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- 🌊 Introducing... the BlackRock Canal
🌊 Introducing... the BlackRock Canal
Plus: State of the Union address, Zelensky minerals deal, & measles outbreak in Texas
A heartwarming moment from the State of the Union.
In his State of the Union address last night, President Trump completed multiple Make-A-Wish sidequests — and one of the ploys 100% worked on us. Trump made DJ Daniel, a 13-year-old with brain cancer who was told six years ago he had five months to live, an honor Secret Service agent. Here’s the video.
🦠 Measles outbreak in Texas
💰 BlackRock takes Panama
😳 Seizure of property in Denver
–Max and Max
KEY STORY
Measles Outbreak
An outbreak of measles in the Texas panhandle has infected 146+ since January, prompting Health and Human Services Secretary RFK Jr. to urge vaccinations
Measles was widespread in the 20th century– infecting 530,000+ and killing 440 annually between 1953 to 1962 – before the vaccine was introduced in 1963
In an opinion piece for Fox News, RFK Jr. urged people to get vaccinated against measles, writing, “[The] vaccine is crucial to avoiding potentially deadly disease…We must engage with communities to understand their concerns…and make vaccines readily accessible for all those who want them”
Dig Deeper
The current outbreak has primarily affected the Mennonite community – a Christian sect with similarities to the Amish
116 of the 146 cases have occurred in children, with 79 of the cases involving individuals who had not received the measles vaccine
KEY STORY
BlackRock Takes Panama
US investment firm BlackRock struck a deal to buy a 90% stake in two key ports on the Panama Canal from a Hong Kong-based company for $23B
The US built the Panama Canal in 1914 and owned it until transferring it back to Panama in 1999. In recent months, President Trump has pushed to reclaim control, alleging that China had taken control of it via a Chinese company’s operation of two ports on either end of the canal
On Tuesday, a BlackRock-led group bought control of those ports from the Chinese company that operated them, putting control in the hands of a US company
Dig Deeper
During a January visit to Panama, Secretary of State Rubio demanded a reduction in “Chinese influence” in the country. Yet an executive at the Chinese port company said of the deal, “The transaction is purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports”
BlackRock and its partner, a Swiss investment fund, also bought CK Hutchinson’s controlling stake in 43 other ports in 23 countries – BlackRock’s largest-ever infrastructure acquisition
If you missed our deep dive on the history of the Panama Canal and Trump’s interest in reclaiming, read it here
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KEY STORY
Trade War Begins
The US imposed tariffs on Canada, Mexico, and China, sparking a trade war
In January, Trump threatened Canada and Mexico with 25% tariffs after accusing them of failing to stop the flow of fentanyl, but delayed them after the two countries agreed to take action
On Tuesday, Trump enacted the tariffs and doubled the existing 10% ones on China. China and Canada responded by announcing tariffs on American goods, while Mexico said it would soon do the same
The turmoil caused a sharp drop in US stocks, although on Wednesday, Trump officials said a US-Canada compromise might be quickly agreed to, pushing stocks back up
Dig Deeper
The countries are the US’ top three trading partners, accounting for over a third of US imports
Canada retaliated with 25% tariffs on $30B of US imports, while China enacted tariffs on American agricultural products
The S&P 500 ended Tuesday down 1.22%, the Dow Jones down 1.55%, and the Nasdaq down 0.35%
KEY STORY
Zelensky Commits to Deal
President Zelensky proposed a “partial ceasefire” with Russia and committed to signing a mineral deal with the US
On Sunday, Zelensky said peace remained “far away.” A day later, Trump suspended military aid, saying Zelensky otherwise wouldn’t negotiate
On Tuesday, Zelensky proposed a partial ceasefire – similar to one recently proposed by France – that includes the release of prisoners and a pause on long-range attacks on civilian and energy infrastructure
Zelensky added, “Nobody wants peace more than Ukrainians. My team and I stand ready to work under President Trump’s strong leadership to get a peace that lasts”
Dig Deeper
Zelensky also expressed his desire to sign a deal for Ukraine’s natural resources, saying, “Ukraine is ready to sign it in any time and in any convenient format. We see this agreement as a step toward greater security…and I truly hope it will work effectively”
During his address to Congress on Tuesday night, Trump said he had received a letter from Zelensky and that the US would move forward with the deal
RUNDOWN
Some Quick Stories for the Office
💰 European Commission President Ursula von der Leyen announced a "ReArm Europe" plan that would allocate $850B for European defense
☢ Russian President Vladimir Putin agreed to facilitate US-Iran nuclear discussions after Trump reportedly raised the idea during a February 12 phone call
🔫 A majority of Supreme Court justices appeared likely to reject Mexico's $10B lawsuit that sought to hold US gun manufacturers accountable for cartel violence
💲 Arab leaders adopted Egypt's $53B Gaza reconstruction plan that avoids Palestinian displacement, a counter to President Trump’s “Middle East Riviera" proposal
What does Roca Nation think?
🧠 Yesterday’s Question: Do people deserve to inherit millions from their parents? (The greatest wealth transfer in world history is now underway…)
To me, it is double taxation - whatever money was earned by the parents, it has already been taxed (unless they procured it under illegal circumstances). When it is left in a will, it should not be taxed again. We should be able to do what we want with our money, especially when we die. It would be nice to see millions of dollars go to local charities if there are no immediate family members or designated heirs, though, instead of going who-knows-where after the estate tax.
No one deserves to inherit millions from their parents, but parents should have the right to do with their money as they choose. People should be able to live with as little interference from the government as possible.
On a personal note, as someone who stands to receive a large inheritance, I have asked my parents to do something else with the money - but that will ultimately be their choice. Inheritance is an impediment to personal productivity, fulfillment, and removes the natural incentives that drive our capitalism model. The fact that the number one predictor of wealth in this country is how wealthy you grew up causes me to believe we should look to even the playing field for capitalism to thrive. I don't see how the country benefited from Sam Walton making his kids and their families super rich...
It took me a while to think about this. No, the estate tax should not be higher. It needs to go down to 0%. The middle class is constantly the one picking up the tab for the ultra-wealthy and the impoverished. Why penalize them again just because their family built up generational wealth and want to help the next generation be better off than they were? The Ultra-wealthy have access to lawyers and financial planners to ensure their families are avoiding any taxes through things like trusts where they aren't paying any taxes, inheritance or otherwise.
If we have a billionaires tax we almost wouldn't need a tax for anything or anyone else!
🧐 Today’s Question: When has Roca/our coverage bothered you most? How can we improve?
POPCORN
Some Quick Stories for Happy Hour
🐶 Fake Seizure, Real Heist: Thieves stole bulldogs worth $4,299 each from a Denver area pet store after one man faked a seizure as a distraction
🏊♂️ Czech the Record: Czech cold-water swimmers broke the world record for the largest polar bear dip, with 2,461 participants plunging into a lake’s 38°F water
🩳 Hail to the Briefs: A pair of underpants worn by JFK during his 1940s Navy service sold for $9,100 at an auction in Los Angeles, featuring the late president's nickname "Jack" hand-sewn on the label
🍩 Donut Do This Again: An Oklahoma toddler accidentally called 911 on an old cellphone requesting "emergency doughnuts," prompting police officers to respond by delivering Dunkin' treats to his home
📈 Oscars Ratings Bump: Oscars viewership rose 1% from last year to 19.7M US viewers, the highest in five years
ROCA WRAP
Flare Out!
Serbia
Opposition lawmakers set off flares and smoke grenades inside this country's parliament.
A Balkan nation of 7M people, Serbia has experienced mounting political tensions amid allegations of corruption and authoritarianism under President Aleksandar Vučić. These tensions have accelerated in recent months, after an aged train station collapsed in Serbia’s second-largest city, killing 15 people. Many people have blamed government corruption and anti-government sentiment has since spread widely, fueling mass protests and increasing partisanship.
This week, the Serbian Parliament's opening session descended into chaos when opposition MPs fired flares and smoke grenades inside the assembly. The violence injured several ruling party lawmakers, including a woman who was hospitalized with serious injuries after being struck in the head and an eight-months-pregnant parliamentarian.
The parliamentary confrontation marks a significant escalation of anti-government demonstrations that have continued for four months. Yet despite the disruption, parliament continued its session, with Speaker Ana Brnabić condemning the opposition as a "terrorist gang."
Meanwhile, students gathered outside chanting "thieves" and blocking streets, reflecting broader public dissatisfaction with the entire political establishment.
EDITOR’S NOTE
Final Thoughts
Quick note: The Oscars ratings climbed to 19.69M after an updated tally that reflects mobile + PC viewership, making it the most-watched ceremony in five years. Thank you to the handful of you who emailed us over our premature announcement in yesterday’s Final Thoughts (they re-released the numbers today).
We wish all of you observing Lent a spiritually enriching Ash Wednesday. We’re giving up typos this Lent.
–Max and Max