Extra, Extra
Where Credit is Due: Between oil prices, regional wars, and AI bubbles, you have enough to worry about when it comes to your portfolio. But here’s one more thing. It’s called ‘private credit’ — and it could lead to big trouble on Wall Street. “When private-equity firms and other companies that aren’t banks lend money to businesses, such as software companies and auto lenders. Banks often are more reluctant to lend directly to these businesses, which they see as riskier bets — but they’re still exposed to them, because banks do lend to private credit firms.” And the private equity market has been looking shaky lately.
+ That’s the Ticket: “In office, Mr. Trump signed an executive order to crack down on price gouging by ticket resellers and looked on as Kid Rock said that Ticketmaster, Live Nation’s selling platform, was ‘going to lose some money.’ Most important, the Trump Justice Department pushed ahead with a landmark antitrust lawsuit against Live Nation that was filed in 2024 by the Biden administration and ultimately joined by 39 states and the District of Columbia. Which is why it came as such a shock last week when, just a week after the case went to trial, the Justice Department announced it was all but surrendering.” (At this point, it was hardly a shock.) The Trump Administration Just Gave Live Nation the Gift of a Lifetime. What he promises has an inverse relation to what he does. Trump Vowed to Crack Down on Fraudsters, but He’s Pardoned Dozens.
+ Not Weighting Around: “Just about 10 weeks after it was approved by the US Food and Drug Administration, the Wegovy pill is now estimated to be part of the daily regimen of about 400,000 Americans. And the field of weight-loss treatment is on the verge of even more head-spinning change.” Weight-loss treatment is on the verge of a dramatic shift – again. (These drugs are so effective and getting so cheap that pharma companies are having a hard time keeping placebo patients around. Obesity drug tests upended by placebo patients leaving early.)
+ Nostrildamus: “That vote included a ‘no’ from the Republican chairman, Sen. Rand Paul of Kentucky, and a ‘yes’ from a Democrat, Sen. John Fetterman of Pennsylvania.” Mullin’s DHS nomination advances to full Senate. (He’ll get confirmed. And we’ll never know where he smelled war.)
+ Nordic Pick: “If happiness were an Olympic event, the Nordic countries would be guaranteed a spot on the podium. Actually, all three spots on the podium. According to the latest edition of the World Happiness Report, the three happiest countries in the world are Finland, Iceland and Denmark.” (I don’t want to give a certain someone any ideas, but we could sure up our own national happiness average if we made them states 51 through 53.) “Finnish President Alexander Stubb reacted Thursday to his country being in first place again, saying: ‘I do not think there is a magic potion, but it helps to have a society which strives towards freedom, equality and justice.'” (Oh forget it. It doesn’t sound like a good cultural fit…)
