"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?"

"The most consequential question in the artificial intelligence capital expenditure cycle is no longer how much the largest technology companies are spending. That figure is now disclosed, debated, and capitalized into prices with a precision that would have been unimaginable two years ago. The more consequential question is where the obligations that finance the spending are recorded—and, increasingly, the answer is that a growing share of them are recorded nowhere on the face of the consolidated balance sheet."