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Independent, uncompromised analysis on macroeconomics, global equities, and fixed income. Designed for the serious investor.
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Top-down perspectives on monetary policy, inflation, and global liquidity trends.
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Bottom-up fundamental analysis of public companies, focusing on free cash flow and moats.
Fixed Income
Yield curve reading and credit cycle analysis to uncover mispriced risk.
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At Due Diligence Capital Notes, I believe that superior returns are generated through dissenting from the consensus when the consensus is wrong. My approach combines top-down macroeconomic analysis with bottom-up fundamental equities research, focusing heavily on cash flows and capital cycle theory.
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The latest deep-dives and market commentary.
Strategy Inc. Moves STRC Preferred Stock to Semi-Monthly Dividend Payments
Strategy Inc. amended its STRC Variable Rate Preferred Stock to pay dividends twice monthly rather than once, leaving the 11.50% annual rate unchanged. The shift, approved by shareholders and formalized via a Delaware certificate amendment effective June 30, 2026, improves cash-flow matching for institutional investors and may qualify for return-of-capital tax treatment. The change is a small but deliberate step in Strategy's effort to make its growing stack of Bitcoin-backed preferred offerings more accessible to mainstream fixed-income capital.
Why Shinhan Financial's Record Quarter and Capital Return Plan May Finally Close the Korea Discount
Shinhan Financial posted record Q1 2026 net income of KRW 1.622 trillion while trading at just 0.54x book value, a gap the group's new Value-Up+++ framework aims to narrow through floor commitments of 50% shareholder return ratios, 10% annual dividend growth, and active share buybacks. The re-rating thesis rests on diversified earnings and board-level capital discipline, though capital markets fee income volatility and real estate project finance loan quality remain the key risks to watch.
IREN Closes $3.6 Billion Project Finance Deal to Run GPU Services for Microsoft
IREN Limited, once known primarily as a Bitcoin miner, has closed a $3.6 billion deal arranged by Goldman Sachs and JPMorgan to deliver GPU computing services to Microsoft from its Childress, Texas data center. The financing flows through a single-purpose subsidiary whose fixed-rate notes and floating-rate term loan are repaid entirely from Microsoft contract revenues, leaving a tight 1.05x debt service coverage floor as the critical covenant to watch.