Financials

• MPHB Capital (MPHB MK)‘s delisting Offer via a selective capital reduction (SCR) from controlling shareholder and chairman Tan Sri Surin Upatkoon appears to be in the home straight.
• The completion of the Offer has been delayed as ISM Sdn Bhd, MPHB’s minority partner in six JVs, invokes various legal options in an ongoing dispute.
• The High Court has now fixed 6 January 2025 as the hearing date for the SCR petition. Assuming that is granted, payment is likely mid-Feb.  

• $240K Target: Bitcoin is projected to reach $240K by late Q3–Q4 2025, driven by global liquidity, the halving, and institutional demand via spot ETFs.
• Liquidity Drivers: Bitcoin’s bull run will be fueled by U.S. fiscal easing, China’s liquidity injections, spot ETF demand, and the upcoming 2024 halving event.
• Strategic Timing: Historical patterns suggest Bitcoin will peak in late Q3–Q4 2025, driven by synchronized global liquidity expansion and institutional adoption.

• Nicola Tangen and Adena Friedman discuss the importance of integrity, transparency, and trust in the financial system
• Nasdaq’s vision is to be the trusted fabric for the world’s financial system, focusing on technology and partnerships
• Adena shares her leadership journey, emphasizing the importance of empowerment, curiosity, and kindness in leadership. She also highlights the lessons learned from Korean kickboxing, pottery, and pickleball in relaxation and personal growth.

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• JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out.
• Naspers and Prosus will be sold down in the Capped ALSI and the Capped Top 40 as a result of capping.
• Prosus will be sold down in the uncapped indices due to a reduction in shares in issue as well as the SWIX float.

• Investors are disappointed with Citigroup’s lackluster profitability compared to other large US banks, leading to a low valuation of 0.65x TBV
• Potential for improvement as the company has excess capital and may be able to increase profitability to reach a 10% ROTE in the next two years
• Predictions suggest that if Citigroup reaches its targets, there could be a significant increase in share value, with TBV/share reaching $100 and EPS of $10 by 2026, presenting a compelling investment opportunity for those willing to take a risk on the bank’s future performance.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.
• Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
• In this note, we talk about the company’s historical performance.

• Author argues for shorting Berkshire Hathaway due to management issues with its subsidiaries
• Author questions the effectiveness of Warren Buffett’s model in the current market
• Author highlights problems with management at Berkshire’s subsidiaries like Geico and Burlington Northern

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Since reporting H125 results, Picton has agreed the sale of an office asset designated for alternative use, completed the small but accretive acquisition of an industrial unit, and undertaken several leasing and other asset management initiatives. Together, these demonstrate continuing progress with the active measures being taken to improve occupancy, grow income and dividends, and realise value embedded in the portfolio.

• Primerica, a financial services company serving middle-income families in the U.S. and Canada, reported a robust third quarter for 2024 with strong momentum and financial performance.
• The company achieved a 21% increase in adjusted net operating income, totaling $193 million, and saw a notable 28% rise in diluted adjusted operating earnings per share to $5.68.
• Solid cash flows enabled Primerica to repurchase $129 million worth of its own stock and distribute $31 million in dividends during the quarter, contributing to $463 million returned to shareholders for the year through buybacks and dividends.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Shimao Group, Guangzhou R&F, New World Development
• In the US, the FOMC has voted 11-1 to reduce the Fed funds target rate by 25 bps to 4.25-4.50%, a move in line with market expectations. Cleveland Fed President Beth Hammack voted against the decision, in favour of keeping rates steady instead.
• Fed Chairman Jerome Powell noted during a press conference that the central bank has lowered the policy rate by a full percentage point from its peak, adding that interest rates are still meaningfully restraining economic activity and that the Fed remains on track to further reduce rates.

• After Tanarra Capital categorically refuted an Australian article alleging Tanarra was supportive of Bain’s Offer, Insignia Financial (IFL AU)‘s board’s response was all-but rubber stamped. 
• Insignia reckons Bain’s Offer does not represent fair value, and in the “context of a change of control transaction“. 
• What now – does Bain bump? Tough call in a space where one, possible two deals, may lapse in short succession. 

• Bank OZK (OZK US) has more CRE loans to total loans of any US bank at 72% in 3Q24
• Risks of CRE loans are real now and historically, they have high loss rates, in bad times
• The bank is seeing a surge in NPAs , but its credit costs are lagging – make up in 4Q24?

• Bajaj Finance Ltd (BAF IN) is transitioning into a “FINAI” company, integrating AI across all operations to drive transformative growth.
• This strategy will focus on acquiring the next 100 million customers, penetrating new growth frontiers like MSME lending, and bolstering risk management and operational efficiency. 
• The company’s success hinges on the successful execution of its FINAI strategy, navigating competition, managing credit costs, and adapting to the evolving regulatory landscape.

Deutsche Beteiligungs (DBAG) reported an 8.5% NAV total return (TR) in FY24 (to end-September 2024), supported by positive movements in valuation multiples, which offset the negative impact from changes in earnings and the higher net debt of portfolio companies. DBAG’s portfolio remains affected by the subdued macroeconomic environment in Germany, although its continued portfolio shift away from more traditional industrial holdings likely provided a cushion. Following the convertible bond and promissory loan note issues earlier this year, along with several successful exits, DBAG’s strong balance sheet positions the company well to explore the many attractively priced investment opportunities that management sees in the current market environment. DBAG’s shares now trade at a 38% discount to the last reported NAV of its private markets investments, on top of which DBAG’s shares offer exposure to the company’s fund services business. Therefore, we consider the discount wide even considering the market headwinds.

• The S&P/ASX 200 (AS51 INDEX) has declined two weeks in a row. Quantitative analysis suggests that a trend reversal could occur soon.
• This Insight provides an option strategy based on the resistance and support levels identified in the quantitative Insight EQD | ASX 200 Presents a High-Probability Buy-The-Dip Opportunity 
• Option liquidity and volatility analysis, including skew, term structure and put/call ratios are provided and used in strategy design.

• Edelweiss Financial Services Ltd. is a financial services firm in India with a market cap of $1.2 billion USD
• The company includes the largest private credit and private real assets fund manager in the country
• Management plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to shareholders, potentially creating value for investors as seen in a previous div-en-specie transaction with Nuvama

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies
• In the US, the December (preliminary) S&P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).
• The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.

• Emerald Finance (EMERALD IN) is a Chandigarh-based NBFC. Since receiving its NBFC license in 2015, Emerald has broadened its offerings to include personal loans, business loans, and Early Wage Access.
• The Company focuses on retail and MSME lending and acts as a loan origination platform for over 40 financial institutions through its subsidiary, Eclat Net Advisors Private Limited.   
• Onto the forensics, there are unsecured loans to RPs, representing 15% of the networth, large amounts of cheques-in-hand reflected under Other loans and advances and incorrect calculation of EPS

• The review period for the February rebalance of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) ends in two weeks.
• There could be two changes for the index with passive trackers needing to trade between 23-64x ADV in the stocks.
• The passive buying is a lot larger than the passive selling, there will be funding outflows for the other index constituents; some stocks will have over 1x ADV to trade.

• Infrastructure is crucial for the transition to a low carbon economy and the advancement of the economy, requiring urgent repairs to aging infrastructure such as roads, bridges, and airports.
• Private capital plays a key role in investing in infrastructure assets, with a focus on operational improvements and creating value for investors.
• The growing demand for investment in infrastructure, especially in the areas of AI and data centers, presents significant opportunities for private sector funding and operational enhancements.

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• A bid for out-of-the-money puts combined with positive change in Put open interest and Put volume totals argues that Puts and being bought.
• 70% of NKY open interest is below 38,000 with only 20% of the open interest above 40,000.
• NKY nearing top of range while registering quiet historic volatility levels 4-5 points below implied vols. 

• The decline of new home sales was narrowed in the past ten months.
• New home, rental, and furnishing businesses grew strongly in 3Q24.
• We believe the operating margin will improve in 2025 and 2026.

• The S&P/ASX 200 INDEX it’s currently trending up quite well, since October 2023. The current rally picked up some steam from July 2024 and is quite steady. 
• The index started to pull back 2 weeks ago and has closed 2 consecutive weeks down and this week started with a Monday down Close.
• Our models show a clear opportunity to buy this dip and ride the index uptrend back to >3% profit target, roughly a 3-weeks movement according to our forecast.

• Risk reward for owning implied vol has shifted to the long side here given spot/vol dynamics and limited vol upside since market peaked 17% higher.
• Strong price action after a soggy start to the week sees a significant portion of open interest cleared out.
• Largest open interest is at the 300 strike with ~ 42k Put contracts outstanding.

• Optically speaking LICHF’s Q2FY25 results may not look as strong given modest PAT growth of 12% YoY, however, there was substantial improvement in asset quality and credit cost.
• Annualized credit cost has stabilized to below 0.2% of AUM for the past couple of quarters, in line with the historical averages.
• Last few quarters saw significant variation in earnings due to NIM variation, however, it has now stabilized at around 2.7% vs 3%+ earlier, making the earnings more predictable going forward.

• Ian Cassel, a renowned investor in the microcap space, consistently emphasizes the importance of seeking “overqualified management teams” in microcap companies with proven track records. 
• The company I present today, Western Investment Company of Canada, exemplifies this approach.
• Western Investment Company of Canada (WI) is an investment holding company currently undergoing a transformation to become an insurance holding company. Its goal is to serve as a platform for small niche insurers in Western Canada.

Molten’s portfolio valuations remain stable in H125, illustrated by the limited fair value movements of its core holdings that recently completed new funding rounds, as well as Molten’s recent exits (representing aggregate proceeds of c £124m), all of which were completed at or slightly above previous carrying values. While the valuations of listed cloud businesses compressed somewhat between end-March 2024 and end-September 2024, they rebounded visibly after the US election. Moreover, Molten expects its core holdings to deliver weighted average revenue growth of 71% in 2024 and 48% in 2025. Its H125 NAV TR decline of 2.4% came largely from FX headwinds, while the 1.4% constant currency increase in gross portfolio value was driven by the revaluation of Revolut, partly offset by a markdown of Thought Machine.

• Tisch family provides long-term focus on shareholder value
• Solid dividend policy in place for income generation
• Favorable valuation makes CNA Financial an attractive investment opportunity

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Arcadium Lithium (LTM AU), Seven & I Holdings (3382 JP), Insignia Financial (IFL AU), Shanghai Henlius Biotech (2696 HK), Get Nice Financial Group Ltd (1469 HK). 
• Lowest spreads: Renewable Japan (9522 JP), Lifestyle China (2136 HK), Macromill, Inc (3978 JP), Fuji Soft Inc (9749 JP), Nec Networks & System Integr (1973 JP), Nishimoto (9260 JP). 

• The upcoming rebalance of the MVIS Australia A-REIT Index will be implemented at the close on 20 December. There are no constituent changes, but there are float and capping changes.
• Estimated one-way turnover at the rebalance is 2.9% resulting in a one-way trade of A$17m. There is limited impact on the index constituents.
• The largest inflows are in Charter Hall, Gpt Group, Dexus Property and Region RE while the largest outflows will be from Goodman Group, Scentre Group and Vicinity Centres.

• A long-short strategy with HDFC Bank, ICICI Bank, and State Bank Of India outperformed the NSE Nifty Bank Index by 2.1% from 21 November to present.
• The trade is supported by strong fundamentals, institutional and systemic aspects, and favorable technical factors.
• The strategy is market-neutral with zero correlation to the Nifty Bank Index, enhanced by the yield pick-up from shorting the futures in a contango market.

• IVs guided lower as Inflation data furthers expectations of easier monetary policy. Weekly IVs lower by -3.3 vols, Monthly IVs lower by -1.6 vols & Quarterly IVs remained unaffected.
• IV mark-down seems overdone given the heavy upcoming event-risk calendar. Weekly contracts capture the 18.12.2024 FOMC meeting. 
• Strategic Implications: (1) Consider Long Gamma positioning given upcoming event risk & IV markdown (2) Retain Short Vega allocations while Monthly IVs still above 10.5%.

• The impeachment motion against President Yoon passed in the South Korean National Assembly, clearing the two-thirds supermajority, and is now official.
• For the impeachment to fail, four justices must oppose it—highly unlikely given the current setup. The odds are heavily in favor of the impeachment being upheld.
• Corporate law reforms, driven by a likely Democratic Party takeover, could fuel value-up momentum and drive the local market, potentially sparking an unexpected rally through the May election.

• In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. 
• Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
• Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. 

• Sai Gon VRG Investment Corporation (SIP VN) will be added to the MarketVector Vietnam Local Index at the close on 20 December.
• Estimated one-way turnover is 5.1% and that results in a one-way trade of US$23m. There are a few stocks with more than 1x ADV to buy from passives.
• The largest passive inflows will be in VIX Securities (VIX VN), Vietnam Dairy Products JSC (VNM VN), Hoa Phat Group Jsc (HPG VN) and Vietcombank (VCB VN). 

• Reportedly, Blackstone is running a ruler over Dexus Property (DXS AU), one of Australia’s leading fully integrated real estate groups. 
• The Australian article flips flops: “Blackstone is understood to have been back on the scene“; but “cooled on the opportunity for now“. 
• Almost exactly four year ago, Blackstone paid A$2.1bn for a 49% stake in the Dexus Australian Logistics Trust, a prime logistics portfolio managed and jointly owned by Dexus.

• Christmas came early for Corp Financiera Alba Sa (ALB SM)‘s shareholders as a 79% premium delisting offer for a holding that was last trading at a whoping 50.7% discount/NAV.
• For a while I had been saying that Alba was very cheap. Although it is difficult to disagree with such a premium, controling shareholders are buying at a 11.5% discount.
• They are value investors after all. Settlement should happen around April 4. Spread is 1.9%/6.4% (gross/annualised). Long Alba shares (not the holding spread).

• We update our views on ten Japanese midcap banks targeting attractively valued beneficiaries of the realization of big strategic shareholdings, as well as beneficiaries of the improving interest rate outlook
• We re-iterate our buys on Hachijuni Bank and Hokuhoku Financial; there is potential to realize their large strategic holdings relative to their market capitalizations combined with their attractive PTBV ratios
• We take Gunma Bank off the buy list, replacing it with Iyogin; Iyogin has a constructive mix of large strategic holdings, attractive valuations and healthy gearing to higher interest rates

• Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.
• India’s wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.
• Nuvama’s edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.

• Aviva is acquiring Direct Line for £1.297 cash, 0.2867 AV shares, and £0.05 dividend, totaling £2.70/share.
• Direct Line’s board is prepared to recommend the offer; Aviva is conducting due diligence with a PUSU date set for December 25.
• The offer values Direct Line at 1.6x BV and 2.6x TBV, with potential regulatory scrutiny due to market share.

• Kaspi superapp offers strong growth potential in Kazakhstan and plans for expansion into other countries
• Led by a top-notch management team with significant ownership stake and operates with high margins
• Despite concerns about investing in emerging markets, the authors see Kaspi as a compelling long-term investment opportunity with impressive growth potential

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• It should come as no surprise that inflation dominated headlines throughout 2022 and 2023.
• This was largely because central banks around the world, including the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), had to respond to rising inflation by aggressively increasing interest rates.
• The chart below highlights these interest rate changes.

• In Q1 FY07/25, the company reported sales of JPY11.5bn and business profit of JPY1.2bn, showing YoY growth.
• Logistics Investment business saw increased leasing income, with sales of JPY5.9bn and segment profit of JPY820mn, up 70.5% YoY.
• The company sold LogiSquare Narita, resulting in sales of JPY4.5bn and segment profit of JPY583mn, reversing previous losses.

• VCredit Holdings Ltd (2003 HK), a provider of consumer financial services in China, was listed on the 21st June 2018 at HK$20/share. Shares are currently down 90%.
• Ma Ting Hung, VCredit’s chairman, held 35.6% at the time of listing, and currently holds 39.85%.  
• VCredit was suspended this morning pursuant to the Takeovers Code. Now might be the time for Ma to take VCredit back into the fold. 

• IOOF Holdings (IFL AU) shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.
• The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.
• We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.

• As discussed in PA Gooddoctor (1833 HK) – The Arb Is To Take The Stock, Ping An increased its stake in Lufax (6623 HK) to 56.82% via a scrip dividend.
• This triggered a zero-premium MGO, which closed on the 28 October 2024 with negligible tendering.
• Via an amendment to a tri-party agreement, Ping An subsequently lifted its stake to 66.85%. It’s worth understanding how Ping An has taken its stake >50% and beyond. 

• After the market close on 12 December, the Financial Supervisory Service (FSS) put a break on Hyundai Motor Securities’ rights offering worth 200 billion won.
• The proposed rights offering included issuing 30.1 million new shares, representing 95% of its current outstanding shares (31.7 million).
• We would try to capitalize on the short term bullish upside on its shares of Hyundai Motor Securities and sell into strength.  

• IOOF Holdings (IFL AU) has received an indicative proposal from Bain Capital to acquire all of its shares at A$4/share in cash.
• The offer takes advantage of IOOF Holdings (IFL AU)‘s underperformance over the last couple of years and there could be competing offers from other investment managers. 
• Short interest in IOOF Holdings (IFL AU) is around 2% of shares out and 2.5% of float. There could be short covering in the next few days.

• Cross-Market volatility snapshot highlighting option opportunities. Today’s opportunities are in the Nifty 50 and in Bitcoin
• Nifty 50: The index crossed the 50-day moving average, signaling a bullish trend. Hedging gains is recommended due to expected macroeconomic uncertainty in Q1 2025.
• Bitcoin: Surpassed $100,000, driven by positive sentiment towards the incoming US President’s crypto-friendly stance. Options strategies are suggested, plus how a synthetic Bitcoin bond compares to a corporate bond.

• Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has announced a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.
• The Offer, should it proceed, will be by way of a Scheme.  Apart from IFL’s shareholder approval, a firm bid requires FIRB signing off. 
• IFL’s board is weighing up the Offer’s pros and cons. This probably requires a small bump.

• Discussion on the performance and outlook of various assets, including Solana, Ethereum, and Bitcoin
• Analysis of market trends and potential factors that could drive asset valuations in the future
• Debate on the future dominance and valuation of different L1 networks such as Solana and Ethereum
• Speculation on the potential for an L1 network to surpass the market cap of Bitcoin and gold
• Mention of upcoming report release and the importance of becoming a subscriber for detailed insights

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Lions Gate Entertainment Corporation reported its fiscal second-quarter results, which were influenced by ongoing industry disruption, the lingering effects of the previous year’s strikes, and a disappointing performance at the theatrical box office.
• The company’s Television Group, particularly its unscripted segment, faced challenges due to a continuing market correction.
• In the Motion Picture Group, the poor box office performance of “Borderlands,” along with softer-than-anticipated results from other releases, impacted financial outcomes.

• In this edition: • ABN Amro / ING | both confirm CET1 ratios to be ahead of regulatory requirements • Ahold Delhaize | Albertsons files claim against Kroger after merger attempt was blocked • Shell / SBM Offshore | ExxonMobil plans to further increase oil production • TKH Group | awarded inter-array cable contract for Inch Cape offshore wind farm

• DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO.
• DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.

• In September 2023, TON Foundation and Telegram announced a strategic partnership with the ambitious goal of onboarding 30% of Telegram’s active users to TON by 2028. Serving as the infrastructure layer, TON leveraged Telegram Mini-App to reach and engage Telegram’s vast user base.
• The success of Notcoin paved the way for activating Mini-App users through social games. Subsequently, users were introduced to crypto through airdrops of game-launched tokens and meme coins. To support this growth trajectory, the foundation has utilized TON Grants, The Open League, and offline events to align with these objectives.
• By July 2024, Telegram Mini Apps reached 500 million monthly active users (MAUs), elevating Telegram’s MAUs to a new peak of 950 million. By October, 30 million of these users had transitioned into the cryptocurrency world.

• Sui Network, a blockchain platform from Mysten Labs, is redefining scaling with its object-centric architecture, parallel execution model, and Move programming language.
• By combining innovative consensus mechanisms like Mysticeti and upgrades such as Adelie and Mahi-Mahi, Sui is advancing beyond traditional L1 architectures to support high-throughput and low-latency operations.
• Its ecosystem spans diverse sectors, from DeFi to gaming, while its robust tokenomics and cryptographic features enhance usability and security.

• The Nikkei 225 Index continues its going nowhere trend: there is a pattern however in what it does and it’s quite repetitive as of lately.
• While we don’t attribute predictive value to chart patterns, we do know that a flat trend sooner or later breaks out.
• Our models see limited upside for the current range-bound mini rally (2 weeks in the making). Next we will have a pullback, and it could happen already after this week.

• EAAA India Alternatives Ltd (1619210D IN) (EAAA) is planning to raise about US$177m through its upcoming India IPO. The lead bookrunners for the deal are Axis Capital, Jefferies, Motilal Oswal, Nuvama.
• EAAA is a fund management house with a diversified, multi-strategy platform in large, under-tapped, and fast-growing alternative asset classes, focusing on providing income and yield solutions to its clients.
• As per CARE report, EAAA is one of the leading alternatives platforms in India, in terms of assets under management (AUM) of INR572.62bn (US$6.7bn) as of Sept 24.

• Discussion of ins and outs of option pricing and market risk
• Examples of price volume spirals in meltdown and melt up scenarios
• Exploration of value and instability in market dynamics

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• Trump is gradually building a team to “make America great again” in the crypto space—a move that certainly cannot come soon enough.
• The most significant news from the past week includes the following highlights.
• Trump Names David Sacks as White House AI and Crypto Czar’ at Bloomberg

• Not so Outrageous Commodity Predictions Saxo Bank published their annual “outrageous predictions” for 2025.
• I actually found a few theses that I don’t even find that outrageous in its directionaly.
• For example: “The crypto market quadruples to more than USD 10 trillion, the US dollar falls 20% against major currencies and 30% versus gold.

• Intercontinental Exchange, Inc. (ICE) reported record results for the third quarter of 2024, underscoring strong performance across its diverse business segments.
• The company achieved record net revenues of $2.3 billion, marking an increase boosted by both transaction and recurring revenues.
• Notable growth came from its recent acquisition of Black Knight, contributing to a 7% increase in total pro forma revenue compared to the previous year.

• Marsh & McLennan Companies (MMC) delivered a solid financial performance in the third quarter of 2024, continuing its positive growth trajectory.
• The company achieved underlying revenue growth of 5%, supported by strong execution in Risk and Insurance Services (RIS) and Consulting.
• Adjusted operating income increased by 12%, and the adjusted operating margin expanded by 110 basis points, reflecting effective cost management and operational efficiency.

• What you need to know: • Moon River provided a review of its 2024 milestones as well as an outlook for an exciting 2025.
• • 2024 was a busy year for the Company, publishing a PEA on the Davidson Project and acquiring its interest in the Endako Mine.
• • MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA.

• GSHD is a home and auto insurance broker with a mixed corporate and franchised model
• GSHD earns commissions on policy sales through distribution agreements with insurance companies
• Recent quarters have shown significant growth slowdown, leading to concerns about sustainability of franchise model due to high franchisee churn rates

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.