The perp DEX airdrop playbook seems simple:- Open short on one DEX and...- ... a long on another for perp DEXsKey is to monitor funding spread to generate outrageous APYs (e.g., 1256% APR on $ZORA)Use funding rate arbitrage scanners like @LorisTools, @Arbitraxdexs or the one built by @prz_chojeckiIt sounds simple, but fewer people farm this way than you might think.Tracking funding rates takes effort.Technical farmers use bots, but even retail degen traders can benefit due to lower(ish) liquidity for alt pe ...

Core Insights - Insurance buyers are in a strong position to optimize cost and coverage as the market transitions into 2026, according to the Energy Market Review Update by Willis [1] Upstream Energy Market - The upstream energy market has experienced a record year of low loss activity, attributed to improved risk management and asset quality, leading to continued profitability for insurers [2] - Market softening has accelerated since the previous review in April, with insurers prioritizing retention of well-managed risks and rewarding long-term relationships [2] Downstream Energy Market - Downstream insurers have faced approximately US$3.5 billion in losses this cycle, with claims equaling market premiums, particularly in the US refining sector [3] - Companies with clean loss histories benefit from favorable renewal terms, while those with loss activity may encounter more conservative market conditions, although rate reductions of 10-15% and up to 20-50% in competitive tenders are available [3] Market Trends for 2026 - Insurers reported strong financial results at the end of Q3, with oversupply in capacity and a growth-oriented appetite simplifying complex placement structures, allowing for premium savings for clients [4] - Energy companies renewing in Q4 2025 and looking into 2026 are positioned to negotiate better conditions alongside pricing [4] Specific Market Challenges - Upstream construction faces long-tail risks, but underwriters are more accommodating to these risks where operational relationships exist [6] - Subsea construction capacity remains restricted, creating a micro-hard market, with some insurers considering small amounts of subsea construction to boost premium income [6] - The liability market is transitioning from hard to softening conditions due to healthy capacity and positive loss ratios, contrasting with the US casualty market, which is affected by social inflation and new legislation [6]

Summary of Fluor (NYSE:FLR) FY Conference Call - November 12, 2025 Company Overview - Fluor is a global engineering, procurement, and construction company, primarily known for its work in the oil and gas sector but has diversified into other areas such as LNG, power generation, chemicals, mining, advanced technologies, life sciences, and infrastructure projects [5][11][39]. Core Points and Arguments Business Model Evolution - Fluor has shifted its bidding strategy from a high-risk lump sum model to a focus on reimbursable contracts, with 99% of new awards being reimbursable last quarter and 80%-85% of total backlog being reimbursable [16][14]. - The company has centralized risk management to improve visibility and control over project bidding and execution [15]. Market Dynamics - The competitive landscape in the construction industry is changing, with fewer players in the diversified construction space, allowing Fluor to consider re-entering markets like power generation [17][18]. - Fluor is exploring opportunities in the power market, particularly in sophisticated projects that allow for a "smart lump sum" approach [18]. Nuclear Power Initiatives - Fluor is exiting its investment in NuScale, having invested $500 million over the years, and plans to liquidate its 111 million share stake by mid-Q1 2026 [26][29]. - The company is involved in two nuclear projects in Romania and is considering re-engagement in the U.S. nuclear market, particularly with the VC Summer project [35][37]. Mining and Metals Growth - Fluor sees significant growth potential in the mining sector, particularly in copper and rare earths, with expectations for several projects to reach Final Investment Decision (FID) by 2026 [39][42]. - The company is currently engaged in front-end engineering for over 90% of its mining prospects, indicating a strong pipeline of future work [44]. Life Sciences Sector - The life sciences business has been a major earnings driver, with a significant project for Lilly contributing to growth. Fluor anticipates more opportunities in this sector as clients seek to establish manufacturing facilities in the U.S. [50][51]. - Trade policy has been a concern, impacting clients' decisions on large investments [52]. Financial Outlook - Fluor is projecting an increase in EBITDA as legacy projects conclude, allowing for redeployment of resources to more profitable projects [57]. - The company plans to buy back $800 million in stock, partially funded by the conversion of its NuScale investment, with an expected EBITDA to cash conversion rate of 60%-70% [70][72]. Other Important Insights - The company is navigating challenges in the mining sector due to past management changes and market volatility, but sees a favorable environment for new projects [46][47]. - Fluor's diversified portfolio strategy is aimed at mitigating risks associated with traditional markets, allowing it to adapt to changing market conditions [65]. This summary encapsulates the key points discussed during the conference call, highlighting Fluor's strategic shifts, market opportunities, and financial outlook.

Core Insights - Granite Investment Partners reduced its position in Agilysys by selling 89,611 shares, resulting in an estimated net value change of $11.9 million [1][6] - The total position in Agilysys is now 170,335 shares, valued at $17.9 million as of September 30, representing 1% of Granite's reportable assets under management (AUM) [2][6] - Agilysys shares have increased by 4% over the past year, underperforming the S&P 500's 14% gain during the same period [3] Company Overview - Agilysys, Inc. specializes in software and hardware solutions for the hospitality industry, focusing on operational efficiency and guest experiences [5] - The company reported a total revenue of $299.8 million and a net income of $24.4 million for the trailing twelve months (TTM) [4] - As of the latest market close, Agilysys shares were priced at $128.00, with a one-year price change of 4.2% [4] Recent Performance - Agilysys has reported its 15th consecutive quarter of record revenue, with sales increasing by 16% year over year to $79.3 million and subscription revenue climbing by 33% [8] - Despite solid fundamentals, the stock's future performance may depend on execution and consistency rather than just growth headlines [9]

“They've gotten comfortable enough that this is an environment that they can operate in and do deals in. I don't know that they're fully comfortable that they can really forecast everything,” said Todd Dubner, a principal and deal advisory and strategy leader for industrial manufacturing at KPMG US. “But that's not dissuading them from starting down the deal path.”KPMG’s report noted that aerospace and defense deals were notably down earlier in the year, while sectors such as automotive continued to be acti ...

Regulatory Landscape & Compliance - CFTC regulates prediction markets, including event contracts on elections, sports, and more [1][11] - Prediction markets are designated contract markets and registered with the CFTC, implying obligations to prevent manipulation and abusive trading [11][17][18] - Failure to comply with CFTC obligations results in liability for the organization, not just individual participants [18] - Common compliance solutions include training and awareness programs, especially for those involved in events covered by prediction markets [9][10] Market Growth & Trends - Prediction markets have experienced rapid growth, expanding from elections (e.g, KALSI, Polly Market) to sports and other areas [2][3] - Prediction markets are becoming a permanent asset class, influencing how people follow events like elections [19][20] Risks & Challenges - Insider trading is a significant risk in prediction markets, similar to equity, crypto, and sports betting markets [8][9] - There are risks associated with individuals betting large sums (e.g, liquidating 401Ks) on prediction market outcomes [13][14] - Recent cases involving NBA players and major league pitchers highlight the risks of inappropriate gambling and performance manipulation [5][6] Risk Mitigation & Deterrence - Strong policies and procedures, along with enforcement cases, are crucial for deterring misconduct in prediction markets [15][16] - Enforcement actions raise awareness about the risks of participating in these markets [15] - Transparency in prediction markets allows for quick detection of anomalous activity [7][8]

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