Group 1 - Business development companies are characterized by their volatile income nature, making them among the most unpredictable income investments [1] - Trading in these companies requires significant expertise, and the transition from a trader to an investor is rare [1] - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts focused on identifying mispriced investments in fixed-income and closed-end funds [1] Group 2 - The investment group Trade With Beta, led by Denislav Iliev, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [1] - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [1]

Group 1 - The article discusses the impact of global instability and increased military spending on credit risk, highlighting concerns about overvalued equity markets [1] - The focus is on seeking safety assets amid market volatility, with an emphasis on identifying mispriced investments in fixed-income and closed-end funds [1] - Denislav Iliev, an experienced day trader, leads a team of analysts that provide frequent investment picks, portfolio management, and market reviews [1]

Core Insights - Silver prices have surged past $110, reaching an all-time high due to capital flight from China's banking sector, which has created a global demand for physical metal [1][2]. Group 1: Market Dynamics - Silver spot prices peaked at $110.1250 before stabilizing around $109.69, marking a doubling in price within three months [2]. - The surge is attributed to a "zombie banking system" in China, leading households to prefer physical assets over bank deposits [2]. - Panic buying has resulted in a significant arbitrage gap, with silver in Shanghai trading at a premium compared to COMEX [3]. Group 2: Investor Sentiment - While retail investors are actively buying, institutional sentiment is becoming cautious, with some traders hedging their positions [4][5]. - The rapid price increase has led to profit-taking among sophisticated investors, who are liquidating bullish options to secure gains [5]. - Despite caution, demand from sectors like solar and AI is creating an inelastic deficit, with COMEX inventories expected to be depleted by September [5]. Group 3: Investment Opportunities - The dynamics driving the silver market have not only persisted but have accelerated, indicating ongoing investment potential [6]. - A list of silver and silver mining stocks-linked ETFs shows significant performance, with some ETFs like iShares Silver Trust (SLV) and Amplify Junior Silver Miners ETF (SILJ) showing year-to-date gains of over 41% [7].

Core Insights - A significant shift is occurring in the crypto derivatives market, particularly affecting the cash-and-carry trade, which is showing signs of collapse [2][4] - Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has fallen below that of Binance for the first time since 2023, indicating a change in market dynamics [2][6] Market Structure Changes - The cash-and-carry trade, where institutions buy spot Bitcoin and sell futures to exploit pricing gaps, is diminishing, reflecting a deeper transformation in the crypto market structure [2][4] - The CME had been the preferred exchange for executing these trades, especially after the launch of spot Bitcoin ETFs in early 2024, which initially provided attractive returns [3][4] Yield and Returns - Annualized returns on the delta-neutral strategy, which previously reached double digits, have significantly decreased, with current one-month annualized yields around 5%, the lowest in years [4][5] - The basis, which was approximately 17% a year ago, has now compressed to about 4.7%, barely covering funding and execution costs, diminishing the trade's attractiveness [5] Open Interest Trends - CME Bitcoin futures open interest has dropped below $10 billion from a peak of over $21 billion, while Binance's open interest remains stable at around $11 billion, indicating a pullback from hedge funds and larger US accounts [6] - This shift does not represent a complete withdrawal from crypto but rather a strategic retreat as market conditions change [6] Trading Dynamics - Crypto exchanges like Binance dominate the perpetual futures market, which accounts for the largest trading volumes in the crypto sector [7] - CME has introduced smaller-sized, longer-dated futures contracts for crypto assets, allowing investors to hold positions for extended periods without needing to roll into new contracts [7]

Company Overview - T-Mobile US, Inc. is a leading telecommunications company in the United States with assets exceeding $217 billion and holds a solid investment-grade rating [2]. Investment Strategy - The company is focusing on long-term baby bonds as a value investment opportunity [2]. - The investment group Trade With Beta, led by Denislav Iliev, identifies mispriced investments in fixed-income and closed-end funds using straightforward financial logic [2]. Services Offered - Trade With Beta provides features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, hedging strategies, and an actively managed portfolio [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No relevant content provided 3. Summary of Each Section 3.1 Cross-Market Arbitrage Tracking - **Copper**: On January 16, 2026, the domestic spot price was 102,350, LME spot price 13,127 with a ratio of 7.87; domestic March price 102,810, LME March price 13,090 with a ratio of 7.88. The equilibrium ratio for spot import was 7.91 with a loss of 1,800.78, and a profit of 209.21 for spot export [1] - **Zinc**: The domestic spot price was 25,400, LME spot price 3,276 with a ratio of 7.75; domestic March price 25,090, LME March price 3,304 with a ratio of 5.33. The equilibrium ratio for spot import was 8.31 with a loss of 1,836.01 [1] - **Aluminum**: The domestic spot price was 24,200, LME spot price 3,162 with a ratio of 7.65; domestic March price 24,375, LME March price 3,161 with a ratio of 7.73. The equilibrium ratio for spot import was 8.32 with a loss of 2,111.19 [1] - **Nickel**: The domestic spot price was 146,300, LME spot price 18,237 with a ratio of 8.02. The equilibrium ratio for spot import was 8.00 with a loss of 492.25 [1] - **Lead**: The domestic spot price was 17,400, LME spot price 2,039 with a ratio of 8.50; domestic March price 17,550, LME March price 2,083 with a ratio of 12.21. The equilibrium ratio for spot import was 8.52 with a loss of 42.48 [3] 3.2 Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were - 890, - 640, - 510, - 400 respectively, while the theoretical spreads were 619, 1137, 1663, 2189 [4] - **Zinc**: The spreads were 645, 690, 745, 735 respectively, and the theoretical spreads were 225, 356, 487, 618 [4] - **Aluminum**: The spreads were - 165, - 110, - 70, - 15 respectively, and the theoretical spreads were 233, 368, 502, 637 [4] - **Lead**: The spreads were 160, 230, 275, 310 respectively, and the theoretical spreads were 212, 319, 427, 534 [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 4950, 5220, 5520, 5830 [4] - **Tin**: The 5 - 1 spread was 8690 with a theoretical spread of 8666 [4] 3.3 Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 were 950 and 60 respectively, and the theoretical spreads were 797 and 1231 [4] - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 were - 1000 and - 355 respectively. Theoretical spreads were 256 and 375 [5] - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 were - 80 and 80 respectively, and the theoretical spreads were 176 and 292 [5] 3.4 Cross - Variety Arbitrage Tracking - On January 16, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) were 4.10, 4.22, 5.86, 0.97, 1.39, 0.70 respectively, and in London (three - continuous) were 3.95, 4.14, 6.24, 0.96, 1.51, 0.63 respectively [5]

Company Overview - Affiliated Managers Group, Inc. (AMG) is highlighted as a favored company, with previous discussions focusing on the yield potential of its baby bonds and profit scenarios [1]. Investment Strategy - The investment strategy involves identifying mispriced investments in fixed-income and closed-end funds, utilizing straightforward financial logic [1]. - The team, led by Denislav Iliev, has over 15 years of day trading experience and consists of 40 analysts [1]. Service Features - The service provided includes frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, hedging strategies, and an actively managed portfolio [1].

Core Viewpoint - The article discusses the recent performance of silver and oil LOF (Listed Open-Ended Fund) investments, highlighting significant profit opportunities and market dynamics affecting these commodities. Group 1: Silver LOF Performance - Silver LOF has shown impressive returns, with some investors reporting gains of over 1500+ from single accounts [3][4] - The current premium for silver LOF stands at 10.1%, indicating strong demand and potential for further profit [2] - The article suggests that the recent surge in silver prices, with a 4.28% increase in London silver, is a key driver for these returns [9] Group 2: Oil LOF Investment Opportunities - The article notes that oil LOF funds, such as Southern Oil LOF and Jiashi Oil LOF, have provided multiple arbitrage opportunities recently [11] - There is a potential for significant price increases in oil, with current prices showing a 2.89% rise for New York oil and 2.82% for Brent oil [9] - The article emphasizes that if oil prices surge, it could lead to a corresponding increase in the prices of gold and silver, creating further investment opportunities [13] Group 3: Market Dynamics and Economic Indicators - The U.S. economy is experiencing a mixed performance, with manufacturing slowing down while the service sector remains strong, impacting commodity pricing [14] - Upcoming U.S. CPI data is expected to show a rebound, which could influence global liquidity and commodity markets [19] - The article highlights that the recent rise in PPI (Producer Price Index) is driven by increasing prices in the metals sector, providing a solid fundamental support for the metals market [19] Group 4: Investment Strategy and Recommendations - The article suggests focusing on ETF investments in the metals sector, particularly those that cover a broad range of metals to mitigate individual commodity risks [22] - It recommends a phased approach to investing in metal ETFs during market fluctuations, while keeping an eye on key economic indicators and geopolitical events [23] - The overall strategy emphasizes capturing the benefits of a bull market while managing risks associated with high valuations and crowded sectors [21][23]

Core Viewpoint - A class action lawsuit has been filed against DeFi Technologies Inc. and certain officers for alleged violations of federal securities laws during the Class Period from May 12, 2025, to November 14, 2025, seeking damages for affected investors [1] Company Overview - DeFi Technologies is a technology and digital asset treasury company that develops exchange-traded products in Canada, tracking the value of decentralized finance protocols and offering asset management services [4] - The company was previously known as Valour Inc. and changed its name to DeFi Technologies Inc. in July 2023, with its headquarters in Toronto, Canada [5] Business Segments - DeFi Technologies operates five business segments, including DeFi Alpha, which is described as a specialized arbitrage trading desk aimed at capitalizing on low-risk arbitrage opportunities within the cryptocurrency market [6] Financial Performance and Guidance - At the beginning of the Class Period, DeFi Technologies projected full-year 2025 revenue of approximately C$285.6 million (US$201.07 million), indicating significant growth from 2024 [7] - On August 14, 2025, the company raised its revenue guidance for 2025 to US$218.6 million, emphasizing the advantages of its DeFi Alpha operations [7] - However, on November 14, 2025, the company reported a nearly 20% revenue decline, lowering its revenue forecast from US$218.6 million to approximately US$116.6 million due to delays in executing its arbitrage strategy [12] Stock Performance - Following the announcement of the revenue decline and the departure of CEO Olivier Roussy Newton, DeFi Technologies' stock price fell by 27.59%, closing at US$1.05 per share on November 17, 2025 [13]

Group 1 - The article discusses the trend of investors seeking safer and more predictable investment alternatives due to market uncertainties and stress [1] - The focus is on preferred stocks, particularly the Ellsworth Growth and Income Fund, which are considered to be mispriced investments [1] - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts who specialize in identifying mispriced investments in fixed-income and closed-end funds [1] Group 2 - The investing group Trade With Beta offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [1] - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [1]