Group 1: French Inflation-Linked Debt - The Agence France Trésor reported strong investor demand for inflation-indexed government bonds, selling €300 million of 1.8% 2040 bonds at an average yield of 1.64% with a bid-to-cover ratio of 3.22x, indicating robust institutional interest in long-term inflation protection [2][10] - Additional tranches included €525 million of 0.6% 2034 bonds at a 1.18% yield and €670 million of 3.15% 2032 bonds at 0.86%, with consistently high bid-to-cover ratios across all maturities, reflecting confidence in French sovereign credit despite European economic uncertainties [3][10] Group 2: Blue Owl Capital - Blue Owl Capital has agreed to sell $1.4 billion in direct lending investments from three credit funds to North American pension and insurance investors, executed at 99.7% of face value [4][5][10] - The transaction aims to validate the firm's internal valuations and is intended to pay down debt while facilitating a significant return of capital to investors by the end of Q1 2026 [5][10] Group 3: UK Manufacturing - The CBI Industrial Trends Survey indicated a slight improvement in the UK manufacturing sector, with the Total Orders balance rising to -28 from -30, aligning with analyst expectations [6][10] - However, inflationary pressures persist, as the Selling Prices index reached 26, exceeding the estimated 23, suggesting manufacturers may continue to face elevated input costs [7][10] Group 4: Germany's F-35 Procurement - The German Government clarified that there are no current plans to purchase additional F-35 fighter jets beyond the existing order of 35 jets from Lockheed Martin, amid budget scrutiny and defense policy evaluations [8][9][10] - The existing order remains on track for delivery starting later this year, as Germany modernizes its air force to meet NATO commitments [9][10]

Core Viewpoint - Enterprise Products Partners LP (EPD) is currently undervalued compared to its peers, trading at a trailing 12-month EV/EBITDA multiple of 11.20x, which is lower than the industry average of 11.27x [1][8] Group 1: Business Environment and Financial Performance - EPD generates stable fee-based revenues, similar to Enbridge Inc. (ENB) and Kinder Morgan Inc. (KMI), but a thorough analysis of its overall business environment is necessary before making investment decisions [3] - EPD's pipeline network spans over 50,000 miles and has more than 300 million barrels of liquid storage capacity, contributing to stable cash flows [4] - Approximately 90% of EPD's long-term contracts include inflation-linked provisions, which help safeguard cash flow generation in inflationary environments [4] - The partnership is expected to generate additional cash flow from $4.8 billion in key capital projects that are either in service or set to come online [5] Group 2: Capital Return and Distribution - EPD has returned $62 billion to unitholders since its IPO through repurchases and distributions, maintaining a consistent distribution increase for 27 consecutive years [6] - The current distribution yield for EPD is 6.21%, which is lower than the industry average of 6.38% [9] Group 3: Market Performance and Investment Considerations - EPD's stock has risen 11% over the past six months, outperforming the industry average of 9%, while ENB and KMI gained 7.6% and 18%, respectively [7] - Despite the positive developments, caution is advised before investing in EPD, as it carries higher debt levels compared to industry peers [9][10]

Core Insights - WisdomTree has launched two new ETFs, the WisdomTree Efficient TIPS Plus Gold Fund (GDT) and the WisdomTree Efficient Long/Short U.S. Equity Fund (WTLS), expanding its suite of capital-efficient ETFs [1] Group 1: New ETF Offerings - GDT combines gold exposure with Treasury Inflation Protection Securities (TIPS), aiming to provide an inflation-fighting investment option with an annual expense ratio of 0.30% [1] - WTLS offers exposure to domestic large-cap stocks with a dynamic long/short equity overlay strategy, charging an annual fee of 0.88% [1] Group 2: Market Context and Appeal - The launch of GDT is timely due to the current bull market in gold, and WisdomTree's history of successfully combining commodities with other assets enhances its appeal [1] - WTLS may attract interest due to perceived overvaluation in U.S. stocks and increased market volatility influenced by trade commentary and Federal Reserve actions [1]

Core Insights - The article emphasizes the importance of making informed investment decisions during retirement, as mistakes can have significant long-term consequences [1][2] Group 1: Investment Strategies - Transitioning from an aggressive investment strategy during the accumulation phase to a more conservative approach in retirement can be challenging, leading to potential investment mistakes [1] - The focus during retirement should shift from growing the investment portfolio to protecting it and ensuring sustainable withdrawals [2] Group 2: Recommended Assets - Money market funds have regained popularity among retirees due to rising interest rates, with a record $8 trillion in these funds as of December 2025, up from $4.6 trillion at the end of 2020, and yields reaching as high as 4.6% [4][5] - Treasury Inflation-Protected Securities (TIPS) are highlighted as a safeguard against inflation, with their principal amount adjusted to match inflation rates, making them a more attractive option despite modest yields [6][7]

Core Viewpoint - Economic uncertainty has led to increased interest in cryptocurrency as a hedge against inflation and a means of portfolio diversification [1] Group 1: Reasons for Confidence in Cryptocurrency - Bitcoin's supply is capped at 21 million coins, providing a fixed supply that contrasts with government-issued currencies [2] - The fixed supply of Bitcoin reassures investors concerned about the long-term purchasing power of cash, as it is not subject to political decision-making [3] - Bitcoin's dramatic growth over the past decade has led to its perception as a form of digital gold, appealing to those seeking independence from national monetary systems [4] Group 2: Broader Appeal of Cryptocurrency - Cryptocurrency operates on decentralized networks, eliminating the need for intermediaries like governments or financial institutions, which is attractive to those who have lost faith in traditional financial frameworks [5] - Holding private keys allows investors to maintain access to their assets regardless of the stability of banks or governments [6] Group 3: Strategic Asset Perspective - Some investors view cryptocurrency as a strategic asset that provides inflation protection and diversification, with performance not always correlating with traditional assets like stocks, bonds, or real estate [7] - Recent research indicates that Bitcoin often reacts positively to sudden increases in inflation, suggesting it can offer short-term protection during inflationary periods [8]

Core Insights - REITs are often overlooked as investments despite their potential, creating opportunities for investors [1] - The current environment features income-producing real estate companies offering yields around 5% backed by tangible assets and inflation-indexed leases [2] - Interest rates are projected to decline by 2026, alleviating previous headwinds for REITs and allowing for growth in rents and distributions [3] Group 1: REIT Advantages - REITs are required to distribute 90% of taxable income to shareholders, ensuring consistent cash payouts and elevated yields [4] - Many REIT leases include rent escalators tied to CPI, providing built-in inflation protection for investors [5] Group 2: Company Highlights - Vici Properties focuses on gaming and experiential real estate, currently yielding 6.53% with a $1.80 annual dividend and a 4.13% growth rate over the past eight years [6][7] - NNN REIT has raised its dividend for 37 consecutive years, yielding 5.93% with a $2.40 annual dividend and a diversified tenant base across necessity-based retail [9][12] - Realty Income Corporation offers a monthly dividend yield of 5.65% with a $3.24 annual distribution, having increased dividends for 22 consecutive years [13][14][15] - Simon Property Group operates premium malls and outlet centers, currently yielding around 4.78% with an $8.80 annual dividend and a 5.56% growth rate [16][17][18]

Core Insights - Enterprise Products Partners L.P. (EPD) secures stable, fee-based income through long-term contracts with shippers, ensuring predictable cash flow [1][8] - EPD's midstream assets include over 50,000 miles of pipeline and more than 300 million barrels of liquids storage [1][8] - Long-term contracts are inflation-protected, allowing EPD to raise fees to offset inflation-related costs [2][8] - EPD anticipates increased cash flow from key growth projects, including Athena and Mentone West 2, expected to be operational by the end of 2026 [2][3] Business Model Comparison - Kinder Morgan Inc. (KMI) and The Williams Companies, Inc. (WMB) also have stable business models similar to EPD, generating fee-based revenues through long-term contracts [4] - KMI and WMB expect to enhance their predictable cash flows through expansion projects, contributing to business stability [4] Financial Performance - EPD's shares have gained 0.7% over the past year, contrasting with a 1.1% decline in the broader industry [5] - EPD trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 10.49X, below the industry average of 12.31X [7]

Core Insights - The article discusses the performance of three ETFs in 2025, highlighting their underperformance in the current market conditions while emphasizing the importance of understanding the reasons behind this performance [2][4][14] Group 1: ETF Performance Analysis - The ASA Msei USA quality factor ETF, which focuses on large to midcap companies with high profitability and low leverage, lagged its category index by six percentage points from January to October 2025, despite lower volatility [4][5] - The Avantis US small cap value ETF, which employs a profitability screen to avoid distressed stocks, trailed its category index by over six percentage points in the year-to-date period ending October 2025, contrasting with its strong performance in previous years [9][10] - The Vanguard short-term inflation protected securities ETF, which invests in TIPS, has seen a downward trend in 2025, with credit spreads favoring riskier bonds over its high-quality, low-duration portfolio [13][14] Group 2: Market Conditions and ETF Strategies - The quality tilt of the ASA ETF did not help during the current market rally, as it excluded major market leaders that did not meet its quality criteria [5] - The Avantis ETF's focus on small-cap stocks negatively impacted its returns during market volatilities, although it still outperformed its category index by 4.5% annually since its inception in 2019 [10][11] - The Vanguard ETF is designed to protect against unexpected inflation and has historically outperformed its category average during stress markets, such as in 2022 and March 2020 [14][15]

Core Insights - Enterprise Products Partners LP (EPD) has a robust pipeline network exceeding 50,000 miles and over 300 million barrels of liquid storage capacity, which contributes to stable cash flows [1][8] - Approximately 90% of EPD's long-term contracts have inflation-linked fee increases, providing protection against inflation and ensuring consistent cash flow generation [2][8] - EPD anticipates additional cash flows from $5.1 billion in key capital projects, including the Bahia pipeline and fractionator 14, enhancing its attractiveness for income-seeking investors [3][8] Business Model and Performance - EPD's business model is primarily inflation-protected, allowing it to maintain cash flow stability across various market conditions [2][8] - Other midstream energy companies, such as Kinder Morgan Inc. (KMI) and Enbridge Inc. (ENB), also exhibit stable cash flow characteristics due to their fee-based earnings from midstream assets [4] - EPD's units have increased by 7.2% over the past year, contrasting with a 5.6% decline in the broader industry composite [5] Valuation and Earnings Estimates - EPD's current enterprise value to EBITDA (EV/EBITDA) ratio stands at 10.52X, slightly below the industry average of 10.56X, indicating a potentially attractive valuation [7] - The Zacks Consensus Estimate for EPD's 2025 earnings has been revised downward over the past month, with current estimates at $2.62 per unit for the year [10][11]

Group 1 - The Schwab U.S. TIPS ETF (SCHP) provides protection against inflation through U.S. Treasury bonds denominated in dollars [1] - The ETF is part of the fixed income market, which offers various investment options to hedge against inflation [1]