Portfolio Analysis - The document provides a link to explore entity holdings and portfolio diversification [1] - The analysis allows users to hover over entities to view their top 3 holdings [1]

Core Insights - Family offices are investing more cautiously following President Trump's tariff announcement in early April, as indicated by a recent survey from RBC Wealth Management and Campden Wealth [1] Group 1: Investment Preferences - In a poll of 141 investment firms representing ultra-wealthy families in North America, 52% of respondents believe cash and liquid assets will yield the best returns over the next 12 months [2] - Over 30% of respondents identified artificial intelligence as a promising investment area, contrasting with last year's preference for growth equities and defense industries, which were favored by just under a third of respondents [2] Group 2: Return Expectations - Family offices have reduced their expected portfolio return for 2025 to an average of 5%, down from 11% for 2024 [3] - 15% of respondents anticipate negative returns for 2025, a significant increase from nearly none the previous year [3] Group 3: Investment Priorities - The primary investment focus for 2025 is improving liquidity, chosen by nearly half of the family offices surveyed, while portfolio diversification was the top choice last year at 34% [3] Group 4: Survey Context - The survey was conducted from April through August, with market turmoil from tariffs and geopolitical tensions cited as key factors influencing the pessimistic outlook [4]

Group 1 - Binance co-founder Changpeng "CZ" Zhao has been pardoned by President Donald Trump, which is seen as a conclusion to the Biden Administration's stance on cryptocurrency [1][2] - The pardon may lead to the end of the Justice Department's three-year monitoring of Binance, although a separate Treasury oversight will continue [2] - Zhao's release from prison occurred in September 2024 after serving four months for related offenses, and BNB has shown positive performance, increasing by 5% on the day and 11% for the month [3]

Core Insights - Gold has increased by 103% since the end of 2023, outperforming the S&P 500's 43% return and U.S. investment grade bonds' 8.6% return [1][2] Economic and Political Factors - Economic and political uncertainties are driving both investors and central banks to increase their gold holdings, contributing to the surge in gold prices [2] - Concerns regarding inflation, tariffs, and national debt are leading investors to seek gold and other non-traditional assets as a hedge against potential declines in stocks and bonds [2] Market Dynamics - Despite positive real yields on bonds, such as the 10-year U.S. Treasury real yield at 1.75%, gold has continued to rise, indicating a complex relationship between gold and bond yields [4] - Gold is characterized by low correlation with stocks, often rising when stock prices fall, making it a potential diversification tool in investment portfolios [5] Volatility and Investment Characteristics - Gold is not as stable as commonly perceived, with an average daily volatility of around 17% since 2005, comparable to the 19% volatility of stocks [5] - Unlike stocks, gold does not generate earnings or cash flows, and its price is primarily influenced by changes in real yields, the dollar, and investor sentiment [5]

Financial Data and Key Metrics Changes - The company reported a net loss of $67.5 million, or $2.22 per share, compared to a loss of $69.8 million, or $2.30 per share in the previous quarter [13][14] - Tangible common equity to tangible assets is at 10.39%, with a slight decline in Tier 1 leverage ratio to 10.4% and CET1 to 13.58% [13][14] - Tangible book value per share decreased by $2.03 to $37, reflecting credit cleanup rather than core earnings erosion [13][14] Business Line Data and Key Metrics Changes - C&I loans increased by $105 million, representing the majority of loan originations for the quarter [6] - Average C&I deposits grew by 8.6%, or $134.2 million, indicating relationship growth and new account activity [6] - Non-interest income totaled $2.5 million, down from $6.4 million last quarter, primarily due to loan loss sales [15] Market Data and Key Metrics Changes - Total criticized and classified office loans declined from $302 million at the end of March to $113.1 million at September 30 [10] - Non-performing loans decreased from $226.4 million to $118.6 million, reflecting transfers to held-for-sale status and charge-offs [11] - Total criticized and classified loans rose to $958 million from $875 million last quarter, with multifamily loans increasing by $204 million [12] Company Strategy and Development Direction - The company is focused on completing credit cleanup, deepening core relationships, and improving earnings performance to drive shareholder value [9] - The strategic plan includes diversifying the balance sheet, improving margins, and reducing reliance on wholesale funding [7][8] - The company anticipates loan growth in 2026 to be concentrated in C&I, with a strong focus on disciplined credit standards [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that they are nearing the end of elevated losses from decreased asset values and that provisions will be manageable moving forward [5][22] - The independent loan review confirmed the adequacy of current reserves, with potential losses identified being largely in line with internal assessments [18][19] - The company expects net interest income to grow despite a smaller balance sheet, driven by lower funding costs [20] Other Important Information - The Chief Credit Officer, Kevin Geoghegan, announced his voluntary resignation, with interim replacements appointed [22][23] - The company engaged a nationally recognized loan review firm to conduct an independent credit evaluation of its portfolios [16][17] Q&A Session Summary Question: Can you talk about the comfort level regarding potential further losses on closed transactions? - Management indicated that they have implemented a process to determine carrying values based on brokers' opinions, which are considered more reliable than appraisals [27][28] Question: What is the timeline for getting assets off the balance sheet? - Management expects material action to occur during the fourth quarter of 2025, with ongoing discussions with potential buyers [30] Question: What are the expectations for charge-offs in the next quarter? - Management does not anticipate significant charge-off activity impacting book value in the upcoming quarter [31][32] Question: Can you elaborate on the multifamily loans and the increase in criticized balances? - Management noted that while there are challenges in debt service coverage due to interest rates, the underlying property performance remains stable [34][35] Question: How does the company view the government contract business amid the shutdown? - Management has not seen significant concerns in the government contracting space, with ongoing communication with relationship managers [40][41] Question: What are the expectations for criticized classified loans moving into 2026? - Management expects a decline in criticized classified loans into 2026 based on recent reviews and assessments [45][46] Question: How does the company view the potential for M&A activity? - The board is open to any options that add value to shareholders, focusing on strategic plans and diversification efforts [68][70]

Gold’s powerful rally in recent years has driven the metal past key milestones — first $2,000 an ounce, then $3,000 and most recently, $4,000. And O’Leary isn’t the only heavyweight investor singing its praises.“It’s hit all-time highs and I’m still buying, but why? Because if I had stopped buying in 2023, at its all-time high of $2,078, I would have missed out on a [around] 82.7% return in just 2 years,” he said. “Lucky for me, I’ve been buying gold for decades, even at all-time highs.”O’Leary says stickin ...

What a move in gold. Extending losses after its steepest sell off in over a decade. The precious metals record run before yesterday sparking concern at a US debasement trade.Jane Foley of Rabobank debunking that theory writing debasement would imply a move away from the dollar and the US treasuries into assets such as gold. And there is very little evidence to back up these flows. James joins us now for more.Jim, welcome to the program. It's been a really curious year because the narrative around foreign ex ...

I have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I focus on banking, telco, and retail sectors. A colleague encouraged me to engage in the stock market as part of my portfolio diversification instead of putting all my savings in banks and properties. ...

Core Insights - In the current unpredictable market, there are identifiable signs indicating whether an investment decision is sound, even during market downturns [1][2]. Group 1: Investment Rationale - The rationale behind purchasing a stock is crucial; a good investment is characterized by thorough research, belief in the company, and understanding of its business model [3]. - Long-term growth should be the focus; investments should be made with a time horizon of five, ten, or twenty years, making short-term market fluctuations less significant [4]. Group 2: Company Fundamentals - Strong company fundamentals are essential; a stock remains a good investment if the company shows resilience and growth in earnings, despite price dips [5]. - A willingness to buy more shares if the price drops indicates conviction in the investment [5]. Group 3: Portfolio Management - A diversified investment portfolio is necessary; no single stock should dominate the portfolio, allowing for flexibility during market volatility [6].

Core Insights - The rare earths industry is experiencing significant growth, with stocks of companies like Arafura Rare Earths, Lynas Rare Earths, and MP Materials more than doubling this year, driven by demand from various sectors including AI and renewable energy [1][2] - A recent agreement between the US and Australia to invest $3 billion into the rare earths sector, along with the US government's pledge to ban certain Chinese metal sourcing by 2027, is prompting a shift in investment strategies away from Chinese supply chains [2] - ETFs focused on rare earths have seen substantial inflows, with VanEck's REMX ETF up 85% year-to-date, indicating strong investor interest and performance in this sector [4] Investment Trends - The demand for rare earths is bolstered by their critical role in technology and infrastructure, particularly in AI and data centers, suggesting a sustained growth trajectory for the industry [2] - The diversification of supply chains away from China is becoming increasingly important, as nearly 100% of heavy rare earth elements are currently processed in China, creating vulnerabilities for US military and technological needs [2] - Rare earths are being positioned as a complementary asset class in investment portfolios, similar to gold and silver, providing potential for strong returns when other investments are underperforming [3] ETF Performance - VanEck's Rare Earth and Strategic Metals ETF (REMX) has increased by 85% year-to-date, reflecting the strong performance of the sector [4] - Amplify ETFs' Lithium & Battery Technology ETF (BATT) is up 48% year-to-date, indicating robust demand for battery-related materials [4] - The iShares MSCI Global Metals & Mining Producers ETF (PICK) has risen by 34% year-to-date, showcasing the overall positive trend in the mining and production sectors [4]