Feb 20, 2026

Email 1:

Subject: Joseph Politano and Andrew Lokenauth posted new notes

Contents:

– Joseph Politano reports that the US continues losing blue-collar jobs with year-on-year job losses hitting 170k.

– Andrew Lokenauth writes about why data centers cannot use regular water and the importance of this fact.

– Andrew Lokenauth also discusses reasons why good employees quit jobs citing low pay, bad bosses, office politics, toxic workplaces, micro-management, and feelings of disengagement as key factors.

– Readers can follow these experts and see more notes in the Substack app.

Email 2:

Subject: Need to Know: AI disruption fears are not scaring retail investors off these hard-hit stocks

Contents:

– Despite fears around AI disruption, retail investors continue to buy AI, semiconductors, and tech stocks, outperforming Wall Street pros.

– JPMorgan and Citadel Securities highlight unprecedented retail investor participation in AI-related stocks, especially in the “Magnificent Seven” software companies.

– Retail investors are aggressively buying into software stocks despite market rotations and weakness.

– Key market stats include a slight pullback in indices and asset performance with oil prices rising.

– Upcoming economic data releases and Fed speeches are noted.

– News includes Walmart’s earnings beat but disappointing guidance and several company developments like Etsy selling Depop to eBay.

– Notable mentions on investment market trends including online shopping growth and retail investor behavior.

– Top-searched tickers: NVDA, TSLA, GME, TSM, AMZN, PLTR, MSFT, INFY, MU, AAPL.

Email 3:

Subject: Axios Pro Rata: 😱 3 trillion fears

Contents:

– Discussion around whether public markets can absorb $3 trillion worth of IPOs from AI giants OpenAI, Anthropic, and SpaceX/xAI this year; likely but with some fallout.

– Public market investors have portfolio constraints and risk allocations which may prompt shifts from aerospace/defense to AI stocks.

– Alternative asset manager Blue Owl moves away from regular quarterly buybacks in private credit funds, raising concerns over liquidity.

– Numerous venture capital funding rounds detailed, including several AI, biotech, cybersecurity, and financial technology startups raising seed to Series B funding.

– Private equity deals highlight multiple acquisitions including electrical construction, insurance brokers, fund services providers, and industrial manufacturers.

– Public offerings and liquidity events include SPAC raises and acquisitions like eBay buying second-hand marketplace from Etsy for $1.2B.

– Fundraising rounds for several venture capital and private equity firms.

– Personnel updates including promotions and new appointments at major firms.

– Stock of toilet maker Toto surges due to its products’ link with AI-related chip manufacturing.

– Axios Pro Rata offers further subscriptions and invites readers to deepen knowledge of VC, PE, and M&A trends.

Stay Well!