The Strait of Hormuz spent the spring operating as the most expensive parking lot in human history, a few hundred oil tankers idling in the Gulf and running up a tab the entire planet was somehow on the hook for. This week, the U.S.–Iran interim deal to reopen it stripped the risk premium that had been welded onto every barrel. Crude that had surged on the disruption reversed hard the moment the market decided the oil was no longer stuck.

​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Jim Lydotes flips the timer on our Grassroots Research on data centers, healthcare companies reinvesting AI dividends, and the breakdown in common value metrics.

Highlights from the week of June 5 – June 11, 2026.

Last week, America was simultaneously fighting a war, negotiating a peace deal, clocking its hottest inflation print in three years, and taking SpaceX public in the largest IPO in recorded history. This week, the most anticipated Wednesday since America voted for Ruben Studdard or Clay Aiken arrives in the form of Kevin Warsh's first FOMC press conference as Fed Chair.

Nobody walked into this week expecting a bargain, but the final number still surprises you when you see it on the window.

Dividend yield reflects what a company paid; price-to-book what it owns. Neither captures what it can do next.

Last week, America got good news and immediately pulled a hamstring celebrating it. The May jobs report blew through expectations on Friday—great for the economy, bad for anyone holding bonds. Tech stocks, which had been having a perfectly good week, heard the news and spent the afternoon having a very public breakdown.

The disinflationary story of 2025 was going well. Prices were falling, central banks softening, and the path back to the Fed’s 2% inflation target looked less like a forecast and more like an actual plan. People were starting to believe it—which, in retrospect, was the tell.

Government-backed mortgage bonds have outperformed during some of the market’s worst quarters. Here’s how they work and what their track record has historically meant for investors seeking diversification.