Commentary and Research Papers
August 19, 2025
2024
For most, Texas conjures images of cowboys, oil, and barbeque -- not ticker tape and fast-paced securities trading. That could soon change if BlackRock, the world’s biggest money manager, and Citadel Securities, one of the largest electronic trading firms, have anything to say about it. The two financial heavyweights are leading a group backing The Texas Stock Exchange (TXSE), which has raised $120M to launch a 100% electronic trading exchange, with a physical presence in downtown Dallas. The TXSE plans to file a registration statement with the Securities and Exchange Commission (SEC) later this year with a goal of beginning trading in 2025 and listing companies in 2026.
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August 19, 2025
2024
Stocks bounced back in May, as more constructive inflation data offered hope that an economic soft landing was still possible. In fact, a soft landing once again became the consensus expectation, with inflation leveling off and the economy showing continued resilience in the face of the Fed’s aggressive rate tightening campaign of the last two years. Corporate profits also came in better than expected, with 1Q earnings on track to grow at a 6% rate year over year, its fastest quarterly pace in two years. Lastly, the geopolitical backdrop quieted down somewhat, offering a welcome (if temporary) respite from the troubling headlines over the past year.
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August 19, 2025
2024
After starting the quarter down, small capitalization stocks rebounded in the month of May, but the Russell 2000 and Russell 2000 Value Indices still lag large capitalization companies for the year. Money flow into the largest Artificial Intelligence companies (NVDA, APPL, MSFT and GOOGL) appears to be increasing; those companies made up more than half of the S&P 500 Index’ monthly gain.
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August 19, 2025
2024
This paper highlights the potential for adding significant cash flow to an Endowment or Foundation (E&F) through the strategic implementation of writing calls, especially on concentrated stock positions. This approach proves particularly advantageous for endowments and foundations that hold significant concentrations of stock and are open to diversifying their holdings as certain stocks are called away due to rising prices over time. Moreover, the tax-free status of endowments and foundations presents a significant advantage, as much of the income generated through this strategy is short-term in nature.
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August 19, 2025
2024
Global mergers and acquisitions (“M&A”) activity suffered from a post-COVID hangover in 2023 as deal volumes declined to the lowest levels since the Great Financial Crisis. As rising interest rates and falling valuations caused buyers and sellers to back away, a backlog of potential acquisition activity built up.
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August 19, 2025
2024
As sustainability and energy transition continue to be global priorities, investors increasingly seek companies that balance environmental responsibility with economic viability. Enter liquefied natural gas (LNG) and its transformative potential as a bridge between traditional fossil fuels and renewable alternatives. Within this landscape, Golar LNG stands as a landmark player that is reshaping the LNG industry with innovative technologies and strategic initiatives. This report delves into the intricacies of LNG, explores its significance and challenges, and outlines the pivotal role that Golar LNG plays in shaping its future.
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