Market Trends & Investment Opportunities - Gold ETF (GLD) has outperformed the S&P 500 ETF (SPY) since 2004, defying conventional wisdom that non-productive assets shouldn't outperform stocks [3][4] - Retail investors are driving growth for legacy finance firms, who are transitioning to technology companies to cater to self-directed investors [6][10][11] - Fintech companies are competing with traditional institutions for retail investors, who are now the "holy grail" for future revenue [13][14] - Bitcoin is viewed by some as a digital safe haven and a long-term investment, incentivizing long-term thinking [15][16] - Open Door, a stock heavily invested in, has seen retail investors act as activists, leading to management changes and a shift towards a startup culture [27][28][29][30][31] - AI space is experiencing real growth in revenue and profit, making it potentially undervalued despite massive spending [32][33] Company Performance & Financials - Charles Schwab's third-quarter earnings beat estimates due to a surge in retail investing activity, reporting $134 billion in total net new assets, a 48% increase year-over-year [6][7] - Charles Schwab's new brokerage account openings topped 1 million for the fourth consecutive quarter [7] Cryptocurrency Market Analysis - Bitcoin's price was around $70,000 approximately one year prior to the discussion [17] - S&P is up 100% since January 2020, but down 88% when denominated in Bitcoin [19] - Gold is up 150% since January 2020, but down 84% when denominated in Bitcoin [19] - Average return in Q4 for Bitcoin is 60% [26]
Bitcoin’s Big Drop Explained And Why It’s Not the End
From The Desk Of Anthony Pompliano·2025-10-17 21:01