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.

Debt Finance Consulting

11/05/2025

Debt Market Update – Q3 2025

Stefan Spazek

As we review Q3 2025 the venture debt market continues to show positive momentum, with both the technology and healthcare sectors showing meaningful signs of growth. While each sector exhibited

Debt Financing, Debt Market Quarterly Update, Venture Debt

Flagship Research

Venture Debt

Most Read Articles

Investment Management

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
Taking Stock of Japanese Megabanks’ Credit Profiles in Volatile Markets
4 min readRecent market turmoil, triggered by the Bank of Japan’s interest rate hike and disappointing US jobs data, has resulted in a sell-off in Japanese…
Registered Investment Advisors vs. Broker-Dealers: Who Should You Work With?
7 min readRegistered Investment Advisors (RIAs) vs. Broker-Dealers (B-Ds): An Overview The services of a registered investment advisor or a broker-dealer should be considered if you…

Credit & Risk

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
Spooked by “Rigged” Jobs Data? Why Benchmark Revisions Matter More Than Hot Takes – and How to Fix Them.
8 min readKey Takeaways: The Revision That Sparked a Crisis of Confidence in U.S. Economic Data The Bureau of Labor Statistics (BLS) revised payrolls down by…
BLS Jobs Data, Economic data, Labor market, Politics
Stablecoins: The Next Wave in Corporate Cash – Hype, Help, or Hold Off?
9 min readKey Takeaways: Introduction to Stablecoins: A Guide for Corporate Treasurers and Cash Managers As a cash investment strategist for institutional liquidity accounts, I would…
Federal Reserve, Genius Act, Liquidity, Portfolio Management, Risk Management, Stablecoins
Trade Wars Reloaded: How Tariffs Impact Inflation and the Fed’s Balancing Act
7 min readKey Takeaways: Tariffs Fade, But Risks Remain With trade war tensions easing, tariff uncertainty is beginning to fade. The U.S. economy has so far…
Consumer Pricing, Federal Reserve, Inflation, Tariffs

Economics & Rates

October Month-End Market Update
4 min readThe Disconnect Between GDP and the Labor Market When assessing the economy, GDP and employment are the two primary gauges of its strength—but lately, they’re telling very different stories. …
Interest, Interest Rates, Tariffs, update
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…
April Employment Report – Labor Market Cools but Doesn’t Freeze
3 min read Total nonfarm payroll employment rose by 175K in April, missing expectations by 68K, while the unemployment rate increased 0.10% to 3.9%. Over half…
Market Insights
March CPI: Shelter Prices Steal the Show
3 min readHotter than expected inflation readings continued in March as headline CPI increased 3.5% year-over-year, 0.3% higher than the yearly increase seen in February, and…
Market Insights

Independent Investment Research

Flagship Research

Venture Debt

Most Read Articles

Investment Management

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

Taking Stock of Japanese Megabanks’ Credit Profiles in Volatile Markets

Registered Investment Advisors vs. Broker-Dealers: Who Should You Work With?

Credit & Risk

Are Antitrust Efforts Against Big Tech Losing Steam?

Government Shutdown: Continuing to be a Resolute Headache

Worried About Declining Yields?

Spooked by “Rigged” Jobs Data? Why Benchmark Revisions Matter More Than Hot Takes – and How to Fix Them.

Stablecoins: The Next Wave in Corporate Cash – Hype, Help, or Hold Off?

Trade Wars Reloaded: How Tariffs Impact Inflation and the Fed’s Balancing Act

Economics & Rates

October Month-End Market Update

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

April Employment Report – Labor Market Cools but Doesn’t Freeze

March CPI: Shelter Prices Steal the Show

Connect

Contact Us