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Deepwater Halves Global-e Online Position, Sells $9 Million in Stock


What happened

According to a May 13, 2026, SEC filing, Deepwater Asset Management sold 247,864 shares of Global-E Online (GLBE +1.45%) during the first quarter. The estimated value of the trade was $8.72 million, calculated using the average share price for the period. The end-of-quarter stake was 144,199 shares, with the position’s value dropping by $10.96 million during the quarter due to both trading and price changes.

What else to know

After the sale, GLBE represented 2.82% of Deepwater’s portfolio.

  • Top holdings after the filing:
    • Reddit: $8.85 million (5.6% of AUM)
    • Sterling Infrastructure: $8.43 million (5.3% of AUM)
    • Nu Holdings: $7.57 million (4.8% of AUM)
    • Credo Technology Group: $6.89 million (4.4% of AUM)
    • Uber Technologies: $6.24 million (4.0% of AUM)

As of May 13, 2026, shares were priced at $27.54, down 35.0% over one year; one-year alpha versus the S&P 500 was negative 62 percentage points.

Company overview

Metric Value
Price (as of market close May 13, 2026) $27.54
Market capitalization $4.67 billion
Revenue (TTM) $962.20 million
Net income (TTM) $68.27 million

Company snapshot

Global-e Online:

  • Provides a technology platform for direct-to-consumer cross-border e-commerce, enabling international online shopping and merchant sales worldwide.
  • Serves global merchants seeking to reach international consumers, with a focus on brands and retailers expanding their cross-border e-commerce presence.
  • Is headquartered in Petah Tikva, Israel, with operations in multiple international markets.

Global-E Online is a leading provider of cross-border e-commerce solutions, helping merchants sell directly to consumers in international markets.

What this transaction means for investors

It looked like Deepwater had to do some selling in the first quarter, as it reduced or closed 34 positions and added to or opened only 16 new ones — and Global-e Online got caught up in the selling. Given this widespread selling — and the fact that Deepwater still holds 2.8% of its portfolio in GLBE — I don’t think the sale is anything for investors to panic over.

In fact, Global-e Online remains a core holding for me personally, and I will likely be adding to my shares following the stock’s 30% decline in 2026. Many software and platform stocks like GLBE have been absolutely crushed lately over the threat of AI potentially disrupting their operations, but I don’t think this will be the case here. Global-e Online solves the numerous, highly complex intricacies of selling products in foreign lands, and this isn’t a simple task that most of its customers would be interested in “vibe coding.”

Furthermore, AI can’t really replicate the discussions that take place between GLBE and foreign customs officials, for example. Or secure low-cost cross-border shipping and localized final-mile delivery for a product sent halfway around the globe. While AI may be able to mimic certain features that Global-e provides over time, it won’t be the one-stop shop that the company’s platform is for sellers — at least right away.

With Shopify and Global-e renewing and expanding upon their partnership in 2025 for another three years, it seems clear to me that GLBE’s value proposition remains strong, as one of the world’s leading e-commerce companies would rather partner with them than try to sell internationally on its own. Trading at 18 times FCF — even after accounting for stock-based compensation — Global-e Online remains one of my favorite growth stocks after sales just rose 33% in its latest quarter.

Josh Kohn-Lindquist has positions in Global-E Online, Nu Holdings, Shopify, and Uber Technologies. The Motley Fool has positions in and recommends Global-E Online, Nu Holdings, Reddit, Shopify, Sterling Infrastructure, and Uber Technologies. The Motley Fool has a disclosure policy.

No, Kevin Warsh Isn’t Coming to Save Mortgage Rates


New Fed chair Kevin Warsh narrowly got confirmed via a 54-45 vote Wednesday, leading to what many hope will be lower mortgage rates, somehow, someway.

He replaces vilified ex-chair Jerome Powell, who was repeatedly attacked by President Trump for not cutting rates more or nearly fast enough.

During Powell’s reign, the Fed raised rates 11 straight times to combat surging inflation, before cutting six times thereafter.

At the same time, the Fed wound down its quantitative easing (QE) program, in which it purchased trillions in residential mortgage-backed securities (MBS) to push mortgage rates lower.

Today, 30-year fixed mortgage rates are around 6.5% today versus the low 3s seen before QE ended and the hiking began. So what’s next for mortgage rates under Warsh?

Warsh Will Have a Tough Time Getting Mortgage Rates Lower

First off, the Fed doesn’t explicitly control mortgage rates. Really, they control short rates, not long rates like the 30-year fixed.

Yes, Fed rate expectations can affect the longer end, but ultimately, it’s the underlying economic data that truly matters.

Things such as labor data and inflation data, which drive Fed policy decisions. So no matter who is in charge, it’s really the data that drives decisions.

The problem Warsh is facing is that he’s stepping in during one of the most challenging moments in recent memory.

With the ongoing Iran war disrupting global oil supplies and reigniting inflation concerns, the path to lower interest rates is tricky to say the least.

In the past, Warsh served as a former Fed governor and was opposed to a second round of quantitative easing (QE), eventually leading to his resignation in 2011.

To that end, he has long been viewed as a monetary policy hawk and someone who is against large-scale asset purchases.

So the easiest and fastest way to get ultra-low mortgage rates again, QE, is off the table. That means we must look to the data instead.

Mortgage Rates Remain Tied to Economic Data and the Iran War Is Making Things Worse

Again, let me remind everyone that mortgage rates are driven by economic data, not the Fed itself.

The central bank sets its short-term federal funds rate (FFR) in response to its dual mandate, which is a balance of price stability and a healthy level of employment.

Meanwhile, longer-term rates (such as the 30-year fixed mortgage) are more closely tied to the bond market, investor sentiment, and even geopolitics.

Things were looking good for additional rate cuts this year when Warsh first got the nod, but that was before the Iranian conflict.

Now he’s facing $100 per barrel oil and inflation that’s on the rise again.

Long story short, the data simply isn’t cooperating for lower mortgage rates.

The Iran conflict has pushed oil prices sharply higher, with ongoing disruptions in the Strait of Hormuz adding to supply worries.

As such, economists have already revised up their 2026 inflation forecasts.

Meanwhile, the 30-year fixed mortgage rate is hovering around 6.5%, up fairly sharply from the sub-6% rates seen at the end of February.

That’s not terrible historically, as the 30-year fixed has averaged 7.75% long term.

But it’s a far cry from the mid-5s or even lower levels many borrowers were hoping for under Trump, who constantly promised to bring back the low mortgage rates.

Warsh Doesn’t Look Poised to Rescue Mortgage Rates

While there is plenty of optimism, the Fed under Warsh probably won’t look too much different than it did under Powell.

Higher inflation from the war means policymakers will have to stay vigilant and be conservative when it comes to any additional rate cuts.

Sure, Warsh might be able to frame things in a dovish manner, holding off on hiking, even if the data warrants it.

That could be his initial “win” here if he’s truly serious about bringing down rates, which his track record doesn’t even support.

So in the near term, he could garner support by influencing the Fed to stay put as opposed to hike.

That could potentially keep 30-year fixed mortgage rates in a holding pattern and avoid seeing them go even higher.

But it will again depend on the data. It’s always the data. If the bond market sees another inflation threat, 10-year bond yields will keep climbing and mortgage rates will too.

It won’t matter much if Warsh tries to convey that it’s transitory, or that AI will lead to a positive supply shock.

A Recession Might Get Mortgage Rates Lower in the End

The irony here though is that weaker economic growth from the conflict could eventually pressure mortgage rates lower.

It’s not exactly the scenario Warsh laid out, but it’s a means to an end and would at least get us there in the end.

Whether President Trump would be thrilled with a faltering economy and lower mortgage rates is another question.

But this is the issue with mortgage rates in general. It’s kind of a “bad news is good news” thing outside of direct intervention like QE, which Warsh is clearly opposed to.

Also note that lower mortgage rates thanks to a recession or economic distress will likely be flanked by higher unemployment and slower home price appreciation.

So it’s not necessarily something to be rooting for…

In short, the war with Iran might lead to another bout of sticky inflation, thereby closing off what appeared to be a potentially easy-ish path to lower mortgage rates.

And because Warsh opposed the Fed’s massive bond-buying programs and zero interest rate policy (ZIRP), we’re probably stuck in the mid-to-high 6% range for the foreseeable future.

This is really no different than conditions under Powell, so if you’re banking on lower mortgage rates under Warsh, perhaps temper your expectations.

Colin Robertson
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Business TECHNOLOGY Management (BTM) OR Business Management (BM)? Which program should you choose?



🍃 BTM Link:
🍃 BM Link:

What are the differences between Ryerson/TMU’s Business Technology Management and Business Management programs? Should you take BTM or BM at the Ted Rogers School Management?

👉 More videos:
Breaking into User Experience (UX/UI) Design –
Is a co-op program worth it? –
My Co-op Application Walkthrough –
What I ACTUALLY Learn in Business Technology Management –
Ryerson University Q&A (profs, workload, co-op, and more!) –
4 things I wish someone told me before first year –
Why I chose Ryerson’s BTM program –
Why I didn’t go to architecture school (one year update) –

— NEW HERE? —
○ I’m Raya, based in Toronto, Canada, and I’m documenting my student and early career journey in Product (UX/UI) Design!

— SOCIALS —
○ www.instagram.com/raya.kee/
○ www.linkedin.com/in/rayakee/

– BUSINESS INQUIRIES –
○ rayakee.business@gmail.com

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T.J. Martell Foundation to honor Red Light Management founder Coran Capshaw with Lifetime Music Industry Award


The T.J. Martell Foundation will present Coran Capshaw, founder of Red Light Management, with its Lifetime Music Industry Award at the organization’s 51st annual New York Honors Gala.

The event will take place on Tuesday, September 15, at Cipriani 42nd Street in New York City.

Capshaw has built Red Light into what the company says is the world’s largest independent artist management firm, with a roster that includes Dave Matthews Band, Phish, Chris Stapleton, and The Strokes.

The gala is the T.J. Martell Foundation‘s primary annual fundraiser, bringing together music industry figures and scientists in support of cancer research.

“We are deeply honored to recognize our esteemed music industry colleague Coran Capshaw with this year’s Lifetime Music Industry Award, a tribute to decades of remarkable dedication and philanthropic leadership.”

Steve Gawley, T.J. Martell Foundation

Live Nation will sponsor the evening’s red carpet, with performances and celebrity presenters to be announced.

“We are deeply honored to recognize our esteemed music industry colleague Coran Capshaw with this year’s Lifetime Music Industry Award, a tribute to decades of remarkable dedication and philanthropic leadership,” said Steve Gawley, Executive Vice President at Republic Co. and Chairman of the Board of Trustees at the T.J. Martell Foundation.

“This event is a celebration of those in the music industry whose unwavering passion and generosity are vital to advancing our mission.

“Coran’s enduring commitment to philanthropy, as well as his ability to rally artists in support of meaningful causes, has made a profound impact on our community.”

Capshaw said: “I am incredibly honored to support this life-saving work.

“Giving back has always been important to me, and being able to engage our generous music community to support vitally important organizations such as the T.J. Martell Foundation is something I’m proud of and will keep doing my part however I can.”

Elliot Groffman, Partner at Carroll Guido Groffman Cohen Bar & Karalian, LLP, added: “I’m honored to support my longtime friend and colleague Coran Capshaw as he receives the T.J. Martell Foundation’s Lifetime Music Industry Award.

“In all the years I’ve known Coran and worked alongside Red Light and their artists, philanthropy has always been close to his heart – particularly causes like T.J. Martell, which hits close to home for so many of us who’ve lost friends and colleagues to cancer.”

“In all the years I’ve known Coran and worked alongside Red Light and their artists, philanthropy has always been close to his heart.”

Elliot Groffman, Carroll Guido Groffman Cohen Bar & Karalian, LLP

Beyond artist management, Capshaw has helped shape music festivals and venues across the United States.

Leadership of the 2026 gala is headed by Gawley, in collaboration with an executive committee that includes Scott Borchetta (Big Machine Records), Tom Corson (Warner Records), John Esposito (HEY NOW Records and Foundation Executive Chairman), Daniel Glass (Glassnote Entertainment Group ), Jeffrey Harleston (Universal Music Group and Foundation Executive Chairman), Michael Huppe (SoundExchange),  Rich Isaacson (R I Entertainment), Michael Kushner (Sedlmayr & Associates), Dennis Lord (Gordon Law Group), Darren Stupak, Julie Swidler (Sony Music Entertainment), Marc Reiter (Metallica),  Andy Tavel (Raines Feldman Littrell), Ron Wilcox (MD Consulting, Treasurer) and Lynn-Anne Huck (The T.J. Martell Foundation, CEO).

“Giving back has always been important to me, and being able to engage our generous music community to support vitally important organizations such as the T.J. Martell Foundation is something I’m proud of.”

coran Capshaw, Red Light Management

Capshaw founded Red Light in 1991 in Charlottesville, Virginia, where he gave Dave Matthews Band their first regular gig at his venue, Trax.

In 2022Firebird Music Holdings acquired a minority stake in Red Light, with Capshaw continuing to lead the company.

Red Light has continued to expand in recent years, forming a strategic alliance with Warner Music in Japan in 2024 and striking a partnership with Ledgin Management last year.


The T.J. Martell Foundation was founded in 1975 by music executive Tony Martell in memory of his son T.J., and says it has raised nearly $300 million to fund cancer research.

Previous galas have featured appearances from Frank SinatraAretha FranklinMichael JacksonWhitney HoustonStevie WonderJustin Timberlake, and Morgan Wallen, among others.Music Business Worldwide

Litigation Finance: Industry at Crossroads


The modern litigation finance market expanded rapidly from a niche practice into a multi-billion-dollar asset class. Early funders deployed non-recourse capital into individual cases in exchange for a share of any recovery, often bearing the full downside risk in pursuit of a portion of proceeds.

This approach proved effective in establishing the market. It enabled claimants without financial resources to pursue litigation, extending beyond the traditional contingency-based model used by law firms, while offering capital providers the prospect of uncorrelated, potentially high and repeatable returns.

However, the structure of that model, shaped by the industry’s origins, also embedded many of the challenges now coming to the surface.

Early underwriting emphasized case merits and probability of success. While necessary, this approach often placed less emphasis on portfolio construction, capital allocation across cases, and the pricing of duration. In practice, investment decisions frequently resembled legal analysis rather than institutional underwriting.

A related question historically was why law firms themselves did not become the primary risk transferees. While some smaller firms operated on contingency, larger firms were generally not structured to absorb sustained downside risk, given overhead and business models. This gap helped give rise to dedicated litigation funders, entities combining legal expertise with capital provision, but often retaining a legal, case-by-case approach to risk.

The case-by-case, venture-style model reinforced these dynamics. Returns depended heavily on binary outcomes, and duration, the time required for cases to resolve, was not systematically incorporated into return expectations.

As the market scaled, these design choices came under pressure.
Courts have increasingly scrutinized funding arrangements. The UK Supreme Court’s PACCAR decision determined that litigation funding agreements entitling funders to a percentage of damages could fall within damages-based agreement regulations, rendering many existing agreements unenforceable. 

Subsequent rulings in the Competition Appeal Tribunal, including the refusal to certify collective proceedings in Riefa v. Apple and Amazon, highlighted concerns that success fees could generate excessive returns for funders, that payment structures could prioritize funders over claimants, and that confidentiality provisions could limit transparency.

These developments reflect underlying structural tensions. Funding arrangements can create misalignment between funders seeking higher returns and claimants seeking timely resolution. Courts, recognizing these dynamics, have shown a willingness to intervene.

Duration risk has also become more visible. Litigation timelines frequently extend beyond expectations, tying up capital without additional compensation under traditional models.

Taken together, these factors are reshaping how litigation finance is evaluated by allocators, structured by fund managers, and supported by insurers.

[Targeted] Bilt: Spend $1,000 & Get 10,000 Bonus Points


Update 5/13/26: Another variation has gone out, this time for 10x points up to 10,000 points. Unknown subject line.

The Offer

No direct link to offer, shows up in wallet tab.

  • Bilt is offering some cardholders 10,000 bonus points when they spend $1,000 by May 13. 

Our Verdict

Works out to be an extra 10x points per $1 spent if you spend exactly $1,000. Good deal but unfortunately it doesn’t seem most people are targeted.

Hat tip to thenibblonian

Blackstone COO Jon Gray predicts ‘huge boom’ in blue-collar jobs—his own data center company is hiring 30,000 new roles



That’s at least according to Jon Gray, president and chief operating officer at Blackstone—the biggest publicly-traded alternative asset manager—who predicted a “huge boom in blue-collar employment certainly over the next five years.”

Speaking at the Milken Institute last week, Gray pointed to QTS, one of Blackstone’s portfolio companies, which operates or is developing more than 75 data centers worldwide. 

A year ago, roughly 10,000 workers were on QTS job sites. By year’s end, that number is set to quadruple to 40,000—a 300% jump.

“Between the energy, the physical infrastructure, the data centers, the reindustrialization—something very powerful [is] happening,” Gray said.

The boom is being fueled by a massive wave of AI infrastructure investment. According to McKinsey, global spending on data centers could reach $7 trillion by 2030, creating lucrative opportunities for electricians, pipefitters, and HVAC technicians, helping build the facilities powering the AI economy. While data centers vary in size, a single data center can be 40% to 50% larger than an average Walmart Supercenter and require up to 1,500 workers during peak construction.

The average salary of construction workers on data center projects is about $81,800 annually or $39.33 an hour—roughly 32% more than those on non-data center builds—according to data from Skillit, an AI-powered hiring platform for construction workers.

Fortune reached out to Blackstone for further comment.

Companies are pouring millions into rebuilding the skilled trades talent pipeline

Despite the demand and rising pay, filling critical skilled-trade roles hasn’t been easy for companies racing to build out AI infrastructure.

An estimated 2.1 million skilled trades jobs in the U.S. could go unfilled by 2030—with potential economic losses reaching $1 trillion annually, according to U.S. Department of Education estimates cited in a report from JLL first shared exclusively with Fortune

The shortage stems from a perfect storm: an aging workforce nearing retirement, decades of educational emphasis on four-year degrees over vocational pathways, and surging labor demand tied to data centers and industrial development.

Companies are increasingly stepping in to help rebuild the talent pipeline themselves.

Last month, the charitable arm of Blackstone announced a $3 million investment to launch Blackstone Skilled Futures, a workforce development initiative created in partnership with Arizona State University, Maricopa Community Colleges, and local nonprofits to expand skilled-trades training in the Phoenix. QTS currently has three data centers under development in the area.

Meanwhile, Lowe’s announced earlier this year that it plans to invest $250 million over the next decade to help train 250,000 people in skilled-trade fields like plumbing, carpentry, and electrical work. According to the home improvement giant’s CEO, Marvin Ellison, the investment is critical to rebuilding the U.S. workforce amid the AI-driven shift, and he argues more companies need to recognize the urgency.

“We’re a company that believes strongly in the future of AI,” Ellison told Fortune at the time. “But in a world where administrative and analytical occupations are going to be increasingly dominated with the acceleration of AI, we think the skilled-trade initiative is going to be even more important here in the near future.”

Asset manager BlackRock also announced this year that it would invest $100 million in skilled-trade training programs, deploying funds through nonprofits and workforce development partners across multiple states. The initiative aims to reach 50,000 workers over the next five years.

What Operating Rooms Can Teach Leaders About Team Design 


As companies in all industries adopt new technologies to assist teams, they should keep in mind that the experiences of the team’s members working with each other in the past still matter a lot. A study of surgeries at a mid-sized hospital in Madrid, Spain, reinforced that point and generated other insights into how best to staff teams.



Desjardins sees mortgage growth drive stronger first-quarter earnings




Residential mortgages now account for nearly two-thirds of Desjardins’ loan book, while impaired mortgage loans remained relatively stable despite ongoing economic uncertainty.

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Lumpsum investing vs sip explained.

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