Kamal Shah

Markets pulled back briefly last week—for the first time in a month, all three indices ended in the red. But as I shared Monday on #FoxBusiness with Charles Payne, the dip was short-lived. We’ve seen this pattern before. Market reactions to geopolitical tensions tend to be brief—unless they begin to affect corporate earnings. So far, investors seem to believe this will remain a contained event. #StockMarket #Investing #MarketInsights #Geopolitics

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As I shared on #FoxBusiness this week with Charles Payne, the S&P is trading at 22–23x earnings—historically high. But with a heavier growth tilt and sharp rebound momentum after April’s 15% drawdown, investors are still putting capital to work. Even the laggards are starting to catch up—just look at the Russell 2000. #Investing #StockMarket #MarketInsights

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A historical analysis of the Effective Federal Funds Rate (FFR) and the 10-Year Treasury Yield reveals a consistent and dramatic pattern: the Federal Reserve enacts rapid and significant cuts to the FFR at the onset of economic recessions. Currently, too many market participants are wrongfully hoping for cuts, but cuts (especially large ones) are a harbinger of harsh economic realities. Read more at https://lnkd.in/gdFA9yg5

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Connecticut Retirement Funds allocate to emerging PE managers via GCM: "CRPTF-GCM Emerging Manager Partnership L.P. 2026 –1 PE Series (“GCM II” or the “2026 Series”) GCM II will be structured as the second series of an existing customized fund of one to provide Connecticut with exposure to emerging private equity managers, including those with diverse teams as well as diverse and emerging private equity managers 2026 Series will have a three-year investment period with capital commitments allocated across Entry Stage (“Tier I”) and Transition Stage (“TierII”)private equity managers GCM II will focus on primary fund investments and co-investments in North America Investments will be made across strategies, primarily buyouts, growth equity, and co-investments" Source: Board materials from Nov 2025

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Blue Owl selling $1.4B in loans should be top of mind for every investor in private credit. Especially because they’re restructuring retail redemptions. Maybe it’s the “canary in the coal mine” that everyone has been waiting for. But at a minimum it’s a reminder: private markets aren’t immune to pressure. They just process it differently. For the last 5 years private credit has been pitched as a steady 9-10% yield, with low correlation - a “perfect” traditiona fixed income alt. But as liquidity tightens and valuation gaps widen, even top-tier managers feel it. If you own private credit, don’t wait for the gate to close to check the locks.

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LPL Financial CEO Rich Steinmeier claims his company will retain 90% of Commonwealth Financial Network’s advisor roster after finalizing its $2.7B purchase: https://lnkd.in/efUyymzh #wealthmanagement #lpl #commonwealth #recruiting

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Ask Me Anything Why do the Big 4 multi-strats keep creating new spin-offs? 1.) To get more corporate access as they scale is my take. And Bradley Saacks from Business Insider had the same view after reviewing an internal Point72 memo discussing the Valist equity unit creation earlier in the week. Good stuff. 2.) They are mimicing Citadel’s multi-equity unit strategy to maximize corporate access. Citadel currently has 3 primarily domestic U.S. equity units: Global Equities, Surveyor Capital, and Ashler. Each has multiple pods per sector and a different leader that selects the managers, the strategies (equity or equity linked of course), architects the teams, and coaches the risk takers. In the past, there was [un] Ravelin in SF and Aptigon [e] in NY. Two of the unit heads, Phil Lee, my former colleague, and Matt Simon are long time Citadel managers who climbed the ranks. And GE is run by a Point72 recruit. 3.) The advantage to having 3 equity market neutral brands is mostly the ability to get more corporate access, instead of a meeting for all of Citadel’s say 9 Industrial teams, each equity brand pays the street independently (a lot) and gets a meeting at the conference and a post earnings call back. With corporate access being the scarce resource in fundamental equity investing, this is a smart move. But, it’s being cloned. 4.) BAM now has 3 equity units too, with Corbets and now longava. Longava is being run by a former Point72 Healthcare PM, Peter Goodwin, who has a reputation for being contrarian and being willing to endure draws if he believes in the process and the work behind it. 5.) MLP, the largest of the group, and the most decentralized, allows teams to have their own brands and invests more commonly in SMA’s of third party managers. The issue is that MLP still pays the street as one unit (except for SMA’s) so they get one meeting and it’s often crammed with a dozen teams. 6.) When I was at MLP, I tried to have my own brand, Katahdin Capital, a Millennium Platform Company. But, since we paid the street through MLP (got the benefit of economics of scale for sure), we were viewed as Millennium and had to share large conference meetings. 7.) My team and I still did our own annual visits to management’s offices/field trips and our own IR calls based on our pre-existing relationships. It was a higher quality meeting, relaxed on their turf, a 1 hour 1x1, not a 30 minute 4x1. And no $2k per seat embedded access fee. 8.) I recently talked to an Analyst about going to a Big 4 unit to run a carve who was worried that his corporate access would actually be harder in a large shop because he would now have to share his pre-arranged quarterly catch-up call with all the pods whereas for the last 5 years he had his own IR calls based on his own relationship. I guess being too big can backfire when it comes to having high quality corporate access. Happy Hunting. #PTPM #PitchThePM #Doingtheworkiatheshortcut

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Is your private credit allocation actually diversified—or just labeled that way? Many institutional portfolios hold multiple funds that cluster in the same deal types, borrower profiles, and vintage years. True diversification in private credit means intentional exposure across lending styles, sectors, and risk profiles. It's harder to build, but it's where alpha lives when cycles turn.

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In a recent RULEMATCH Spot On episode, Germán Soto Sanchez, Broadridge's Chief Product and Strategy Officer, discusses how crypto, DLT, and tokenized assets are reshaping the plumbing of financial markets. The conversation explores where traditional systems are (and aren’t) ready for digital assets, and why settlement, custody, and liquidity remain critical focus areas. Germán also shares how Broadridge’s neutral infrastructure approach supports institutional adoption, including real-world applications of DLT in the repo market and the path toward scalable, trusted tokenized markets. Watch the episode here: http://spklr.io/6043EHdHS #DigitalAssets #DLT #Tokenization #CapitalMarkets

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The Senate Banking Committee pulling the CLARITY draft from review exposed something simple: Coinbase now carries real weight inside the U.S. legislative process. Brian Armstrong’s objections centered on execution. Limits on tokenized equity, expanded DeFi surveillance, shifts in CFTC authority, and changes to stablecoin mechanics all touch how crypto platforms operate, retain liquidity, and monetize at scale. One proposed amendment stands out. Removing stablecoin reward mechanisms while giving banks room to restrict competing products directly reshapes exchange economics. Stablecoin yield supports retained balances, funding efficiency, and operating margins. Adjust that lever, and platform economics change fast. Seen through that lens, Coinbase’s response is predictable. This is about protecting distribution, liquidity control, and revenue inside a tightening regulatory framework. CLARITY slowing down signals a deeper negotiation over who controls liquidity once crypto becomes embedded in regulated finance. #btc #bitcoin #blockchain #crypto #web3 #M55Capital #regulation #defi

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I had the pleasure of attending the NACD New England Chapter event on September 17 in Boston, “Leading Minds of Governance & Tech” for Board members. A big thank you to Ellen Richstone and the organizers for putting together such an insightful event. The CEO panel featured incredible perspectives from CEOs like Tamara Lundgren from Radius Recycling, Sean Keohane from Cabot Corporation, Greg Smith from Teradyne, and Gary Cohen from iRobot. The discussions were rich and thought-provoking. Corporations must be nimble and think long term but be prepared to react promptly in a high frequency environment. Routine jobs are at risk. People are excited about Ai to replace someone else’s job.  Discussion of "New Collar jobs". As manufacturing jobs try to make a comeback in the US, many of them are going to be New Collar Jobs instead of the traditional blue-collar jobs. US companies will have to be competitive with their cost structure, so the New Collar Jobs will be created in reimagined manufacturing settings.  New-collar jobs will require advanced technical and soft skills for emerging tech fields like AI, cloud computing, and data science, but do not always necessitate a four-year degree. These roles combine the hands-on approach of blue-collar work with the higher earning potential and stability of white-collar jobs, emphasizing practical training, apprenticeships, certifications, and continuous upskilling rather than traditional degrees. The concept of new collar jobs, mentioned by the panel, was coined by former IBM CEO Ginni Rometty, based on the rise of new technologies like AI, cloud computing, and data science, which create jobs demanding different skill sets.  There was another great panel discussion moderated by Ellen Richstone on the Governance Expert Panel consisting of Robyn Bew  Richard J. Bannister, Jr. Elyssa (Emsellem) Kutner and Matt Talcoff  Key takeaways from the panel – is your company ready for new international trade; Boards need to be agile to manage the human capital and technology tradeoff. Boards should be prepared to consider more scenarios (short and longer term) to manage their risks. Many institutional investors are getting quiet about what they expect from companies especially in the context of ESG. The 2026 proxy season will be quite different  Also a great discussion between Rich Lesser from Boston Consulting Group (BCG) and Richard Fields from Russell Reynolds Associates. Boards should be factoring Ai, geopolitics and resilience in their discussions.  The world is evolving from “Just in Time” to “Just in Case” Four steps for resilience: prepare, absorb, adapt and reimagine.  Deborah Rosenthal Larissa Ravetto Jim Dodge Sharon Rossi Bryan McCorry Ozge Kurtoglu  #Governance #TechLeadership #NewCollarJobs #AI #BoardMembers #CorporateAgility #ESG #Resilience #ContinuousLearning https://lnkd.in/eQhYT6vd

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