Investment Thesis - Homeowners are increasingly diversifying their wealth by reallocating home equity into higher-growth assets like Bitcoin [1] - Bitcoin has outperformed traditional assets like housing over the past decade [2] - Financial institutions are recognizing Bitcoin as a legitimate portfolio allocation [2][3] Horizon's Solution - Horizon provides a platform for homeowners to unlock home equity and invest in Bitcoin without incurring additional debt [4] - Horizon enables homeowners to transform dormant home equity into a dynamic store of value [4] - Horizon facilitates home equity investment agreements through Preferred Providers [6] Risk Management - Individuals should own enough Bitcoin to significantly improve their financial future with a 20x increase, but not so much that a 50% drop would cause distress [5] - Horizon is a technology platform and does not offer financial products directly [6] - Consult with financial professionals for specific guidance [6] Market Observation - In 2017, the median U S home cost the equivalent of 24 BTC, but by 2025, that same property equates to only 4 BTC [2]

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," is facing significant challenges as it reported a 15.86% decline in revenue and a 57.48% drop in net profit for the first half of 2025, attributed to product launch timing, market competition, and supply chain costs [2][3]. Financial Performance - The company achieved a revenue of 29.077 billion yuan, down 15.86% year-on-year, with net profit falling to 1.213 billion yuan, a decrease of 57.48% [2]. - The net profit, excluding non-recurring items, saw a more severe decline of 63.04% [2]. - The smartphone business generated 24.389 billion yuan, while feature phone revenue was 1.704 billion yuan, indicating that the decline in revenue and gross profit was the main reason for the overall profit drop [3]. Cost and Inventory Challenges - Despite a nearly 16% drop in revenue, sales expenses remained stable at 2.425 billion yuan, indicating high marketing costs to combat intense competition [3]. - The company's inventory value increased by 7.32% to 9.297 billion yuan, suggesting potential inventory pressure amid declining revenue [3]. Market Competition - Transsion remains the leader in the African smartphone market, but competition is intensifying as more manufacturers enter emerging markets [4][5]. - The company highlighted the risk of declining overall industry gross margins and the need for continuous product innovation to maintain market position [5]. Strategic Initiatives - In response to competitive pressures, Transsion is pursuing diversification and high-end market strategies, including expanding into digital accessories and home appliances [6]. - However, the contribution from these new businesses is minimal, with "other businesses" generating only 532 million yuan, less than 2% of total revenue [6]. R&D and High-End Market Focus - The company is increasing investment in R&D, with expenses reaching 1.362 billion yuan, a 15.12% increase, focusing on advanced technologies like foldable screens and AI applications [7]. - Despite these efforts, the transition to high-end markets faces challenges due to existing competition and the need for successful product commercialization [7]. Conclusion - Transsion Holdings is at a critical juncture, grappling with declining core business performance while attempting to establish new growth avenues through diversification and high-end product development. The effectiveness of these strategies in overcoming current challenges remains to be seen [6][7].

Corporate Governance - Adani Group is increasing the number of women leaders in its conglomerate to diversify its boardrooms [1] - The transformation includes drafting talent from within the family [1]

Core Insights - Markel Group Inc. has launched three new insurance products in Canada: Cyber 360 Canada, Tech 360 Canada, and Fintech 360 Canada, reflecting its commitment to meet evolving client needs and provide comprehensive insurance solutions [1][9] Product Offerings - Cyber 360 Canada offers standalone cyber coverage tailored to address current and future threats [2] - Tech 360 Canada is a flexible primary insurance solution for the technology sector, allowing clients to include Cyber coverage, Technology Errors and Omissions, and Management Liability within a single policy [2] - Fintech 360 Canada is designed specifically for the fintech sector, providing tailored insurance solutions that include Cyber Liability, Management Liability, and protections against theft and fraud [3] Financial Impact - The introduction of these products is expected to enhance Markel Insurance's financial performance by creating new revenue streams in Canada's growing specialty insurance markets, potentially offering higher underwriting margins due to lower claim frequencies [4] - The new offerings may also facilitate cross-selling opportunities, increasing overall client value and improving risk balance across industries and geographies, which supports sustainable premium growth and long-term shareholder value [5] Market Performance - Year-to-date, Markel Group's shares have increased by 23.6%, significantly outperforming the industry average of 1.6%, indicating strong growth potential due to its niche focus and effective risk management [6]

Financial Data and Key Metrics Changes - The underlying NPAT was £40.8 million, with statutory NPAT up 21% to £35 million [25] - Gross profit increased by 12% or £15 million, reflecting growth across both distribution and manufacturing [25][30] - Operating expenses totaled $96.6 million, with a normalized second half OpEx of $46 million, down from the first half [26][28] Business Line Data and Key Metrics Changes - Distribution earnings contributed 81% of the business, with gross profit up 10% to $68 million [6][30] - Manufacturing earnings surged 53% to $16 million, driven by scalable processes and prudent risk management [4][30] - Subscription income rose 13% to $21 million, driven by increased adoption of BrokerEngine plus and other value-added services [4] Market Data and Key Metrics Changes - Broker market share increased from 75% to 77%, with expectations to reach 80% [11] - AFG Securities loan book grew 23% to $5.5 billion, with settlements up 65% [3][19] - The residential mortgage book grew by 5% to $211 billion, indicating strong market activity [6][16] Company Strategy and Development Direction - The company focuses on three strategic pillars: growing the broker network, providing market-leading technology, and delivering high margins through the distribution network [8][9] - Investments in technology and strategic acquisitions are aimed at expanding the product suite and enhancing broker relationships [4][8] - The company anticipates continued consolidation within the broker industry, positioning itself to capture future growth opportunities [12][60] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the economic environment, citing lower unemployment and cash rate reductions stimulating market activity [3][42] - The company is cautiously optimistic about future growth, supported by favorable macroeconomic conditions and a strong broker network [52] - Management highlighted the importance of brokers in providing competition and choice in the marketplace, with expectations for continued growth in broker share [44][45] Other Important Information - The company maintains a strong capital position with $182 million in investments and liquid assets [4] - The dividend payout ratio for FY '26 and beyond is expected to be between 50-70% of adjusted NPAT, allowing for reinvestment or returning excess cash to shareholders [29] Q&A Session Summary Question: Changes in the approach of major banks towards brokers - Management noted that major banks remain engaged with the broker channel despite their focus on proprietary networks, emphasizing the importance of choice and competition for customers [56][58] Question: Growth potential of the broker industry and AFG's market share - Management believes consolidation will occur in the broker industry, with potential for AFG's market share to increase as they provide additional services to brokers [60][61] Question: Revenue uplift from brokers writing multiple products - Management indicated that while achieving 100% of brokers writing multiple products is unlikely, there is significant potential for growth in this area, enhancing customer experience and revenue [64][65] Question: Impact of white label and securitization on home loan volume - Management clarified that the cessation of the white label program affected July's volume, but new products are expected to drive growth moving forward [70][73] Question: Management of margin versus volume trade-off - Management confirmed a focus on volume growth while being mindful of return on capital, indicating a balanced approach to managing margins [97] Question: Outlook for payout ratio and margin - Management acknowledged a natural ceiling for payout ratios, indicating that the current levels are a function of mix and volume rather than a slowdown in payouts [95][96]

Economic Landscape and Gold Prices - The current economic environment is characterized by rising uncertainty and fragile investor confidence, with comments from Fed Chair Jerome Powell, geopolitical tensions, and increasing inflation expectations contributing to a rally in gold prices [1][3] - Strong fundamental indicators suggest that gold's gains could extend into late 2025 and 2026, making a case for increased portfolio allocation towards gold [1] Interest Rate Expectations - Powell's recent speech indicated a potential interest rate cut, which is expected to boost gold prices as the U.S. dollar typically weakens with rate cuts, making gold more attractive [3][4] - The CME FedWatch tool shows an 87.3% likelihood of a rate cut in September, up from 75% prior to Powell's speech, with even higher probabilities for subsequent months [4] Dollar Value and Gold Demand - A weaker U.S. dollar, which has fallen approximately 7.79% over the past six months, is expected to further lift gold prices as it increases demand for gold among foreign buyers [5][6] Inflation Expectations - Rising inflation expectations, with a 12-month forecast increasing to 4.9% in August from 4.5%, and long-term expectations rising to 3.9% from 3.4%, make gold an attractive hedge against inflation [8][7] Central Bank Activity - Central banks are increasingly strengthening their gold reserves, which may drive up gold prices amid ongoing geopolitical and economic instability [9] Investment Strategies - Investors are encouraged to adopt a long-term passive investment strategy in gold, viewing it as a hedge against market volatility, and to consider a "buy-the-dip" approach [11] - Recommended ETFs for gold exposure include SPDR Gold Shares (GLD), iShares Gold Trust (IAU), and others, with GLD being the most liquid option [12][13] Performance of Gold ETFs - GLD has an asset base of $102.67 billion, the largest among gold ETFs, and has gained about 35.6% over the past year, while GLDM and IAU are the cheapest options for long-term investing [13]

Granite Ridge Resources (GRNT) FY Conference Summary Company Overview - Granite Ridge Resources is positioned as a leading public investment platform for U.S. energy development, focusing on disciplined capital allocation and shareholder value creation [3][5][45] - The company operates with a diversified asset base across six premier basins, with a significant concentration in the Permian Basin, which accounts for nearly two-thirds of its production [7][8] Core Strategies - The investment strategy includes partnerships with proven management teams to capture undervalued opportunities, targeting a greater than 25% full cycle return on investments [5][17] - Granite Ridge employs two main strategies: operated partnerships for control and growth, and traditional non-operated interests for diversification and cash flow [22][39] Financial Performance - Production growth of 28% year-over-year, with a raised full-year production guidance by 10% after the second quarter earnings [9][42] - The company maintains a strong balance sheet with a leverage ratio of 0.8x net debt to trailing twelve months EBITDAX, underlevered compared to peers [10][56] - Current fixed dividend yield is approximately 8% to 9%, with the company trading at about 2.6x this year's EBITDA [11][41] Market Dynamics - U.S. shale activity has significantly decreased since February 2022, with rig counts down 30% and frac spreads down 45% compared to pre-COVID levels, leading to stalled supply growth [13][16] - Rising reinvestment rates and declining well productivity indicate a deteriorating asset base industry-wide, suggesting an undersupplied market and potential for higher commodity prices [14][15][16] Investment Opportunities - Granite Ridge is capitalizing on the current market environment by focusing on short cycle developments with clear returns, while others in the industry are contracting [17][36] - The company has screened over 650 transactions in the past year, indicating a robust business development pipeline [19][42] Recent Developments - New partnerships with Admiral Permian Resources and Petro Legacy Energy have been established, with significant capital invested and production contributions expected [33][34][36] - The company plans to close more than 50 deals in 2025, expanding its inventory by 74 net locations, which equates to approximately three years of inventory at current drilling rates [42][44] Competitive Positioning - Granite Ridge ranks in the top quartile among small-cap energy companies in terms of return on capital employed, production growth, leverage, and dividend yield [41] - The company’s unique business model differentiates it from traditional oil and gas producers, allowing it to maintain growth while managing debt conservatively [45][62] Conclusion - Granite Ridge Resources is strategically positioned to leverage current market conditions for growth, with a disciplined approach to capital allocation and a commitment to shareholder value through dividends and strong financial management [46][47]

Diversification remains a cornerstone of a robust #crypto investment strategy. Spread your assets wisely. ...

Safeguarding your portfolio against unpredictable event risks is essential. Find expert tips for diversification, risk planning, and resilience. https://t.co/2JLo8Sr7PR ...

Group 1 - Wilson Research focuses on providing insights primarily on exchange-traded funds (ETFs) that balance growth potential and dividend yield [1] - The analysis incorporates fundamental analysis along with macro-level factors such as industry trends, economics, and geopolitics [1] - The team includes an MBA graduate and an independent financial coach, aiming to deliver actionable information for long-term investors who prioritize diversification and low fees [1] Group 2 - The investment philosophies of Warren Buffett and Robert Kiyosaki serve as inspiration for Wilson Research [1]