Macro / Misc.

Both the House and Senate are in session this week, with the House expected to pass the $72 billion Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE) reconciliation bill after weeks of…

The House and Senate are both in session this week, but the market-relevant question is less about what Congress does over the next couple of weeks and more about how much time Republicans waste before…

We wanted to give you and update on two bills in the California legislature, impacting META, GOOGL, SNAP, STUB, and LYV, that we have been following and which we expect to be considered on the…

We expect AB 1720, the California Fans First Act, which would prohibit a ticket reseller (STUB, LYV) from selling or facilitating the sale of a covered ticket for more than the original price plus 10%,…

With the Trump/Xi summit having concluded with little fanfare, though that was mostly expected, the House and Senate are in session for one final week before a week-long Memorial Day recess. The top item in…

Key Takeaways We expect Congress to pass a short-term extension of the highway bill, potentially before the Sept. 30, 2026, deadline, likely at current funding levels plus an inflation adjustment. Multiple short-term extensions could follow…

Below are the key takeaways from our conference call on this week’s Trump/Xi summit in Beijing. During the call, we touched on trade in general as well as the USMCA agreement. Our base case remains…

Below we provide an update on AB 1709, legislation in California that would ban kids under 16 years old from creating accounts on social media platforms (META, GOOGL, SNAP, TikTok) with addictive features. We continue…

With both the House and Senate back for the next two-week stretch before the Memorial Day recess, there is a lot happening in Washington that matters for investors, including: President Trump and President Xi’s two-day…

The remedies phase of State of New Mexico v. Meta Platforms (META), Inc.—a landmark public-nuisance bench trial—opens this morning in Santa Fe District Court before Judge Bryan Biedscheid, who also oversaw the earlier jury trial…