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BCI's Daniel Garant on Private Debt and More

Pension Pulse - August 26, 2025 - 9:12pm

Sarah Rundell of Top1000funds reports on BCI's masterclass in private debt:

British Columbia Investment Management Corporation (BCI), the C$295 billion ($214 billion) asset manager for public sector bodies in Canada’s western most province, oversees a C$20 billion ($14.5 billion) allocation to private debt in a strategy that is defined by a few key characteristics: a large and growing allocation to co-investments, an avoidance of mega deals and an expansion into Europe and APAC.

Around 65 per cent of the private debt allocation is direct or in co-investments via partnerships with external firms, which although not unique, sets BCI apart from many other investors and reaps benefits like diversification, deeper relationships, deal selectivity and lower fees.

“Not everyone can do direct or co-investments but having an overall portfolio of 65 per cent in direct and co-investments is a high number, and we are looking to do more,” says Daniel Garant, executive vice president and global head of public markets, in conversation with Top1000funds.com.

BCI has been doing direct lending in the US ever since the portfolio was launched in 2018. But moribund M&A activity continues to push private credit firms to jump on every opportunity. It’s drawn huge investor flows into US private debt and tightened credit spreads. The fiercely competitive market for lenders has propelled BCI into new geographies – first Europe and more recently, Asia Pacific.

“For the last three years, we have increased our allocation to Europe for the simple reason that credit spreads and returns are currently attractive. Having a portion in Europe, and a growing portion in Asia Pacific, is helping us as these markets will develop over the years. They won’t get to the same size as the US, but private debt in Europe and Asia will get a growing share of this portfolio,” he predicts.

Another important seam to strategy involves avoiding mega deals where “everyone” is bidding. It’s not that these deals aren’t interesting, says Garant, it’s just that they are competitive and tightly priced. Instead, he is focused on transactions that are less crowded to get a better spread, calling on BCI’s strong partners to bring deal flow in the upper middle market and middle market.
Another reason to avoid mega deals in private debt includes competition in the space from broadly syndicated loans (BSLs), which corporate borrowers can tap into as an alternative to private debt. BSLs are usually cheaper, and lenders don’t ask for as much spread as private credit investors. In return, they don’t have the same flexibility.

“A private debt loan is more flexible, but it is more expensive,” he says.
Adjacent opportunities
Another successful seam to strategy includes adjacent opportunities. In one example, the team has broadened its remit and ventured into more asset-backed lending. Garant says it’s less competitive and offers a better risk return, and although deals are more complex, BCI can draw on its deep internal expertise and talent pool for support – around 85 per cent of BCI’s total assets are managed internally.

Traditionally, asset-backed lending where loans are secured against property or equipment, consumer loans or credit card balances, used to be the domain of banks. Unlike direct lending which involves analysis of the corporation, financial projections and strategy, investors in the asset-backed space must also ensure they have the capacity and infrastructure to successfully select the assets that sit behind each deal.

“This is where the secret lies,” he says, adding that managers (and their selection) play a key role in sourcing the assets that back the loans. “Asset-backed lending is usually part of a broad diversified portfolio and that requires technology, including AI tools, to better enable us to see the portfolio behind it because this is where the risk sits.”

Adjacent opportunities also include looking for openings in investment-grade (private) debt where investment-grade corporates go to the private market in search of a more flexible portion of funding.

It’s a strategy that also plays into another inherent strength of the portfolio.

The public markets team oversees both the allocation to private debt and absolute return strategies, alongside more obvious public allocations to passive and active public equities, government and corporate bonds, derivatives, trading and FX and managing portfolio leverage. Garant believes the hybrid portfolio works particularly well given today’s demands on investors to remain flexible, and the fact that the lines that used to define markets are increasingly blurred.

“Investment grade private debt is a hybrid between corporate bonds which are investment grade, and private debt per se, so having the view of both markets is essential in my view to do a good job in terms of capital allocation and risk return.”
Absolute return and synthetic index replication
The C$12 billion ($8.7 billion) absolute return portfolio, the other slight anomaly in BCI’s public markets allocation, seeks opportunities that are uncorrelated to equity – namely unique, idiosyncratic investments that are expected to perform well in all market environments.

The strategy provides a welcome corner of active risk in an equity allocation that has steadily moved into passive.

At 23.6 per cent, BCI’s current allocation to public equities is a smaller proportion of assets under management than it used to be and subjects the portfolio to less volatility than in the past. Of that, the majority is passive in index strategies for rebalancing.

Absolute return investment opportunities have a specific risk-return profile that typically comprises low downside risk and a capped upside, but which is above the market beta return. Absolute return implementation comes via an overlay above public, indexed equities whereby BCI’s clients receive the beta of equities, and a value add over the benchmark from uncorrelated strategies.

“Of course, the quid pro quo is if the downside is capped and limited, the upside is also going to be capped. The key success factor is the right partnership and sourcing, as well as the skill of the team and being agile and nimble to look at opportunities that are a bit different,” he says.

The largest exposure is to a long-short market-neutral credit manager. Other uncorrelated instruments providing strong returns in the overlay strategy include transactions in litigation finance and structured debt instruments with penny warrants. Here, the downside credit protection caps potential losses and the upside comes via the interest rate paid on the debt instrument and potential equity returns from the penny warrants.

In keeping with BCI’s overarching approach, the structure of the overlay is managed internally with capital allocated to partners where BCI will co-invest if the team decide they want more exposure to particular opportunities. “The positions are not short-term, we target transaction maturities to be within five years – we don’t aim for short-term tactical positions that are, say, three months.”

It’s a topical point. As more investors explore tactical asset allocation in the current climate, Garant remains lukewarm.

“I’m not a strong believer in tactical asset allocation. Our strategy is not based off short-term market moves.”

“Tactical asset allocation requires coping with significant mark-to-market volatility with features such as stop losses, and although some firms are good at it, many aren’t because it’s extremely difficult to time market movements. If you want to perform, you need to change positions quickly, and positions need to be large to have a meaningful impact on your return. For example, relative value trades between equity and bonds consume a lot of active risk.”

BCI has no edge investing tactically, he continues. It’s much better to invest the way they are, whereby partners bring opportunities, the internal team hunts for specific returns and risk profiles, and where transactions are less crowded.

A second active equity strategy in addition to absolute return comes via synthetic indexation, where the team move investment between physical and synthetic index replication according to market opportunities.

The physical allocation involves trading a basket of stocks alongside a synthetic index replication exposure via swaps, he explains. Every year, the team has added value by doing synthetic index replication and he concludes that the strategy is important because active equities are difficult in the current market.

“In public equity markets, we have never seen this type of market concentration before. In Canada, we are used to having a few stocks dominating the benchmark, but in the US, this is a new feature in the modern era. It adds complexity for long-only public equity active investors.”

Excellent interview with Daniel Garant, EVP and Global Head of Public Markets at BCI where he goes over their approach to private debt, absolute returns and other strategies.

He also explains why he's not a big believer in tactical asset allocation and how synthetic indexing adds value to the fund.

How did BCI grow its private debt portfolio to an C$20 billion ($14.5 billion) allocation in seven years?

They seeded the right funds like Hayfin Capital in Europe which they sold back in February, got an equity stake, negotiated lower fees and co-investment rights and they're continuing on this track.

BCI recently announced that BCI-backed Brinley Partners secured an additional US$4 billion commitment from a leading US insurance company.

BCI also recently announced the signing of a strategic minority investment agreement to support Three Hills, a private markets investment firm specialised in providing bespoke capital solutions to entrepreneurs and management teams in Europe and North America to help long-term corporate development and growth objectives

The structure of these deals gives BCI important leverage to negotiate lower fees and co-investment opportunities.

What else did BCI do to grow its private debt portfolio? Early on, it invested in CPP Investments' Antares Capital, a leader in US middle market lending.

But the key point in all of this is they structure their deals intelligently to negotiate better terms (lower fees, more co-investments) and they also get huge upside from their equity stakes in these firms.

Daniel Garant states this:

“Not everyone can do direct or co-investments but having an overall portfolio of 65 per cent in direct and co-investments is a high number, and we are looking to do more”

That's a huge percentage in direct and co-investment and to do more, they need to structure the right deals with strategic partners.

What else? Similar to what IMCO's Jennifer Hartviksen told ION Analytics (see my recent post here), their credit team is flexible across the capital structure and even does hybrids between corporate bonds and private debt.

The ability to do more directs and co-investments and be flexible across different credit products requires a strong credit team that can gauge opportunities as they arise and solid technical knowledge to provide bespoke investment solutions to capitalize on hybrid opportunities.

Lastly, the time frame for co-investments is three to five years because it increases the probability that they will not get caught in a short-term storm, it's just a smarter risk-adjusted framework than short term tactical asset allocation which is fraught with risks.

Equally important, they avoid mega deals where spreads are tight and look to capitalize in less crowded strategies where spreads are wider (that carries more risk but better returns and if the team knows how to analyze these deals properly, it's a smarter strategy than chasing mega deals where returns are lacklustre).

Alright, let me wrap it up there.

Below, a panel discussion form last year's Milken Institute Global Conference featuring Daniel Garant, EVP and Global Head of Public Markets at BCI. The panel discusses trends in private markets including private debt and you can fast forward to around minute 9 to hear Daniel's insights (there's more, entire panel is worth watching).

before i let go kennedy ryan pdf

Economy in Crisis - August 26, 2025 - 6:11pm

Kennedy Ryan’s “Before I Let Go” is a poignant exploration of love, loss, and resilience, weaving a dual timeline narrative that delves into the complexities of human relationships and personal growth.

Overview of the Book

Before I Let Go, written by Kennedy Ryan, is a heartfelt and emotionally charged novel that explores the complexities of love, loss, and resilience. The story follows Yasmen and Josiah Wade, a couple navigating the challenges of their marriage after two devastating tragedies. Through a dual timeline narrative, the book weaves together their journey from the early days of their romance to the struggles of their present. The novel delves into themes of grief, memory, and the power of human connection, offering readers a deeply emotional and thought-provoking experience. Available in formats like PDF, the book has resonated with many for its raw honesty and nuanced character development.

Author Background — Kennedy Ryan

Kennedy Ryan is a bestselling author known for her emotionally charged and thought-provoking novels, including “Before I Let Go” and the Skyland series, exploring human connections and resilience.

Biography and Literary Career

Kennedy Ryan is a bestselling author celebrated for her emotionally resonant and thought-provoking novels. Known for works like “Before I Let Go” and the Skyland series, she skillfully blends romance with deeper themes of grief, resilience, and human connections. Ryan’s writing career has been marked by her ability to craft compelling narratives that explore the complexities of love and loss, earning her a dedicated readership and critical acclaim. Her novels often delve into the emotional depth of her characters, making her a significant voice in contemporary literature. With a focus on character development and nuanced storytelling, Kennedy Ryan continues to captivate readers with her unique perspective and emotional authenticity.

Writing Style and Influences

Kennedy Ryan’s writing style is renowned for its emotional depth and lyrical prose, blending elements of romance, drama, and contemporary fiction. Her narratives often explore complex human emotions, leveraging dual timelines to weave past and present into a cohesive whole. Ryan’s work is influenced by her keen observation of human relationships and societal dynamics, which she portrays with raw authenticity. Her ability to craft relatable characters and evoke powerful emotional responses has endeared her to readers. Drawing from personal experiences and broader cultural themes, Ryan’s writing is both intimate and expansive, creating stories that resonate deeply with audiences while maintaining a unique literary voice.

Impact on Contemporary Literature

Kennedy Ryan’s “Before I Let Go” has left an indelible mark on contemporary literature, offering a fresh perspective on themes of love, loss, and resilience. The novel’s emotional depth and nuanced character development have resonated with readers, challenging traditional narratives in romance and drama genres. Ryan’s ability to explore complex human emotions with authenticity has set a new standard for storytelling, inspiring both readers and fellow writers. The book’s dual timeline structure and relatable themes have contributed to its widespread acclaim, solidifying Ryan’s place as a significant voice in modern literature. Its impact is evident in the way it prompts readers to reflect on their own experiences, fostering deeper connections with the text.

Themes and Messages

Love, loss, and resilience are central themes, as the novel explores grief’s transformative power and memory’s role in healing and understanding the past.

Exploration of Love and Loss

Kennedy Ryan’s “Before I Let Go” masterfully explores the intricate dance between love and loss, tracing Yasmen and Josiah Wade’s journey from youthful romance to devastating tragedy. The novel delves into how love, while profoundly binding, can also become a source of pain when life’s challenges test its limits. Through a dual timeline narrative, the story reveals the couple’s transformation from hopeful newlyweds to individuals grappling with heartbreak and betrayal. Ryan’s poignant portrayal highlights how loss reshapes love, forcing characters to confront their vulnerabilities and reevaluate what they once believed about partnership and commitment. This exploration resonates deeply, offering readers a raw yet hopeful look at the resilience of the human heart.

Navigating Grief and Resilience

Kennedy Ryan’s “Before I Let Go” delves deeply into the complexities of grief and the human capacity for resilience. Yasmen and Josiah Wade’s story, set against the backdrop of dual timelines, explores how they navigate the aftermath of devastating tragedies. The novel portrays grief as a transformative force, reshaping their marriage and individual identities. Through their struggles, Ryan highlights the importance of acknowledging pain and seeking support. The characters’ journeys illustrate the fragile balance between heartbreak and healing, offering a powerful exploration of how resilience can emerge even in the darkest moments. This poignant narrative underscores the idea that grief, while shattering, can also catalyze growth and renewal.

The Role of Memory in Understanding the Past

In “Before I Let Go,” Kennedy Ryan intricately examines how memory shapes perceptions of the past. The novel’s dual timeline narrative highlights the selective nature of memory, revealing how characters recall and interpret past events. Yasmen and Josiah Wade’s recollections often diverge, showing how memory can distort or clarify truths. Ryan illustrates how these memories influence their present, affecting decisions and relationships. The interplay between remembered experiences and current realities underscores the dynamic role of memory in understanding personal and shared histories. This exploration challenges readers to reflect on how their own memories shape their identities and interactions, adding depth to the narrative.

Main Characters

Yasmen and Josiah Wade are the central figures, their complex marriage explored through dual timelines. Their emotional journeys highlight personal growth and the novel’s themes of love and loss.

Character Development in Yasmen and Josiah Wade

Yasmen and Josiah Wade are masterfully crafted characters whose emotional journeys form the heart of “Before I Let Go.” Their relationship, marked by love and loss, evolves through a dual timeline that reveals their growth and struggles. Yasmen’s resilience and Josiah’s introspection highlight their complex personalities, making them relatable and deeply human. The novel explores their individual flaws and strengths, as well as their shared efforts to navigate grief and rebuild their connection. Through their arcs, Kennedy Ryan illustrates the transformative power of love and the enduring impact of shared experiences. Their development underscores the novel’s themes of resilience, forgiveness, and the complexities of human relationships;

Significance of Supporting Characters

The supporting characters in “Before I Let Go” play pivotal roles in shaping the narrative and deepening the emotional landscape. Each character, such as Vashti, adds layers to the story, offering perspectives that enrich Yasmen and Josiah’s journeys. They serve as catalysts for growth, providing support, challenge, and insight into the protagonists’ lives. These characters are skillfully woven into the plot, ensuring their presence feels organic and impactful. Their interactions highlight themes of grief, resilience, and redemption, while also revealing the complexity of human connections. Kennedy Ryan’s portrayal of secondary characters underscores the novel’s exploration of community, forgiveness, and the interconnectedness of lives.

Character Arcs and Growth

Yasmen and Josiah Wade undergo profound transformations in “Before I Let Go,” as they navigate love, loss, and the complexities of their relationship. Their journeys are marked by resilience and self-discovery, with each character evolving in response to life’s challenges. Yasmen’s growth is particularly evident as she learns to confront grief and redefine her sense of purpose; Josiah, too, faces his own struggles, emerging stronger and more introspective. The dual timeline narrative allows readers to witness their development over time, highlighting their capacity for change and the enduring power of love. These character arcs are central to the novel’s emotional depth, offering readers a compelling exploration of personal growth and redemption.

Book Structure and Format

“Before I Let Go” features a dual timeline narrative, blending past and present through strategic flashbacks. The prologue sets the emotional tone, while chapters alternately explore memories and current struggles, creating a seamless flow that enhances the story’s depth and complexity.

Dual Timeline Narrative

Kennedy Ryan masterfully employs a dual timeline narrative in “Before I Let Go,” seamlessly intertwining past and present to reveal the complexities of Yasmen and Josiah Wade’s relationship. The story begins with a poignant prologue that sets the emotional tone, followed by chapters that alternate between memories of their early love and the challenges of their current struggles. This structure allows readers to witness the couple’s journey from romantic beginnings to the trials that test their bond. The dual timelines not only provide depth but also highlight the evolution of the characters, offering insights into how their past experiences shape their present. This narrative approach enhances the emotional impact, making the story both engaging and thought-provoking.

Prologue and Chapter Distribution

“Before I Let Go” by Kennedy Ryan opens with a heartfelt prologue that sets the emotional tone for the story, offering a glimpse into the deep connection between Yasmen and Josiah Wade. The prologue serves as a foundation, hinting at the challenges the couple will face. The chapters are carefully distributed to balance backstory with present-day struggles, creating a cohesive flow. Each chapter alternates between their early love story and the trials that test their relationship, providing readers with a comprehensive understanding of their journey. This structure ensures that the narrative unfolds seamlessly, keeping readers engaged and emotionally invested in the characters’ lives.

Use of Flashbacks and Present-Day Struggles

Kennedy Ryan masterfully interweaves flashbacks with present-day struggles in “Before I Let Go,” creating a narrative that deeply explores the characters’ emotional journeys. The flashbacks provide insight into the early love story of Yasmen and Josiah Wade, highlighting their connection before tragedy struck. These glimpses of the past contrast sharply with their current challenges, revealing how their relationship has evolved and been tested. The use of flashbacks not only adds depth to the story but also helps readers understand the motivations and emotional states of the characters. By alternating between past and present, Ryan keeps the narrative engaging and emotionally resonant, allowing readers to connect with the couple’s struggles on a profound level.

Emotional Depth and Conflict

Kennedy Ryan’s Before I Let Go masterfully explores emotional depth and conflict through a dual timeline, contrasting past love with present heartbreak, revealing raw emotion and resilience.

Portrayal of Marital Struggles

Kennedy Ryan vividly captures the complexities of marital struggles in Before I Let Go, tracing Yasmen and Josiah Wade’s journey from passionate union to heart-wrenching disintegration. The novel explores how two devastating tragedies unravel their relationship, revealing the cracks in their once-unbreakable bond. Through a dual timeline, Ryan juxtaposes their romantic beginnings with the stark reality of their present struggles, offering a raw and unfiltered look at marital conflict. The narrative delves into themes of communication breakdown, emotional distance, and the weight of unresolved grief, providing a poignant yet realistic portrayal of how love can both unite and divide. Ryan’s nuanced storytelling brings depth to the exploration of marital challenges, making it relatable and deeply human.

Handling of Traumatic Events

Before I Let Go masterfully portrays the profound impact of traumatic events on individuals and relationships. Kennedy Ryan delves into the emotional aftermath of two devastating tragedies that reshape Yasmen and Josiah Wade’s lives. The novel explores how these events disrupt their marriage, forcing them to confront pain, guilt, and vulnerability. Ryan’s sensitive portrayal captures the complexity of grief, illustrating how trauma can both unite and isolate. The narrative seamlessly weaves past and present, offering a deeply human perspective on resilience and healing. Through vivid storytelling, Ryan highlights the struggle to rebuild trust and connection, creating a poignant exploration of how traumatic events shape lives and relationships.

Emotional Strategies for Readers

Kennedy Ryan’s “Before I Let Go” equips readers with emotional strategies to navigate the novel’s intense themes of grief, love, and resilience. The book encourages readers to confront their emotions head-on, offering a safe space to process loss and heartache. Ryan’s vivid storytelling helps readers identify and name their emotions, fostering self-reflection and empathy. The dual timeline narrative allows readers to witness character growth and resilience, providing hope and practical insights for coping with trauma. By sharing Yasmen and Josiah’s journey, the novel empowers readers to embrace vulnerability and seek healing. This emotional journey is both cathartic and transformative, leaving readers with tools to navigate their own struggles with greater strength and understanding.

Critical Reception and Reviews

“Before I Let Go” has received acclaim for its emotional depth and raw storytelling, resonating deeply with readers and critics alike. Many praise Kennedy Ryan’s ability to craft relatable characters and tackle poignant themes, while some note the narrative’s pacing challenges. The book’s exploration of grief and resilience has struck a chord, solidifying its place as a compelling read in contemporary literature.

Reader Feedback and Reviews

Readers have praised “Before I Let Go” for its emotional depth and relatable portrayal of marital struggles and grief. Many appreciated the dual timeline narrative, finding it engaging and thought-provoking. The character development, particularly of Yasmen and Josiah Wade, resonated with readers, who admired their growth and resilience. Some reviewers noted that the book tackled heavy themes with sensitivity, making it a impactful read. However, a few readers mentioned that the pacing slowed midway, affecting their immersion. Overall, the novel has been well-received for its raw storytelling and ability to evoke strong emotions, leaving a lasting impression on many who’ve read it.

Critical Analysis of the Novel

“Before I Let Go” by Kennedy Ryan has received critical acclaim for its nuanced portrayal of love, loss, and resilience. Critics highlight the novel’s ability to balance emotional depth with a compelling narrative structure, particularly praising the dual timeline that seamlessly connects past and present. The exploration of grief and marital struggles is described as raw and authentic, offering readers a realistic glimpse into the complexities of human relationships; Reviewers commend Ryan’s writing style for its emotional intensity and sensitivity, noting how the characters’ arcs are both believable and impactful. While some critics mention the pacing slows slightly in the middle, the novel is widely praised for its thought-provoking themes and its ability to evoke profound emotional responses, solidifying its place in contemporary literature.

Comparison with Other Works by Kennedy Ryan

Kennedy Ryan’s “Before I Let Go” stands out among her works for its deeply emotional and introspective tone. While her Skyland series, including “This Could Be Us” and “Can’t Get Enough,” focuses on the power of female friendships and resilience, this novel delves deeper into marital struggles and grief. The dual timeline narrative, a hallmark of her writing style, is used more effectively here, offering a richer exploration of character development. Fans of her previous works will recognize her signature blend of angst and hope, but the emotional depth in “Before I Let Go” surpasses expectations, making it a standout in her bibliography. Ryan’s ability to evolve while maintaining her unique voice is evident, captivating both new and loyal readers.

Accessing the Book — PDF and Other Formats

“Before I Let Go” by Kennedy Ryan is available in PDF, text, and other digital formats for easy access. Readers can download the PDF version or purchase physical copies online.

Availability of Digital Formats

“Before I Let Go” by Kennedy Ryan is widely available in digital formats, including PDF and text files, ensuring easy access for readers worldwide. The book can be downloaded from various online platforms, such as Amazon Kindle, Google Books, and other eBook retailers. Additionally, the PDF version can be accessed through direct downloads from select websites, making it convenient for readers to enjoy the story on their preferred devices. The digital formats are optimized for readability across smartphones, tablets, and e-readers, providing a seamless experience. This accessibility has contributed to the book’s popularity, allowing fans of Kennedy Ryan’s work to engage with her storytelling effortlessly. The digital versions are also frequently updated to ensure compatibility with the latest reading technologies.

Downloading the PDF Version

The PDF version of “Before I Let Go” can be easily downloaded from various online platforms. Readers can access the book through popular eBook retailers like Amazon Kindle or Google Books, where it is available for purchase or download. Additionally, free PDF versions can be found on select websites, though verifying the source’s reliability is recommended. Once purchased or downloaded, the PDF can be stored on devices like smartphones, tablets, or e-readers for convenient reading. The process typically involves creating an account, completing the purchase, and downloading the file directly to your device. This format ensures that fans of Kennedy Ryan can enjoy her storytelling with ease and flexibility, anytime and anywhere.

Options for Purchasing Physical Copies

“Before I Let Go” by Kennedy Ryan is widely available in physical formats, including hardcover and paperback. Readers can purchase copies from major book retailers like Amazon, Barnes & Noble, and IndieBound. Additionally, local bookstores often carry Kennedy Ryan’s works, supporting both authors and small businesses. For international readers, platforms like Book Depository offer worldwide shipping with competitive pricing. Signed editions and special releases may also be found through the author’s official website or during book signings. Purchasing a physical copy ensures a tangible connection to the story, making it a cherished addition to any reader’s collection. This option is ideal for those who prefer the tactile experience of reading.

Discussion Guide and Reading Groups

“Before I Let Go” offers a rich foundation for book clubs, with themes of love, loss, and resilience sparking meaningful conversations. Explore the emotional depth, character arcs, and the novel’s poignant portrayal of relationships to foster engaging discussions.

Questions for Book Clubs

Discuss the dual timeline narrative: How does it enhance the story’s emotional impact? How do Yasmen and Josiah’s past experiences shape their present struggles? What role do supporting characters play in their journey? Explore the theme of grief: How do the characters navigate loss, and what coping mechanisms do they employ? How does the author portray the complexities of marital relationships? What message do you think the book conveys about love and resilience? How does the use of flashbacks contribute to understanding the characters’ motivations? What personal reflections did the book inspire for you? How do the themes resonate with your own life experiences?

Facilitating Meaningful Discussions

Encourage participants to share their interpretations of the dual timeline and how it deepens the story’s emotional layers. Ask how the characters’ past experiences influence their present decisions and relationships. Discuss the role of supporting characters in shaping Yasmen and Josiah’s journeys. Explore how the author’s portrayal of grief and resilience resonates with readers’ own experiences. Consider the ethical dilemmas and choices faced by the characters, prompting reflection on moral decision-making. Invite members to share personal insights or connections to the themes of love, loss, and redemption. Foster an open dialogue about the book’s message on the transformative power of relationships and personal growth.

Engaging with the Book’s Themes

“Before I Let Go” by Kennedy Ryan invites readers to immerse themselves in profound themes of love, loss, and memory, each intricately woven throughout the narrative. The dual timeline structure encourages reflection on how past experiences shape present realities, while the exploration of grief highlights resilience as a transformative force. Yasmen and Josiah’s journey challenges readers to confront their own understanding of love and its limitations. The novel’s emphasis on memory as both a burden and a bridge to healing prompts introspection about personal experiences with loss. By engaging with these themes, readers gain insight into the complexities of human relationships and the enduring power of love, fostering a deeper connection with the story and its characters.

Impact on Readers

“Before I Let Go” profoundly resonates with readers, evoking deep emotional connections and introspection about love, loss, and resilience, leaving a lasting and memorable impression on its audience.

Reader Responses and Testimonials

Readers have overwhelmingly praised “Before I Let Go” for its emotional depth and relatability, with many describing it as a heart-wrenching yet hopeful exploration of love and loss. Fans of Kennedy Ryan highlight the authenticity of the characters and the raw honesty in their struggles, noting how the story resonates deeply on a personal level. Many readers have shared testimonials about how the book helped them process their own grief or reevaluate their relationships. The dual timeline narrative has been particularly praised for its ability to weave past and present seamlessly, creating a captivating and immersive reading experience. The novel’s ability to evoke strong emotions while offering a message of resilience has left a lasting impact on its audience.

Personal Reflections and Insights

Readers of “Before I Let Go” often reflect on how the novel resonates with their own experiences of love, loss, and personal growth. Many have shared that the book prompted them to confront unresolved emotions and reevaluate relationships in their lives. The dual timeline narrative has inspired readers to think deeply about the interplay between past and present, offering a fresh perspective on their own journeys. The raw honesty of the characters’ struggles has fostered a sense of connection, with readers appreciating the authenticity and vulnerability portrayed. The novel’s exploration of grief and resilience has also sparked meaningful introspection, encouraging readers to embrace their own stories of heartache and healing. This emotional resonance has made the book a transformative read for many.

“Before I Let Go” by Kennedy Ryan is a deeply emotional and thought-provoking novel that lingers long after the final page, leaving readers with profound reflections on love, loss, and resilience.

“Before I Let Go” by Kennedy Ryan is a heart-wrenching exploration of love, loss, and resilience, told through a dual timeline that intertwines past and present struggles. The novel follows Yasmen and Josiah Wade as they navigate the fractures in their marriage after devastating tragedies, revealing the complexities of grief and the power of memory. Ryan’s vivid storytelling and emotional depth create a compelling narrative that lingers long after the final page. The book emphasizes the importance of confronting emotional pain and finding strength in vulnerability, offering readers a profound reflection on human relationships and personal growth. Its thought-provoking themes and relatable characters make it a memorable read.

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Unions can play a critical role in safeguarding reproductive freedom: Union density is twice as high in abortion-protected states compared with abortion-restricted states

EPI - August 25, 2025 - 11:04am

The Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization overturned the federal constitutional right to abortion. Since the Dobbs decision in 2022, 12 states have banned abortion and a dozen more have added significant restrictions on reproductive health care and abortion access. In contrast, several states—including Colorado, Montana, Ohio, and Vermont—have voted to amend their state constitutions to enshrine abortion protections. As shown in Figure A, the Dobbs decision has made abortion access vary widely by state.

Figure A

When looking at these state policies, it’s worth noting that many of the states with abortion protections are also states with higher levels of unionization. Our recent report documents the strong correlation between high union density and a range of economic, personal, and democratic well-being metrics. In the same way unions give workers a voice at their workplace, unions also give workers a voice in shaping their communities. In the report, we show that residents in states with higher union density are more likely to have health insurance, access to paid sick and family leave, and live in a state with Medicaid expansion. This correlation holds true when evaluating state abortion policies. Figure B shows that states with abortion protections have an average union density twice as high as that of states with varying degrees of abortion restrictions and bans.

Figure B

Many abortion-restricted states have also enacted anti-union and so-called “right-to-work” (RTW) laws. These laws are designed to suppress worker power by prohibiting unions and employers from negotiating union security clauses into collective bargaining agreements, making it difficult for workers to join, form, and sustain unions. As a result, states with RTW laws—many in the South and Midwest—have low levels of union density. Research shows that RTW laws are associated with higher income inequality, lower wages and benefits, and increased workplace fatalities.

Unfortunately, federal attacks on reproductive freedom have continued since the Dobbs decision. This summer, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), which makes draconian spending cuts—mostly to health care and food assistance for children and families—in order to give massive tax cuts to the wealthiest households. The OBBBA also poses significant obstacles to reproductive freedom by prohibiting health care clinics that provide abortion services from receiving federal Medicaid payments for one year for any other services they provide. This provision specifically targets Planned Parenthood, putting 1 in 3 centers at risk of closure and taking away vital reproductive services—such as cancer screenings, prenatal care, and contraception—from more than 1 million people. Planned Parenthood is currently pursuing a legal challenge to this OBBBA provision—but Trump’s undermining of reproductive freedom and health care does not stop there.

Since returning to office, Trump has withheld millions in Title X funds for family planning services, scrubbed government websites of vital information about reproductive health care, and nominated individuals with anti-abortion views to key positions at the Department of Health and Human Services. Earlier this month, the Trump administration issued a proposed rule that would exclude abortion services for veterans as part of reproductive health care covered under the Department of Veterans Affairs. The proposed rule seeks to rescind a 2022 Biden-era rule that expanded reproductive health care and abortion access in the wake of the Supreme Court’s Dobbs decision.

As attacks on reproductive freedom and health care continue at the federal level, unions can play a critical role in safeguarding reproductive freedom in the states. However, union density levels are not as high as they could or should be. While nearly half of all nonunion workers say they want a union in their workplace, only 11.1% of all workers were covered by a union contract in 2024. This is because current labor law does not provide workers with a meaningful right to a union and collective bargaining.

Federal policymakers should pass the Protecting the Right to Organize Act and the Public Service Freedom to Negotiate Act to strengthen private- and public-sector workers’ right to organize and access a union. Further, states with RTW laws should restore private-sector workers’ full bargaining rights by repealing these anti-union state laws. Building union density is not just a worker or workplace issue, but also a fundamental component to strengthening reproductive freedom in our communities.

Dovish Fed Remarks Revive Animal Spirits on Wall Street

Pension Pulse - August 22, 2025 - 10:52pm

Amalya Dubrovsky, Karen Friar and Laura Bratton of Yahoo Finance report Dow jumps 800 points to record, S&P 500, Nasdaq soar as Powell's Jackson Hole finale fuels bets on September rate cut:

US stocks soared on Friday as Federal Reserve Chair Jerome Powell opened the door to a September rate cut during his highly anticipated speech at Jackson Hole.

The Dow Jones Industrial Average rose 800 points or 1.9% to close at a fresh record, while the S&P 500 moved up about 1.5%, and the tech-heavy Nasdaq Composite climbed 1.9%. Friday's surge came on the heels of a downbeat week for markets, as tech stocks took a hit amid AI trade doubts.
His remarks shook up rate-cut bets, which had been waning after a weak monthly jobs report. Traders on Friday were pricing in about 91.5% odds of a September cut compared to 70% earlier in the morning and 85% a week ago.

Meanwhile, the 10-year and 30-year Treasury yields fell after Powell's remarks. The commentary also spurred a gain in bitcoin and other cryptocurrencies, with ethereum leading the crypto gains.

The White House watched Powell's speech closely, as President Trump has continued to push the Fed and Powell to lower rates. Trump opened a new front in his public pressure campaign on central bank independence by calling for the resignation of Fed governor Lisa Cook for alleged mortgage fraud. On Friday, Trump said he'll "fire" Cook if she doesn't resign, though legally, presidents cannot easily dismiss Fed governors.
On the earnings front, Zoom (ZM) stock popped Friday after reporting an AI boost, and Ross Stores (ROST) jumped as shoppers sought discounts amid tariffs. Intuit (INTU) and Workday (WDAY), meanwhile, slid.
Shares of Intel (INTC) jumped 5% after President Trump said the government will take a 10% stake in the ailing chip giant, calling it a "great deal."

Pia Sigh and Sarah Min of CNBC also report Dow surges more than 800 points to post record close as Powell speech fuels rally:

The Dow Jones Industrial Average rallied to an all-time high Friday after Federal Reserve Chair Jerome Powell signaled the central bank could begin easing monetary policy next month.
The Dow climbed 846.24 points, or 1.89%, reaching a fresh high and closing at a record level of 45,631.74. The S&P 500 rose 1.52% to end at 6,466.91. At its session high, the broad market index came within three points of its record. The Nasdaq Composite gained 1.88% and settled at 21,496.53.
Shares of megacap technology stocks soared on Powell’s comments. Nvidia added 1.7%, while Meta Platforms jumped more than 2%. Alphabet and Amazon each climbed more than 3%. Tesla shares jumped about 6%.
In a tepid speech at the central bank’s annual conclave in Jackson Hole, Wyo., Powell said that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” The Fed chief added that “the balance of risks appear to be shifting” between the central bank’s dual mandate of full employment and stable prices. He cited “sweeping changes” in tax, trade and immigration policies.
Expectations for a quarter-point rate cut in September surged to roughly 83% following the speed from about 75% earlier in the week, according to the CME Group’s FedWatch tool.
“The bar is extremely high now for the Fed to leave rates unchanged in less than a month,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Friday’s performance came in contrast to much more downbeat market action this week. The major averages entered the session lower week to date due to pressure in megacap tech. The latest rally helped investors claw back most of the losses from earlier in the week.
For the week, 30-stock Dow advanced 1.5%, and the S&P 500 gained 0.3%, while the Nasdaq slipped 0.6%.

Jeff Cox of CNBC also reports Powell indicates conditions ‘may warrant’ interest rate cuts as Fed proceeds ‘carefully’:

Federal Reserve Chair Jerome Powell on Friday gave a tepid indication of possible interest rate cuts ahead as he noted a high level of uncertainty that is making the job difficult for monetary policymakers.
In his much-anticipated speech at the Fed’s annual conclave in Jackson Hole, Wyoming, the central bank leader in prepared remarks cited “sweeping changes” in tax, trade and immigration policies. The result is that “the balance of risks appear to be shifting” between the Fed’s twin goals of full employment and stable prices.
While he noted that the labor market remains in good shape and the economy has shown “resilience,” he said downside dangers are rising. At the same time, he said tariffs are causing risks that inflation could rise again — a stagflation scenario that the Fed needs to avoid.
With the Fed’s benchmark interest rate a full percentage point below where it was when Powell delivered his keynote a year ago, and the unemployment rate still low, conditions allow “us to proceed carefully as we consider changes to our policy stance,” Powell said.
“Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” he added.
That was as close as he came during the speech to endorsing a rate cut that Wall Street widely believes is coming when the Federal Open Market Committee next meets Sept. 16-17.
However, the remarks were enough to send stocks soaring and Treasury yields tumbling. The Dow Jones Industrial Average showed a gain of more than 600 points following the public release of Powell’s speech while the policy-sensitive 2-year Treasury note saw a 0.08 percentage point fall to around 3.71%.
In addition to market expectations, President Donald Trump has demanded aggressive cuts from the Fed in scathing public attacks he has lobbed at Powell and his colleagues.
The Fed has held its benchmark borrowing rate in a range between 4.25%-4.5% since December. Policymakers have continued to cite the uncertain impact that tariffs will have on inflation as a reason for caution and believe that current economic conditions and the slightly restrictive policy stance allow for time to make further decisions.
Importance of Fed independence
While not addressing the White House demands for lower rates specifically, Powell did note the importance of Fed independence.
“FOMC members will make these decisions, based solely on their assessment of the data and its implications for the economic outlook and the balance of risks. We will never deviate from that approach,” he said.
The speech comes amid ongoing negotiations between the White House and its global trading partners, a situation often in flux and without clarity on where it will end. Recent indicators show consumer prices gradually pushing higher but wholesale costs up more rapidly.
From the Trump administration’s view, the tariffs will not cause lasting inflation, thus warranting rate cuts. Powell’s position in the speech was that a range of outcomes is possible, with a “reasonable base case” being that the tariff impacts will be “short lived — a one-time shift in the price level” that likely would not be cause for holding rates higher. However, he said nothing is certain at this point.
“It will continue to take time for tariff increases to work their way through supply chains and distribution networks,” Powell said. “Moreover, tariff rates continue to evolve, potentially prolonging the adjustment process.”
In addition to summarizing the current conditions and potential outcomes, the speech touched on the Fed’s five-year review of its policy framework. The review resulted in several notable changes from when the central bank last performed the task in 2020.
At that time, in the midst of the Covid pandemic, the Fed switched to a “flexible average inflation targeting” regime that effectively would allow inflation to run higher than the central bank’s 2% goal coming after a prolonged period of holding below that level. The upshot is that policymakers could be patient with slightly higher inflation if it meant insuring a more comprehensive labor market recovery.
However, shortly after adopting the strategy, inflation began to climb, ultimately hitting 40-year highs, while policymakers largely dismissed the rise as “transitory” and not needing rate hikes. Powell noted the damaging impacts from the inflation and the lessons learned.
“As it turned out, the idea of an intentional, moderate inflation overshoot had proved irrelevant. There was nothing intentional or moderate about the inflation that arrived a few months after we announced our 2020 changes to the consensus statement, as I acknowledged publicly in 2021,” Powell said. “The past five years have been a painful reminder of the hardship that high inflation imposes, especially on those least able to meet the higher costs of necessities.”
Also during the review, the Fed reaffirmed its commitment to its 2% inflation target. There have been critics on both sides of the issue, with some suggesting the rate is too high and can lead to a weaker dollar, while others seeing a need for the central bank to be flexible.
“We believe that our commitment to this target is a key factor helping keep longer-term inflation expectations well anchored,” Powell said.

Alright, the week ended with a bang but it wasn't such a great week prior to today.

Powell confirmed the Fed will in all likelihood cut rates in September.

I said so last week when I covered top funds' activity in Q2, I expect a "one and done" rate cut in September.

The thing Fed officials are grappling with now is the lagged effects of tariffs on inflation.

Specifically, there were major inventory buildups as tariffs were announced but as those inventories wear off, producers will have to pass on the tariffs to consumers or eat them and suffer margin compression (ie. less profits).

But the US economy is definitely slowing, Powell is right to highlight the Fed's dual mandate and employment conditions certainly warrant a rate cut next month (fed funds rate is restrictive).

Alright, let me move straight to the stock market action this week in US markets.

As shown below, Energy, Real Estate, Financials and Materials were the top performing sectors this week (data from barchart):

And here are the top performing US large and mid cap stocks this week (data from barchart):

And here are the worst performing US large and mid cap stocks this week (data from barchart):

A lot of the high flyers like Palantir got clobbered this week.

Among the mid cap, shares of Viking Therapeutics (VKTX) were down more than 40% Tuesday after their phase 2 trial showed a high dropout rate relative to placebo control group.

I'm not going to bore you with the details but the data also showed extremely impressive weight loss results in just 12 weeks where larger competitors take much longer to show same results.

The trial design was too aggressive, the dropout rate was 28% vs 20% for placebo group (which is high) and it was in the highest dose subgroup.

In my opinion, this is THE biotech dip of the year to buy and there's no question in my mind that Pfizer is going to snap this company up (or some other big pharma).

I would invite you to read this post on X from Hataf Capital:

Viking Therapeutics Just Got a Reality Check

I’ve followed Viking Therapeutics $VKTX long enough to know one thing: when Wall Street builds up a biotech story, reality almost always comes crashing down harder than expected. That’s exactly what happened this week when Viking… pic.twitter.com/ZQeAokx99Y
— Hataf Capital (@hataf_capital) August 19, 2025

I also suggest you look at the top institutional holders of Viking shares here.

As I explained last week, I've been trading biotech long enough to know how Wall Street works, they manipulate these shares.

In my humble opinion, the dip in Viking Therapeutics shares this week was not warranted, the data was a lot better than what investors interpreted and this presents a great buying opportunity at these levels:

[Full disclosure: Viking is my biggest biotech position by far and I will ride it out no matter what.]

Alright, let me wrap it up there.

Below,Ryan Detrick, Carson Group chief market strategist, joins 'The Exchange' to discuss the market rally, Fed Chair Powell's speech and the bond market.

Also, Tom Lee, Fundstrat head of research and chief investment officer of Fundstrat Capital, joins CNBC's 'Squawk on the Street' to discuss his reaction to Fed Chair Powell's speech at Jackson Hole, market expectations, and much more.

Third, Jeremy Siegel, WisdomTree chief economist and Wharton professor emeritus, joins 'Closing Bell' to discuss the emphatic nature of the market response to Powell's Jackson Hole comments, the argument the Fed should cut rates and much more.

Fourth, Aswath Damodaran, NYU professor of finance, joins 'Power Lunch' to discuss if valuations of gotten out of control, if the markets overreacting to the latest Fed news and much more.

Fifth, Warren Pies, 3Fourteen Research co-founder, joins 'Closing Bell' to discuss the market's reaction to the Powell's Jackson Hole comments, if there's downside risk to the macroeconomy and much more.

Lastly, The CNBC Investment committee debate the "Post-Powell Playbook" following Fed Chair Jerome Powell's speech in Jackson Hole.