Insights you might have missed last week

Cattle heard size, NVIDIA, focus over diversification

Below, you'll find a selection of the highest quality insight from top asset managers and institutions from around the world that you might have missed this week.

Nothing Burger: The Drivers behind U.S. Cattle Herd Size Stagnation (UBS AM)

As of the end of 2024, the U.S. cattle herd size reached the lowest level on record and is more than thirty-percent smaller than the peak size it reached in 1974, and only four-fifths of the average size from 1973 to 2024.

"Why the U.S. Dollar is Weakening" (Invesco)

The value of the dollar remains one standard deviation above its long-term average, which could suggest further downside if U.S. fundamentals and policy actions don’t support current levels.

Oil and Gas (UBS AM)

Rising political volatility, climate litigation, and competition from clean technologies have increased the risks for this sector. Yet, companies are targeting the same returns. Investors must demand more.

AI: A Crowded Trade, but Room to Grow (Nuveen)

Summertime blues for the jobs market. Equity markets undeterred by mixed macro messaging.

Lending against Music Royalty Assets (Northleaf Capital Partners)

Music royalties are typically generated every time a song or composition is streamed, downloaded, performed or placed. Different forms of copyrights are entitled to different forms of royalty income.

Private Credit Does Not Pose Material Financial Stability Risks (MFA)

There is now a growing consensus among academics and regulators—most recently, from the Federal Reserve’s 2025 stress tests—that private credit does not pose a systemic risk to banks or the broader financial system.

Nvidia's Revenue Red Flags and Declining Capacity Agreements (Just Dario)

NVIDIA’s deferred revenues account has only increased by ~200 million USD, within the 6 months Nvidia added ~8 billion USD of deferred revenues and then immediately recognized a similar amount in the same time period.

The Geopolitics of Biotech (Lazard)

This report examines critical business, policy, and regulatory forces reshaping the global biotechnology sector today.

For Long-Term Market Performance, Focus Beats Diversification (BCG)

Companies that streamline their scope, concentrate resources, and follow through with disciplined transformation outperform peers in both relative shareholder return and valuation metrics.