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Range Takeaway: Micron's results captured the tension in the AI trade. Memory demand remains exceptional, confirming the scale of the buildout. But Apple's price increases show the other side of that strength. AI-driven shortages are pushing component prices up, raising the question of who absorbs the inflation and whether demand holds. Investors answered by rotating out of the most crowded names. The Nasdaq fell nearly 5% this week while small and midcap indexes finished in the green.

Private credit redemptions are back in the headlines. But the rush for the exits isn't a crack in the credit market—it's investors sniffing out a better deal elsewhere.

Asset managers Apollo and Ares both capped redemptions from large private credit funds this week after investor exit requests surged past quarterly limits. Apollo received requests equal to 16.8% of its fund, while Ares hit 14.4%. Both limited withdrawals to roughly 5%, consistent with fund terms.

This doesn't necessarily mean underlying loans are failing; the structures are working as designed to prevent forced asset sales. Still, it exposed a trade-off many investors overlooked.

For years, private credit was pitched to wealthy individuals as a path to institutional yields without public market volatility. But avoiding a daily quote doesn't eliminate risk. Investors can look at publicly traded private credit vehicles (BDCs), which often hold heavily overlapping portfolios managed by the exact same platforms, and see them trading at steep discounts to net asset value (NAV).

That visible gap creates a rational incentive to exit private funds in favor of similar public comps; we all know investors love a discount.

Those trying to participate in that arbitrage are rediscovering the catch: public BDC investors can sell. Private-fund investors can only ask.

Two households can own the exact same funds and walk away with very different after-tax results, purely based on where each holding sits. We call it asset location. We dug into this on our investing webinar this week, and it's one of the most overlooked levers in investing. Here's our framework:

Tax-free (Roth IRA, HSA): Hold your most aggressive, high-growth investments here — small-cap, emerging markets. Every dollar of qualified growth comes out completely tax-free, so spending Roth space on a bond fund is a wasted opportunity.

Tax-deferred (Traditional 401(k), IRA): Hold your income generators here — taxable bonds, REITs, high-dividend funds. That income would otherwise be taxed at your ordinary rate; inside these accounts, it compounds untouched until you withdraw ideally at a lower, post-retirement tax bracket.

Taxable (brokerage): Best for tax-efficient holdings — broad-market ETFs, municipal bonds — and long-term positions that get favorable capital-gains treatment and can be used for tax-loss harvesting.

Where you park your assets matters more than you'd think. Range optimizes this across your accounts as part of our investment strategy.

One investor bought a London mansion for £69M, and just sold it for a record-breaking £275M. 

That's just one of the stories we covered on Instagram this week. We also dove into the $13.9M indie watch that broke records at a Phillips New York auction, Anthropic cofounders’ plan to give away 80% of their wealth post-IPO, and the 12,400% markup on the Patek Philippe’s collab with Tiffany.

Follow us on Instagram @rangefinance to catch our videos next week.

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