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Heritage and authenticity were high on the agenda for the first half of Paris Fashion Week

The pressing risk no longer is that banks are ‘too big to fail’ but ‘too small to deliver’

The fixed-income mega-investor sees tailwinds for the bond market

Plus retail investor sentiment and Doge job cuts

We’re all just its counterparties

And that’s not always a good thing

The stigma that finance has long endured is both out-of-date and unwarranted

Keep an eye on the Treasury’s Wednesday refunding announcement

And that is worrisome

Enjoy your paintings and sculptures. Just don’t expect a return on what you paid for them