We know what’s coming and we are prepared.
🇨🇭🏦 Is this the beginning of a repeat of Lehman Bros 2008?
UBS just halted withdrawals of a $469 million real estate fund and told investors they can't have their money back for up to 3 years.
Why does this matter? Back in June of 2007, Bear Stearns did the same thing at two of their hedge funds. One year later, Lehman Brothers collapsed and the global financial crisis happened.
UBS looked at their real estate portfolio, realized the buildings are not worth what they paid for them and they cannot sell them without admitting HUGE losses.
Commercial real estate office vacancies are at record highs. Buildings are worth a fraction of what they were. Everyone has been trying to avoid marking their portfolios down to actual current value. But they cannot ignore it any longer.
🔗 FX Hedge
America’s bees and beekeepers are losing a valuable ally just when they need its help most.
The U.S. Department of Agriculture plans to soon close the Beltsville Agricultural Research Center, a 6,500-acre agricultural research station in Maryland that is home to the nation’s premier bee research and disease diagnosis hub, the Beltsville Bee Research Lab.
The closure comes at a critical moment for bees. In winter 2025, many beekeepers lost over half their operations as pesticide-resistant varroa mites spread, bringing deadly viruses. The losses have led to low honey production, and soaring fuel costs have made shipping bees cross-country for agricultural pollination increasingly expensive, further stressing the industry.
