Core Viewpoint - Delaware Life Insurance Company has become the first U.S. insurer to offer a cryptocurrency-linked investment within a fixed index annuity (FIA) by partnering with BlackRock, allowing investors to access bitcoin returns while protecting their principal [1] Group 1: Product Offering - The new FIA product will include the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index, which combines U.S. equities with bitcoin exposure through BlackRock's iShares Bitcoin Trust ETF (IBIT) [2] - The index targets a 12% volatility level using dynamic cash allocations to limit bitcoin's price swings, appealing to investors nearing retirement who typically avoid crypto markets due to risk and complexity [2] Group 2: Market Context - This launch is a response to the significant success and client demand for IBIT, enabling insurance clients to add bitcoin exposure as part of a broader indexed annuity strategy [3] - The move by Delaware Life reflects a broader trend among legacy financial institutions engaging with digital assets, bridging traditional retirement products with the crypto market [4]

Core Viewpoint - Investors are evaluating the value opportunities between Patria Investments (PAX) and BlackRock (BLK) in the Financial - Investment Management sector [1] Group 1: Zacks Rank and Earnings Estimates - PAX has a Zacks Rank of 1 (Strong Buy), while BLK has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for PAX [3] - The Zacks Rank emphasizes companies with positive earnings estimate revisions, suggesting PAX is likely to see an improvement in its earnings outlook [3] Group 2: Valuation Metrics - PAX has a forward P/E ratio of 11.00, significantly lower than BLK's forward P/E of 20.65, indicating PAX may be undervalued [5] - PAX's PEG ratio is 0.71, compared to BLK's PEG ratio of 1.44, suggesting PAX has a better valuation relative to its expected earnings growth [5] - PAX's P/B ratio is 1.87, while BLK's P/B ratio is 3.09, further supporting the argument that PAX is more attractively valued [6] Group 3: Value Grades - PAX has earned a Value grade of A, whereas BLK has a Value grade of D, indicating that PAX is viewed more favorably by value investors [6] - The combination of Zacks Rank and Style Scores suggests that PAX is the better investment option compared to BLK at this time [6]

Core Insights - BlackRock identifies cryptocurrency and tokenized assets as significant investment themes shaping markets in 2026, alongside artificial intelligence and energy infrastructure [1][2] Investment Themes - The report emphasizes that cryptocurrencies like bitcoin (BTC), ether (ETH), and stablecoins are part of a broader list of themes driving market changes [2] - Tokenization is highlighted as a growing trend, representing real-world assets in digital formats, which is changing how investors access markets [4] Market Trends - The iShares Bitcoin Trust (IBIT), BlackRock's spot bitcoin ETF, is noted as the fastest-growing exchange-traded product in history, with net assets exceeding $70 billion, indicating strong investor interest in bitcoin [3] - The Ethereum blockchain is recognized for its dominance in tokenized assets, holding over 65% of the market share, and is seen as a key player in the growth of tokenization [5] Broader Implications - The inclusion of crypto and tokenized assets in the report suggests that BlackRock views them as part of transformative "mega forces" affecting economies and portfolio management [6] - The report indicates a shift towards mainstream acceptance of blockchain technologies, with potential for modernizing financial infrastructure [7]

地缘经济博弈，AI科技激烈角逐，世界旧秩序濒临终结。 眼下，全球聚焦达沃斯。 当地时间1月21日，英伟达首席执行官黄仁勋与贝莱德董事长拉里·芬克展开了深度对话。 他将AI定位为"人类历史上最大规模的基础设施扩建"，并把AI产业架构比喻为一个"五层蛋糕"，同时再 次驳斥了AI泡沫论。 这场对话系统地阐述了AI对就业、经济结构与国家竞争力的深远影响。 AI 的"五层蛋糕" 黄仁勋指出，人工智能是一场"平台变革"。 AI并非单一技术，而是一个由能源、芯片与计算基础设施、云数据中心、AI模型、应用层构成的"五层 蛋糕"。 其中，能源是第一层，其次是芯片和计算基础设施、云基础设施与云服务、人工智能模型，最后是应用 层。 黄仁勋表示，应用层是经济效益的核心来源。 "这个应用层可以应用于金融服务、医疗保健或制造业。最终，经济效益将从这一层产生。 但重要的是，因为这个计算平台需要其下所有层的支持。这是人类历史上规模最大的基础设 施建设。" 他还强调了基础设施建设的重要性。 "我们现在已经投入了几千亿美元。有数万亿美元的基础设施需要建设。而且这很合理。因 为所有这些上下文都必须被处理，以便人工智能和模型能够生成必要的智能，从而 ...

专题：世界经济论坛年会_2026冬季达沃斯 新浪财经讯 2026年1月21日，世界经济论坛期间，英伟达CEO黄仁勋对谈贝莱德CEO拉里·芬克。 拉里·芬克开玩笑称，两家公司都是1999年IPO，但自己公司投资年化收益是21%，英伟达是37%。黄仁 勋称，自己最后悔的事情，就是曾经在英伟达市值3亿美元的时候出售股票，给父母买了一辆奔驰 车，"这是世界上最贵的车。" 据了解，英伟达是历史上第一个市值突破5万亿美元的上市公司。 拉里·芬克开玩笑称，两家公司都是1999年IPO，但自己公司投资年化收益是21%，英伟达是37%。黄仁 勋称，自己最后悔的事情，就是曾经在英伟达市值3亿美元的时候出售股票，给父母买了一辆奔驰 车，"这是世界上最贵的车。" 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李昂 专题：世界经济论坛年会_2026冬季达沃斯 据了解，英伟达是历史上第一个市值突破5万亿美元的上市公司。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其 ...

Core Points - President Trump signed an executive order to limit institutional buyers from acquiring single-family homes to enhance housing affordability for first-time buyers and young families [1][5] - The order aims to prevent large investment firms from utilizing federal housing programs to expand their rental portfolios, ensuring homes are directed towards families instead [2][5] Group 1: Executive Order Details - The executive order directs federal agencies to stop approving, insuring, guaranteeing, securitizing, or facilitating sales of single-family homes to institutional investors [3] - It mandates the promotion of "first-look policies," which prioritize individual buyers for foreclosed properties before large investors can bid [3] Group 2: Government Actions - Trump instructed the Treasury Department to review rules regarding institutional ownership of homes and requested the Justice Department and Federal Trade Commission to investigate potential anti-competitive practices by major landlords [4] - Housing officials are required to demand greater disclosure from companies and institutions involved in federal assistance programs [4] Group 3: Market Context - A 2024 report indicated that institutional investors owned 450,000 homes, representing 3% of all single-family rental homes, with the five largest investors owning 300,000 homes [6] - BlackRock Inc. stated it does not own any single-family homes, although it has other real estate exposure [7]

Group 1 - The financial storm brewing in the U.S. stock market is driven by a short-selling wave, rising bond yields, and increasing market risk aversion, indicating challenges to market stability [1][22][30] - The crisis began with the sudden decline of AI concept stocks, particularly AppLovin, which faced allegations of operational data issues and potential illegal funding, leading to a significant drop in its stock price [3][5][9] - The AI sector, previously viewed as a transformative force, is now under scrutiny as investors question its monetization potential, especially for companies relying on advertising revenue [5][8][30] Group 2 - U.S. Treasury yields have been rising, with the 10-year yield approaching 4.5%, reflecting growing market concerns about the long-term fiscal health of the U.S. [11][13] - The traditional view of U.S. Treasuries as safe assets is being challenged, as recent trends show simultaneous declines in stocks and bonds, indicating a shift in investor sentiment [13][15] - The rising interest payments on U.S. debt are straining the federal budget, leading to concerns about the sustainability of the dollar's status as a global reserve currency [15][22] Group 3 - There is a notable divergence between the U.S. Treasury and the Federal Reserve regarding economic stimulus measures, complicating the response to market pressures [17][19] - The lack of a coordinated rescue plan, unlike during the 2008 financial crisis, has led to increased market anxiety, as both the government and the Fed operate independently [21][30] - BlackRock's CEO has warned that the current debt structure poses a significant threat to the economy, emphasizing the need for fundamental adjustments to avoid long-term stagnation [22][24][26] Group 4 - The current financial crisis reflects a profound adjustment in the U.S. financial structure, as reliance on capital market growth is being questioned amid rising debt and deficits [28][30] - Investors are reassessing risks and reallocating assets, indicating a broader "repricing" of the financial system rather than a temporary disruption [31][33] - The market's shift from viewing tech growth prospects to questioning the safety of U.S. Treasuries signifies a critical turning point in investor confidence and economic outlook [31][33]

Core Insights - Delaware Life Insurance Company has launched the first fixed indexed annuity linked to a Bitcoin-inclusive index, specifically the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index [1] - The new annuity product aims to provide principal protection while allowing for potential upside growth linked to Bitcoin and U.S. stocks [1][2] Product Details - The fixed indexed annuity (FIA) will offer policyholders indirect exposure to Bitcoin through an ETF within the index, ensuring that returns are capped and protecting against market declines [2][3] - The BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index targets 12% volatility and incorporates cash adjustments to mitigate Bitcoin's price fluctuations, utilizing the iShares Bitcoin Trust (IBIT) which has $74.5 billion in assets under management [4] Market Context - The introduction of Bitcoin ETFs in the U.S. has led to various financial products incorporating them, with significant sales of structured notes linked to Bitcoin ETFs by major financial institutions [5] - Historically, life insurance companies have been cautious in adopting Bitcoin and related products due to market volatility, focusing instead on blockchain for operational efficiencies [6][7]

Core Viewpoint - Delaware Life Insurance Company, a subsidiary of Group 1001, has become the first U.S. insurance institution to introduce Bitcoin exposure in its Fixed Indexed Annuity (FIA) product lineup by incorporating the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index [1] Group 1 - The BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index indirectly allocates Bitcoin through the iShares Bitcoin Trust ETF (IBIT) [1] - The index is designed to manage risk within a target volatility framework of 12% while maintaining the principal protection mechanism of fixed indexed annuities [1]

Core Viewpoint - Caledonia Mining Corporation Plc received notification from BlackRock, Inc. regarding a relevant change in shareholding as defined by AIM Rules for Companies [1] Group 1 - The notification was received on January 16, 2026, indicating a change that occurred on January 15, 2026 [1]