morningstar.com/funds/biggest-…

to engineer mechanical demand for the IPO — purely to support the ludicrous $1.75tn mooted valuation and indirectly force retail investors to cash out the company’s insiders. ❞ ft.com/content/59adbe…

Robin Wigglesworth: ❝ If the S&P 500’s guardians take their jobs remotely seriously they should fight tooth and nail against the benchmark becoming just another tool for Elon Musk, his bankers and early SpaceX investors ⤵️

❝ While the biggest global economic story of the last three decades has been the rise and rise of China, Chinese stock price performance has been . . . well, a bit rubbish. ❞ How come? ft.com/content/b43184…

Most large private equity firms are now private credit firms. linkedin.com/posts/lkunimot…

❝ The asset management industry says [...] retirees should pay more fees by investing in actively managed funds or private equity. This is exactly what they don’t need. BlackRock argues this will reduce risk, but it will do the opposite. ❞ advisorperspectives.com/articles/2026/…

Assets invested in the ETFs industry in the United States reached a new record of US$14.28 trillion at the end of February. Year-to-date net inflows were US$358.90 billion, of which US$140.83 billion for active ETFs (39.2% of total inflows) Source: ETFGI. etfgi.com/news/press-rel…