Welcome to Going Private , I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at one investment trust’s last-ditch attempt to thwart a determined activist, how advisers are counselling clients fretting over private credit and a possible answer to private equity’s liquidity prayers. But first...
Welcome to Going Private , I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we look at one investment trust’s last-ditch attempt to thwart a determined activist, how advisers are counselling clients fretting over private credit and a possible answer to private equity’s liquidity prayers. But first we look desperate calls by industry leaders to focus on facts not fears. If you’re not already on our list, sign up here . Have feedback? Email us at goingprivate@bloomberg.net Tinderbox talk Leaders of the world’s biggest money managers are pouring energy into defense of private capital markets, pointing fingers at advisers for failing unwitting investors and at industry foes who they say are manufacturing crisis where none exists. Doug Ostrover , co-chief executive officer at Blue Owl Capital , said distribution teams targeting retail and high-net-worth clients “could have done a better job” at explaining the liquidity characteristics of private credit. “Between us, and the advisers who sell our products, I don’t think we made it clear enough,” he told the Asia Pacific Financial and Innovation Symposium on Thursday. Ostrover’s comments reflect increasing frustrations in an industry bracing for fresh redemptions from stricken business development companies and costly markdowns on billions of dollars of software investment bets upended by AI. Investors have looked to pull roughly $13 billion from over a dozen funds so far this quarter, according to Bloomberg estimates and data from Robert A Stanger & Co. , but more than $4.6 billion of investor capital lies trapped behind withdrawal limits. In an op-ed shared with Going Private , Blackstone Chief Legal Officer John Finley evoked John Ford’s classic Western \ The Man Who Shot Liberty Valance \ “The conventional wisdom is that the current stress in private credit demonstrates that it is ill-suited to retail investors because...
sommart/iStock via Getty Images Introduction Back when I last covered Coeur Mining ( CDE ), I upgraded them to a Strong Buy following the announcement of the New Gold acquisition, standing to benefit from complementary assets, diversified gold-silver production and strong cash flow for the remainder of this decade. Following the completion of the New Gold deal, CDE remains a Strong Buy, guiding fo...
sommart/iStock via Getty Images Introduction Back when I last covered Coeur Mining ( CDE ), I upgraded them to a Strong Buy following the announcement of the New Gold acquisition, standing to benefit from complementary assets, diversified gold-silver production and strong cash flow for the remainder of this decade. Following the completion of the New Gold deal, CDE remains a Strong Buy, guiding for even better than expected numbers and already delivering some improvements, while the valuation is now back to conservative levels thanks to what might turn out to be short-term macro pressure. CDE-NGD Deal Now Complete Coeur Mining IR Following the recent closing of the New Gold [NGD] deal, Coeur provided an updated guidance and capital return program, with production expected to reach between 680,000 to 815,000 oz of gold, 18.7 to 21.9 million oz of silver and 50 million to 65 million lbs of copper, incorporating nine months of contributions from their 2 new mines in Canada, significantly above the 419,046 gold oz and 17.9 million silver oz seen in 2025 by Coeur alone, for a 65-30-5 percent commodity mix. Coeur Mining IR The company now expects to generate a free cash flow of $2 billion (with only 9 months of NGD mines contribution) with CAPEX reaching $500 million in 2026, and that’s based on solid consensus estimates as of October 2025, meaning $3,438/oz Au, $38.50/oz Ag and $4.50/lb Cu , which are nearly identical to the estimates I was going to use, saving us a bit of time in the valuation segment. They also highlighted continued exploration and a two-year life extension at Rainy River, as well as New Afton’s solid expansion potential thanks to K-Zone, so they can certainly continue NGD's assets and definitely enjoy the major boost in cash flow they provide, as mentioned before. This is not over however, as they basically bought a major medium-term influx of cash flow that will have to be reinvested. Financially, they now target a net cash position and also announce...
piotr_malczyk/iStock via Getty Images As I said in my last article on JBS N.V ( JBS ), investors in this company must tolerate volatility. This goes beyond the company simply being a Brazilian global business; it goes to the end markets for the company. What in my view remains undisputed, however, is that the company, compared to most of the relevant peers in the industry, remains a compelling and...
piotr_malczyk/iStock via Getty Images As I said in my last article on JBS N.V ( JBS ), investors in this company must tolerate volatility. This goes beyond the company simply being a Brazilian global business; it goes to the end markets for the company. What in my view remains undisputed, however, is that the company, compared to most of the relevant peers in the industry, remains a compelling and undervalued play relative to what it offers and relative to the risk in play. In my last article, which can be found here, I made a case for the company being good, but volatile. The article before that, when I established what is now a small position in the stock, I made my first case for this company being a solid play. You can find the latest one of these articles here , and see the returns below. Seeking Alpha JBS N.V Article You can also find my first article here, the returns from which are now more than 20x the market compared to November 2025 - meaning the RoR here has been absolutely solid, and in line with what I expected. Now, was this somehow a high conviction expectation? Yes and no. It would be hubris of me to allege that I expected this, but that's sort of the point of the approach that I favor. I "know", based on fundamentals and my valuation-oriented approach (with a high conviction), barring unforeseen circumstances when a company is below fairly valued. What I have come to rely on is the market in due time recognizing this "faulty" undervaluation and return the company to a fair, or even higher valuation. Sometimes this reversal can take weeks, months or a year. Sometimes the recovery can quite literally take years. I have been on both sides of that equation. What I can honestly say is that as long as I get my cash (by which I mean a dividend/interest for my trouble), and as long as the thesis remains, volatility means very little to me. That's one of the requirements you need to sort of be "in line" with if you want to invest in these sorts of companies...
China has sufficient capacity to absorb external shocks from the Iran war and meet its annual economic growth target, a prominent economist said, while adding it was also preparing for the possibility that Washington might renege on trade deals. Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and a former chief economist at the World Bank, said on Thursday t...
China has sufficient capacity to absorb external shocks from the Iran war and meet its annual economic growth target, a prominent economist said, while adding it was also preparing for the possibility that Washington might renege on trade deals. Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and a former chief economist at the World Bank, said on Thursday that no country could be spared from the economic impacts of the conflict in the Middle East, which...
Nico De Pasquale Photography/DigitalVision via Getty Images Fellow Investor , Unitholder , Reader , The author is delighted to be with you after another round, another year. In Harry Qelm Baabsman we treasure your curiosity and preparing hard for your attention; if you like what you're reading, please say so, that would mean a lot. We talk about investment results openly, explaining unpleasant and...
Nico De Pasquale Photography/DigitalVision via Getty Images Fellow Investor , Unitholder , Reader , The author is delighted to be with you after another round, another year. In Harry Qelm Baabsman we treasure your curiosity and preparing hard for your attention; if you like what you're reading, please say so, that would mean a lot. We talk about investment results openly, explaining unpleasant and fortunate choices that sometimes switch places by the grace of Mr. Market’s flimsy behavior. The last couple of years have been rather ironic. Patience is the first condition for our fund, we aim at the investment horizon of 3, 5, and 10+ years because investing is a long story. The stock market, at times, tests the managers' very trust in themselves and makes them question their competence. Yet patience and work eventually get rewarded. 2025 was the first prominent year for the Steppe Eagle with a flash performance of +31.71%. The 2024-loser sector of clean energy has turned the tables and come back tough in the second half of 2025. Dynamics (Harry Qelm Baabsman Ltd.) The Steppe Eagle OEIC Ltd was registered on 25th of July 2022; Started its operations on 8th of September 2022 and is managed by Harry Qelm Baabsman ltd, a CIS License holder at AIFC (AFSA-A-LA-2022-0006, active since 3d of February 2022). On 31st of December 2025, The Steppe Eagle consisted of 16 158 120 Units; the Unit’s price was $0.01319. The Steppe Eagle finished 2025 with a gain of +31.71%, whereas the benchmark, MSCI World Index, yielded +19.49%. Since its inception, the Steppe Eagle has arrived at +31.87% versus +68.06% for its benchmark. Since September 2022, inflation in the US (CPI) has accumulated to 10.02%. Thus, the Steppe Eagle soared above its benchmark by 12.22% in 2025 but is still 36.19% below it since the Fund’s inception. We all are swimming in a sea of surprises, which empties numerous rivers of probability; some probabilities seem certain until they don't, some catch us fully off guard...
The head of the recently launched International Organisation for Mediation (IOMed) has hailed its process as a flexible and pragmatic way to resolve commercial and state-level disputes involving long-term investment. Speaking on the sidelines of the Boao Forum for Asia on Thursday, Teresa Cheng Yeuk-wah, IOMed’s secretary general, said mediation offered “the innate flexibility to create an infinit...
The head of the recently launched International Organisation for Mediation (IOMed) has hailed its process as a flexible and pragmatic way to resolve commercial and state-level disputes involving long-term investment. Speaking on the sidelines of the Boao Forum for Asia on Thursday, Teresa Cheng Yeuk-wah, IOMed’s secretary general, said mediation offered “the innate flexibility to create an infinite number of ways to resolve the dispute”, unlike arbitration and litigation that were marked by “a...
Norwich winger on ‘perfect setup’ of Toronto and Vancouver games as co-hosts look to punch above their weight this summer Ali Ahmed watched the last World Cup at home with friends and family. “It was goose bumps seeing Canada walking out,” the winger says. “I haven’t seen that in my lifetime. It was surreal.” This time around he will again be at home but also very much at the heart of the action i...
Norwich winger on ‘perfect setup’ of Toronto and Vancouver games as co-hosts look to punch above their weight this summer Ali Ahmed watched the last World Cup at home with friends and family. “It was goose bumps seeing Canada walking out,” the winger says. “I haven’t seen that in my lifetime. It was surreal.” This time around he will again be at home but also very much at the heart of the action in two cities that are dear to him. Jesse Marsch’s side face Qatar and Switzerland in Vancouver after an opener against a European playoff winner (possibly Italy) in Toronto. Italy in Toronto, Ahmed’s home town, would be special, not only because of the city’s vast Italian population – “the stadium might be more blue than red,” Ahmed jokes – but also because his parents, who are from Ethiopia but lived for two years in Italy, are big calcio fans. “Football was ingrained in all of us in our family,” he says. Continue reading...
Musical inspiration from Corinne Bailey Rae; danger in a magical academy; the adventures of an otter pup; a YA queer gothic fantasy, and more The Bear and the Seed by Poonam Mistry, Templar, £12.99 When Bear’s glorious forest disappears, he finds hope in a tiny seed – but he needs help from other animals to tend it in this inspiring picture book, filled with spellbinding geometric art. Little Pass...
Musical inspiration from Corinne Bailey Rae; danger in a magical academy; the adventures of an otter pup; a YA queer gothic fantasy, and more The Bear and the Seed by Poonam Mistry, Templar, £12.99 When Bear’s glorious forest disappears, he finds hope in a tiny seed – but he needs help from other animals to tend it in this inspiring picture book, filled with spellbinding geometric art. Little Passenger by Deirdre Sullivan and Jessica Love, Walker, £12.99 This poetic, beautiful picture book features a mother talking to her growing baby throughout pregnancy (“You are a full stop, a pea, a single grape”). Love’s lustrous ink and watercolour illustrations marry the delicate tendrils of developing plants with the intricate stitches of a sampler. Continue reading...
Narjis, one of 121 children killed in Lebanon this month, wanted to be a doctor and ‘was like a blossom’, her mother says Middle East crisis – live updates Rania Jaber told her husband that if God blessed them with a daughter, she would be named Narjis, Arabic for daffodil. After having twin boys, Jaber wanted a little girl she could dress up. Jaber got her girl and made good on her promise: Narji...
Narjis, one of 121 children killed in Lebanon this month, wanted to be a doctor and ‘was like a blossom’, her mother says Middle East crisis – live updates Rania Jaber told her husband that if God blessed them with a daughter, she would be named Narjis, Arabic for daffodil. After having twin boys, Jaber wanted a little girl she could dress up. Jaber got her girl and made good on her promise: Narjis was born in 2020. Her mother was delighted to find that just like her namesake flower, her daughter’s hair was light. Narjis seemed “wise beyond her years”, Jaber said, recalling how her daughter would comfort her whenever she would cry. Continue reading...
With her acoustic guitars and trip-hoppy beats, the London musician recalls a particular era of polished 00s boho-pop, from Nelly Furtado to Corinne Bailey Rae From London Recommended if you like All Saints, Frou Frou, Nelly Furtado Up next EP out now; on tour with After in May The first time I heard Gianna’s Shadow of a Bird, I was instantly transported to a place that smelled of Impulse body spr...
With her acoustic guitars and trip-hoppy beats, the London musician recalls a particular era of polished 00s boho-pop, from Nelly Furtado to Corinne Bailey Rae From London Recommended if you like All Saints, Frou Frou, Nelly Furtado Up next EP out now; on tour with After in May The first time I heard Gianna’s Shadow of a Bird, I was instantly transported to a place that smelled of Impulse body spray. It is a track that has perfectly nailed the polished boho-pop of early 00s Nelly Furtado, All Saints and Corinne Bailey Rae – the sort that features arpeggiated acoustic guitar, vaguely trip-hop beats and a gently distinctive voice swooping through them. Continue reading...
Cecily Brown blooms into life, Ashanti folklore is remade and three Indigenous Australians spill their ancient knowledge Cecily Brown: Picture Making New nature-tastic works of kaleidoscopic, richly textured, painterly experimentation by the YBA who never felt cool enough to really be a YBA. Springing to life just as the blossoms around the Serpentine really start to bloom. • Serpentine Gallery, L...
Cecily Brown blooms into life, Ashanti folklore is remade and three Indigenous Australians spill their ancient knowledge Cecily Brown: Picture Making New nature-tastic works of kaleidoscopic, richly textured, painterly experimentation by the YBA who never felt cool enough to really be a YBA. Springing to life just as the blossoms around the Serpentine really start to bloom. • Serpentine Gallery, London, until 6 September Continue reading...
The real defining image of this presidency should be the bank statement of the average American citizen Shockingly, inexplicably, Donald Trump keeps finding new places to put his face. Also, his name. Or initials. Or one of those drawings a turkey a kid does by tracing the outline of their hand. He’s got his ballroom, the Kennedy Center, and a proposed 250ft arch that would become one of the talle...
The real defining image of this presidency should be the bank statement of the average American citizen Shockingly, inexplicably, Donald Trump keeps finding new places to put his face. Also, his name. Or initials. Or one of those drawings a turkey a kid does by tracing the outline of their hand. He’s got his ballroom, the Kennedy Center, and a proposed 250ft arch that would become one of the tallest buildings in all of Washington DC – a city with longstanding height restrictions for development. His signature will be on US dollars later this year, in a first for a sitting president. I’d ask if he was getting tired of all the attention, but I think we know the answer to that. Up next is a commemorative gold coin – worth exactly $1 – featuring Trump’s scowling visage looming menacingly over the Resolute Desk in the Oval Office. It’s a pretty classic Trump pose, designed to make a nearly-80-year-old man with a variety of mystery bruises who eats McDonald’s on a regular basis look physically intimidating. Beyond the president sporting a classic gen Z pout , the Commission of Fine Arts (a panel appointed by You Know Who) recommended this coin be “ as large as possible ”, which immediately makes me think of the giant penny Bruce Wayne keeps in the Batcave . Good luck trying to feed a parking meter with that. Dave Schilling is a Los Angeles-based writer and humorist Continue reading...
Sweeney: ‘I see the outcome being … to support Steve’ ‘We were very disappointed in the Six Nations’ The Rugby Football Union chief executive, Bill Sweeney, has provided another strong indication that the head coach Steve Borthwick will lead England in this summer’s Nations Championship fixtures pending the outcome of a formal review into their disappointing Six Nations campaign. While Sweeney dec...
Sweeney: ‘I see the outcome being … to support Steve’ ‘We were very disappointed in the Six Nations’ The Rugby Football Union chief executive, Bill Sweeney, has provided another strong indication that the head coach Steve Borthwick will lead England in this summer’s Nations Championship fixtures pending the outcome of a formal review into their disappointing Six Nations campaign. While Sweeney declined to state definitively that Borthwick will be in charge for a difficult run of Test matches against South Africa, Fiji and Argentina in July he said the RFU’s main focus in the review is providing additional support to the existing coaching team, as well as revealing that there have been no approaches made to Andy Farrell, the Ireland head coach whose contract expires after the 2027 World Cup. Continue reading...
Welcome to the Business of Food newsletter, covering how the world feeds itself in a changing economy and climate. This week, Mumbi Gitau looks at how a coffee trading giant navigates today’s troubled times. Any tips or feedback? Email Agnieszka de Sousa . And if you aren’t yet signed up to receive this newsletter, please do so here . Crisis Playbook When it comes to the business of coffee, few pl...
Welcome to the Business of Food newsletter, covering how the world feeds itself in a changing economy and climate. This week, Mumbi Gitau looks at how a coffee trading giant navigates today’s troubled times. Any tips or feedback? Email Agnieszka de Sousa . And if you aren’t yet signed up to receive this newsletter, please do so here . Crisis Playbook When it comes to the business of coffee, few places matter as much as Hamburg. The German port city has long served as a gateway for much of Europe’s caffeine supply and is home to many of the world’s top trading houses that move beans from farms to roasters across the globe. Among them is Neumann Kaffee Gruppe. For the past century, the trader managed to rise to the top of its game, handling roughly one in every eight beans consumed worldwide. But with historically high coffee prices and the Iran war turning the world’s focus onto supply and shipping disruption, the playbook that underpinned the company’s long success is being tested. Without merchants like Neumann, global coffee giants such as Nestlé, Starbucks and Dunkin’ would struggle to keep up with the insatiable appetite for coffee — whether black, iced or lattes. Last year, supply shortages helped drive coffee prices to record highs, pushing up costs at coffee shops and supermarkets. That’s on top of shifting US tariff policies and delays to Europe’s deforestation rules. Now, fresh upheaval to global shipping routes is adding another layer of complexity. So how do you navigate wild price swings and the geopolitical uncertainty? In this exclusive interview , CEO David Neumann had a few tips: 1. Toss out the old trader playbook, get conservative, cut stockpiles if needed. 2. Don’t fret over quantities. It’s not a marker of success. A bag of washed arabica for Rome’s finest espresso bars is not the same as a bag of robusta that goes into instant coffee. 3. Walk away from risky deals. You can read more about Neumann’s approach below. Coffee Empire Neumann Confronts...
Gary Yeowell/DigitalVision via Getty Images Co-authored by Kody's Dividends What is your most common interaction with a freight train? If you are like the vast majority of Americans, then likely it's when it intersects the roadway you're driving on, and you're stuck watching it go by before you can travel again. When it comes to the priority of passage, road traffic stops for trains. It's interest...
Gary Yeowell/DigitalVision via Getty Images Co-authored by Kody's Dividends What is your most common interaction with a freight train? If you are like the vast majority of Americans, then likely it's when it intersects the roadway you're driving on, and you're stuck watching it go by before you can travel again. When it comes to the priority of passage, road traffic stops for trains. It's interesting to consider that the American railway network was largely in place by the end of 1920, and while new track is still being laid, it's laid at a significantly slower rate than it's been laid in prior years. Train technology continues to improve, but the basic concept is the same. You connect a number of cars to the power source at the front, and it pulls them across rails to the entire country and your desired destination. What you may not realize is that train freight is exceptionally more environmentally friendly than moving things by truck or by air travel. The amount of distance traveled by a train per gallon of fuel is higher than with any other form. Once that weight is moving, the momentum helps propel it. As a fundamentals-focused dividend investor, I enjoy collecting dividends and returns from sources that others overlook. I have found that many of the best investments for my Investment Group, the Dividend Kings, come from investments that Seeking Alpha readers regularly overlook. The lower the interest the Seeking Alpha Premium article sees, the better the opportunity I find for those in my exclusive community. It's an inverse parallel. The more popular the ticker is, the less value there is because it's already a crowded, well-known investment. Today, I want to look past what most investors think of when they come to the market. We're going to move beyond growth investments, beyond software, beyond the high-yield, high-popularity income investments, and look at a company that is providing real value to your economy every single day and can provide real returns ...