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Fresh Insights Pricing above par Trophy assets: pricing above par. Source: Getty Yesterday, Side Letter argued that private equity’s burgeoning GP-led market was rapidly evolving from a mere liquidity solution into an established portfolio management tool (24 August). So active is this space becoming, and so hungry are secondaries firms to participate in such deals, that buyers are increasingly willing to pay a premium.

A customer reaches for a box from the Lego Dots range at a Lego store in London, March 7, 2022.Bloomberg | Getty ImagesLego revenue is on a tear. The brickmaker posted a 21% revenue bump for the first half of the year, boosted once again by its now-stalwart lines like botanical bouquets, Formula 1 race cars and collectible sets. Lego reported record first-half revenue of 41.9 billion Danish kroner, or about $6.54 billion, as part of its biannual earnings report on Tuesday. Operating profit rose 22% year over year to 10.9 billion Danish kroner, or roughly $1.7 billion, the company…

A Dick’s Sporting Goods retail store is seen on May 15, 2025 in Austin, Texas. Brandon Bell | Getty ImagesDick’s Sporting Goods on Tuesday reported quarterly earnings that missed Wall Street expectations and lowered its outlook for Foot Locker amid what it called a “challenging athletic footwear and apparel marketplace.”Dick’s stock fell 30% in trading Tuesday, its worst day since 2023.The company said Dick’s stores saw a 4.9% increase in comparable sales for the quarter driven by “broad-based growth” across categories, including strong results from the World Cup. However, Dick’s said Foot Locker saw comparable sales decline by 3.6%, leading…

“Dear Tyler, I enjoyed reading your notes on visiting Anthropic to advise on Claude’s constitution. Framing AI governance around the common law, case law (“Talmud”), and independent adjudication is a much more adaptive approach than relying on a static, top-down text. That said, moving from a fixed text to a case-law system introduces its own set of structural risks. If Anthropic adopts this direction, a few institutional design hazards seem worth anticipating: The throughput bottleneck (Speed vs. Due Process): AI models generate billions of dynamic, edge-case interactions daily, while human judicial processes operate at human speed. If human adjudicators can only…

ECB set for September rate hike with no appetite to signal more, sources say Reuters

3 tax pitfalls for ‘influencers’ — and tips to avoid them that could help all taxpayers.

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. August 25, 2026 Minutes of the Board’s discount rate meetings on July 20 and July 29, 2026 For release at 2:00 p.m. EDT The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today’s minutes cover the Board meetings that occurred on July 20 and July 29, 2026. The Board’s process for setting the discount…

    This question keeps coming up — first Cash, now Bonds — so it’s probably time to address why the fixed-income market seems to be having a rough go of it lately… This has been a confusing couple of weeks (years?) for market watchers and bond investors: Yen interventions; announced (but not yet executed) Treasury buybacks; sticky inflation; more (illegal) tariffs; a confusing muddle in the Iran war’s 6th(?) inning; and, a record $40 trillion debt. Perhaps we have even seen the return of the Bond Vigilantes! 1 What’s a bond investor supposed to do? The short answer is to…

Listen to the audio version of this article (generated by AI). One of the wildest stock moves last week had nothing to do with AI – until suddenly, it did. Last Wednesday, Moderna, Inc. (MRNA) soared 177% after reporting positive Phase 3 trial results for its personalized mRNA cancer vaccine. The treatment is being developed with Merck & Company, Inc. (MRK), for patients with melanoma. The positive trial results sparked the rally, which was then amplified by heavy short covering. At the same time, money suddenly flowed out of several AI stocks. Nothing had fundamentally changed at those companies. Wall…

Listen to the audio version of this article (generated by AI). The AI backlash goes mainstream… why Louis Navellier says don’t worry, invest… where to put your AI dollars today… the chart pointing to $75,000 gold Have you seen the pee video? Former NFL star Jason Kelce – brother of Travis Kelce, who married Taylor Swift this summer – walks through a field toward a data center, cradling a jar of urine, and sings: We want your pee, please give us your pee. Let’s pee on computers together, to save humanity. It’s part of a viral ad campaign from beverage…