Independent Investment Research

Building on over 33 years of industry-leading research, Capital Advisors Group provides comprehensive, independent investment research and credit analysis which we believe is relevant to the unique risks and challenges faced by finance professionals. Our research staff is committed to improving the safety and liquidity of cash portfolios in all market conditions.

Credit & Risk

02/02/2026

Investing in AI? The Hidden Risks Behind the Hype

Alexander Goldman

Nearly four years after we first highlighted the credit advantages of Big Tech’s large cash holdings, balance sheet strength has only grown more important. The rapid adoption of generative AI

Artificial Intelligence, Big Tech, Debt

Flagship Research

Venture Debt

Most Read Articles

Investment Management

The Critical 5: Key Themes Investors Shouldn’t Ignore in 2026
21 min readIntroduction: Turning the Page—Who’s at the Controls in 2026? By Lance Pan, CFA If 2024 was the year of the “soft landing,” 2025 became…
2026, AI, Cash Investor, Corporate treasurer, Federal Reserve, Portfolio Management, Tokenization, Year Ahead
Could Your Liquidity Portfolio Benefit from A2/P2 Commercial Paper?
14 min readCo-authored: Alexander Goldman Abstract The inclusion of A2/P2 commercial paper (Tier-2 CP) in institutional cash portfolios may help improve income potential and diversify risk…
A2/P2 Commercial Paper, Cash Portfolio, Investors, Liquidity, Tier-2 Commercial Paper
Privatizing America’s Housing Giants: How Fannie Mae and Freddie Mac Could Reshape Bond Markets for Investors
15 min readIntroduction: Why GSE Privatization Matters to Investors Given their oversized role in home mortgages, any discussion of Fannie Mae and Freddie Mac’s potential privatization…
Fannie Mae, Freddie Mac, GSE Privatization, Investors, US Housing Finance
Tips for Cash Investors in Times of Market Volatility
3 min readIntroduction Market volatility has been elevated following the White House’s tariff announcement on April 2nd. While the source of this heightened volatility is unique…
Geopolitics, Interest Rates, Liquidity, Portfolio Management
Rates, Liquidity, and Tariffs: Three Questions to Answer in 2025
19 min readIntroduction By Lance Pan, CFA 2024 was a remarkable year for financial markets in many respects. The estimated 2.7% growth in real gross domestic…
Geopolitics, Interest Rates, Liquidity, Portfolio Management, Year Ahead
The Future of Cash May Be a Token
9 min readCash may be King, but it is also going virtual before our eyes. Digital cash used to be the domain of tech innovators and…
Interest Rates, Liquidity, Portfolio Management, Risk Management, Separately Managed Accounts

Credit & Risk

Investing in AI? The Hidden Risks Behind the Hype
6 min readNearly four years after we first highlighted the credit advantages of Big Tech’s large cash holdings, balance sheet strength has only grown more important…
Artificial Intelligence, Big Tech, Debt, Investors
What’s Driving Money Market Volatility—Is Reserve Scarcity Driving the Cause?
6 min readThe financial press is currently fixated on whether U.S. equity markets are in the midst of an AI-driven stock market bubble. With the topic…
Banks, Federal Reserve, Investors, Money Markets, Repo Rates
Are Regional Banks Sitting on A Private Credit Time Bomb?
13 min readIf you’ve been skimming headlines lately, it’s easy to assume that credit risk is suddenly everywhere. An auto-parts borrower collapses amid allegations of double-pledged…
Credit Risk, Investors, NDFI, Regional Banks
Are Antitrust Efforts Against Big Tech Losing Steam?
9 min readKey Takeaways: When I co-authored “Antitrust Anxiety” in 2021, it seemed a tidal wave of antitrust enforcement was on the horizon. Litigation, proposed legislation,…
Big Tech
Government Shutdown: Continuing to be a Resolute Headache
10 min readCo-authored: Pate Campbell, Keren Luo The U.S. government has officially entered a shutdown. The federal budget process typically begins with the President’s detailed budget…
Credit Markets, Economy, Government Shutdown, U.S. Government, update
Worried About Declining Yields?
9 min readLaddered SMA Portfolios vs. MMFs and Deposits in a Rate-Cutting Environment The Federal Reserve recently cut overnight interest rates at its September meeting –…
Cash Investor, Federal Reserve, Rate-Cutting Environment, Separately Managed Account

Economics & Rates

The Billion-Dollar Deportation Dilemma: Cutting Jobs to “Save” Jobs?
6 min readAs President Trump’s administration kicks off its second term, one of its most contentious executive orders—the mass deportation of undocumented immigrants—is already stirring debate…
Interest Rates
Investing with Economic Uncertainty in Mind
4 min readEconomic forecasting is oftentimes an exercise in futility. Analysts with access to all the data and the best models can be no more accurate…
Interest Rates
What’s In Your Cart? Consumer Products Sales During Economic Transitions
6 min readRecent inflation readings have shown promise that price increases are returning to the Fed’s 2% target, a positive for the consumer and economy that…
Parsing the Red Sea Disruptions
6 min readIntroduction Following pandemic-era supply chain disruptions, bottlenecks have become a top-of-mind subject for investors. At the center of the Fed’s tightening cycle was the…
Global Economy, Supply Chain
Where is the Neutral Rate?
9 min readCould potential changes in the economy from the end of the Fed’s tightening cycle lead to a higher neutral rate? Introduction With the Federal…
Federal Reserve, Interest Rates
Liquidity Isn’t Guaranteed
7 min readThe History of the Fed’s Quantitative Tightening (QT) and its current standing The Fed’s history with Quantitative Tightening (QT) is both limited and perilous…
Federal Reserve, Liquidity Management, Quantitative Tightening

Independent Investment Research

Flagship Research

Venture Debt

Most Read Articles

Investment Management

The Critical 5: Key Themes Investors Shouldn’t Ignore in 2026

Could Your Liquidity Portfolio Benefit from A2/P2 Commercial Paper?

Privatizing America’s Housing Giants: How Fannie Mae and Freddie Mac Could Reshape Bond Markets for Investors

Tips for Cash Investors in Times of Market Volatility

Rates, Liquidity, and Tariffs: Three Questions to Answer in 2025

The Future of Cash May Be a Token

Credit & Risk

Investing in AI? The Hidden Risks Behind the Hype

What’s Driving Money Market Volatility—Is Reserve Scarcity Driving the Cause?

Are Regional Banks Sitting on A Private Credit Time Bomb?

Are Antitrust Efforts Against Big Tech Losing Steam?

Government Shutdown: Continuing to be a Resolute Headache

Worried About Declining Yields?

Economics & Rates

The Billion-Dollar Deportation Dilemma: Cutting Jobs to “Save” Jobs?

Investing with Economic Uncertainty in Mind

What’s In Your Cart? Consumer Products Sales During Economic Transitions

Parsing the Red Sea Disruptions

Where is the Neutral Rate?

Liquidity Isn’t Guaranteed

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