Garrison Glass, CFA

It was a pleasure to present to the CFA Institute's Capital Markets Policy Council this morning on what overturning Chevron deference means for the SEC. My answer: Not much! Under Chevron, courts first asked whether Congress has directly spoken to the precise question, and only if the answer is "no" would courts evaluate whether Chevron deference is appropriate. In the '33 and '34 Acts, Congress said that the SEC may enact regulations “necessary or appropriate for the protection of investors or maintenance of fair and orderly markets.” This is pretty direct! One question that was raised is how does this affect the SEC's climate disclosure rule. My answer is that with or without Chevron, the rule is fine...IF courts recognize it as for investor protection. Even with Chevron, the rule would be dead if judges think it is climate policy.

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With the AP exams coming up Sphere is happy to offer activities for AP Econ prep. Share this short videos on core economics topics with your students as a quick homework! Learn more through this link: https://lnkd.in/erGqkhsd

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Just released, this paper from L. Randall Wray and Eric Lin looks at the relationship between government budget deficits and the growth rate of GDP by exploring the nuanced approach given by Modern Money Theory. Read now: https://lnkd.in/eQ2JsNJG

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Specially selected from smart investors' portfolios: Consistent buyers (accumulators). https://lnkd.in/dYDa4jXU Tickers involved: #SBAC #TRGP #ZS #ETSY #IT #DOV #ALNY #EQX #MRUS #BITF Smart money scanning by @sharks_tracker: us-stocks daily data.

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McDonald’s is seeing a deceleration in its comparable sales. Senior Analyst Matthew Goodman, CFA provided insights into MCD trends to Barron's: “This suggests the company hasn’t been as aggressive with pricing as it was in 2023, says Matthew Goodman, a senior analyst at the firm. ‘We think the company is trying to be mindful about maintaining its value offering,’ he said.” See more details here: https://bit.ly/49VYdTL Our team covers 15+ names in the Restaurant & Grocers sector, with additional insights into over 100 brands in our data solutions. To learn more about these companies, and to explore our #MCD research, reach out to us: [email protected]. #mcdonalds #fastfood #QSR #consumer #restaurants #investmentresearch #altdata

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Bloomberg and Yahoo Finance report on a study co-authored by Cristian Tiu, chair and associate professor of finance. The study measures climate concern based on news-flow stemming from major U.S. news media. Read the full article - http://ms.spr.ly/6044Yn8rC #UBuffalo #Finance #GreenInvestors

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How are bank depositors becoming more alert? Yao Zeng, assistant professor of finance at The Wharton School joined Knowledge at Wharton to discuss why depositors have become less “sleepy.” https://lnkd.in/efXwW2HR #Banking #BankDeposit #WhartonFinance #FutureOfFinance #FinanceInnovation

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Investment activity in Atlanta remains sluggish through the first half of 2024 https://lnkd.in/eHdPVhwv In Atlanta, investment sales activity remains tempered across all asset types through the first half of 2024. Economic constraints such as rising interest rates and inflation are key factors contributing to this softening. #Atlanta #CREinvestment #AVANTbyAY #AYdifference

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The U.S. Election is just around the corner. ↩️ Stay on top of the latest developments in the race and understand potential market impacts of a Trump or Harris win with ELEC <GO> on the Bloomberg Terminal. #Election2024 #BloombergProTips

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What would you do if you were given an extra $1,000 a month, no strings attached? In this week’s #Bitesize, Sean Nevzat, CFA and Dean Cook, CFA discuss the pros and cons of a universal basic income after the completion of the largest of its kind experiment by the CEO of OpenAI AI and maker of Chat GPT. #ad #chatgpt #openai

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Last week, Benjamin A. Hubbard joined James West from Evercore ISI for a Fireside Chat about the many ways we're working to accelerate the energy transition. They discussed our recent projects and partnerships, including the revival of the Fort St. James Green Energy Project, how we're working with Chapul Farms to scale insect agriculture, and our approach to decarbonizing aviation fuel. They also dug into how we solve common challenges our clients face and our recently awarded contract to provide preliminary engineering services to a green hydrogen plant in the Southwestern US. Catch the replay below. #greenhydrogen #sustainableinfrastructure #energytransition

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The latest economic commentary from the Whitworth Student Investment Group From Maine down to Texas, dockworkers are preparing for a strike due to the International Longshoremen’s Association and the United States Maritime Alliance’s inability to reach an agreement. This shutdown will affect many retailers and manufacturers, and many have tried to appeal to the Biden administration to intervene. The worry is that a strike may cause higher inflation heading into the holiday shopping season. The Biden administration has not made any gesture that it plans to intervene but has urged both sides to keep talks going to reach a deal. The administration believes that the U.S. supply chain could handle a strike for about a week. There was no mention of whether there would be any intervention after that week. JP Morgan estimates the strike to cost the U.S. economy between $3.8-4.5 billion per day. Many businesses ordered goods early to get them through the ports before Tuesday, but there were still many orders that did not make it through. Experts expect the effect on energy will be lower due to the Longshoreman’s Association not being involved in the transportation of oil or natural gas. The West Coast port, which reached an agreement last year, has absorbed some of the cargo, but it cannot contain the volume that may arise if a strike goes on for a long period. The Longshoreman’s leader, Harold Dagget, said he is fighting for workers to receive 77% wage increases over the next 6 years, but has only received a 40% offer by the United States Maritime Alliance. As of Tuesday, October 1st, the Longshoremen officially went on strike. On another note, the personal consumption expenditures price index (PCE) was announced on Friday and reported lower inflation than expected. The 12-month inflation rate was 2.2% in August, which is down from 2.5% in July - the lowest reading since February 2021. This is still above the Fed’s target of 2.0%, but it does show significant progress over the past few years. Seeing the lowering of inflation, many economists believe that the Fed can turn its focus to the risks in the labor market.

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More new issuances got priced including Woori Bank's PerpNC5 at 6.375%, Morgan Stanley's $8bn four-part offering, Aramco Gas Pipelines's $3bn two-trancher and SM Investments' $500mn 5Y bond. US Treasury yields held steady while equity markets dropped, particularly the Nasdaq which was down 2.8%. Fears of heightened US trade tensions with China and uncertain relations with Taiwan weighed... Click on the post to read more #bonds #bondmarkets #morganstanley #woori #equitymarkets #trade https://lnkd.in/gq5ybVpG

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PE News Weekly 📈 📍 Apollo Global Management, Inc. is entering the high-grade debt market traditionally dominated by banks, aiming to fund over $200 billion in corporate loans by 2026. The firm plans to use its affiliate, Athene, and third-party insurers to provide loans to large companies like Intel and AT&T, positioning private credit as a growth area beyond leveraged buyouts. 📍 Kohlberg & Company has closed its 10th private equity fund, raising $4.3 billion, with an additional $1 billion for co-investment vehicles. The fund will target sectors such as healthcare, infrastructure, and business services, with over 125 investors participating globally. 📍 Vista Equity Partners and Blackstone are nearing an $8 billion acquisition of Smartsheet, a leading collaboration software provider. The deal values the company at $56 per share, with $3.2 billion in private debt financing being raised to support the acquisition, one of the largest take-private deals of the year. 📍 Private equity giants, including Blackstone, Advent International, and TPG, are preparing bids for Bausch + Lomb, the eyecare giant being sold by its parent company Bausch Health Companies Inc. to help reduce its $21 billion debt. Other PE firms like KKR and CVC are also reportedly exploring bids, with formal offers due soon. #privateequity #privateequitynews #penews #rawselection

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