Alex Ossola

In Europe, Elon Musk said his satellite internet service Starlink had stopped unauthorized use by Russian drones after Ukraine asked for help.

Starlink, the backbone of Ukraine's military communications, wasn't activated in Russia, but a black market for user terminals had sprung up.

On the rest of the show, low-cost investing pioneer Vanguard cuts its fees again and shares in Disney fall after the company reports earnings.

That's after the break.

A $16 billion Michigan pension fund made a few bets that didn't pan out.

Last year, it abandoned its investment in the second largest coffee farm in Hawaii after $86 million in losses.

And then a few months later, the pension said it had lost another $53 million on a Swiss renewable energy company.

Individual projects like these are an increasingly popular investing strategy.

But Heather Gillers, who covers pensions for the journal, says what happened to the Michigan fund highlights the risks of private markets.

Heather, why are big institutional investors like pension funds investing in individual projects like a single coffee farm?

We've talked on the show about some risks of private markets compared with public market investments, which you mentioned earlier.

How did that apply in this case?

That was WSJ reporter Heather Gillers.

Thanks, Heather.

Sure.

The major indexes gained today, led by the 1.1 percent climb in the Dow.

Commodities continued a wild ride, with silver prices that swung in a range of more than 20 percentage points.

Prices for both silver and gold finished down 1.9 percent.

And oil dropped, with Brent crude down 4.4 percent, on hopes of a de-escalation between the U.S.

and Iran.