Core Viewpoint - BlackRock CEO Larry Fink acknowledges Bitcoin's role in investor portfolios but advises against making it a large component, likening it to gold as an alternative asset for diversification [1][2]. Group 1: Bitcoin's Position in Investment Portfolios - Fink suggests Bitcoin can serve as a diversification tool, similar to gold, but should not dominate investment portfolios [1][2]. - The traditional 60/40 portfolio model (60% stocks, 40% bonds) has been the norm for decades, but recent market changes have led institutional investors to seek alternative assets like Bitcoin for diversification [2][3]. Group 2: Performance of BlackRock's Bitcoin ETF - BlackRock's Bitcoin ETF, IBIT, has achieved significant success, amassing over $90 billion in assets under management within two years of its launch [4]. - IBIT led ETF flows last week, attracting $3.5 billion, which accounted for approximately 10% of all net flows into ETFs, outperforming established S&P 500 trackers [4]. Group 3: Market Dynamics and Other Perspectives - Despite the success of BlackRock's ETF, the $90 billion figure represents a decline from $98 billion due to a recent drop in Bitcoin's value amid a $19 billion leverage crash [5]. - Other financial experts, like Ric Edelman, have suggested higher allocations to digital assets, recommending 10% for conservative investors and up to 40% for aggressive investors [6][7].

Group 1 - Peter Schiff, a long-time Bitcoin skeptic, described Bitcoin's recent rebound as a "dead cat bounce," indicating skepticism about its sustainability [1][3] - Bitcoin experienced a pullback to $115,000 after reaching all-time highs in early October 2025, and remains down approximately 25% from its August peak when measured in gold terms [3] - Gold prices surged past $4,080, nearing record highs, while silver traded around $51.60, showing resilience despite recent market declines [2] Group 2 - Schiff attributed the recent drop in cryptocurrency values to President Trump's announcement regarding China tariffs, although this was later framed as a negotiating tactic by Vice President JD Vance [4] - Following Trump's comments aimed at stabilizing market sentiment, it was reported that his allies shorted crypto before his Truth Social post, suggesting strategic trading behavior [5] - On-chain activity for Bitcoin has slowed, indicating a potential decrease in market engagement and interest [3]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors, moving towards a more diversified portfolio [1] - The trend of investing in blue-chip companies has evolved, with investors now holding a mix of stocks across various industries and market capitalizations, reflecting a more strategic approach to retirement and trading profits [1] Industry Focus - The banking sector remains a key area of investment, with holdings in both the Philippine and US markets, showcasing its stability and growth prospects [1] - The telecommunications industry is also a significant focus for investors, indicating its importance in the overall market landscape [1] - The hotel and logistics sectors are gaining traction, with investments reflecting confidence in their recovery and growth post-pandemic [1] Market Engagement - The entry into the US market has been a strategic move for investors, allowing for broader exposure and opportunities in diverse sectors such as banks, hotels, and logistics [1] - The use of analytical platforms like Seeking Alpha has enhanced the ability to compare market trends and investment opportunities between the US and Philippine markets [1]

Core Insights - Codeword is expanding its enterprise tech footprint by adding three new clients: Demandbase, Root Insurance, and Octave, indicating strong momentum in supporting tech-enabled growth-stage and enterprise brands [1][2] Client Expansion - The agency has experienced its highest single-quarter win rate since Q2 2025, with a 35% year-over-year revenue increase from enterprise tech brands, reinforcing its reputation as a preferred agency for brands facing market disruption [2][3] Client Profiles - Demandbase, an account-based marketing pioneer, aims to solidify its market leadership in AI through creative campaigns with Codeword [6] - Root Insurance, an insurtech innovator, seeks to transform complex technology into compelling narratives to resonate with media and audiences [6] - Octave, a SaaS company set to spin off from Hexagon, has engaged Codeword for strategic counsel, media relations, and crisis communications during its launch phase [6] Agency Expertise - Codeword is recognized for its deep domain expertise and creativity, moving away from one-size-fits-all PR to tailored strategies that meet the specific needs of enterprise tech companies [3][4]

BlackRock Inc. (NYSE:BLK) CEO Larry Fink said cryptocurrencies have a legitimate role similar to gold, reversing his earlier skepticism during an interview with CBS' 60 Minutes.Fink Reverses Course As Crypto Gains Ground Like GoldFink acknowledged that he once described Bitcoin (CRYPTO: BTC) as "the domain of money launderers and thieves," but said markets had reshaped his view. "There is a role for crypto in the same way there is a role for gold," he told 60 Minutes, calling it an alternative asset for inv ...

Core Insights - Gold is recognized as a long-standing asset for wealth preservation and serves as a natural hedge against inflation, unlike fiat currencies which can be printed at will by central banks [1] - The investment strategy is shifting from traditional 60% stocks and 40% bonds to a new allocation that includes 20% gold, indicating a significant change in investor sentiment towards gold as a preferred asset [2][6] - Inflation is increasingly seen as detrimental to bondholders, as it erodes purchasing power and leads to falling bond prices, making bonds less attractive in the current economic climate [4][5] Investment Trends - Gold prices have surged over 50% in the past year, prompting a notable shift in investment strategies, with significant capital expected to flow from bonds into gold [6] - Major financial institutions like Morgan Stanley and Goldman Sachs are becoming more bullish on gold, with Goldman Sachs raising its gold price target to $4,900 per ounce by December 2026 [7] - High-quality equities are also being highlighted as effective hedges against inflation, alongside gold, as companies with strong pricing power can pass on costs to consumers [9][10] Alternative Investment Options - Gold IRAs are presented as a viable option for investors looking to combine the benefits of gold investment with tax advantages, requiring a minimum purchase of $10,000 [8] - Real estate is identified as another powerful asset class for wealth protection against inflation, with property values and rental income typically rising during inflationary periods [14][15] - Crowdfunding platforms like Arrived and Homeshares offer accessible ways for investors to gain exposure to real estate without the burdens of direct property management, with minimum investments starting at $100 and $25,000 respectively [16][19]

Core Insights - Approximately 50% of Social Security recipients currently pay federal taxes on their benefits, with projections indicating this will rise to over 56% by 2050 [1] - The share of Social Security benefits taxed as federal income has increased from 2.2% in 1994 to 6.6% in 2022 [1] Group 1: Taxation of Social Security Benefits - The thresholds for combined income that determine tax liability on Social Security benefits have not been adjusted since 1993, leading to more seniors being taxed as benefits increase with cost-of-living adjustments [2] - Benefits are taxed for individuals whose combined income exceeds $25,000 and for joint filers exceeding $32,000, which are considered low thresholds [4][5] - The taxation of benefits is intended to provide a stronger revenue stream for the Social Security program [6] Group 2: Implications of Eliminating Taxes - Eliminating taxes on Social Security could potentially reduce government revenue by $1.5 trillion over 10 years and deplete Social Security's trust funds by late 2032 [9] - High-income seniors could gain up to $100,000 in lifetime welfare if taxes on benefits are eliminated, while younger workers could lose about $10,000 in lifetime welfare [8] - Current projections suggest a 23% reduction in Social Security benefits once the trust funds are depleted, which could increase to 33% if taxes on benefits are removed [14] Group 3: Legislative Context - The One Big Beautiful Bill Act signed by Trump introduced new tax deductions for seniors but did not eliminate taxes on Social Security benefits [3][15] - Lawmakers may be reluctant to approve tax cuts that would eliminate taxes on benefits due to the existing financial shortfall in the Social Security program [15]

Core Insights - Precious metals, including silver, platinum, and palladium, are gaining popularity as portfolio diversifiers alongside gold, which has historically been the primary investment metal [1][2] Group 1: Silver - Silver is utilized for both investment and industrial purposes, with physical forms including coins, jewelry, and flatware, and industrial applications in electronics, automotive components, medical devices, and solar panels [3] - The price of silver is more volatile than gold and has lower liquidity, making it harder to sell for cash [6] - Silver's value is driven by industrial demand, supply constraints, and economic uncertainty, providing inflation protection and industrial exposure [6][9] Group 2: Platinum - Platinum is rarer than both gold and silver, primarily used in jewelry and essential for catalytic converters that reduce gasoline emissions [4] - The price of platinum is more volatile than silver or gold, influenced by fluctuating industrial demand and limited supply from South Africa [6] - Platinum is viewed as a stabilizing asset with a promising long-term supply outlook, particularly in energy transformation [6] Group 3: Palladium - Palladium is rarer than platinum and is used in jewelry and industrial applications, particularly in catalytic converters alongside platinum [5] - The value of palladium is highly dependent on automotive demand and is sensitive to geopolitical risks, with lower liquidity and trading volumes compared to platinum [5] - Palladium is characterized as a short-term investment due to its low liquidity and high volatility, presenting opportunities during price spikes [10][14] Group 4: Investment Options - Investors can choose between digital and physical forms of precious metals, with physical options requiring storage, security, and possibly insurance [7][8] - Various investment vehicles include precious metals basket funds, single-metal ETFs, futures contracts, and mining stocks, each with different risk profiles and liquidity [11] Group 5: Investment Goals and Allocation - Common investment goals for precious metals include diversification and short-term gains, with long-term investors typically allocating 3% to 5% of their portfolio to these metals as an inflation hedge [9][13] - Short-term trading of precious metals is considered high-risk and should be approached with caution, particularly for palladium due to its volatility [14]

Now it is time for our moment of the week. And it turns out that all that glitters is gold. The price of the precious metal surged past the $4,000 mark this week for the first time in history amid a dizzing rally that also saw the price of silver rise to levels not seen since 2011.Now year to date, gold prices are up by more than half. Now what makes this rally different. Now, historically, gold has reached key landmarks at times of chaos or uncertainty, such as the CO9 pandemic or just before President Tru ...

Core Viewpoint - Runway Growth Finance Corp. has announced a definitive merger agreement to acquire SWK Holdings Corporation, enhancing its portfolio in healthcare and life sciences while optimizing its financial profile and expected net investment income accretion [1][2]. Transaction Overview - The estimated purchase price for the acquisition is approximately $220 million, consisting of $75.5 million in Runway Growth shares and about $145 million in cash [4]. - The transaction is structured as a net asset value-for-net asset value merger, with cash payments based on SWK's final NAV prior to closing [4]. Strategic Implications - The acquisition will increase Runway Growth's healthcare investments from 14% to approximately 31% of its portfolio, expanding its exposure in a growing market [5]. - The total assets of Runway Growth are expected to reach $1.3 billion pro forma following the merger, enhancing its balance sheet and portfolio metrics [5]. Financial Impact - The merger is anticipated to generate mid-single-digit run-rate net investment income accretion in the first full quarter post-transaction [5]. - Improvements in dividend coverage and return on equity (ROE) are expected, along with an expansion of Runway Growth's pro forma leverage ratio [5]. Governance and Approval - SWK's Board of Directors has unanimously approved the transaction, which is expected to close in late 2025 or early 2026, pending shareholder and regulatory approvals [7].