So joining us now for more on the options trade is John Burllo, senior portfolio manager for the Invesco global asset allocation team. And John, thank you very much for being here. We talk about options quasi regularly here so people are familiar with them.But the reason why we want to highlight them now is because we are entering a se a seasonality tumultuous type period. We have a lot of headline risk out there, but an options market that doesn't seem to be reflecting those risks at all. Can you take us t ...

导读：当上证指数重新站上3600点时，基金持有人的需求又会发生什么变化呢？通过和身边大部分朋友沟通，我们发现这一届的持有人变得理智冷静 很多。大家不再追求牛市的高收益，但也不满足持续下滑的理财收益率。他们希望获得回撤可控下的收益增强。 那么什么样的固收+产品，能够满足用户的需求？我们认为，用户需要的不是高收益产品，而是在较低回撤下的较高收益，争取产品净值的持续新 高。站在这个视角下，我们找到了东方红资产管理的余剑峰。 截至今年6月末，余剑峰在管的3只产品成立以来净值增长率均为正。和许多人不一样，他的底层是一个"风险管理者"。无论是组合的资产配置，还是 组合内部的阿尔法策略，都是以风险管理作为最重要的考量。 在资产配置层面，余剑峰并不是简单的做股债混合比例，而是根据两者的相关性变化，进行动态的调整。在宏观环境的变化下，始终给持有人相对稳 定的产品波动率。 在阿尔法策略上，无论是股票的30个行业划分，还是债券的久期策略，或者是转债的期权套利策略，余剑峰都是从把控风险的角度出发。这也使得他 的阿尔法比较稳定，不同阿尔法策略之间的相关性也较低。 余剑峰的另一个不同是，坚信资产定价的科学性。相比通过工作慢慢形成对投资的 ...

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Core Insights - Mr. Mavroudis is a professional portfolio manager with a focus on risk management and in-depth financial market analysis [1] - He has successfully navigated major crises, including the COVID-19 pandemic and the PSI [1] - Mr. Mavroudis is the CEO of FAST FINANCE Investment Services, a registered Greek company [1] Company Profile - FAST FINANCE Investment Services is registered with the Hellenic Capital Market Commission [1] - The company specializes in managing institutional and private portfolios globally across various financial instruments [1] Professional Background - Mr. Mavroudis holds multiple degrees, including an MSc in Financial and Banking Management, an LLM in Law, and a BSc in Economics, graduating as valedictorian [1] - He is certified in various financial disciplines, including portfolio management and derivatives [1] - He has published three books on investments and contributes articles to reputable financial media [1] Engagement and Community - By writing on Seeking Alpha, the company aims to engage with a community of investors and market enthusiasts [1] - The goal is to foster mutual growth and knowledge sharing within the investment community [1]

Let's start perhaps with the data side of things. Is there going to be a market fallout. It doesn't appear as though right now, but there is going to be a ripple effect and can we trust the data going forward.So, I think the next few days after you're seeing a considerable degree of surprise on Friday, you you very likely will see some market reaction. You're not going to solve this overnight because this is a revision off of several months of data. and the markets were caught by surprise in an environment ...

All right, I'm in short here risking 500. Let's see how much this can drop. All right, price has failed off of that push up.So, I think it's going to take a drop further now. Coming up back up to test our entry now. Big push down now off of that entry.All right, so if this candle closed, I'm going to reduce risk. We're up a,000 basically. And now we're getting a confirmation of that broken low.So, I'm going to go ahead and reduce my risk now. We're up 1,700. I want to see how low this can go.This is the exa ...

Core Viewpoint - NexPoint Real Estate Finance reported Q2 2025 results with Non-GAAP earnings per diluted share of $0.46, aligning with analyst consensus and internal guidance, but showed significant year-over-year declines in earnings available for distribution and cash available for distribution, indicating a stable yet cautious operating environment with pressure on distributable earnings [1][6][11] Financial Performance - Non-GAAP earnings per diluted common share for Q2 2025 were $0.46, matching analyst estimates [1] - Earnings available for distribution (EAD) decreased to $10.0 million, down 37.3% year-over-year, while cash available for distribution (CAD) fell to $10.6 million, a 29.3% decline from Q2 2024 [2][6] - Net income attributable to common stockholders increased to $12.3 million, a 64.2% rise from $7.488 million in Q2 2024 [6] Portfolio and Investment Strategy - The company focuses on investments in commercial real estate debt and equity, with a portfolio totaling $1.1 billion across 86 investments as of June 30, 2025 [5] - Key sectors include multifamily properties (49.5%), life sciences (32.7%), and smaller allocations to single-family rentals, self-storage, specialty manufacturing, and marinas [5] - The weighted-average loan-to-value (LTV) ratio was 58.5%, and the debt service coverage ratio (DSCR) was 1.44x, indicating a conservative risk profile [4] Dividend and Coverage Ratios - The declared dividend remained stable at $0.50 per share for both Q1 and Q2 2025, but coverage ratios based on EAD and CAD fell below 1.0x, indicating pressure on distributable earnings [7][8] - Management guidance for Q3 2025 suggests modest improvement, with expectations for cash available for distribution to reach parity with dividends [8][11] Risk Management and Credit Quality - The company recorded a $3.6 million provision for credit losses in Q1 2025, reflecting a cautious stance amid changing market conditions [9] - The external management structure includes a 1.5% management fee on equity, which may impact operational efficiency and costs [10] Future Outlook - For Q3 2025, management projects EAD per diluted share of $0.425 and CAD per diluted share of $0.505, indicating continued disciplined capital deployment [11] - The company plans to remain active in core sectors, particularly multifamily and life sciences, while seeking opportunities in self-storage and advanced manufacturing [11]

Core Viewpoint - Northern Oil And Gas reported strong revenue performance in Q2 2025, exceeding analyst expectations, but faced a decline in GAAP net income due to softer commodity prices and a non-cash asset impairment [1][7]. Financial Performance - Revenue for Q2 2025 was $574.4 million, surpassing the estimate of $526.46 million [1][7]. - GAAP net income decreased to $99.6 million, down 28.1% from $138.6 million in Q2 2024 [2][7]. - Non-GAAP EPS was $1.37, a 6.2% decline from $1.46 in Q2 2024 [2]. - Adjusted EBITDA increased by 6.6% year-over-year to $440.4 million [2]. Production and Operations - Total production rose by 9% year-over-year to 134,094 barrels of oil equivalent (Boe) per day [5]. - Oil production increased by 10.5% to 76,944 barrels per day, while natural gas output also grew [5]. - Development activity saw a reduction, with only 20.8 net wells added, but the company maintained a record 53.2 net wells in process [6]. Strategic Acquisitions - The company closed a $61.7 million acquisition in Upton County, Texas, along with 22 smaller transactions adding approximately 2,600 net acres and 4.8 net wells [6]. - Management highlighted an "all-time peak" in the pipeline of potential acquisitions, indicating a focus on industry consolidation [6]. Cost and Expenses - Lease operating expenses rose to $9.95 per Boe, reflecting a 6% sequential increase and an 11% year-over-year rise [8]. - Capital spending outside of acquisitions decreased by 12% year-over-year, emphasizing a disciplined approach [8]. Shareholder Returns - The company repurchased 1.1 million shares at an average price of $31.15 and raised the quarterly dividend by 7% to $0.45 per share [9][13]. - Liquidity remained strong with over $1.1 billion available in cash and borrowing capacity [9]. Future Guidance - The company revised its full-year 2025 production forecast to an average of 130,000–133,000 Boe per day, down from a prior midpoint of 132,500 [11]. - Estimated capital expenditures were reduced by $125–$150 million to a range of $925–$1,050 million [11]. - Management indicated a shift towards acquiring existing production rather than organic drilling to maximize risk-adjusted returns [12].

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_Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options: https://www.theocc.com/Company-Information/Documents-and-Archives/Options-Disclosure-Document. Supporting documentation for any claims, if applicable, will be furnished upon request._ Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 ...