The Measurement Gap — 19 August 2026

Four gaps opened between the risk a long-horizon owner holds and the systems used to see it: the SEC ends no-action responses; a $16bn reclassification at a life insurer; the Bank of Canada measures C$500bn of private credit; $3trn of AI commitments outside the leverage ratios — as the 30-year Treasury reaches its highest since 2007. Sources in today's brief at universalassetowners.com.