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I fled communism. Are Gen Z drawn to it?



I recently came across a statistic that sent chills down my spine, having been born in a communist country. According to a recent Cato Institute Survey, four in ten (38%) 18-to-29-year-olds (and almost a third of 30-to-44-year-olds) are favorable towards communism. Communism’s appeal among Gen Z is twice as high as among 45-54 year olds, and three times as high as among those aged 55-64.

Momentarily I was transported back to the economic ruin, stripped supermarket shelves of grey, repressive 1980s communist Bulgaria, and the power outages and hyperinflation that followed in the 1990s in the post-communist Soviet bloc countries.

To me, communism means being forever stuck in mediocrity, silence, and a fawning existence marked by hollow propaganda heralding non-existent equality and demanding self-sacrifice “in the name of all”. It means a ruptured relationship with the engines of a happy life, like truth, trust, empowerment and success. It means being continuously lied to by those in power, being prohibited from expressing yourself freely and repressing any big dreams of standing out from the crowd that you might otherwise have had.

What is it then that so many young American adults like about communism, I wondered, fairly certain that it was not any of the facets I associate communist regimes with.

To get some answers I interviewed Fenley Scurlock (18), co-author of Down to Business and now a freshman at Brown University majoring in philosophy, and Atlanta-based Harper Bruner (17), a senior at Stanford Online High School focusing on history.

Despite communism’s collapse in 20th century Soviet bloc countries, the last decade has witnessed a surprising surge in interest in communism and socialism among the US public and journalists globally. Analysis by my consultancy AKAS reveals that Google searches for communism have reached an all-time high in the US, up 82% since 2006. Ahrefs analysis of 684 million English-language news pages published globally between 2016 and 2026 revealed that news mentions of socialism are now on a par with mentions of capitalism, while mentions of communism, although at a lower level, are at recent high.

In our conversation, Bruner observed that young adults are picking up on the heightened communism- and socialism-related rhetoric being “thrown around” by politicians and news commentators. Indeed, President Trump drastically escalated his warnings about communism this summer, mentioning the term 81 times in the two weeks surrounding 4th July. Calling his opponents “communists” seems to be one of Trump’s midterm election campaign tactics.

Bruner explained that young people are confused and turn to Google search and AI for clarification on the cacophony of terms – communism, socialism, utilitarianism, authoritarianism – that hold no historical resonance for them, being three generations removed from the past they signify.

Contrary to the political rhetoric’s intended effect, according to my interviewees most young people are not frightened by the threat of communism or socialism. They associate these terms with a different, often more promising, economic reality rather than with a political regime, let alone an authoritarian one (another term poorly understood among the young). As Bruner remarked, “We grew up without memories of the Soviet era. We view these terms more abstractly and associate words like communism with resources rather than with authoritarianism.”

Scurlock argued that the Republican red-baiting rhetoric has backfired, triggering instead a favorable attitude towards the ill-understood concepts of communism and socialism among young people. “Republicans are used to labelling measures like universal healthcare and universal basic income […] as ‘socialism’ or ‘communism’, which they use as scare words. But when you see something that looks good for people being labelled socialism, or communism, you think, ‘Well, those things seem good, maybe that means that socialism is good’.”

At the heart of communism and socialism’s disproportionate appeal among young people lies their increasingly curtailed economic prospects, which both Scurlock and Bruner talked about at length. With 53% of US 18-to-29s favorable towards socialism but only 45% favorable towards capitalism, Gen Z evidently feel let down by capitalism. And they are indeed wrestling with unprecedented economic precarity, as the rising age of first-time home buyers indicates (29 in 1981 vs. 40 in 2025).

“I think the problem is the lived economic frustrations associated with high costs of living, soaring house prices, student debt, low student wage. So, when you live under these difficult market conditions, the ideas and promises of universal equity or wealth redistribution naturally catch your attention,” rationalized Bruner. Having volunteered to support Hispanic immigrants she was keen to speak about the extreme economic inequality she had witnessed. “Some people don’t have access to a proper education, to a house or to technology… others don’t even have access to basic things like pens, pencils, diapers, period products and paper.”

Scurlock drew a detailed picture of failing capitalism, which so many from his generation fervently averse to. “In the last 40 years …we’ve seen large corporations become a sort of authoritarian entity in themselves. We see billionaires buying media companies and influencing their trajectory, the wealthy actively donating money to fund certain political candidates that they then can make demands of. We see monopolies, multinational corporations that are too big to fail. In other words, we see something that in one sense is not actually capitalism, something like a crony capitalism.” He further laid out the extraordinary economic unfairness his generation perceives: “You see companies outsourcing labor to China, to underpaid and often underage workers. You see a high level of corruption in government due to corporate interference. Young people look at our current system specifically in America and see that this system isn’t working.”

My conversations and research left me much less shocked at that statistic that had sent chills down my spine a few weeks prior. I see that many young people are searching for alternative systems to the one so many see as broken. Politicians must listen to them and provide an alternative that does not relegate Gen Z to the sidelines of prosperity and personal fulfilment but puts them at the centre instead. In Scurlock’s words, “We want more regulation, more individual ground-level say in the economy and less of one CEO at the top throwing $100 million to secure the election of a candidate who cuts their taxes.”

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

This story was originally featured on Fortune.com

Building Better Business Relationships in the Age of AI


Catch the Full Episode:

Overview

John Jantsch talks with returning guest Zvi Band about something most business owners already sense: AI can churn out a thousand warm-sounding messages before breakfast, but people can still tell when a message sounds like a machine instead of a human.

Social feeds are filling up with algorithm-picked content and AI-generated noise, which is part of why relationships feel more urgent right now. Band and Jantsch talk through where AI earns its keep, capturing details, surfacing who to reach out to, and where it falls flat: judgment, timing, the soft skills that make someone want to work with you.

This one’s for solo consultants and agency owners who know relationships drive their business but haven’t yet built a system for maintaining them. Band shares a rough decay rate for relationships, the mistake most people make once they get serious about their network, and 1 simple move you can make this week to get started.

Guest Bio

Zvi Band is the founder of Contactually, the personal CRM that helped thousands of professionals stay on top of their networks (before Compass acquired the company in 2019). He wrote Success Is in Your Sphere: Leverage the Power of Relationships to Achieve Your Business Goals, and he’s spent the years since building Relatable, an AI-powered personal CRM built around a different premise: people aren’t leads. Band joined the Duct Tape Marketing Podcast once before, years ago, and returns now to talk about what’s changed since.

Key Takeaways

  • AI-assisted note-taking can free up mental bandwidth, so you’re fully present in a conversation instead of mentally cataloging details to remember later.
  • Relationships have a rough 6-month decay window. After that, people fall out of mind, not from anyone’s fault, but from being flooded with too much noise.
  • Before adopting any relationship-building system or tool, get clear on why those relationships matter to you right now, since that “why” changes as your goals shift.
  • Treat relationship maintenance like gardening: a few contacts a day beats 1 marathon organizing session that burns you out and goes stale again by morning.
  • As AI takes over administrative tasks, soft skills, like noticing whether someone genuinely connects with you and asking the right follow-up questions, become the real differentiator.

Great Moments

  • [00:01] – Jantsch opens with the line that frames the whole episode: people can tell when a message came from a prompt instead of a person, no matter how well the AI is trained.
  • [02:43] – Band explains why relationships feel more urgent now: better-tuned algorithms are hiding people’s posts from each other, and AI content overload is pushing people to tune out entire channels.
  • [06:09] – Band draws the line between Contactually’s original mind-share, warm-leads framework and Relatable’s premise that people aren’t leads.
  • [12:45] – Band describes Relatable as a relationship OS built to answer 3 questions: who do I know, who should I talk to today, and what should I do to nurture that relationship?
  • [20:04] – Band walks through organizing a messy contact list: get everyone into 1 place, then work through a handful of contacts every day instead of a single weekend marathon.

Memorable Quotes

  • “The more burden AI can take off our plate, the more cognitive capacity we have to care.” — Zvi Band
  • “AI can take the transcript and capture the details, but it’s not going to pick up the little things, like whether someone smiles when they’re talking to you. Only a human notices that.” — Zvi Band
  • “When someone finally decides to take their network seriously, very few make the jump from treating it like a New Year’s resolution to treating it as something they strategically execute on a regular basis, with a real system behind it.” — Zvi Band
  • “My guidance for people is to start with a clear why. Why is building relationships worth my time, my money, and the hours I could be spending with my family or elsewhere in my business?” — Zvi Band
  • “The magic number I’ve seen for how long you can go without staying in touch is around 6 months. Once you go past that, it’s nobody’s fault, people are just inundated with so much messaging that you fall out of their mind.” — Zvi Band

Resources

AI relationships, personal CRM, relationship building, Small Business Marketing, Zvi Band

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What Will Today’s Fed Rate Hike Mean for Mortgage Rates?


The Federal Reserve is almost guaranteed to hike rates today.

Odds are currently around 93%, per CME FedWatch, meaning it’s basically a sure thing.

In the Fed’s history, they’ve never defied odds like that so a ¼-point hike should be delivered as expected.

The impact on mortgage rates is less certain, as it always is because the Fed only deals with short-term rates.

But it wouldn’t shock me to see some relief for mortgage rates today, though the longer-term picture will remain data-driven as always.

Will the Fed Hike Lower Mortgage Rates?

First off, let’s quickly dispel the myth that the Fed sets mortgage rates. They don’t. They only set their overnight lending rate between banks.

This means if the Fed hikes, mortgage rates don’t automatically go up.

Similarly, if they cut, mortgage rates don’t automatically go down.

The only DIRECT impact on home lending is HELOCs, which are tied to the prime rate and do go up or down depending on a rate or hike of the federal funds rate (which correlates 100% with the prime rate).

So if you have a HELOC, it will likely rise by 0.25% because of today’s FOMC decision.

The good news is 0.25% shouldn’t affect the payment too deeply, though it’s still another blow with everything seemingly more expensive every day.

Now let’s talk about how the Fed does impact mortgage rates. It does so via Fed rate expectations.

The mortgage rate market reacts to what it thinks the Fed might do over time.

So if MBS investors think we’re entering a tightening cycle, they might demand higher yields (interest rates) as time goes on.

However, this isn’t a perfect science and it typically takes place before the actual Fed decision, not on the day of.

Fed Moves Often Counter Mortgage Rate Moves

This explains why mortgage rates and Fed rate hikes/cuts can diverge and often do.

In fact, on the day of many of the most recent Fed rate decisions, mortgage rates went the other way.

I pointed this out when they were hiking back in 2022-2023.

During that tightening cycle, the Fed hiked 11 consecutive times. It was painful for the economy and for mortgage rates, which also increased from sub-3% to as high as 8%.

However, that had more to do with the end of QE (the MBS buying program) and inflation than it did the Fed raising its overnight rate.

Interestingly, on nine of those 11 days, mortgage rates actually fell. So the Fed hiked, and mortgage rates went down!

While that might seem bizarre, especially when so many wrongly believe the Fed sets consumer mortgage rates, it makes perfect sense.

Remember, the market front-runs Fed decisions because they’re so obvious and telegraphed.

So when the actual news gets delivered, it’s often just a relief valve going off.

Similarly, when the Fed cuts, the market has already made its move lower. Mortgage rates go down in anticipation, often weeks before, so there isn’t another move lower on cut day.

Instead, mortgage rates may actually move higher on a cut day!

The Underlying Economic Data Matters Most, As Usual

Ultimately, it’s the underlying economic data that matters most, as it always does.

The Fed just works off this data, whether it’s the monthly jobs report or the PCE report (inflation gauge).

They aren’t really coming up with their own decisions independent of this data.

They are making monetary policy decisions based upon this data.

This means if you want to know which direction mortgage rates will go, simply follow the data.

As a rule of thumb, if the economy/prices are cooling, mortgage rates tend to go down.

If the economy is heating up (prices rising), mortgage rates tend to go up.

It’s pretty much as simple as that.

Aside from the seemingly foregone conclusion of a 1/4-point rate hike today, there is also the press conference with Fed chair Kevin Warsh today.

What he says also has the power to move mortgage rates, though again, it will all depend on the underlying economic data. And he will say as much.

(photo: k)

Colin Robertson
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How to Invest Your First Salary | A Beginner's Guide on Mutual Funds, SIPs, Gold | Dr Anuj Pachhel



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Kickstart your financial journey with Dr. Anuj Pachhel as he unveils key strategies for investing your first salary. This beginner’s guide covers mutual funds, SIPs, and gold, helping you make informed decisions to build a strong financial foundation. Perfect for young professionals eager to grow their wealth.

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Shiba Inu’s Bull Market Price Potential May Surprise You


Most meme coins don’t stick around long. Shiba Inu (SHIB +1.62%) is one of the rare exceptions. It launched in 2020 and peaked in 2021, but it’s still a recognizable name with a market cap of about $3 billion, and its price has increased 21% over the last month (as of Sept. 18).

It’s a welcome turnaround for a cryptocurrency that has mostly trended down since early 2025. Here’s what has changed recently for Shiba Inu and what kind of price potential it has.

Image source: Getty Images.

Regulatory wins could be tailwinds for Shiba Inu

Shiba Inu received good news on the regulatory front in March when the Securities and Exchange Commission (SEC) classified it, along with 15 other major cryptocurrencies, as digital commodities. That classification means Shiba Inu doesn’t fall under the SEC’s strict securities rules. Exchanges can offer Shiba Inu trading, and institutions can own the meme coin, without the risk of a lawsuit for listing or holding an unregistered security.

This also opens the door to the possibility that crypto exchange-traded funds (ETFs) could hold Shiba Inu. Although there haven’t been any applications for spot Shiba Inu ETFs so far, T. Rowe Price has filed with the SEC for permission to launch an active crypto ETF that would hold cryptocurrencies that fit its definition of eligible assets. Shiba Inu makes the list, alongside  Bitcoin, Ethereum, and XRP, among others.

In November, Shiba Inu was also the first meme coin to be added to Japan’s regulatory Green List. That put it in the same category as Bitcoin and Ethereum, and it means that Japanese crypto exchanges that want to list Shiba Inu can do so without any delays.

This meme coin has less upside than you might think

Shiba Inu trades at around $0.000005, and while fans of this cryptocurrency sometimes speculate it could reach $0.01, that’s not happening. There are about 589 trillion SHIB tokens in circulation, and if it reaches $0.01, Shiba Inu would have a market cap of $5.89 trillion. That’s more than double the value of the entire crypto market.

The regulatory wins and inclusion in T. Rowe Price’s proposed crypto ETF are both beneficial for Shiba Inu, but they haven’t moved the needle noticeably when the token is viewed through a wider lens. It’s still down 94% from the all-time high it set in 2021, and down by 60% over the past 12 months. Even though Shiba Inu has met certain regulatory standards, I question the level of institutional adoption there will be for a meme coin with a cartoon dog as its mascot.

Shiba Inu has occasionally gone on short upward runs, though their peaks have been lower since the big one in 2021. It reached $0.000045 in 2024, which is about nine times higher than its current price. It’s certainly in the realm of possibility that Shiba Inu could build up some hype again and manage to double, triple, or more. However, that’s entirely up to chance, and the likelihood of it happening is slim. I’d stay far away from Shiba Inu and stick to crypto investments with better odds of success.

Lyle Daly has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, T. Rowe Price Group, and XRP. The Motley Fool has a disclosure policy.

What Fed Rate Hikes Could Mean For Real Estate Investors to End the Year


As Al Pacino famously said in The Godfather III, “Just when I thought I was out, they pull me back in!”

Just when you thought you’d seen the end of high interest rates and that the Federal Reserve’s hand-picked new chair, Kevin Warsh, had a clear mandate to lower them, news of the Fed’s quarter-percentage-point rate hike has all of us investors shuttling back to 2022 in a nightmarish fever dream of negative cash flow. Will it never end?

A quick recap: Amid rising inflation sparked principally by the Iran war, the Federal Reserve raised interest rates for the first time in three years after its September meeting. For many investors, that will only add insult to injury because, at the time of writing, mortgage rates have already moved above 7%, so another rate hike will only add fuel to the fire.

However, for small investors looking to grow their portfolio, the obvious silver lining is that higher interest rates could lead to falling prices. For those with capital, the chance to nab a deal amid low competition and high rental demand is a golden opportunity.

Before we get ahead of ourselves, remember that the Fed does not directly set mortgage rates, which are more closely tied to long-term bond yields, inflation expectations, and demand for mortgage-backed securities. This helps explain why interest rates have been rising even though the Fed has not raised them until now. 

However, the Fed’s actions affect interest rates indirectly, and investors should keep in mind that mortgage rates will not necessarily rise or fall by the same amount as the federal funds rate, which is what the Fed’s rate changes directly correlate to.

A Sequel Many Times Over

We’ve all seen this movie before, only with different actors. First were Jerome Powell and Joe Biden, then Powell and Trump, and now Warsh and Trump. Despite the changing actors, the script is largely the same, and the outcome—the difficulty in getting leveraged rentals to cash flow or buyers to qualify for flips—remains.

“For buyers, a slower market can actually create opportunity,” mortgage executive Benjamin Cohen told Realtor.com. “There is more time to make a decision, more negotiating power, and potentially more flexibility from sellers.”

Not Every Housing Market is Slowing at the Same Pace

In addition, the housing market is not monolithic. According to Realtor.com, the Midwest offers fertile hunting ground for deals, with August pending sales down 4.3% from a year earlier. Pending sales were down 3.3% in the West. However, the same number is up 1.8% in the South, and the Northeast is up 1.1%, so deal-getting is very much a state-by-state scenario.

Prices also swing widely, with price reductions in the Northeast affecting 14.15% of listings, compared to over 20% in the West and South. So, in addition to the Fed’s move, investors will need to calculate potential cash flow based on negotiating power, along with all the usual metrics such as insurance, taxes, and rents.

That said, a Fed rate hike will have a major effect on all U.S. housing markets, as many retail owner-occupants will be eliminated from the discussion.

“Historically, rates are not that high, but we are also at the highest prices ever seen in many markets, so having rates this high on top of record high prices, we noticed that just going from a 6.75% rate to a 7% rate, it takes out a swath of buyers,” said Beau Keenan, broker-owner of Dickson RealtyKeenan, in a recent HousingWire report on market sentiment.

Cash Rules Everything Around Me

The Wu-Tang Clan’s hip-hop classic, “C.R.E.A.M. (Cash Rules Everything Around Me),” has proven more prophetic than even the rap legends could have imagined. For cash-ready buyers, rate hikes and falling prices are where fortunes are made. The extended homebuying malaise has opened pockets of real opportunity, with many motivated investors keen to take advantage.

“A lot of our buyers are coming in with equity from a home they just sold, or they’re paying cash outright, so a hike isn’t going to keep them away,” said Anna-Marie Ellison, vice president of sales at John R. Wood Properties Christie’s International Real Estate, to HousingWire, emphasizing how cash reserves and equity insulate top investors from rate movements.

There are several ways to access the cash you need to buy, even if you don’t have it sitting in your bank account:

  1. Sell assets (stock shares or other nonperforming real estate).
  2. Partner with a cash investor.
  3. Borrow from a family member at a low rate and refinance when feasible.
  4. Look for small multifamilies that you can house hack with an FHA loan.
  5. Look for seller financing opportunities or assumable mortgages.

Rental Demand Remains Strong, Urging an Investor Response

The increase in interest rates is a double-edged sword for investors. On one hand, conventional leverage investing, including BRRRRs, will be made more difficult. On the other, it keeps homebuyers out of the market, heightening rental demand and making purchases more likely to be absorbed quickly at maximum rents. 

This is reflected in recent data from the Federal Reserve Bank of New York, which shows consumer inflation expectations and rent growth remaining firm, reflecting the continued housing demand across urban and suburban markets.

Use Long-Term Cash-Flowing Rentals to Upgrade

For landlords who own long-term rentals and are locked in at low interest rates, as tempting as it is, now might not be the time to try creative borrowing strategies to buy more deals. Instead, using the cash flow from your existing rentals to make upgrades might be the safest and ultimately most profitable way forward. Stabilizing buildings with long-term, reliable tenants is far less risky and stressful than jumping into a turbulent real estate market, despite the temptation to do so.

Final Thoughts

For owners with multiple property portfolios who have been keen to keep stacking doors, now might be the time to take your foot off the gas and evaluate what you already have, what is working, and what’s not. If you were hoping to refinance high-rate loans by now but haven’t been able to, using cash flow to pay down balances, or—if you are unable to maintain some assets at a loss—selling and taking a haircut to preserve a smaller but healthier portfolio and lessen the day-to-day stress could be a good strategic move.

You can always live to fight another day, but life is short, and in the rush to get rich, it’s worth remembering to enjoy the journey, not just fixate on the destination.

agrees to leave Greenland with Denmark and boost US military presence



President Donald Trump announced Friday he has a deal with Denmark to bolster the U.S. military presence in Greenlandafter months of threatening to take the island by force from the NATO ally — an agreement that also keeps the Arctic territory in Denmark’s hands.

Trump in a social media post announcing the deal said the agreement “gives the United States permanent control over security, and all other needs, in Greenland, completely addressing ALL of our many U.S. concerns.”

He added that with the agreement his administration would “immediately” begin the process of developing a larger military presence on the mineral-rich Danish territory.

The office of Denmark’s prime minister, Mette Frederiksen, said the deal will be signed by all three governments next week during the United Nations General Assembly, but parliamentary action is still needed by the Danish and Greenland governments before it can be enforced.

In a statement she said “the agreement recognizes the sovereignty and territorial integrity” of Greenland and Denmark and upholds both people’s right “to self-determination.”

Greenland Prime Minister Jens-Frederik Nielsen said the emerging deal benefits all three governments and “recognizes Greenland’s interests and our place in the international cooperation.”

Allies pushed back on Trump’s call for the US to acquire Greenland

With his return to the White House last year, Trump called on Denmark to sell the island to the United States, while insisting Greenland is crucial for U.S. security. He pointedly wouldn’t rule out taking the island by military force, even though Denmark is a NATO ally of the U.S.

Denmark and Greenland repeatedly said the island is not for sale and condemned reports of the U.S. gathering intelligence there. The U.S. push for Greenland was also fiercely opposed by Russia and much of Europe.

But Trump with the announcement Friday suggested an understanding may have been reached that could bring an end to what was viewed as an existential crisis by Denmark.

“We look forward to working with the wonderful people of Denmark and Greenland toward a magnificent future with respect to this large, and highly strategic, parcel of land,” Trump said in his post. “We will be very protective of it!”

Trump had claimed the U.S. needs Greenland to deter threats from Russia and China, and has repeatedly made false claims of Chinese and Russian military forces lurking off the island’s coastline.

The agreement bans any non-NATO base in Greenland, limits adversaries from being able to make investments in Greenland and guarantees that China and Russia cannot have a base in Greenland, according to a State Department official who was not authorized to comment publicly and spoke on the condition of anonymity.

Secretary of State Marco Rubio cheered the statement as a “historic deal” and “huge win” for the United States.

“Greenland will forever be part of the strategic defense area of North America and exclude any adversary from it and the surrounding area,” Rubio said. “This deal permanently and completely addresses our national security concerns in Greenland.”

The island is crucial to North America’s defense

But the U.S. has long had a military presence in Greenland, holding several bases and installations through the Cold War before dialing back its presence.

The U.S. still operates the remote Pituffik Space Base in northwestern Greenland, which was built after the U.S. and Denmark signed the Defense of Greenland Treaty in 1951. It supports missile warning, missile defense and space surveillance operations for the U.S. and NATO.

Greenland sits off the northeastern coast of Canada, with more than two-thirds of its territory lying within the Arctic Circle. That has made it crucial to the defense of North America since World War II, when the U.S. occupied Greenland to ensure it didn’t fall into the hands of Nazi Germany and to protect vital North Atlantic shipping lanes.

Despite Trump’s repeated aggressive comments toward Denmark about Greenland, Danish officials had repeatedly made clear that they stood ready to work with the U.S. to expand the American military presence and strengthen U.S. commercial interests in Greenland.

Still, Trump’s repeated demands for Greenland and threats to take it by force rattled the NATO alliance and discomfited European allies, said Imran Bayoumi, an associate director at the Atlantic Council’s Scowcroft Center for Strategy and Security.

“I think Americans really underestimate how damaging it was for the image of the United States in Europe,” he said. “I think Greenlanders, Danes, Europeans saw this as a real attack on their sovereignty, and it’s going to take a lot of work to repair.”

Portage Finalizes $600M Fintech Venture Fund As Platform Hits $7 Billion


Portage, the fintech-focused investment platform within Sagard, has completed fundraising for its fourth venture vehicle, Portage Ventures IV, at roughly $600 million. The close, announced on September 16, 2026, arrives as the firm marks a decade of backing companies that are changing how financial services operate.

Combined with earlier strategies, the new capital lifts Portage’s assets under management to about $7 billion.

The firm began in 2016 as a specialist venture investor. Over the following years it broadened into growth equity and secondaries while remaining tightly focused on financial technology.

It now works with more than 140 companies across North America, and additional markets, and maintains offices in Canada, the United States, Europe, and the Middle East.

Parent platform Sagard oversees approximately $47 billion across several alternative strategies.

Portage Ventures IV will support founders from seed through Series C in wealth and asset management, banking, insurance, payments, and related segments.

The firm’s stated approach pairs capital with industry relationships, commercial introductions, and hands-on help in go-to-market, technology, partnerships, and transactions.

New strategic limited partners include Broadridge and Fifth Third Bank, a sign that established financial institutions see value in Portage’s specialized model.

Debevoise & Plimpton advised on the raise.

Co-founder and CEO Adam Felesky said the original thesis has only grown stronger.

Financial services, he argued, are still in the middle of a deep technology shift.

Wealth management in particular is encountering the kind of structural change banking experienced a decade earlier. Artificial intelligence is moving quickly into core institutional workflows, and legacy firms that once proceeded slowly are now spending more aggressively on modernization.

The companies Portage backs, he added, are building the infrastructure that makes that upgrade possible.

Stephanie Choo, general partner and co-head of Portage Ventures, framed the fund as a continuation of a decade-long effort to give fintech founders more than generic venture support.

In her view, the sector has its own dynamics, and founders benefit from an investor that already understands the landscape and can open doors across the industry.

Portage Ventures IV, she said, is meant to extend that partnership to the next wave of category-defining businesses.

The raise also sits against a wider Canadian backdrop of efforts to mobilize more private capital.

Portage itself has become more international over time; only a small share of recent venture investments from its later funds have been in Canadian companies, even as the platform still holds notable domestic names from earlier vintages.

The new pool of capital is intended to keep the firm active wherever it sees founders addressing institutional modernization, digitization of core financial products, and the practical application of AI inside banks, insurers, asset managers, and payment businesses.

For portfolio companies, Portage emphasizes a dedicated value-creation group rather than capital alone.

The platform’s pitch is that specialized knowledge plus a network of institutions, advisors, and commercial partners can shorten the path from product to scale.

It now remains to be seen whether that advantage holds through the next cycle. It will depend on execution and on how quickly incumbents continue to adopt outside technology.

The close of Portage Ventures IV is therefore both a routine fundraising milestone and a statement that a dedicated fintech platform still sees a large, unfinished opportunity in the rebuild of financial services.



Canada’s long-term bond auction draws highest yield since 2007




Canada auctioned long-term bonds at the highest yield in 19 years, as upside inflation risks create higher borrowing costs for governments around the world.