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Warum Investieren?

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0:28 Warum investieren?
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Private Credit Funds & the Retail Shift


Private credit is expanding beyond institutional investors into wealth-management and broader retail channels. This report examines how that shift can amplify liquidity, valuation, leverage, governance, and investor-protection risks — and outlines policy responses to support more resilient growth.

5 things to know about Round Hill’s Suno and Anthropic lawsuits: model weights, extraction tools, and a $75M number


Round Hill Music filed two copyright complaints last week, one against Suno and data-scraping firm Bright Data, the other against Anthropic. Both are in the US District Court for the Northern District of California.

MBW reported the headline terms: statutory damages of up to USD $150,000 per work, a total Round Hill says would run to hundreds of millions and could approach or exceed $1 billion in each case, and a stated intention to take both to trial.

The Suno filing runs to 24 pages, the Anthropic one to 26. Here is what else is in them.

1. The remedy sought includes impoundment of model weights

Both prayers ask the court to order the defendants to deliver every unauthorized copy of Round Hill‘s works for impoundment or destruction, citing 17 U.S.C. § 503.

The filings define that to cover “copies retained in training datasets, internal repositories, model weights, and server infrastructure,” wording that reaches the trained models, not just the source files behind them.

Each Round Hill complaint also asks for a complete accounting of training data, scraping activity, and datasets involving the works.

The DMCA counts stack on top of the per-work figure: under § 1203, up to $2,500 for each act of circumvention and up to $25,000 for each removal of copyright management information.

For comparison, Anthropic‘s $1.5 billion settlement with book authors in September 2025 committed it to destroying the original files it torrented from Library Genesis and Pirate Library Mirror, and copies originating from them – but not the models themselves. Anthropic certified that no commercially released model had been trained on those datasets.


2. Anthropic’s own court record is the template: Suno is being measured against it

Both Round Hill complaints rest on Bartz v. Anthropic, the authors’ case in the same district.

Each quotes Judge William Alsup‘s June 2025 ruling: “There is no carveout, however, from the Copyright Act for AI companies.”

The Suno filing applies that holding to a company that was not a party to it, alleging “Suno has engaged in the exact same conduct” in retaining unlicensed copies indefinitely.

The Anthropic complaint sources its piracy account to the same case, citing torrenting from Library Genesis and Pirate Library Mirror (PiLiMi), and quotes what it says was a co-founder’s message to colleagues once PiLiMi could be torrented: “[J]ust in time!”

It further alleges that Concord II, the publishers’ second suit filed on January 28, 2026, revealed that Anthropic “had concealed its torrenting during discovery in Concord I,” a claim the publishers first raised in August 2025.

3. Round Hill quotes Anthropic’s own published dataset back at it

Anthropic released a human-feedback training dataset, hh-rlhf, on Hugging Face in 2022.

Round Hill alleges the dataset shows Claude returning copyrighted lyrics during testing, including a response to a Disney songs prompt that quoted from Let It Go.

In a second example, the complaint says, a user asked Claude to build a short story from the lyrics to Eleanor Rigby, and the model did so – while the response logged as rejected instead pointed the user to an article on writing from song lyrics.

Anthropic deliberately trained Claude to commit copyright infringement,” the complaint says of that exchange.

Neither song is a Round Hill work. Both are cited to argue Claude reproduces copyrighted lyrics generally.

In its section arguing fair use does not apply, the filing reproduces an exchange on X over Moonshot AI‘s alleged distillation of Anthropic‘s Fable model.

Michael Kratsios, director of the White House Office of Science and Technology Policy, wrote that “large-scale, covert industrial distillation aimed at stealing proprietary U.S. technology and undermining American research is unacceptable.”

Sarah Heck, Anthropic‘s head of public policy, replied: “Illicit, adversarial distillation is IP theft and industrial espionage that supports adversary military and intelligence capabilities.”


4. The DMCA case turns on which extraction tool was chosen

The Anthropic complaint alleges the company tested at least three text-extraction programs before ingesting data: Readability, Newspaper and jusText.

It claims jusText was ruled out because it left copyright notices and ownership details intact, which the filing says Anthropic treated as “boilerplate” and “useless junk.”

Newspaper was selected instead, according to Round Hill, for its ability to strip that information.

Round Hill makes the same argument about page layout, saying Bright Data‘s Scraping Browser renders pages without headers and footers, where copyright management information typically sits: “Making the deliberate choice to exclude headers and footers is identical to making the deliberate choice to remove CMI.”

Both Round Hill complaints cite Stevens v. CoreLogic for the double scienter standard: removal must be intentional, and the defendant must have known, or had reasonable grounds to know, it would induce, enable, facilitate or conceal infringement.

They also cite an October 2025 Concord ruling holding similar allegations sufficient at the pleading stage.

5. Bright Data has its own number attached: $75 million

The $1 billion figure in both complaints is a projection, contingent on Round Hill amending its exhibits to cover thousands more works.

The contributory infringement count against Bright Data carries the only fixed arithmetic in either filing: 500 works at $150,000 each, for $75,000,000.

Round Hill also turns Bright Data‘s own litigation record against it, citing X Corp. v. Bright Data, in which the same court rejected its jurisdictional challenge.

The complaint puts Bright Data past $300 million in 2025 revenue, growing 50% year-over-year, citing a report by Asymmetrix that calls the figure annualized recurring revenue.

The filing alleges the services Bright Data provided to Suno “are only good for copyright infringement.”

It also draws on the hacked Suno source code reported by 404 Media on July 15, including a dataset logged as youtube_music holding over two million music clips and 113,879 hours of audio – roughly thirteen years.


What else is in the filings

The Suno complaint quotes co-founder and CEO Mikey Shulman, citing a video produced with Oracle, as saying: “Our models are taught to just continue a piece of music.”

Round Hill sets that against Suno‘s marketing of itself as generating songs from whole cloth.

The same filing alleges Suno‘s guardrails are porous, claiming a prompt naming Reba McEntire is blocked while a misspelling of her name is not.

Both complaints name ElevenLabs, Musical AI, Symphonic, Soundverse, GEMA through PLAI, GCX/Rightsify , and Troveo as evidence of a functioning licensing market they say the defendants bypassed.

But PLAI launched on July 23, under a month before these filings, and GEMA says it is built for tools that help creators make music, with generative AI licensing the separate subject of its own Suno case, which GEMA won at first instance on July 31.

The Anthropic filing treats each model release as a fresh act of copying, naming Fable 5 and Mythos 5 (both June 9, 2026), Sonnet 5 (June 30, 2026) and Opus 5 (July 24, 2026).

Exhibit A in each case lists 500 musical compositions, not sound recordings, though Round Hill asserts rights in 16,873 recordings and calls the exhibit a bellwether it will amend to cover both.

MBW has contacted Suno, Anthropic and Bright Data for comment. None of the allegations has been tested in court.Music Business Worldwide

Billionaire Stanley Druckenmiller Continues to Load Up on Revolution Medicines. Does He Know Something Wall Street Doesn’t?


Imagine running a fund for 30 years, including during the aftermath of the dot-com bubble bursting and the financial crisis of 2008, without a single losing year. If you’re Stanley Druckenmiller, no imagination is required. He achieved this feat for Duquesne Capital Management between 1981 and 2010, delivering an average annual return of roughly 30%.

Druckenmiller no longer runs Duquesne Capital Management after deciding to close shop in 2010. However, he does manage the Duquesne Family Office, a private investment firm that handles his and his family’s money.

With such an impressive track record, many investors understandably pay attention to which stocks Druckenmiller likes. And the billionaire continues to load up on Revolution Medicines (RVMD +1.01%), a biotech stock for which analysts have only modest near-term growth expectations. Does Druckenmiller know something that Wall Street doesn’t?

Stanley Druckenmiller. Image source: Getty Images.

The billionaire vs. Wall Street

Don’t get me wrong: Wall Street likes Revolution Medicines. Of the 22 analysts surveyed by S&P Global (SPGI +0.96%) in August, 21 rated the stock as a “buy” or “strong buy.” The lone outlier recommended holding it.

However, Revolution Medicines’ share price has skyrocketed over the last 12 months. Analysts don’t seem to think that this impressive momentum can continue. The consensus 12-month price target reflects only around 7% upside.

Revolution Medicines Stock Quote

Today’s Change

(1.01%) $2.12

Current Price

$211.58

But Druckenmiller increased his family office’s stake in Revolution Medicines by 26.5% in the second quarter of 2026. He initiated a position in the biotech innovator the previous quarter.

What does the super-successful investor like about Revolution? There’s a simple answer to the question: the company’s pipeline.

Revolution Medicines awaits U.S. Food and Drug Administration (FDA) approval of daraxonrasib for previously treated metastatic pancreatic cancer. The company filed for FDA approval of the drug earlier this year after reporting positive results from a Phase 3 clinical trial. Revolution has also filed for European approval of daraxonrasib.

Analysts’ peak annual sales projections for the drug range from $5 billion to $7.6 billion, assuming it’s approved to treat pancreatic cancer. Revolution Medicines is evaluating daraxonrasib in a late-stage study to treat non-small cell lung cancer (NSCLC).

The company’s pipeline also features other promising candidates. Revolution is evaluating zoldonrasib in late-stage trials for treating both pancreatic cancer and NSCLC. It’s planning to advance elironrasib into a Phase 3 study targeting first-line NSCLC later this year. And Revolution has reported encouraging results from a Phase 1/2 study of RMC-5127 for the treatment of solid tumors.

Does Druckenmiller know a secret?

It’s doubtful that Druckenmiller knows anything about Revolution Medicines that Wall Street analysts don’t know. What he does have that they don’t, though, is a long-term perspective. He is focused on the future rather than the present and the past.

With a market cap hovering around $45 billion and no approved products yet, buying Revolution Medicines stock isn’t for the faint of heart. But Druckenmiller likes to swing for the fence. If daraxonrasib wins approval, his strategy could pay off handsomely.

Staples Selling No-Fee $200 Virtual Visa Gift Cards


Staples No-Fee $200 Virtual Visa Gift Cards

Staples is currently selling $200 virtual Visa gift cards with no purchase fee. The regular $7.95 fee is waived, and customers can purchase up to four cards online.

That means you can buy as much as $800 in virtual Visa gift cards without paying activation fees. With a card that earn 5X points it gets much better. This promotion may not last long, so check the offer page before placing your order.

Offer Details

  • Purchase a $200 Visa Virtual eGift Card
  • Regular $7.95 purchase fee is waived
  • Limit of 4 gift cards.
  • Delivered via email
  • Valid for online purchases only
  • PROMOTION LINK

Consider paying with a card that earns bonus rewards at office-supply stores. The Chase Ink Business Cash® Credit Card, for example, earns 5X Ultimate Rewards points on eligible office-supply purchases, subject to its annual spending limit.

Important Terms

  • Email delivery within 24 hours.
  • Gift cards are often requested in scams so never give gift card information to someone you don’t know. Never use a gift card to pay a debt. If you would like to learn more or would like report a suspected scam please go to ftc.gov/giftcards | 1-877-FTC-HELP or contact your state attorney general.
  • In compliance with Federal anti-money laundering regulations, Staples is unable to process orders for gift cards exceeding $1,000

Guru’s Wrap-Up

This is a good opportunity to purchase virtual Visa gift cards without the normal activation fee. The deal is even better when paying with a card that earns bonus rewards at Staples or office-supply stores, such as the Chase Ink Business Cash.

Just remember that these are virtual cards intended for online purchases. If you plan on purchasing these gift cards, don’t wait long. This promotion will probably end soon.

APM Elevate: August 2026


REACH YOUR GOALS

Small Maintenance Tasks Can Deliver Big Savings

No matter where you live, your home needs seasonal maintenance to continue to look its best. This will also help prevent future repair bills — and some can be more expensive than you realize. Here are a few maintenance tasks you won’t want to overlook.

The Right Way to Deliver Bad Earnings News


On July 14, Arvind Krishna did something CEOs spend their entire tenure hoping to avoid. Eight days before IBM was scheduled to report second-quarter earnings, he published an open letter to investors warning that the results would fall well short of expectations. By the closing bell, IBM’s stock had fallen roughly 25%—the worst single day in the company’s 115-year history. Within days, Wall Street was debating whether activist investors might try to break up Big Blue. 



Ce cours d'économie devrait être obligatoire



Javier Milei et sa tronçonneuse veulent faire de l’Argentine le pays le plus libre du monde.

Si vous pensez désastre, vous êtes keynésien.

Si vous pensez thérapie de choc, vous êtes monétariste.

Si vous pensez qu’il ne va pas assez loin, vous êtes libertarien.

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#investissement #finary

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Investir comporte des risques notamment de perte en capital, et de volatilité. Les performances passées n’indiquent pas des performances futures.

Finary SAS adhérent de la Chambre nationale des conseils en gestion patrimoine au capital social de 1 625 000 €euros, immatriculé au RCS de Paris sous le numéro 892 357 724, dont le siège social est situé 58 rue de Monceau 75380 Paris 8. Finary SAS exerce l’activité de Conseiller en Investissements Financiers (CIF) et de Courtier en Assurance référencé à l’Orias sous le numéro 21001279, adhérent de la Chambre nationale des conseils en gestion de patrimoine, association agréée par l’Autorité des Marchés Financiers, avec les garanties financières de l’Assurances Mutuelles MMA IARD.

***

Sommaire :
00:00 Introduction
00:25 Les fondateurs : Smith
02:10 Les fondateurs : Ricardo
04:02 Les fondateurs : Malthus
05:22 Les fondateurs : Say
05:58 La rupture marxiste : Produire la richesse sans en profiter
08:39 La rupture marxiste : Le laboratoire soviétique
10:12 Keynes : Quand la machine s’arrête
11:10 Keynes : L’équilibre de Say s’effondre
11:40 Keynes : L’anatomie d’une panne
13:30 Keynes : Le New Deal : la preuve par l’expérience
14:15 Keynes : La guerre comme keynésianisme involontaire
14:41 Keynes : Les Trente Glorieuses: l’âge d’or
15:29 Keynes : 1973 : la première fissure
16:02 Keynes : Le plan Mauroy : les fenêtres ouvertes
17:01 Friedman : Trop de monnaie tue la monnaie
17:23 Friedman : Ce que Friedman avait compris
18:31 Friedman : Le choc Volcker : tuer l’inflation
19:15 Friedman : Le laboratoire chilien
20:21 Friedman : L’héritage
20:53 2008 : Quand le système s’effondre
21:36 2008 : Aucun mode d’emploi
22:29 2008 : Mais Keynes ne gagne pas vraiment
23:46 Libertarianisme : L’État est le problème
24:12 Libertarianisme : Hayek avait tout prévu
25:10 Libertarianisme : De Vienne à la Silicon Valley
25:59 Libertarianisme : La boucle se referme

Bibliographie :

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How I Spread Risk and Returns


In real estate, high minimum investments aren’t just a barrier to entry—they’re also a barrier to diversification. Whether you buy investment properties directly or invest passively in syndications, funds, or JV partnerships, you likely need to cough up $50,000 to $100,000 or more. That includes the down payment, closing costs, and initial repairs, or the required minimum set by the operator. 

Those kinds of minimums make it really hard to diversify. This is why I invest $2,500 to $5,000 at a time instead, as a member of a co-investing club. By doing so, my returns form a healthy bell curve, reducing my risk and letting me approach real estate investing more like stock investing. 

The Returns Bell Curve

All investments come with risk. Some inevitably underperform, others overperform, and most land somewhere in the middle of the returns bell curve. 

As real estate investors, we do our best to analyze and understand the risk of any given investment. But we can’t eliminate it entirely

Of the 54 passive real estate investments I’ve made, four have underperformed badly. Others have surpassed expectations. That’s investing. 

But when I invest $5,000 at a time, I don’t lie awake at night chewing my fingernails when one of them goes sideways. That wasn’t true when I was investing $50,000 to $100,000 in properties as an active investor. Back then, I had plenty of sleepless nights. 

Nowadays I just average out the returns at the end of the year, knowing that occasionally a deal will stumble, even as another overperforms. 

Averaging Leads to Above-Average Returns

In my co-investing club, the combined average return of all deals is 16.39%. That includes both realized returns on the deals that have gone full cycle and the projected returns on the deals that are still running. 

Stock indexes like the S&P 500 work the same way. Even in good years for the market, typically 25% to 30% of the stocks in the index lose money. In bad years, that number can look more like 75%. Over time, however, the S&P 500 has generated an average annual return of around 10%

That’s pretty good, and I do put around half my money in the stock market. But I still do better with my private real estate investments. 

Diversifying Across Every Axis

Because I invest $2,500+ at a time in real estate investments, I can create an incredibly diverse portfolio. 

That starts with property type. I own an interest in over 5,000 multifamily units, but I also have exposure to industrial properties, retail, raw land, mobile home parks, single-family homes, and hotels. 

We also diversify geographically. All these properties are spread across the entire U.S. We even invested in a project in Canada. 

I also invest in both equity and debt. While many of my investments are private equity real estate syndications or private partnerships, sometimes the co-investing club invests in secured notes at a fixed interest rate. Most recently, we invested with a land operator on a note paying 15% interest, secured by real property at a 55% LTV. 

Then there’s the time commitment. Most real estate investments are long-term, often five years or longer. But our co-investing club goes out of its way to find some shorter-term investments as well. That 15% note has a term just over one year. 

By mixing this up, we ensure our money comes back in staggered amounts, rather than all at once in a tax-heavy wave. 

Staggering Tax Benefits

Most investments we make come with huge depreciation write-offs in the first year, typically 65%-80%. These help offset other taxes on investments. 

This helps us practice the “lazy 1031 exchange” strategy. As one investment goes full-cycle and pays us out, we’ll owe taxes on the profits. But by making a new investment in the same calendar year, the depreciation write-off helps offset those taxes.

And because we vet one or two new investments every month, we always have new investments on the table to put our money back to work.

The Advantages of Dollar-Cost Averaging

Because I invest $2,500+ in each new deal, I can practice dollar-cost averaging, investing in at least one new real estate deal every month. 

You would have to be fabulously wealthy to invest $50,000 every month in a new deal. But dollar-cost averaging helps protect me from timing risk. Just as with stocks, no one knows where the market will go next (even though too many investors think they do). 

I invest in stock index funds every month, specifically to avoid timing the market. I do the same thing with my real estate investments, as a slow-and-steady drip of new investments. 

Sometimes market timing turns against me (like in 2022). More often, it moves in my favor. But by investing steadily every month, I take my emotions out of the equation and focus on “time in the market” rather than “timing the market.”

Real Estate Replaces Bonds in My Portfolio

Bonds serve several purposes in the average investor’s portfolio:

  • High income yield
  • Diversification from the stock market
  • Some are recession-resilient.

But people have a misconception that bonds are low risk. Sure, bonds have low default risk, but they have high inflation and interest rate risk. 

The real estate investments I make through the co-investing club often achieve all three of those purposes of bonds. Many syndication investments pay distributions in the 6%-10% range as part of the 14%-18% total annualized returns, including profits at the sale. And the notes we invest in pay 14%-16% in interest income every quarter. 

They all share a low correlation to the stock market, for real diversification (unlike REITs). And many are recession-resilient. 

Plus, real estate protects against inflation, unlike bonds, whose returns get directly eroded by it. 

Investing in real estate instead of bonds helped me go from broke to millionaire in less than seven years. And investing small amounts, month in and month out, helps my returns form a bell curve that protects me from outlier underperformers. 

No matter how good you get at evaluating risk, you’ll never completely eliminate it from your investments. Instead, invest in many different types of real estate in many markets across the country, along many different timelines. Occasionally one will miss—but the law of averages will not only protect you but also sweep you forward with excellent returns over time. 

SEC subpoenas Wall Street banks over Situational Awareness



The US Securities and Exchange Commission has sent subpoenas to major Wall Street banks regarding the hedge fund Situational Awareness, according to people familiar with the matter.

The information being sought is related to the trading activity of the hedge fund, which came under pressure and was forced to exit many of its positions last month, said the people, who asked not to be identified discussing a confidential matter. The New York Times earlier reported on the SEC’s subpoenas. 

Read More: The 24-Hour Race to Salvage Situational Awareness’ AI Bets

A spokesperson for the SEC declined to comment. An SEC inquiry doesn’t mean that a firm or individual is the focus of an investigation and a probe by the regulator can end without an enforcement action.

The fund began liquidating some of its equity positions as it faced a barrage of margin calls during last month’s AI stock rout. Ken Griffin’s Citadel stepped in to buy the bulk of its public stock bets.

“It is to be expected that regulators would closely examine any funds that are high profile, produce significant returns, or have particularly dramatic drawdowns,” Situational Awareness said in a statement on Monday. “We are a highly-regulated business and will cooperate to the fullest extent with any regulatory request.”

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