Getty Images If you have been anywhere near the financial media in the last 6 or 7 months, you would probably think private credit is the next subprime crisis. Blue Owl ( OWL ) has been ground zero for that narrative. Since its 2025 peak, the stock has tanked more than 62% for a company that grew revenue from like $250 million in 2021 to $2.9 billion in 2025. This is the kind of drawdown that need...
Getty Images If you have been anywhere near the financial media in the last 6 or 7 months, you would probably think private credit is the next subprime crisis. Blue Owl ( OWL ) has been ground zero for that narrative. Since its 2025 peak, the stock has tanked more than 62% for a company that grew revenue from like $250 million in 2021 to $2.9 billion in 2025. This is the kind of drawdown that needs an explanation. Data by YCharts Data by YCharts And the explanation, at least from the market's perspective, goes something like this: private credit is opaque, BDC redemptions are spiking, and AI is going to destroy the software loans, and this is 2008 all over again. And I have to say that I spent a lot of time researching whether this is as severe as the headlines say. I also recently listened to a podcast here on Seeking Alpha about it. And after going through all of it, my conclusion is that some problems are legit, but the selloff in OWL's stock price has overshot too much compared to the actual risk to the business. In my opinion, the 2008 subprime analogy is not accurate when you look at the leverage ratios. At that time the banks were leveraged 30 to 40 times . Their balance sheets were subject to margin calls and bank runs. Blue Owl's BDCs are at roughly 1.19x leverage, and in some cases, like tech BDCs and OTIC, the net leverage is 0.75x. What that means in plain English is that for every dollar of equity in the fund, there is only about a dollar of borrowed money sitting on top of it. In OTF and OTIC's case, it is actually less than a dollar. At 1x leverage, you would need the underlying loan portfolio to lose roughly half its value before equity holders are impaired. And the underlying loans themselves are first-lien senior secured, with weighted average loan-to-values in the low 40s. First-lien senior secured means Blue Owl's BDCs sit at the very top of the capital structure. If a borrower defaults, they get paid first before any junior debt holders or equit...
Orban Wallace’s documentary avoids big clashes between landowners and campaigners in favour of wide-ranging exploration Orban Wallace’s film about the right-to-roam movement shows us a campaigning group with a simple, reasonable aim: to give walkers in England and Wales the same rights that people have in Scotland, courtesy of the Scottish Outdoor Access Code , brought into being by the Land Refor...
Orban Wallace’s documentary avoids big clashes between landowners and campaigners in favour of wide-ranging exploration Orban Wallace’s film about the right-to-roam movement shows us a campaigning group with a simple, reasonable aim: to give walkers in England and Wales the same rights that people have in Scotland, courtesy of the Scottish Outdoor Access Code , brought into being by the Land Reform (Scotland) Act of 2003. There, walkers have the right to temporary, non-motorised access – which is to say walking, cycling and camping, carried out responsibly – to most land, public or private. These rights have now existed for some time without the apocalyptic end to the countryside as we know it. Whether some in the right-to-roam movement in England want something more than that, or are prepared to protest more vehemently than simply organising peaceful mass trespass events, is another question. The film interviews landowners such as Francis Fulford, who has long been the media’s favourite outspoken reactionary toff, a sort of posh version of Viz Comic’s Farmer Palmer, snarling “Get off my land”. There are other, more thoughtful landowners, including Hugh Inge-Innes-Lillingston, who cheerfully admits how silly his name is, and is open to developing new ideas about managed access. As far as profiteering goes, I found myself thinking of a remark made by Tara Palmer-Tomkinson : “Land doesn’t really bring in a lot of money until they build a motorway through it.” Continue reading...
I thought the ceremony, at my mother’s cottage, would pass without a hitch. I don’t think she’d have been impressed by what followed … If you’re looking for sound, practical advice on what happens when an elderly parent dies – the so-called “sadmin” – then you shouldn’t come to me because all the bits that went OK, my sister did, and all the bits that went unaccountably awry were when I got involv...
I thought the ceremony, at my mother’s cottage, would pass without a hitch. I don’t think she’d have been impressed by what followed … If you’re looking for sound, practical advice on what happens when an elderly parent dies – the so-called “sadmin” – then you shouldn’t come to me because all the bits that went OK, my sister did, and all the bits that went unaccountably awry were when I got involved. If, however, you are looking for advice on the ceremony of ash-scattering, then I have loads, all of it learned five to 10 minutes after it would have been good to know. We’d actually planned this pretty carefully, insofar as we knew where we wanted to go – a cottage our mum rented for years, which is still empty. When my mum died, a friend gave me a lovely hanky, so I took that, in case I got upset. It was a beautiful day; I had my cherished loved ones, a bottle of water and my vape. What could possibly go wrong? Continue reading...
England suffered four defeats in dismal Six Nations Bill Sweeney says improvement not ‘one simple answer’ Steve Borthwick and his coaching staff are to remain in charge of England’s men’s team despite the squad’s worst Five or Six Nations for 50 years. The Rugby Football Union has opted to back Borthwick and his lieutenants through to next year’s Rugby World Cup in Australia having completed what ...
England suffered four defeats in dismal Six Nations Bill Sweeney says improvement not ‘one simple answer’ Steve Borthwick and his coaching staff are to remain in charge of England’s men’s team despite the squad’s worst Five or Six Nations for 50 years. The Rugby Football Union has opted to back Borthwick and his lieutenants through to next year’s Rugby World Cup in Australia having completed what it described as “a detailed and robust review” of England’s latest campaign. Despite having lost four Five or Six Nations games in the same season for the first time since 1976, the RFU has chosen to keep faith with the Borthwick regime in the belief that things can only get better. The union has decided that sacking the head coach is not the optimal solution, having previously dispensed with Eddie Jones’s services nine months prior to the 2023 World Cup. Continue reading...
South Korea’s first home-grown combat aircraft, the KF-21, still has a “long way to go” competing globally against products from the US, Europe and China, analysts said, as the fighter jet finally rolls out. In March, Korea Aerospace Industries (KAI) officially unveiled the first production unit of the KF-21 Boramae, placing Seoul in an elite group of now eight countries capable of indigenously de...
South Korea’s first home-grown combat aircraft, the KF-21, still has a “long way to go” competing globally against products from the US, Europe and China, analysts said, as the fighter jet finally rolls out. In March, Korea Aerospace Industries (KAI) officially unveiled the first production unit of the KF-21 Boramae, placing Seoul in an elite group of now eight countries capable of indigenously developing their own advanced supersonic combat aircraft. The roll-out marked the start of mass...
Four years after Shanghai’s harsh citywide lockdown, there are signs the city’s expatriate population – which thinned significantly during the pandemic – is starting to rebound, though with a notably different demographic profile. The sound of English, Korean and French is once again often heard drifting through the plane-tree-lined streets of Shanghai’s former French Concession – widely seen as t...
Four years after Shanghai’s harsh citywide lockdown, there are signs the city’s expatriate population – which thinned significantly during the pandemic – is starting to rebound, though with a notably different demographic profile. The sound of English, Korean and French is once again often heard drifting through the plane-tree-lined streets of Shanghai’s former French Concession – widely seen as the heart of the city’s international community. And local residents point to a gradual, though...
On a small island off eastern China, a group of mothers is rewriting the rules of work and family life. Known as the “Female Knights”, this determined band of women has turned food delivery into a path to financial independence and self-empowerment. Qushan Island, in Zhoushan, Zhejiang province, has a population of around 55,000. Its main industries are fishing and stone mining, and access to the ...
On a small island off eastern China, a group of mothers is rewriting the rules of work and family life. Known as the “Female Knights”, this determined band of women has turned food delivery into a path to financial independence and self-empowerment. Qushan Island, in Zhoushan, Zhejiang province, has a population of around 55,000. Its main industries are fishing and stone mining, and access to the outside world requires a two-hour ferry ride. While most men work at sea or in the city, many women...
The U.S.’s lessened dependency on crude also shows a decline in consumption of crude derivatives such as gasoline and diesel, even as prices at the pump are a major source of frustration for Americans right now.
The U.S.’s lessened dependency on crude also shows a decline in consumption of crude derivatives such as gasoline and diesel, even as prices at the pump are a major source of frustration for Americans right now.
PRINCETON, N.J., May 05, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq: IART), a leading global medical technology company, today reported financial results for the first quarter ending March 31, 2026.
PRINCETON, N.J., May 05, 2026 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (Nasdaq: IART), a leading global medical technology company, today reported financial results for the first quarter ending March 31, 2026.
SAN FRANCISCO, May 05, 2026--Ouster, Inc. (Nasdaq: OUST) ("Ouster" or the "Company"), a leader in sensing and perception for Physical AI, today announced the integration of its new Rev8 OS family of digital lidar sensors across the NVIDIA Jetson platform.
SAN FRANCISCO, May 05, 2026--Ouster, Inc. (Nasdaq: OUST) ("Ouster" or the "Company"), a leader in sensing and perception for Physical AI, today announced the integration of its new Rev8 OS family of digital lidar sensors across the NVIDIA Jetson platform.
Tesla halts datacenter development due to local infrastructure constraints Denmark halts new projects amid AI driven power crisis LT350 offers a distributed, grid-supportive, AI infrastructure alternative built for community compatibility and scale BOULDER, Colo., May 05, 2026 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ: AUUD) (“Auddia” or the “Company”) today highlighted the relevance of LT350 as com...
Tesla halts datacenter development due to local infrastructure constraints Denmark halts new projects amid AI driven power crisis LT350 offers a distributed, grid-supportive, AI infrastructure alternative built for community compatibility and scale BOULDER, Colo., May 05, 2026 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ: AUUD) (“Auddia” or the “Company”) today highlighted the relevance of LT350 as communities across the United States and internationally increasingly oppose the construction of large
The world’s top beef exporter Brazil is close to reaching its annual quota for shipments to its biggest buyer China, a situation that’s set to redraw trade flows at a time when global consumers are facing higher meat prices. China sought to protect its domestic farmers and producers at the start of 2026 by imposing beef import quotas . That’s spurred Brazilian meatpackers to rush goods to the Asia...
The world’s top beef exporter Brazil is close to reaching its annual quota for shipments to its biggest buyer China, a situation that’s set to redraw trade flows at a time when global consumers are facing higher meat prices. China sought to protect its domestic farmers and producers at the start of 2026 by imposing beef import quotas . That’s spurred Brazilian meatpackers to rush goods to the Asian nation’s ports, and the limit is now looking to be met before the year is half over, according to analysts and industry data. With a 55% tariff on any additional volumes, the looming quota fulfillment will likely bring Brazil’s trade with China to a halt. The scenario has presented a challenge for Brazil’s meat industry, with expectations for a slowdown in slaughtering. “This is something the supply chain has never had to deal with before, and it’s causing stress in the market,” said João Otávio Figueiredo , an analyst at consultancy Datagro. It may be good news for consumers outside of China, however, as meatpackers seek other markets. That could boost supplies and potentially ease prices that have surged to record highs amid strong demand and limited supply. Shipments from Brazil to the US will be key. Demand has been strong on the back of a massive cattle shortage and elevated beef prices in North America. Because it can take about 60 days between animals being slaughtered in Brazil and arrival of a beef cargo in China, Brazilian beef exporters group Abiec signaled that as soon as mid-May the local plants may no longer process beef targeting Chinese markets. Other more conservative forecasts like the one from Datagro see that happening in June. China has imported more than 510,000 tons of beef from Brazil in the first three months of the year, according to customs data. That is equivalent of 46% of the quota. By the end of April that percentage will have reached 65%, according to people familiar with the pace of shipments out of Brazil. The people didn’t want to be ide...
Zyg, an artificial intelligence platform created by the founders of IronSource, raised funding at a $500 million valuation just two months after coming out of stealth. The company, which uses AI to help e-commerce sellers scale their businesses, raised $60 million in a round led by Accel , with participation from existing investors existing investors Bessemer Venture Partners and Lightspeed Ventur...
Zyg, an artificial intelligence platform created by the founders of IronSource, raised funding at a $500 million valuation just two months after coming out of stealth. The company, which uses AI to help e-commerce sellers scale their businesses, raised $60 million in a round led by Accel , with participation from existing investors existing investors Bessemer Venture Partners and Lightspeed Venture Partners , Zyg said in a statement Tuesday. Zyg announced $58 million in seed funding in March. Chief Executive Officer Omer Kaplan — part of the team that sold IronSource for $4.4 billion in 2022 — said his new company offers a platform that automates and manages business functions like advertising, retention, customer support and inventory forecasting. Zyg is already running campaigns on Meta Platforms Inc. services using agents that are “doing the vast majority of the activity themselves,” Kaplan said in an interview. The Israel-based company is part of a wave of startups and established e-commerce players seeking to automate marketing for online sales. Shopify Inc. offers AI agents that can run ads, write SEO content and generate emails and social media content. Last week, Hightouch raised $150 million in financing to develop an agentic platform that can research audiences and execute ad campaigns. Zyg’s customer base includes small companies that have between $2 million and $15 million in revenue, according to Kaplan. It has also drawn interest from larger companies with as much as $100 million in sales that are seeking to integrate AI into their business, he added. The funding will be primarily used to hire top AI talent in Israel, expand market reach and invest in training AI models, Kaplan said. Zyg was founded last year by five of the founders of IronSource, which went public on the New York Stock Exchange in 2021 through a merger with a blank-check firm that valued it at $11.1 billion. The following year, it sold to Unity Software Inc. in an all-stock deal. The ...
While FINRA will never ask you for money, there are scammers who might try to convince you otherwise. These financial fraudsters pose as regulators, requesting fees to transfer funds or offering bogus investment "guarantees" that are designed to steal your money. Communications from these fraudsters are becoming more sophisticated and can be compelling. Be aware: Neither FINRA, nor any of its empl...
While FINRA will never ask you for money, there are scammers who might try to convince you otherwise. These financial fraudsters pose as regulators, requesting fees to transfer funds or offering bogus investment "guarantees" that are designed to steal your money. Communications from these fraudsters are becoming more sophisticated and can be compelling. Be aware: Neither FINRA, nor any of its employees, will ever provide a guarantee on an investment, offer to facilitate your participation in any sort of money-making scheme, or request access to your personal assets. Fraudsters who impersonate FINRA or a current or former employee can look surprisingly real, sometimes even posing as the CEO or other senior executives. Correspondence might seem authentic, often including the regulator's name and logo and attachments of official-looking documents or supporting materials, which might even contain "signatures" from nonexistent regulators. Some even feature images of fake but realistic-looking FINRA employee badges. Continue reading
India’s central bank, grappling to support the beleaguered rupee, is weighing a plan for state-owned lenders to sell foreign-currency bonds to draw capital inflows, according to people familiar with the matter. Reserve Bank of India officials discussed a proposal that would see lenders issue foreign-currency bonds, potentially with five-year maturities, the people said, asking not to be named as t...
India’s central bank, grappling to support the beleaguered rupee, is weighing a plan for state-owned lenders to sell foreign-currency bonds to draw capital inflows, according to people familiar with the matter. Reserve Bank of India officials discussed a proposal that would see lenders issue foreign-currency bonds, potentially with five-year maturities, the people said, asking not to be named as the talks are private. Discussions are preliminary and no decision has been made, they said. The central bank also considered offering foreign-exchange swaps to participating lenders to hedge currency risk, allowing them to offer more attractive yields to investors, the people said. Under such a structure, banks would be able to buy foreign currency from the RBI at a future date at a pre-determined price, they said. An RBI spokesperson didn’t immediately respond to an email seeking comment on the matter. State-owned lenders report to the finance ministry, which often coordinates with the central bank on policies and measures to stabilize the currency. The rupee has weakened close to 6% against the dollar this year, the worst performance in Asia. While anti-speculative measures rolled out by the central bank in March and April briefly helped the currency, pressure is building up again as oil prices remain elevated, exerting strain on the fuel-importing nation’s trade deficit. Stock outflows also exceeded $5 billion last month. India has used similar tools before to attract inflows. State Bank of India raised $5.5 billion through so-called India Millennium Deposits in 2000, issuing bonds denominated in dollars, euros and pounds. Rupee at Record Low as Analysts Dust Off 2013 RBI Playbook India’s Net Forward Dollar Sales to Aid Rupee Near $100 Billion India’s RBI Eases Some Curbs on Banks’ Forex Market Trades