Stadtratte/iStock via Getty Images To start 2026, there has been ample coverage of the broad selloff in software stocks due to artificial intelligence ('AI') disruption risk. This selloff has not only rippled through public markets but also private equity and private credit. This article will not explore the disruptive threat of AI to specific software products or other parts of the economy, which...
Stadtratte/iStock via Getty Images To start 2026, there has been ample coverage of the broad selloff in software stocks due to artificial intelligence ('AI') disruption risk. This selloff has not only rippled through public markets but also private equity and private credit. This article will not explore the disruptive threat of AI to specific software products or other parts of the economy, which could be very real for some companies. Rather, it will build on our belief that the sell-off in publicly listed software and software-linked securities may have been broader than warranted. During this process of figuring out the ultimate winners and losers in the software industry, it is important to keep in mind that indiscriminate selling almost always creates opportunities. Especially for active managers, and particularly for the nimblest active managers. So, how best to harvest these opportunities? Public Versus Private Investments During Market Turmoil In rapidly evolving situations where winners and losers are being identified and priced accordingly in near real-time, should investors feel comfortable being locked into a set of illiquid private software companies that they can’t sell or trim exposure to in the near term? Or might it be more prudent to have a liquid, private equity (PE)-mimicking portfolio that invests in publicly listed software companies and can be responsive to the dynamic situations surrounding individual companies and divest from specific holdings when appropriate? Then, as the dust settles and it becomes clearer which ones may face less disruption risk and thus may be mispriced, a strategy that can be nimble in picking its (re)entry points may allow investors to buy low and potentially capture the recovery more effectively than they can in illiquid private markets. This is the dilemma currently facing many investors, as software is the most dominant industry-level concentration risk in private credit portfolios, at approximately 25% of exposure...
The yen’s weakness has become a growing concern for Japan’s policymakers, given its impact on import prices and household costs. That pressure intensified in late March, when the currency slid past 160 yen per dollar for the first time since July 2024 — a level that has previously triggered government intervention. Officials have since stepped up warnings, with Vice Finance Minister for Internatio...
The yen’s weakness has become a growing concern for Japan’s policymakers, given its impact on import prices and household costs. That pressure intensified in late March, when the currency slid past 160 yen per dollar for the first time since July 2024 — a level that has previously triggered government intervention. Officials have since stepped up warnings, with Vice Finance Minister for International Affairs Atsushi Mimura signaling readiness to take “decisive action” against speculative moves. Why is the yen weak? The US-Israel war with Iran has added fresh pressure on the yen. Japan imports almost all of its energy, with more than 95% of its oil imports coming from the Middle East , making it highly exposed to disruptions in the region. Higher oil prices mean Japan must pay more for energy imports — in dollars — increasing demand for foreign currency at the expense of the yen. Structural factors continue to play a role as well. The gap between Japan’s ultra-low interest rates and those in the US and other major economies remain wide, which encourages investors to borrow cheaply in yen and invest in higher-yielding assets overseas, putting sustained selling pressure on the Japanese currency. While the Bank of Japan raised interest rates in December to the highest in 30 years, they remain low by global standards. Why is the yen’s weakness a cause for concern? The yen’s slide over the past decade or so has helped transform Japan into an affordable travel destination for millions of foreign tourists and boosted the profits of the nation’s biggest exporters. But in an economy heavily dependent on imported energy and raw materials, the feeble yen has also driven up costs, fueling inflation for households and squeezing margins for domestically focused businesses. The resulting cost-of-living crunch contributed to the downfall of two prime ministers before current leader Sanae Takaichi took office. Beyond the domestic picture, there’s another reason why Japan’s government...
Matthew Fowler Judge Kathaleen McCormick said Monday she is reassigning cases involving Elon Musk after he alleged bias stemming from what appeared to be her support of a social media post critical of him. Musk formally accused McCormick of bias last week, and his attorneys demanded that the Delaware Court of Chancery judge recuse herself from two Tesla ( TSLA ) lawsuits. The LinkedIn post that Mc...
Matthew Fowler Judge Kathaleen McCormick said Monday she is reassigning cases involving Elon Musk after he alleged bias stemming from what appeared to be her support of a social media post critical of him. Musk formally accused McCormick of bias last week, and his attorneys demanded that the Delaware Court of Chancery judge recuse herself from two Tesla ( TSLA ) lawsuits. The LinkedIn post that McCormick allegedly responded to with an emoji touted a court verdict that could cost Musk upwards of $2 billion for defrauding Twitter investors. "As should be obvious, disproportionate media attention surrounding a judge’s handling of an action is detrimental to the administration of justice," McCormick wrote in her letter to the legal teams in the three cases, adding she was not biased against the defendants, according to a Reuters report . She also said the motion for her recusal was based on the false premise that she was supportive of the LinkedIn post. In a letter to the legal teams last week, McCormick said she had not read the post and reported the incident as suspicious activity to LinkedIn. The defendants said if McCormick eventually sided with Tesla's ( TSLA ) shareholders, her ruling would be tainted by her "support" for the people standing up to Musk. More on Tesla Tesla May Beat Deliveries, But This Could Hurt The Bottom Line Tesla: The Market Will Eventually Ignore The Carefully Crafted Disruption Narrative Tesla: The Implosion Isn't Done Yet Tesla scaling up in Japan with plans to double service centers, more showrooms Is merging with SpaceX the new 'master plan' at Tesla?
Versigent plc will replace Titan International ( TWI ) in the S&P SmallCap 600 ( SP600 ) effective prior to the opening of trading on April 2, 2026. S&P 500 constituent Aptiv ( APTV ) is spinning off Versigent in a transaction expected to be completed April 1. Post spin-off, Aptiv will remain in the S&P 500. Titan International's market capitalization is no longer representative of the small cap m...
Versigent plc will replace Titan International ( TWI ) in the S&P SmallCap 600 ( SP600 ) effective prior to the opening of trading on April 2, 2026. S&P 500 constituent Aptiv ( APTV ) is spinning off Versigent in a transaction expected to be completed April 1. Post spin-off, Aptiv will remain in the S&P 500. Titan International's market capitalization is no longer representative of the small cap market space. More on Titan International, Aptiv Aptiv PLC - Attractive In A Problematic Sector Aptiv: Bullish About Valuation Discount And Growth Potential Titan International, Inc. (TWI) Q4 2025 Earnings Call Transcript Meet Versigent: The auto supplier spinning off from Aptiv after a long wait UBS highlights top industrial stocks with strong upside
格隆汇3月31日｜联昌国际证券分析师Ivy Ng Lee Fang在一份报告中表示，印度尼西亚计划推出B50生物柴油强制掺混政策，该政策要求50%的掺混比例基于棕榈油，这似乎对毛棕榈油价格和需求构成利好。她说，该政策每年可能增加最高400万吨的需求，并收紧可出口的供应，不过实施细节仍不清楚。印度尼西亚目前实施的是B40生物柴油强制掺混政策。她补充说，毛棕榈油价格走高可能有利于上游种植园主，不过涨幅...
格隆汇3月31日｜联昌国际证券分析师Ivy Ng Lee Fang在一份报告中表示，印度尼西亚计划推出B50生物柴油强制掺混政策，该政策要求50%的掺混比例基于棕榈油，这似乎对毛棕榈油价格和需求构成利好。她说，该政策每年可能增加最高400万吨的需求，并收紧可出口的供应，不过实施细节仍不清楚。印度尼西亚目前实施的是B40生物柴油强制掺混政策。她补充说，毛棕榈油价格走高可能有利于上游种植园主，不过涨幅可能会被不断上涨的燃料和化肥成本部分抵消。联昌国际将其对2026年毛棕榈油平均价格的预测从每吨4,000林吉特上调至每吨4,400林吉特，并将2027年的预测从每吨4,200林吉特上调至每吨4,500林吉特。
Secretary of State Marco Rubio said the US may need to reassess its relationship with Nato after the Iran war is finished, calling the military alliance’s alleged lack of support during the Middle East conflict “very disappointing”. Rubio assailed Nato members for denying access to military bases, following prior criticism from US President Donald Trump that partners in the security bloc are “cowa...
Secretary of State Marco Rubio said the US may need to reassess its relationship with Nato after the Iran war is finished, calling the military alliance’s alleged lack of support during the Middle East conflict “very disappointing”. Rubio assailed Nato members for denying access to military bases, following prior criticism from US President Donald Trump that partners in the security bloc are “cowards” and that the alliance is a “paper tiger”. “The president and our country will have to...
In Seoul last week, South Koreans were stripping shop shelves of plastic bin bags. Not food, not medicine. Bin bags. Nearly 2.7 million of the city’s mandatory “pay-as-you-throw” bags were sold each day, almost five times the normal volume, as residents scrambled to stockpile what they feared might soon become scarce. City by-laws mandate that the prepaid bags – made from naphtha, a petroleum deri...
In Seoul last week, South Koreans were stripping shop shelves of plastic bin bags. Not food, not medicine. Bin bags. Nearly 2.7 million of the city’s mandatory “pay-as-you-throw” bags were sold each day, almost five times the normal volume, as residents scrambled to stockpile what they feared might soon become scarce. City by-laws mandate that the prepaid bags – made from naphtha, a petroleum derivative – be used to throw away household waste. But with oil supplies under strain amid the...
Tesla’s modeled fair value price target has been adjusted slightly, moving to about US$421.27 from US$421.61, signaling only a very small shift in the underlying assumptions. Research firms linking their targets to this new figure are weighing upbeat views on autonomy, robotaxis, and energy against more cautious takes on margins, capital needs, and the auto business. As you read on, you will see h...
Tesla’s modeled fair value price target has been adjusted slightly, moving to about US$421.27 from US$421.61, signaling only a very small shift in the underlying assumptions. Research firms linking their targets to this new figure are weighing upbeat views on autonomy, robotaxis, and energy against more cautious takes on margins, capital needs, and the auto business. As you read on, you will see how these small price target moves fit into a broader, fast changing analyst story around Tesla...
India’s central bank has delayed the roll-out of stricter rules on loans to proprietary traders and some liquidity providers, offering relief as markets are roiled by volatility due to the Iran conflict. The rules — which were first announced in February — now take effect on July 1 instead of April 1, the Reserve Bank of India said in a statement Monday. The central bank also eased some conditions...
India’s central bank has delayed the roll-out of stricter rules on loans to proprietary traders and some liquidity providers, offering relief as markets are roiled by volatility due to the Iran conflict. The rules — which were first announced in February — now take effect on July 1 instead of April 1, the Reserve Bank of India said in a statement Monday. The central bank also eased some conditions, allowing funding for proprietary trading against full cash collateral, removing curbs on financing market makers, and broadening acquisition finance to include mergers and amalgamations. The changes signal a more measured approach by the RBI following a review, tempering an earlier attempt to curb speculative activity that raised concerns over trading volumes. The shift suggests the RBI is wary of exacerbating stress in already volatile markets, even as it continues to address risks from the build-up of leverage in the financial system, according to market watchers. “It is good that RBI has delayed implementation of these rules as there is a lot of volatility anyway due to the Iran war,” said Deven Choksey , managing director at DRChoksey FinServ. “This will give some breather to prop traders and other participants, and hopefully help in calming nerves.” The new rules may raise the cost of raising capital for proprietary trading firms and squeeze profits. While Indian banks traditionally do not directly finance proprietary trading, the directive closes a loophole that allowed short-term working capital loans given by banks to be diverted for trading by brokers. The policy follows a series of steps by authorities to curb speculation, including a sharp increase in transaction taxes on single-stock and index derivatives. They add to curbs introduced in late 2024 to cool a boom that had turned India into a global options hub. Regulators see the measures as a necessary trade-off to prevent market losses from spilling into household finances through leverage and unsecured loans...