Excerpt Wendy’s is in the middle of a turnaround after reporting declining sales, falling customer traffic, and weaker franchisee economics. But the real story may be its ownership. Trian Fund Management and BlackRock together own roughly 30% of Wendy’s. Trian is known for pushing companies to improve performance, while BlackRock focuses on accountability and long-term value creation. Together, they create a powerful combination of pressure and oversight.

China has become the world’s most important test case for the future of cars. Tesla, Porsche, Volkswagen, GM, Honda, Nissan, BMW, and Mercedes-Benz are all facing pressure as Chinese automakers gain share with faster product cycles, lower prices, stronger software, and more locally tailored electric vehicles.

On July 9, 2026, the U.S. Securities and Exchange Commission (SEC) issued guidance that could change how activist investing works in America. The guidance says that certain investors who fund activist campaigns must be identified in regulatory filings rather than remaining behind the scenes.¹ At first glance, this may sound like a technical regulatory update. It is not. The SEC’s guidance goes to the heart of a simple question: If investors are trying to influence the fut