Joedy Tran

Despite the recent Non-Farm Payroll (NFP) reports being lauded as "strong" and "solid," a critical underlying metric tells a different story. The Implied Hiring Rate has actually plummeted in the last two NFP reports, exposing a glaring disconnect between surface-level praise and deeper labor market dynamics. Is this time different?

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John Ciampaglia, CFA, FCSI CEO of Sprott Asset Management USA discusses #uranium supply, demand and price developments, honing in on recent deals geared at feeding power demand for #artificialintelligence (AI). "I think it's inevitable that (small modular reactor) technology gets commercialized and scaled, and that's the part that has been relatively new," he told the Charlotte McLeod McLeod - Investing News Network - Australia News Network during an interview. "We never would have guessed it would have been #AI #datacenters that kicked it all off, but I think it's a very exciting development, and it helps to really validate the thesis that we've been talking about for over three years at this point." Ciampaglia also spoke about the potential impact of the US election saying that while Republicans have historically been more pro-nuclear than Democrats, the industry is now receiving bipartisan support. "Irrespective of who wins, we think #nuclear is going to continue to receive support," he emphasized. Watch the interview above for more of his thoughts on #uraniumsupply, demand and prices. Uranium Stocks I’m tracking: Boss Energy Ltd, Duncan Craib Basin Energy Ltd ,Pete Moorhouse GTI Energy Ltd, Bruce Lane Deep Yellow Limited , JOHN BORSHOFF North Shore Uranium Ltd. , Brooke Clements Toro Energy Limited Richard Homsany C29 Metals (ASX:C29) Shannon Green Piche Resources (ASX:PR2) , John (Gus) Simpson Moab Minerals Ltd , Malcolm Day AuKing Mining Limited, Paul Williams Investing News Network #uraniumsqueeze #u308 #uraniumprices https://lnkd.in/gauqCTBa

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BREAKING: NAIC makes major move... on ABS of fund interests, better known as Collateralized Fund Obligations (CFOs). FOLKS: Do you consider the new NAIC guidance an additional obstacle for insurance companies to invest in securitized products, or an opportunity for innovation and new partnerships between insurance and other market participants? Great article by Private Funds CFO. I eagerly welcome insights from the nation's foremost experts in all things NAIC Lawrence Hamilton, Lindsay Trapp, Matt Kerfoot, and LaDonna Neuhaus. Under the new guidance adopted at NAIC’s summer meeting in Chicago, either NAIC staff or a state regulator can now ask for a review of an insurer’s filing exempt slot if they think the insurer’s credit rating does not capture the full risk of a given investment. The NAIC designation can have a major impact on the attractiveness of potential investments for insurance companies, which are a critical investment base for many securitization asset classes, including the still nascent market for ABS of fund interests. "NAIC officials say they’ll use their new review powers rarely, but it’s an important tool to help them keep an eye on emerging threats to the insurance industry." NAIC’s new review system won’t take effect until at least 2026 and there may still be tweaks to it... Some industry voices have called for NAIC to adopt and publish a single methodology for its risk analysis – something that ratings agencies do. #CFO #RFN #ABS #FundFinancing #NAIC #Insurance #PrivateCredit #StructuredSolutions #StructuredCredit #CLO #LSTA #SFA #ACLI American Council of Life Insurers - ACLI Structured Finance Association LSTA Mayer Brown Dechert LLP Proskauer Rose LLP

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[NEW REPORT] We are pleased to share the findings from the third annual CAIS-Mercer Alternative Investment Survey. The report uncovers insights from over 500 financial advisors exploring key themes such as current allocations across key alternative asset classes and expected adjustments over the next few years. Download the full report to discover the latest trends in alternative investing. bit.ly/41zyU9A #AlternativeInvestments #investing #WealthManagement #investments

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Wealthtech Weekly - The Latest News TPG acquiring a minority stake LPL fires their CEO! Dynasty recruiting a $700m team Are Booths Worth it? - Youtube with Seeds Link to Wealthtech Weekly below

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Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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Join over 500 CCOs who have completed the 19th Annual Investment Management Testing Survey - it closes on Monday - and then join us for a complimentary webinar for participants to hear about industry best practices.

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$SPX is largely unchanged from last Thur breakout back to new highs, but MUCH has happened that needs discussing: Industrials & Materials strengthening sharply along w/ Tech snapping back.. Healthcare has weakened rather noticeably, while Financials, Small and Mid-caps have lagged. Chinese Equities of course made a very good breakout earlier this week.. What's it all mean? I'll discuss tonight in Notes, along with a Video recap. Are you on board yet? Watch out for the imposters https://lnkd.in/eCrsVbUu

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Looking Outside Recruiting outside #talent has helped PE firms and their portfolio companies outperform major stock indexes. At public companies, internal hiring rules the day. Hunt Scanlon Ventures managing director, Cody Crook, examines the end result of these divergent #hiring strategies on value creation. “When you need new insights and better approaches and a clear-eyed look at the business through a wider lens, nothing beats an outside #CEO coming in to shake things up,” he said. “Private equity firms know instinctively to push the envelope and challenge the status quo,” said Mr. Crook. “Outsiders bring new perspectives, innovative ideas, and unique solutions,” he said. “They breathe new life, and more value, into companies.” Read more >> https://lnkd.in/gB-tQNMx

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Is the “full monty” the only way to use GP-Score? Spoiler alert: No. When we run an Operational Value Creation (OVC) capabilities assessment, we typically evaluate a selection of companies within the PE fund's portfolio, looking at key functional areas critical to value creation at each company. That’s our standard process. Some LPs (and GPs too) said they would be interested in more targeted assessments, so we made them possible. What’s a ‘targeted’ GP-Score assessment? It’s all about focus : we hone in on a specific functional dimension or zero in on a particular portfolio company. Why go targeted? Sure, it’s faster and the cost is lower. But more importantly, it’s a great way for GPs to show LPs exactly where they’ve been crushing it on OVC—and highlight their spikes in value creation. Want to try it out? Let’s talk!

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Why are more fixed income managers partnering with outsourced trading providers? Ron Catena dives into the drivers – including liquidity access, global coverage and multi-asset capabilities – that are shaping this trend. Marex Fixed Income Leaders Summit Worldwide Business Research (WBR) #FixedIncome #Equities #OutsourcedTrading #AssetManagement #Marex

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🚀 All the Rage in Private Equity: Mortgaging the Fund! 🌐 At this year's Milken Institute Global Conference, net asset value (N.A.V.) loans took center stage. These loans allow firms to quickly raise cash by leveraging the net value of their investments. With $150 billion in N.A.V. facilities on the market and expectations to double, this tool is gaining traction. While N.A.V. loans offer immediate liquidity, they come with significant risks. Complex, multi-layered investment structures can expose vulnerabilities, adding complexity to already leveraged funds. The New York Times highlighted concerns about private equity funds “piling leverage upon leverage,” with no single lender having the full picture. I've seen funds engaging in multiple layers of borrowing, which can increase credit risk and lead to a domino effect if assets are devalued. Ensuring lenders have a clear view of all leverage levels is crucial to managing these risks effectively. 🔍 Read the full story to explore the intricacies and potential pitfalls of N.A.V. loans. #PrivateEquity #Finance #MilkenInstitute #NAVLoans #Investment #Liquidity #FinancialInnovation #RiskManagement #InvestmentStrategy https://lnkd.in/eM-UkmMk

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Nice to be quoted in Fortune. This one is better because it is not behind a paywall! Off-cycle recruiting basically starts whenever on-cycle ends. It can last for months and is typically used by smaller or mid-market firms that need to staff up outside their standard timeframes, usually due to unexpected deal flow, or team change, said Meridith Dennes, managing partner of Prospect Rock Partners, a financial search firm. It usually harder and it takes more time to get a job during off-cycle but some people do secure positions, Dennes said. Private equity hiring is dynamic, she said. Their timelines to add employees often shift due to market conditions, changes in the talent pool, or competitive pressures, she said. "For job seekers, particularly those with highly sought-after skills or experience, this means there can be entry points into private equity year-round,” Dennes told Fortune.

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Skate to Where the Puck is Going: Asset-Based Lending (ABL) allocations by institutional investors will rise dramatically over the coming decade as a huge percentage of the asset class shifts from banks and private markets. The little kid on the private lending block is all grown up now, as ABL is taking center stage with Direct Lending. A smart alpha strategy for capital allocators is to craft a portfolio of top performing managers across the Private Credit spectrum (Direct Lending, ABL, Opportunistic Credit) that can deliver strong, repeatable results. ABL is a $40T TAM, much larger in size than most imagine. Most portfolios are tied to corporate risk as the majority of portfolios are comprised of Public Equity market risk, Private Equity risk (LBO, Growth, VC) and Corporate Direct Lending. ABL offers diversification and low correlation to the equity markets. Pension plans, insurance companies and endowments/foundations and their consultants are cleverly re-evaluating their portfolios to build a more diversified, better insulated Private Credit portfolio, and part of this solution requires a greater allocation to ABL as this strategy has historically exhibited high absolute returns plus it has lower volatility when compared to the equity markets. Pension & Investment News just published a lead article of my interview covered by Lydia Tomkiw - I greatly enjoyed our engaging conversation:

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The futures market remains optimistic about rate cuts, with SOFR falling to 3.0%. ChatGPT summary of this morning’s inflation report: Major Sectors with Low or Negative Inflation (Year-Over-Year) 1. Gasoline (all types) (-10.3%): Gas prices continued to fall, significantly lowering energy costs. 2. Used cars and trucks (-10.4%): Prices of used vehicles dropped further after the pandemic-era price spikes. 3. New vehicles (-1.2%): New car prices also fell, helping consumers. 4. Apparel (0.3%): This category includes clothing and footwear, but excludes accessories like jewelry. 5. Fruits and vegetables (-0.2%): A decrease in produce prices helped moderate food inflation. 6. Cereals and bakery products (-0.3%): Slight deflation in this food category contributed to overall stability in food prices. 7. Nonalcoholic beverages (1.3%): Includes drinks like coffee, tea, and soft drinks. 8. Fuel oil (-12.1%): A steep decline in fuel oil costs contributed to lower overall energy prices. Major Sectors Where Inflation Remains High 1. Owner’s equivalent rent of residences (5.4%): This is an estimate of what homeowners would pay in rent, a key driver of inflation. The methodology behind this measure is considered by many to be problematic. 2. Rent of primary residence (5.0%): Actual rent payments continue to grow, though at a slower pace. 3. Electricity (3.9%): Electricity costs are still climbing, adding to household expenses. 4. Food away from home: Limited service meals and snacks (4.3%): Fast food and takeout prices continue to rise, contributing to higher dining costs. 5. Hospital services (6.1%): Hospital services, including both inpatient and outpatient care, saw a steep increase. 6. Motor vehicle insurance (16.5%): Insurance prices remain a standout for high inflation, driven by rising repair and replacement costs. 7. Transportation services (7.9%): Public transit and airfares have risen substantially, although gasoline is excluded from this category. 8. Meats, poultry, fish, and eggs (3.2%): Food inflation, particularly in proteins, remains problematic.

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Hedge fund investment opportunities often come with higher fees and a lack of transparency, but with rigorous due diligence, the ability to negotiate, and a clear plan to maintain diversification, investors can take advantage of this asset class to enhance portfolio returns. Learn more in my colleague's new paper, A Liability Investors’ Guide to Reassessing Hedge Funds: https://ow.ly/cEg150Tsvop

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In 2025, OTC Markets Group will roll out #OTCID Basic Market, the latest phase in the evolution of the US OTC equity markets. OTCID will replace Pink Current and will require issuers to be actively engaged - providing the market a base level of management certification and ongoing disclosure. Engaged, transparent and compliant companies are better for public markets, and we work to create frameworks that support a wide range of companies without the complexity of exchange listing. The OTC Markets Group tiered market structure maximizes investor information, incentivizes company compliance and flags risks. Read our latest blog to learn more about our data-driven market structure evolution.

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🗞️ The News of The Day detailing - CAIS' innovations within #privatemarkets 🆕 CAIS has become an #RIA (it's been 15 years since their founding - I will not go into why it's taken so long - that is another story for another day) - #CAIS - https://lnkd.in/eREdN5Ee 🚨 CAIS evolving & "offering model portfolios" & or sub-advised accounts - are they truly "traditional" model portfolios? NO - are they suggestions for portfolios i.e., #multistrategyportfolios with a "suggested" overlay using private and semi-private funds i.e., #QP, #QI, #BDC, #Interval & #TenderOffer - YES - but they are NOT being daily traded with the likes of Schwab Advisor Services, Fidelity Investments & BNY Pershing etc. in a "traditional" model based format as we currently offer within the public market(s) & "traditional" #modelbasedSMAs. 👴 🆕 However "WHAT IS OLD IS NEW AGAIN" - along with Morgan Stanley & a few other firms this is the start of #MDAs i.e., #MultipleDisciplinaryAccounts that like their SMA forefathers will thru fintech allow for a basic form of overlay & mgmt. within a sleeve like an MDA comprising 2 to 6 strategies i.e., #privateequity, #privatemarkets, #privatecredit etc. within the account. ℹ️ As an FYI - #MDAs are NOT a #UMA (#UnifiedManagedAccount) - a "multi-discipline account refers to a managed account that can be accessed by multiple investment managers with different specializations. These are composed of a number of sub-accounts - each overseen by a different fund manager with relevant expertise." 🛣️ This will eventually lead to a path (in a number of years) if we can manage the liquidity & other challenges to more "traditional" models (potentially) - https://lnkd.in/eQp_qcAj? & ADV Part II - https://lnkd.in/eKiP_bWk - that can be placed within a #UMA or #UAP 🚀 "Additionally, CAIS will launch #Compass, a #portfolioconstructiontool (similar to iCapital) that allows advisors to create & analyze asset allocations with alternative investments integrated within the #CAIS platform. Compass will enable advisors to select products from the #CAISMarketplace & initiate transactions within the platform." - https://lnkd.in/e_iFpYxp 🕵‍♂️ Finally here is some further details on the lead investors & their equity within CAIS (it's almost half of the $1.1B valuation being quoted - https://lnkd.in/epCvrFdc - this does not inc. the Hamilton Lane round - https://lnkd.in/eRBBdM9r 💵 In Oct 2020, CAIS entered into an agreement for a $50M Series B equity investment from Eldridge Industries. In Jan 2022, CAIS entered into an agreement for $340M Series C equity investment from Apollo Global Management, Inc., Motive Partners, and Franklin Templeton. In Apr 2022, CAIS entered into an agreement for $100M Series C equity investment from Reverence Capital Partners. 📰 Here is some more details on this innovative & evolving solution - WealthManagement.com - https://lnkd.in/e3gjyuWR, The DI Wire - https://lnkd.in/eEQ6iKVf & CAIS - https://lnkd.in/e_iFpYxp

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We’re excited to partner with Tidemark on the first-of-its kind Vertical & SMB SaaS Benchmark Report! Congrats to Michael Tan, David Yuan, Andrew Walsh and Courtney Mullin for putting this together. If you are a Vertical SaaS CEO or executive looking for benchmarking data to help make product/strategy decisions, then this report is a must read for you. Just leave a comment "Vertical SaaS" in this post, and I'll share the link to the full report in your DM.

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