The yen was softer at 154.38 per Fed officials continued pressing competing views of where the economy stands and the risks facing it in the absence of economic data suspended due to the federal government shutdown. The Fed cut rates last week but Chair Jerome Powell suggested that might be the last cut of the year. Traders are now pricing in a 65% chance of a rate cut in December, compared with 94% a week earlier, CME FedWatch showed. That shift in near-term expectations has boosted the dollar. The euro ...

Performance Overview - The Massif Capital Real Assets Strategy achieved a return of 36.1% net of fees in Q3 2025, with year-to-date returns reaching 41.5% net of fees [2] - The strategy has been operational for 27 quarters, marking its best quarter to date and resulting in an annualized net-of-fees return of 14.6% since inception [2] Alpha and Risk Assessment - The company focuses on generating uncorrelated, risk-adjusted returns, referred to as Alpha, which is challenging to measure due to the complexities of risk [4][5] - Jensen's Alpha is utilized to evaluate performance, indicating whether returns exceed expectations based on market risk exposure [5][6] - The benchmark used for performance evaluation is the MSCI ACWI Ex US, which covers a broad range of global equity opportunities outside the US [8][9] Comparative Performance - The Massif Capital Real Assets Strategy outperformed various comparable funds and major indices, with a year-to-date alpha of 14.9% compared to peers [10][12] - The strategy's YTD return of 41.5% significantly exceeds the S&P 500 Index (13.7%) and NASDAQ Index (17.3%), showcasing strong performance in risk-adjusted terms with a Sortino Ratio of 1.5 [13] Individual Stock Performance - In the gold sector, core positions in G-Mining Ventures and Equinox Gold returned a portfolio-level return of 17.1% as of Q3 2025 [14] - G-Mining Ventures outperformed the sector with a return of 183%, while Equinox Gold lagged behind the market despite a long-term positive outlook [17][19] - The copper sector saw significant gains, with positions in NGEX and Midnight Sun delivering returns of 392% and 268% from cost basis, respectively [21] Critical Metals and Infrastructure - The portfolio includes critical metals such as lithium and uranium, with lithium positions performing well, while uranium investments face challenges due to geopolitical factors [24][49] - The company is exploring opportunities in infrastructure and industrials, aiming to capitalize on increasing electricity costs and innovative technologies [51][52] Market Outlook - The company anticipates that oil and natural gas investments may lead in Q4 2025, driven by potential supply constraints in Europe and favorable dividend yields from current positions [33][35] - Concerns regarding LNG supply availability and winter weather patterns could impact natural gas prices, with a focus on the interplay between European demand and Asian supply [40][42][45]

Inflation & Currency - South Korea's consumer inflation accelerated in October due to a weaker won, increasing energy and food costs [1] Monetary Policy - The inflation data strengthens the argument for the central bank to maintain its pause in monetary easing [1] Housing Market - The central bank aims to curb a housing market rally [1]

Market Overview - The S&P 500 is showing a divergence in market sentiment, with the volatility index (VIX) indicating underlying concerns despite a seemingly stable market day [1][2] - The bond market is experiencing weakness, which is expected to continue impacting market dynamics in the coming weeks [3] - The performance of the MAG7 stocks contrasts sharply with the overall market, as the S&P has declined by 6.5% since September 1, while semiconductors have outperformed by 22% in the same period [4] Economic Indicators - The dollar index has risen above 100, which is often interpreted as a risk-off signal, indicating a complex interplay of market factors [5][6] - There is anecdotal evidence suggesting that various sectors, particularly shipping and rail, are providing insights into economic sensitivity and stock performance [7] Federal Reserve Influence - The Federal Reserve's focus has shifted towards inflation rather than the jobs market, which may limit straightforward monetary policy actions [9] - Recent comments from Fed members suggest that interest rates are likely to remain elevated, impacting sectors such as staples and cryptocurrencies negatively [10] Cryptocurrency Market - Bitcoin's performance is under pressure due to rising interest rates, which historically have not favored its price trajectory [11][12] - The relationship between Bitcoin and interest rates is complex, with recent trends indicating that Bitcoin's value may struggle in a higher rate environment [13][14] - The market for trading cryptocurrencies may face challenges if stable coins do not maintain their health, raising questions about the viability of certain trading platforms [15][16][17] Technical Analysis - Technical indicators for Bitcoin suggest that significant price drops lead to deleveraging and risk adjustments, highlighting the volatility in the cryptocurrency market [18]

Welcome back everyone today on the Joseph Carlson show. Now it's true that last week we had a lot of companies report earnings that are massive companies. We've already heard from companies like Netflix and Google and Amazon and Microsoft many of the biggest companies in the world.But this week we still have a lot of important companies reporting earnings including Palunteer today. Is it true that Palunteer is the most overvalued company of all time that's ever existed all throughout humanity or is there mo ...

The Olive for Fed policy continues to be somewhat confusing with Fed officials offering different forecasts from each other and even some officials taking both sides of the argument. Lisa Cook speaking in Washington said she supported the decision to cut rates last week uh but says downside risk to employment are greater than upside risk to inflation. However, she says the current restrictive policy is appropriate given inflation above the 2% target.Every meeting, she says, including a December meeting is a ...

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -Federal Reserve officials on Monday continued pressing competing views of where the economy stands and the risks facing it, a debate set to intensify ahead of the U.S. central bank's next policy meeting and in the absence of data suspended due to the federal government shutdown. In her first public remarks since President Donald Trump launched a so-far unsuccessful attempt to remove her from her position, Fed Governor Lisa Cook portrayed a tug-of-w ...

By Howard Schneider WASHINGTON (Reuters) -Federal Reserve officials on Monday continued pressing competing views of where the economy stands and the risks facing it, a debate set to intensify ahead of the U.S. central bank's next policy meeting and in the absence of data suspended due to the federal government shutdown. In her first public remarks since President Donald Trump launched a so-far unsuccessful attempt to remove her from her position, Fed Governor Lisa Cook laid out her view of the policy deb ...

All right, we got some breaking news from Washington Fed Governor Lisa Cook who is speaking in DC. Steve Leeman has those headlines. Steve.>> Uh, thanks Brian. The Olive for Fed policy continues to be somewhat confusing with Fed officials offering different forecasts from each other and even some officials taking both sides of the argument. Lisa Cook speaking in Washington said she supported the decision to cut rates last week.Uh, but says downside risks to employment are greater than upside risk to inflati ...

Fed's Lisa Cook said she sees the risk of further labor-market weakness as greater than the risk that inflation will pick up, but stopped short of endorsing another interest-rate cut next month https://t.co/eEnr373GDN ...