Business Development Companies (BDCs) offer a rare public window into the opaque world of private credit, revealing credit risk and valuation trends often hidden in private funds. Recent volatility has exposed a sharp gap between BDC share prices and reported loan values underscoring the value—and the risks—of transparency in private lending, and providing investors with a candid view of where credit risk may be heading next.

U.S. mid-cap equities are often overlooked, but beneath the headlines of consumer weakness and market volatility, there’s a more nuanced story. Portfolio manager Jeff Mo shares a bottom-up perspective on resilient—though bifurcated—consumer spending, margin surprises, and a capital expenditure boom that extends beyond AI. The discussion explores how company fundamentals, competitive advantages, and valuation opportunities are shaping portfolio decisions, with insights into sectors like defense and industrials. Jeff also addresses the impact of macro trends on stock selection, the evolving CapEx landscape, and why mid-cap valuations may offer compelling long-term potential.

Bitcoin has evolved from a digital experiment to a headline-grabbing asset, sparking debate about its role in portfolios and the future of money itself. Yet beneath the hype lies a complex reality: Bitcoin is volatile, difficult to value, and shaped by shifting regulatory and technological landscapes. This article offers a practical, risk-aware framework for evaluating Bitcoin, emphasizing the importance of skepticism, clear purpose, and prudent position sizing. Whether you choose to invest or abstain, the boring principles of diversification, humility, and risk management remain as relevant as ever.