The Universal Owner — June 5: The watchdog’s new worry

The Financial Stability Board's June plenary reframes systemic risk around correlated, simultaneous shocks — and names two fresh ones. We read it against record private-credit defaults, pension funds still buying the risk regulators flag, and Norway's paused stewardship engine. The long take: is the universal owner being paid an opacity premium it can actually hold? Full brief and sources: https://www.universalassetowners.com