Good Morning! Apollo Debt Solutions BDC is limiting redemptions for the third straight quarter and will cap withdrawals at 5% after 14.7% of investors sought to pull their cash. Consolidation is running hot in private capital, with managers buying rivals to juice their share prices. And nearly 10% of American borrowers opted for riskier mortgages last week as rates soar.

The wealthy are pouring billions into longevity to extend their healthspan. IonQ shares rallied after the company announced a major quantum computing breakthrough. And enjoying life is becoming a new marker of financial success for Americans.

Plus: Bentley launched its first fully electric car at half the price of Ferrari's, Anthropic leaders are backing a startup developing a system to detect biological threats, and why authenticity at work can backfire.

For those in NYC: be the first to see the new AI agent built for wealth management, advisory, and client relationships. Register here to join Unique AI’s October 6th event.

SQUEEZ OF THE DAY

Bro Attached Everything

Somewhere in Morgan Stanley’s Asia-Pacific investment bank, an investment banker is probably having the worst week of his life.

Mohamed Atmani, the bank's regional head of financial sponsors, may have fired off one of the worst accidental emails of all time: an internal document listing more than 100 deals Morgan Stanley was pitching or discreetly monitoring, sent straight to clients.

The file included IPO candidates spanning China, South Korea and India, the private equity and pension funds backing them, projects that had been shelved, and in parts, price-sensitive information.

He meant to send the client-facing version, which was mostly general sector updates and recent transactions. He tried to recall the message but it was too late, and a blurred version even ended up on Instagram.

It's one of the worst things you can do as a banker if you think about the consequences. Even learning that a company or major shareholder is considering an IPO moves markets, so if investors know a large holder is preparing to sell, they can get out ahead of the extra supply. Showing one client what another client might be planning isn't a "wrong attachment, sorry" problem. It breaks one of Wall Street's core commandments.

The timing is also not great. PE firms are leaning on IPOs and follow-ons to exit aging portfolio companies and return capital to LPs, and those deals live or die on controlling when information reaches the market. It's also a bad look for a bank that has ranked among the top underwriters of Hong Kong stock sales and Asia M&A for years.

Morgan Stanley says it acted quickly and continues to engage with affected parties. Hong Kong's Securities and Futures Commission declined to comment on the incident but said it expects firms to have controls that prevent exactly this. JPMorgan's global head of M&A, Charlie Bouckaert, described the playbook for these situations on Bloomberg TV: run to the fire, own it, and reach out to everyone affected.

Takeaway: Investment banks spend billions on information barriers, cybersecurity, compliance systems and armies of lawyers to protect market-moving information. But when one banker attaches the wrong file, it turns out the final boss was always Outlook. It goes to show that for all the value investment banks claim to bring, their greatest asset might be trust, which in 2026, can be lost with one fat-finger mistake. 

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HEADLINES

Top Reads

• Apollo caps private credit fund again after 14.7% look to exit (BB)

• Private capital's new growth playbook: buy the competition (BB)

• Nearly 10% of borrowers opted for riskier mortgages last week, as rates soared over 7% (CNBC)

• The wealthy are pouring billions into longevity to extend their 'healthspan' (CNBC)

• IonQ shares rally after company says it made a major quantum computing breakthrough (CNBC)

• Enjoying life becomes new marker of financial success for Americans (BB)

• Bentley launches first fully electric car — with fake engine sounds to replace classic growl (Guardian)

• Anthropic leaders back startup developing system to detect biological threats (WSJ)

• Activist Toms Capital urges Devon Energy in letter to explore alternatives, including a sale (CNBC)

• McDonald's investor day: Remodels, training, chicken among growth plans (CNBC)

• US business activity expands at the fastest pace since 2021 (BB)

• Brightline preparing for bankruptcy filing as soon as this week (BB)

• Blackstone works on hybrid CLO blending private credit and loans (BB)

• Europe needs to make peace with private markets, Apollo CEO says (BB)

CAPITAL PULSE

Markets Rundown

Market Update

• The 10-year Treasury yield climbed to 5.11%, its highest since 2007, on strong data, hawkish Fed comments, and a weak Treasury auction.

• Energy was the only S&P 500 sector to finish positive; utilities, real estate, communication services, and consumer discretionary lagged.

• WTI crude closed near $93, snapping a five-day losing streak.

Economic Data

• The U.S. composite PMI rose to 58.4 in September, its highest in more than five years.

• The eurozone composite PMI hit 53.1, its highest since April 2023, while the UK composite PMI eased slightly to 51.7.

• Input costs rose across manufacturing and services in all three regions, adding to inflation pressure.

Midterm Elections

• Since 1970, the S&P 500 has averaged a 3.6% return in midterm years, versus 12.5% annually overall.

• The index fell 18.1% in 2022 and 4.4% in 2018, but is up roughly 14% year to date in 2026.

• The six months following Election Day have averaged a 15.5% gain, with gains in all 14 midterm elections since 1970.

Movers & Shakers

• (+) Securitize ($SECZ) +10% after Cantor Fitzgerald initiated coverage with an Overweight rating and $21.20 price target.

• (+) IonQ ($IONQ) +4% because the quantum company unveiled a real-time quantum error decoder it says is a breakthrough.

• (–) Novo Nordisk ($NVO) -3% after patients sued GLP-1 makers over sudden loss of vision.

Prediction Markets

• Between the UN speech and the Xi Summit, Trump has a big week.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Tekever, a Portuguese developer of military drones, raised $580 million

• Snorkel AI, an AI data development platform, raised $350 million

• Enveda, a drug discovery startup focused on medicinal plants, raised $311 million

• Hubble Network, a developer of space-based Bluetooth connectivity solutions, raised $200 million

• Rainmaker, a cloud seeding startup, raised $100 million

• Go.AI, a seller of AI hardware appliances to banks, raised $85 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Dumb Money

Description:
Bennett Zamani presents a practical guide to swing trading built around discipline, risk management, and developing a repeatable process rather than chasing hot stocks or trying to predict every market move. Drawing on nearly two decades of trading experience, Zamani walks through the mistakes that commonly hurt traders, including holding losing positions too long, selling winners too early, chasing momentum, and entering trades without a defined plan. The book emphasizes understanding market conditions, identifying setups, managing position size and risk, and developing the psychological discipline needed to execute consistently. Its central message is that successful trading is less about finding a magical stock or indicator and more about creating a process that protects capital and can be repeated over time.

Book Length: 373 pages
Release Date: July 25, 2026

Ideal For:
Swing traders, aspiring day traders, active investors, and anyone looking to improve technical analysis, trading psychology, position sizing, risk management, and the discipline required to trade consistently.

“Successful trading isn't about predicting what happens next. It's about building a process that keeps you disciplined regardless of what happens next.”

DAILY VISUAL

Mortgage Interest Rates Top 7%

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DAILY ACUMEN

Postal Coupons

In December 1919, a Boston promoter named Charles Ponzi told investors he could double their money in 90 days by exploiting a tiny price gap in international postal reply coupons. Investors did not need to understand the mechanism. They only needed to see their neighbors getting paid, and within months people were lining up around the block to hand him their savings.

At his peak in July 1920, Ponzi was pulling in nearly six and a half million dollars in a single month from over 20,000 investors. A journalist finally did the math and worked out that Ponzi's claimed operation would have required more than a hundred million postal coupons in circulation. Fewer than 30,000 actually existed. He had never really been running the arbitrage at all, just paying old investors with new investors' money.

The scheme collapsed within about a year, costing investors an estimated 20 million dollars, and gave the entire world a name for a fraud that is still being reinvented today. The tell was never hidden. Nobody could explain how the returns were actually generated, and everyone invested anyway because everyone else already had.

ENLIGHTENMENT

Short Squeez Picks

• The sleep secret to eating (and living) better

• Why debt isn't always the enemy

• The biological reason coping with stress changes by season

• Why "authenticity" at work can backfire

• The unlikely college major top CEOs swear by

MEME-A-PALOOZA

Memes of the Day

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