"In January 2024, a finance employee in the Hong Kong office of Arup, the London-based engineering firm behind the Sydney Opera House, received an email that appeared to come from the company's United Kingdom-based chief financial officer. The message described a confidential transaction requiring his discreet assistance. He suspected phishing—exactly as his training had taught him to. So the attackers escalated. They invited him to a video conference, and on that call he saw and heard the chief financial officer, along with colleagues he recognized. Reassured by the faces and voices of people he knew, he executed fifteen wire transfers totaling HK$200 million, approximately $25 million, into five local bank accounts."

"On May 5, 2026, the Securities and Exchange Commission proposed the most consequential revision to the periodic reporting framework in fifty-six years: amendments that would permit every public company currently filing quarterly reports on Form 10-Q to elect, instead, a single semiannual report on a new Form 10-S.¹ A company making the election would file two reports each year—one Form 10-S covering the first half of the fiscal year and one Form 10-K covering the full year—in place of the three quarterly reports and one annual report that have anchored American public-company disclosure since 1970.² The comment period closes on July 6, 2026.²"

"The annuity is sold as the closest thing in American finance to a promise that cannot break. A retiree hands an insurer a lump sum, and the insurer agrees to pay a fixed amount for the rest of that person's life. The product exists precisely because its buyer wants to stop worrying about markets. What very few buyers, and a surprising number of professional allocators, ever ask is the only question that matters: what, exactly, stands behind the guarantee?"