#capital

Mobility build de-emphasized in capital allocation.

Fiber build emphasized in capital allocation.

So, where are all the REQs for wireline positions to manage the fiber build? There ain’t sh-t on workday.

Hemorrhaging money by desperately raising capital. KSA recorded its highest ever quarterly deficit in 2026. Will camp be sold off and 3 partied like SAMSO and Camp Security? Inshallah….

https://financialpost.com/pmn/business-pmn/aramco-seeks-to-raise-over-10-billion-from-property-portfolio

Look at the capital one intranet.

The “legacy discover severance plan and spd” just got updated as of May 1, 2026.

They are planning to lay off more legacy discover folks

Capital Management is performing poorly YTD. Lagging peers. Near bottom Percentile ranks. Awful. Plain Awful. Morningstar downgraded the People & Process pillar. Not a good look. But, did staff in Capital Managment still get big promotions & quarterly bonuses w/this poor results ? Time to offload this entire division to save $ b/c they aint making any. Farm this stuff out to save $10M per.

Morningstar through 5/8
Fund Name | YTD Percentile Rank | Adj. Expense Ratio

1.  MoA Clear Passage 2020 Fund — 100th percentile — 0.490%
2.  MoA Intermediate Bond Fund — 98th percentile — 0.470%
3.  MoA Retirement Income Fund — 96th percentile — 0.530%
4.  MoA Clear Passage 2055 Fund — 87th percentile — 0.380%
5.  MoA Clear Passage 2060 Fund — 87th percentile — 0.400%
6.  MoA Clear Passage 2050 Fund — 86th percentile — 0.370%
7.  MoA Clear Passage 2045 Fund — 85th percentile — 0.360%
8.  MoA Clear Passage 2065 Fund — 84th percentile — 0.490%
9.  MoA Clear Passage 2040 Fund — 83rd percentile — 0.370%
10. MoA Core Bond Fund — 82nd percentile — 0.450%
11. MoA Clear Passage 2030 Fund — 81st percentile — 0.430%
12. MoA Clear Passage 2035 Fund — 80th percentile — 0.400%
13. MoA Clear Passage 2070 Fund — 80th percentile — 0.410%
14. MoA Clear Passage 2025 Fund — 79th percentile — 0.440%
15. MoA Mid Cap Value Fund — 72nd percentile — 0.700%
16. MoA International Fund — 68th percentile — 0.480%
17. MoA Small Cap Value Fund — 67th percentile — 0.850%
18. MoA Conservative Allocation Fund — 66th percentile — 0.500%
19. MoA Catholic Values Index Fund — 54th percentile — 0.250%
20. MoA Mid Cap Growth Fund — 54th percentile — 0.630%
21. MoA Balanced Fund — 50th percentile — 0.570%
22. MoA Moderate Allocation Fund — 49th percentile — 0.380%
23. MoA Small Cap Equity Index Fund — 38th percentile — 0.250%
24. MoA Aggressive Allocation Fund — 36th percentile — 0.390%
25. MoA Mid Cap Equity Index Fund — 32nd percentile — 0.170%
26. MoA Small Cap Growth Fund — 26th percentile — 0.850%
27. MoA All America Fund — 20th percentile — 0.550%

Normally get paid at least 2 business days before end of the cycle. Did the outsourcing partner drop the ball this pay period or is EM improving working capital to pay “on-time” and not 2+ days early on ACH?

Capital One Financial Corporation is under investigation by Strauss Borrelli PLLC. This relates to a recent mass layoff of 1,053 employees. The layoffs occurred at its Riverwoods, Illinois location. Capital One provided state notification on March third, 2026. The law firm suspects a violation of the federal WARN Act.

Riverwoods, Illinois

https://straussborrelli.com/2026/03/05/capital-one-illinois-warn-act-investigation/

Capital Management is off to an abysmal start to year. Low returns create atmosphere for client defections. Bloat in Capital Mismanagement is catch ing up. Look at this:

>>>>>>

Percentile Rankings According to Morningstar YTD through 1/27. The higher the percentile rank, the worse the performance

$$$$$$$$$$$$$&
MoA Retirement Income Fund
MARMX 98th Percentile

MoA Intermediate Bond FU
MAMBX 98th

MoA Clear Passage 2020 FU
MURGX 97th

MoA Core Bond FU
MABDX 88th

MoA Conservative Allocation FU
MACA 86th

MoA Clear Passage 2030 FU
MURIX 83rd

MoA Catholic Values Index FU Class
MACCX 83rd

MoA Balanced FU
MACHX 81st

MoA Clear Passage 2035 FU
MURJX 81st

MoA Clear Passage 2025 FU
MURHX 80th

MoA Mid Cap Growth FU
MOAGX 78th

MoA International FU
MAIFX 69th

MoA Clear Passage 2050 FU
MURNX 66th

MoA Clear Passage 2040 FU
MURLX 64th

MoA Equity Index FU
MAEIX 62th

MoA Clear Passage 2045 FU
MURMX 61st

MoA Clear Passage 2055 FU
MUROX 57th

MoA Clear Passage 2060 FU
MURPX 57th

MoA Small Cap Growth FU
MAGKX 53rd

MoA Moderate Allocation FU
MAMOX A51st

MoA Clear Passage 2065 FU
MURQX 39th

MoA Small Cap Equity Index FU
MASOX 38th

MoA Aggressive Allocation Fu
MAANX 34th

MoA Clear Passage 2070 Fu
29th

MoA Small Cap Value Fu
MAVKX 27th

The U.S. feels like it’s entering the late stage of capitalism.

The cost of living—housing, healthcare, and insurance—has gone through the roof. The government takes50% of your income before you even see your paycheck.

Wages can’t keep up with inflation, which has been over 5% for years. People are getting poorer even while working full-time.

The job market is broken. Entry-level jobs are being outsourced to India, while workers over 50 face constant age discrimination.

The corporate ladder is basically dead.

Corporate culture- What is that? Everyone is toxic af

What’s the point of all this? We are fu---d

Some thoughts as I think about the 2025 capital budget and what it implies at PSX:

• Same level of spend as prior years, adjusted for their acquisition of WRB. This suggests that PSX views capital spend as a constant and something that has to be spent regardless of market environment. As an investor that concerns me regarding their ability to show returns over the long term. This likely is the result of their outdated views on midcycle and how capital is spent relative to other priorities.

• PSX continue to chase a short-term EBITDA target in Midstream while margins in the business are declining. This jeopardizes long-term returns at PSX in favor of short term stock appreciation.

• PSX continues to spend significantly at CPChem at a time when two large projects will put additional pressure on margins. This downward margin pressure will compromise their project returns and jeopardize the returns at PSX for years to come.

• PSX is spending $1.1B on Refining but can cite only one large project. This is in contrast to their peers that are making real market calls on how they are spending their capital. It potentially suggests that PSX does not have projects identified that are at scale and that they may struggle to have a read on the market environment to know where to invest.

• VLO is spending $1.6B on refining with several large projects cited to reposition their refineries. Perhaps this is why PSX struggle to outperform VLO.

• MPC is spending $1.25B on refining projects and is making real market calls at several refineries

At a time when PSX needs to show they can operate refineries well, one would think they would have more detail on projects that will reposition their assets. Instead, we get the same answer we get every year and a capital budget that looks like the one the year before.

Shareholders care about capital gains. Is XOM going up? No. Hardly keeping up with inflation. Then what the f is the management doing?

A goodwill write-down being equal to a company's market capitalization is a highly unlikely and extreme scenario, but it is theoretically possible. For this to occur, a combination of severe factors would have to be in play.
The link between goodwill and market cap
Goodwill: An intangible asset recorded on a company's balance sheet, representing the premium paid over the fair market value of net assets during an acquisition. For example, if Company A buys Company B for $500 million, but the fair value of Company B's net assets is only $300 million, Company A records $200 million in goodwill.
Goodwill impairment: If the acquired business fails to meet its performance expectations, the carrying value of the goodwill on the balance sheet must be written down to its new, lower fair value. This charge reduces both the company's assets and its earnings.
Market capitalization: The total value of a publicly traded company's outstanding shares. It is the market's assessment of a company's total value, influenced by current and future earnings potential, brand reputation, and market conditions.
How a goodwill write-down could equal market cap
This would happen if a company experienced the following:
Overpriced acquisition: A company makes a massive acquisition and pays a significant premium, resulting in a large amount of goodwill being added to its balance sheet.
Significant business decline: The acquired business subsequently fails dramatically. Its future earnings potential, brand value, and other intangible assets are now considered worthless by the company.
Market cap collapse: The market quickly recognizes this failure. Investors lose faith in the company's ability to create value from the acquisition, causing the stock price to plummet.
Full impairment: Management is forced to write off the entire goodwill amount. In this rare and catastrophic case, the amount of the write-down would equal the entire market cap.
An example of this extreme scenario
Imagine a company, "Tech Corp," with a current market cap of $10 billion. It acquired another company for $12 billion, resulting in $6 billion of goodwill. If the market suddenly and completely loses faith in this acquisition, causing the market cap to fall to zero, and Tech Corp writes down the full $6 billion of goodwill, the write-down would equal 60% of the original market cap.
For the write-down to equal the market cap, the market would have to value the company's equity at zero, and the write-down would have to be of equal magnitude to the original market cap. This is an almost unheard-of situation, as it would imply that an acquisition so badly misallocated capital that it completely destroyed the company's value.
What this signals to investors
A goodwill write-down of any size is a negative sign, as it indicates management made a poor acquisition decision. An event of this magnitude would be a signal of catastrophic corporate failure.

Has anyone heard any news or details on the updated capital structure that was alluded to being explored to back in March?

The only thing I've heard is that those leading the work have been going around to GPs and SLPs to get their feedback and ideas.

We can all assume those GPs and SLPs will be generous and not make associates jump through a bunch of hoops and politics to benefit, right? right? GPs are totally supportive of taking slightly less and would never be personally motivated in their input, right?

I have just downloaded their sustainability report. Page 27 has some interesting figures on human capital especially those on staff and staff location and turnover. Also, the way they talk about the Voice Survey from last year like a big success without reporting the actual figures is shocking

The latest 13F filing was done. Cap Management has $9.3B in Q2 in 2025 compared with over $10B in Q1 of 2024. Market has been up about 13.5% per annum since then. Is there a stated strategy to actually grow the AUM or is it mainly loss avoidance ?

#Vanguard Group Inc: Holds 118.91M shares, representing 9.22% of shares outstanding.

#Capital International Investors: Holds 104.65M shares, representing 8.12% of shares outstanding.

#Blackrock Inc.: Holds 99.33M shares, representing 7.70% of shares outstanding.

#State Street Corporation: Holds 61.67M shares, representing 4.78% of shares outstanding.