Chris Tobe, CFA, CAIA

Pope Leo XIV Sends His Best Diplomat to America Archbishop Gabriele Caccia — the Vatican's veteran envoy to Duterte's Philippines and the United Nations — is now headed to Washington at the most turbulent moment in modern Vatican-U.S. relations.

When Rodrigo Duterte was waging war against his own population in the Philippines, Pope Francis sent one of its most experienced diplomats to Manila.

That diplomat was Archbishop Gabriele Caccia.

Now Pope Leo XIV has chosen him to be the papal envoy to the United States.

Private Credit: The 30% Markdown Nobody Wants to Admit The private credit boom has been built on a simple premise: that loans held inside private funds are somehow safer, smoother, and more stable than those traded in public markets. Pension boards and…

Private Credit woes threaten Public Pensions and Annuities commonsense401kproject.com/2026/03/07/p...

Indiana Sells Out: First U.S. State to Legalize Crypto in Retirement Plans Indiana has now crossed a line that many fiduciary experts warned was coming. In 2026, the state enacted legislation requiring its public defined contribution retirement plans to provide participan…

Indiana Sells Out: First U.S. State to Legalize Crypto in Retirement Plans commonsense401kproject.com/2026/03/06/i... @indianacapitalchronicle.com @indianaclimate.bsky.social @woodenstares.bsky.social @goodtroubleindiana.org @indianajournos.bsky.social @inhousedemocrats.bsky.social

Indiana Sells Out: First U.S. State to Legalize Crypto in Retirement Plans Indiana has now crossed a line that many fiduciary experts warned was coming. In 2026, the state enacted legislation requiring its public defined contribution retirement plans to provide participan…

Indiana Sells Out: First U.S. State to Legalize Crypto in Retirement Plans commonsense401kproject.com/2026/03/06/i...

RIP to Jesse Jackson. His funeral is today. I wanted to share this clip from his appearance on Sesame Street in 1971. His important words ring just as true today as they did back then.

On the state level, especially Governors races, but treasurers, comptrollers, Private Equity firms making dark money contributions as states like Ohio are funneling over $2 billion a year in fees in secret no-bid contracts to Private Equity can afford to kickback hundreds of millions

Is Private Equity Illegal in Your Pension? Over the last decade, private equity has been sold to pension funds as the cure for everything: low interest rates, weak public-market returns, and supposedly “inefficient” markets that only elite …

Overstated performance, horrible liquidity, excessive fees – blocking transparency is key to pushing Private Equity in 401(k)
commonsense401kproject.com/2026/03/06/i...

Jasmine Crockett’s replacement in the House

Video: Amira Hassan via X (@itsAmira_H)

The SEC’s Determination to Push Retail Investors into Private Market Assets Benefits Wall Street Rather Than Main Street | Better Markets Introduction The SEC is advancing policies that could expose ordinary investors to opaque, illiquid, and risky private market assets. Federal securities laws were designed to shield them from these ri...

The SEC’s Determination to Push Retail Investors into Private Market Assets Benefits Wall Street Rather Than Main Street bettermarkets.org/analysis/the...

The Apollo / Epstein Files: Why Public Pensions Should Reopen the 2019 Divestment Debate Last updated 3/2/26 In 2019, when Jeffrey Epstein was arrested, and the first public scrutiny fell on Leon Black — co-founder of private capital giant Apollo Global Management — many public pension…

Taxpayers funded and continue to fund Leon Black as Apollo makes $billions from over 35 State Pensions in secret no-bid contracts
commonsense401kproject.com/2026/02/05/t...

The Apollo / Epstein Files: Why Public Pensions Should Reopen the 2019 Divestment Debate Last updated 3/2/26 In 2019, when Jeffrey Epstein was arrested, and the first public scrutiny fell on Leon Black — co-founder of private capital giant Apollo Global Management — many public pension…

Taxpayers funded and continue to fund Leon Black as Apollo makes $billions from over 35 State Pensions in secret no-bid contracts
commonsense401kproject.com/2026/02/05/t...

The Apollo / Epstein Files: Why Public Pensions Should Reopen the 2019 Divestment Debate Last updated 3/2/26 In 2019, when Jeffrey Epstein was arrested, and the first public scrutiny fell on Leon Black — co-founder of private capital giant Apollo Global Management — many public pension…

Taxpayers funded and continue to fund Leon Black as Apollo makes $billions from over 35 State Pensions in secret no-bid contracts
commonsense401kproject.com/2026/02/05/t...

The Apollo / Epstein Files: Why Public Pensions Should Reopen the 2019 Divestment Debate Last updated 3/2/26 In 2019, when Jeffrey Epstein was arrested, and the first public scrutiny fell on Leon Black — co-founder of private capital giant Apollo Global Management — many public pension…

Taxpayers funded and continue to fund Leon Black as Apollo makes $billions from over 35 State Pensions in secret no-bid contracts
commonsense401kproject.com/2026/02/05/t...

The Apollo / Epstein Files: Why Public Pensions Should Reopen the 2019 Divestment Debate Last updated 3/2/26 In 2019, when Jeffrey Epstein was arrested, and the first public scrutiny fell on Leon Black — co-founder of private capital giant Apollo Global Management — many public pension…

Taxpayers funded and continue to fund Leon Black as Apollo makes $billions from over 35 State Pensions in secret no-bid contracts
commonsense401kproject.com/2026/02/05/t...