The bank’s North Haven private-income fund told investors Wednesday it received quarterly requests making up around 10.9% of the fund’s $7.6 billion in assets, but would stick to a 5% limit. The fund, which is structured as a non-tradable business development company, runs a tender offer every quarter.

Most investors have scant exposure to oil and gas stocks, which act as insurance in case of an energy crisis. In my latest Markets A.M. newsletter, I look at whether it would have been worth holding more energy shares, just in case.

“This process has been arbitrarily undermined by an activist judge,” Pirro said at a fiery press conference responding to the decision, which quashed subpoenas – orders to compel someone to give testimony – from her office seeking information from the bank about cost overruns at renovations of its offices.

In the sun-drenched, high-stakes theater of the Côte d’Azur, new magazines typically arrive like uninvited guests at a Larvotto gala: they appear with a deafening pop of corks, a flurry of superlatives, and a desperate promise to “redefine”luxury, only to evaporate into the Mediterranean mist before the season ends.

But The Monegasque didn’t play by those rules. It didn’t shout; it simply endured. While others were busy announcing themselves, it was busy becoming essential.

And as this young title evolved from a curious newcomer into a permanent fixture of the Principality’s landscape, thequestion began to ripple through the Yacht Club: Who, exactly, is the architect of this quiet takeover?

On paper, the biography is impeccably curated. Luiz Costa Macambira is the founder, the CEO, and the executive editor—a media proprietor who cut his teeth navigating the shark-filled waters of Forbes and Robb Report. But a CV is a cold thing, and it rarely captures the heat of a personality.

Step into the inner sanctum of Monaco—that rarified Venn diagram where old money, new tech, and quiet diplomacy overlap—and you’ll hear a different story. Costa Macambira isn’t spoken of as a mere businessman; he is regarded as that rarest of species: a genuinely cultivated man. Fluent in five languages and intellectually exacting, he is a figuremore likely to be found dissecting a passage of Stendhal or Proust than skimming a management handbook.

There is a deliberate stillness to him, a temperament closer to a lifelong bibliophile than a boardroom showman. He navigates the world of private aviation and global capitals not as an aspirant pressing his nose against the glass, but as a man for whom these things are simply the background noise of a life well-lived. To his peers, his sophistication isn’t a costume—it is his natural skin. This polish, however, is underpinned by a formidable history in the global commodities market. In the 1990s, Costa Macambira famously came within a breath of cornering the Russian coffee market, a high-stakes background that provides the steel beneath the magazine’s silver-spoon exterior. He understands leverage, scarcity, and access—the three holy grails of influence—and he successfully translated the brutal logic of the trade floorinto the elegant grammar of the printing press.

It is tempting to view the name The Monegasque ™ as a mere geographical marker. That would be a mistake. In a square mile where one in three residents is a multimillionaire, “Monegasque” isn’t a location; it’s a social altitude. While every other title tries to cover the city, Costa Macambira’s masterstroke was to imply membership in it. It is asubtle, lethal form of social filtration. It tells the reader: “This isn’t just a magazine you buy; it’s a room you are invited to enter.”

The true genius lies in his editorial “reverse-uno” card. In the traditional media world, journalists interrogate the elite. AtThe Monegasque™ , the elite hold the pen. By placing figures like Prince Felix of Luxembourg, Helga Piaget, Gabriel Bortoleto, and Jermaine Jackson behind the byline rather than in front of a microphone, Costa Macambira tapped into a profound human truth: the powerful don’t want to be profiled—they want to be heard. It is a total subversion of thehierarchy— less an interrogation, more a testimony.

When the magazine hosted its annual gala at the Yacht Club de Monaco in December 2025, it was more than a party; it was a physical manifestation of an empire. With Jermaine Jackson performing for a room packed with global titans, theevening served as proof of Costa Macambira’s core thesis: in the world of the ultra-high-net-worth, the real product isn’tpaper and ink. It’s convening. Yet, for all its current luster, one wonders if this model is built for the ages or if it is tied too tightly to the singular orbit of its founder. In an industry littered with vanity projects, The Monegasque ™ stands apart because it was built on thought rather than hype, but the question remains: can a platform so reliant on high-level proximity and first-person authority survive a transition beyond its architect’s personal Rolodex? For now, it is ablueprint for the future of the medium—but whether it becomes a lasting institution or remains a brilliant, fleeting anomaly of the Riviera depends on whether the “club” can eventually outgrow its chairman.

Home prices are still climbing, even as mortgage rates have eased slightly and inventory shows early signs of improvement, underscoring just how tight the U.S. housing market remains.

The median sales price for all existing homes last month hovered just below $400,000, marking the 32nd consecutive month of year-over-year price increases, according to the National Association of Realtors.

That persistent affordability squeeze is putting renewed pressure on homebuilders to help get the American dream back on track.

The average rate on a 30-year fixed mortgage is 6.11%, according to Freddie Mac. (Mario Tama/Getty Images)

TRUMP PLEDGES TO MAKE HOUSING AFFORDABLE WHILE KEEPING VALUES UP

Despite softer consumer sentiment and elevated borrowing costs, the homebuilding industry is signaling cautious optimism heading into the year.

“A lot of builders, many of these small businesses, men and women building homes across this country, had some of the best January they’ve had in a while,” National Association of Home Builders CEO Jim Tobin told FOX Business.

Industry leaders say part of that momentum stems from growing acceptance that interest rates are likely to stabilize rather than surge higher. A resilient stock market and steady job growth have also helped support buyer confidence on the margins.

Meanwhile, a structural shift in the market is giving new construction a competitive edge.

For the first time in modern housing cycles, newly built homes in some markets are now cheaper than existing homes. Builders say “rate lock” dynamics are a major factor. Millions of homeowners are reluctant to give up ultra-low 3% or 4% mortgages for rates closer to 6% or higher, limiting resale inventory and pushing more buyers toward new builds.

“A lot of people have more confidence in what their house should cost, and what we’re seeing right now is that new homes are the only game in town,” Tobin added.

The homebuilding industry is signaling cautious optimism. (David Paul Morris/Bloomberg via Getty Images)

HOMEBUYERS REFUSE TO BACK DOWN AS MORTGAGE RATES CONTINUE HOVERING STUBBORNLY NEAR 6% MARK

The supply imbalance remains severe. The U.S. is estimated to be roughly 4 million homes short, according to industry estimates, keeping upward pressure on prices even as construction activity fluctuates.

Still, builders face significant headwinds of their own, including high land costs, elevated labor expenses, material prices and regulatory hurdles at the local, state and federal levels.

At this year’s NAHB International Builders’ Show, the world’s largest annual light construction event, the industry is spotlighting new strategies aimed at improving affordability. Those include the use of alternative building materials, artificial intelligence in design and planning, and the expansion of smaller, more efficient housing models such as smart and tiny homes.

One of the most notable shifts is the steady downsizing of new homes.

Builders face significant headwinds, including high land costs, elevated labor expenses, material prices and regulatory hurdles. (Joshua Lott/Bloomberg via Getty Images)

AMERICAN HOMEBUYERS GAIN MOST PURCHASING POWER SINCE 2022

After the Great Recession, the average new home size reached roughly 2,700 square feet, according to Census data and an NAHB analysis. That fell to about 2,565 square feet during the pandemic housing boom and is projected to decline further to around 2,400 square feet by the end of 2025, according to the latest data available.

Builders are also cutting costs by simplifying designs, reducing or streamlining design teams and increasingly leveraging AI-driven planning tools to improve efficiency.

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As a result, the average price of a newly built home is now estimated to be roughly $30,000 lower than the average existing home in certain markets, a reversal that would have been nearly unthinkable in previous housing cycles.

With resale inventory constrained and affordability still strained, builders are increasingly positioning innovation, efficiency and smaller footprints as the blueprint for easing America’s housing shortage.

The tech-heavy Nasdaq Composite climbed modestly on March 13, 2026, ending a string of recent declines as investors sought bargains following sharp losses driven by Middle East conflict and elevated oil prices.

The Nasdaq Composite closed at 22,450.17, up 138.19 points or 0.62% from the previous day’s close of 22,311.98. The index opened at 22,425.71 and traded in a range from a low of 22,359.71 to a high of 22,521.38, with volume around 1.87 billion shares. The gain marked a relief rally after Thursday’s 1.78% drop, when the index fell 404.16 points amid fears of prolonged supply disruptions in global energy markets.

The performance reflected broader market stabilization, with the Dow Jones Industrial Average and S&P 500 also posting gains in mixed but positive territory. Investors appeared to digest ongoing U.S.-Iran tensions without immediate escalation, allowing dip-buying in technology and growth stocks that had borne the brunt of recent volatility. Chipmakers and other tech names contributed to the upside, buoyed by optimism around sector resilience despite macroeconomic pressures.

The week’s turbulence stemmed from retaliatory actions in the Middle East, including threats to the Strait of Hormuz, which sent oil prices surging and weighed on equities. Thursday’s sell-off pushed the Nasdaq to its lowest close of 2026 so far, with the index down over 4% for the week in some intraday calculations. Friday’s rebound suggested oversold conditions and bargain hunting, particularly in high-growth sectors sensitive to interest rate expectations and energy costs.

Year-to-date, the Nasdaq has experienced significant swings, reaching highs above 24,000 earlier in the year before retreating amid war-related uncertainty and inflation concerns. The index remains down roughly 2-3% from January peaks but holds substantial gains from 2025 levels, supported by AI advancements and corporate earnings in big tech.

Analysts attributed the March 13 advance to several factors: paring oil price gains after initial spikes, signals of coordinated international responses to supply risks, and anticipation of key economic data. Fresh GDP revisions showed slower growth than expected in prior quarters, potentially reinforcing expectations for Federal Reserve flexibility, though higher yields from inflation worries capped upside.

Tech sector leaders drove much of the session’s momentum. Nvidia and other semiconductor stocks rebounded from recent pressure, with some gaining 1-2% on positive commentary from supply-chain partners. Broader participation from consumer defensive and healthcare names provided balance, offsetting lingering caution in cyclical areas.

The Nasdaq’s recovery aligned with pre-market futures pointing to modest gains, though volatility persisted intraday. Trading remained active as participants positioned ahead of upcoming inflation readings and any diplomatic developments that could influence energy markets.

Broader context includes the index’s sensitivity to geopolitical events, with the ongoing conflict creating headline risk. While no major breakthroughs emerged on March 13, the absence of fresh escalations allowed for a pause in selling pressure. Market observers noted the Nasdaq’s relative underperformance compared to the Dow in recent sessions, highlighting rotation away from growth toward value amid higher-for-longer rate narratives.

Looking ahead, investors eye potential catalysts such as revised economic data and corporate updates from major holdings. If tensions ease, the Nasdaq could extend gains; prolonged uncertainty might pressure multiples in high-valuation tech names.

The March 13 session offered a measure of stability after a volatile stretch, underscoring Wall Street’s resilience amid external shocks. As the week concludes, focus shifts to sustaining momentum and navigating risks from global events.