Alex Ossola

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.

Vanguard said today that it would cut fees on a quarter of its U.S.

funds, bringing Vanguard's average expense ratio across all funds to 0.06 percent.

That means that for a $1,000 investment, the fee would be 60 cents per year.

Today's cuts follow Vanguard's largest ever round of fee cuts last year.

The company said that the two moves together will save clients a combined $600 million.

We're exclusively reporting that SIBO is in discussions with retail brokerages to relaunch all-or-nothing options contracts that would compete with prediction markets like Kalshi and Polymarket.