- Impact Growth Capital Newsletter
- Authors
- Impact Growth Capital
The Market Is Booming The EconomyUnderneath It Is Not. That Is the Signal Most Investors Are Missing.
A concentrated AI and technology rally is masking deeper fragility across 87% of the U.S.economy. Veteran strategist Jim Paulsen calls it "BustBooming." For allocators, the question is not whether the market keeps rising. It is whether the foundation beneath it can support what has been built on top.
Spirit Airlines Didn't Fail Because Conditions Changed. It Failed Because Its Model Couldn't Survive When They Did.
The collapse of America's most recognizable ultra-low-cost carrier is not an airline story. It is a capital allocation lesson about what happens when a business is built for ideal conditions and then the world stops being ideal. Ryanair runs the same model in Europe and just posted a 42% profit increase. The difference is not the strategy. It is the structure around it.
This Isn't About Rates. It's About Control of the Federal Reserve.
The Fed held rates steady as expected. Powell announced he will remain on the board asgovernor, something no departing Chair has done since Marriner Eccles in 1948. Four officials dissented, the most since 1992. The real signal is not in the rate. It is in the power shift, the institutional fracture, and what both mean for capital positioning
The $5 Billion Signal: What Pershing Square's IPO Tells Us About Where Capital Actually Wants to Go
Ackman's closed end fund is expected to raise $5 billion, the low end of its range. The surface read is underperformance. The structural read is far more revealing about how institutional capital allocation is evolving in 2026.
