Apollo Takes On The Banks

DPI is the new IRR

The AI Revolution Continues

The biggest hedge funds are returning cash to investors, ​​OpenAI released an AI model capable of reasoning, ECB cut rates for the second time, and US household wealth rose to a record high.

Fresh Limits on IB Work Hours

JPMorgan capped junior banker work hours, Japan has emerged as a top PE market, Goldman saw another massive M&A payday, bank execs cautioned against optimistic IB expectations, and Ken Griffin bankrolled USMNT's new head coach contract.

Dogs, Cats, and the Economy

Apollo is launching a private credit ETF, Elliott got half of Southwest's board to resign, multi-strat hedge funds are seeing a pullback from investors, Taylor Swift endorsed Kamala Harris, and JPMorgan's CEO succession is Jamie Dimon's top priority.

The Big Debate 🇺🇸

Investors see AI hype masking broader tech weakness, allocators are planning new hedge fund investments, crypto fraud is up big this year, and Trump will go head-to-head vs. Kamala Harris on the debate stage tonight (which will certainly produce some hilarious memes)!

Roaring US betting markets

Oaktree criticized Advent and Silver Lake in a rare public call-out, the US yield curve un-inverted, Palantir and Dell are joining the S&P 500, OnlyFans is swimming in cash, US sports betting industry is firing on all cylinders, legal political betting markets are here, and Kendrick Lamar is headlining Super Bowl 2025 (*Drake punching the air rn*).

Insider Insights from BofA

BofA was accused of sharing insider information with investors, money-market fund assets hit a record-high, a16z is leaving Miami, and family offices AUM is set to to surpass hedge funds by 2030.

Public Private Credit

Apollo is planning a trading desk for private credit, hedge funds remained steady amid August's turmoil, foreign investors are fleeing Asian tech stocks, and Goldman is projecting an economic boost from a Harris presidency.

Stocks in Manager Mode

US subpoenaed Nvidia, Norway may divest from Israel war stocks, bond traders are pricing in a historically steep Fed easing, and capital markets got ACTIVE despite another stock market clappening to kick off September.

Boiling Point at the AI Foundry

The S&P is beating all major AI-themed ETFs, private credit is eyeing student loans, Intel is planning a major restructuring, UK tax reform could spark a PE exodus, and Nvidia employees are being overworked like bankers.

Leveraged Little Leagues

PE is looking to LBO little league sports, Apple and Nvidia are set to invest in OpenAI, Intel is in its flop era, X might be banned in Brazil soon, and the Dow closed at a new all-time high.