Operational Risk - Operational risk encompasses the risks a company encounters while performing its routine business operations, processes, and systems [1]

Core Insights - M&T Bank Corporation reported a 27.7% increase in diluted GAAP EPS to $4.24 in Q2 2025, compared to $3.32 in Q1 2025, alongside $1.1 billion in share repurchases [1] Capital Management - The bank executed $1.1 billion in share repurchases, representing 5.7% of shares outstanding in the first half of 2025, while the CET1 ratio declined by 52 basis points to 10.98% [2] - The decline in the CET1 ratio is attributed to increased capital distributions, with a long-term target set at 10% and an operational range of 11% to 10.75% [3] Risk Management - Criticized loan balances were reduced by $1 billion (11%), with criticized CRE loans declining by $813 million, and net charge-offs remaining below full-year expectations at 32 basis points [4] - The bank's stress capital buffer (SCB) decreased from 3.8% to 2.7%, reflecting efforts to limit on-balance sheet CRE exposure and successful credit sales [5][6] Revenue Growth - Non-interest income rose to $683 million from $611 million in the prior quarter, with an 11% year-over-year growth in fee income, driven by trust and wealth revenues, mortgage subservicing, and European expansion [7][9] - Consumer and residential mortgage loans increased by $1.5 billion sequentially, with specialty lending growth in newly acquired markets contributing to franchise scale benefits [8] Future Outlook - For the full year 2025, net interest margin is expected to be in the mid to high 3.60%s, with net charge-offs forecasted below 40 basis points [10] - Capital targets remain at 10.75%–11% CET1 for the remainder of the year, with anticipated dividend actions from the Board [10]

"At this time, the economy and markets are generally responding positively to the evolving policy environment. But as developments rarely unfold in a straight line, we remain very focused on risk management," he added. Solomon, who raked in $39 million in compensation last year, and his second-in-command, chief operating officer John Waldron have faced heat from some Wall Street observers after both received a five-year $80 million golden handcuffs bonus. Goldman Sachs CEO David Solomon, seen here last mont ...

📘 The Most Important Thing by Howard Marks — key lessons:1️⃣ Risk is not volatility, it’s the possibility of permanent loss.2️⃣ Second-level thinking is critical3️⃣ Market cycles matter4️⃣ Contrarian thinking works, but only when you're right5️⃣ Patience, discipline, and emotional control are key6️⃣ Price matters more than quality ...

Investment Strategy & Mindset - The market will present missed trades and feelings of inadequacy, which is normal [1] - Comparison to others' success can diminish satisfaction [2] - Focus on identifying suitable coins, developing a thesis, and creating a plan [2] - Prioritize future opportunities over dwelling on missed ones [2] Risk Management - Implement stop losses and practice risk management [4] - Allow trades to develop and recognize that more opportunities will arise [4] Personal Growth - Accept individual paths, targets, and goals [3] - Avoid comparison, embrace acceptance, and adhere to personal reasons and paths [3]

Market Opportunity - US investors can use exchange-listed options to hedge against extreme weather [1] - China lacks a similar system for weather-related risk management [1] Industry Analysis - The absence of a weather risk management system in China presents a potential market opportunity [1]

Group 1 - The market currently views Broadcom (AVGO) as a typical semiconductor company benefiting from AI capital expenditures, but this perspective is outdated and potentially risky [1] - The analysis emphasizes the importance of identifying high-potential investment opportunities that can yield significant returns while managing risks effectively [1] - Key factors for investment consideration include leadership and management effectiveness, market disruption potential, financial health, and valuation metrics [1] Group 2 - Leadership and management analysis focuses on proven business scaling, smart capital allocation, and consistent revenue growth [1] - Market disruption is driven by strong technology advantages, network effects, and penetration in high-growth sectors [1] - Financial health is characterized by sustainable revenue growth, efficient cash flow, and a robust balance sheet [1]

正常来说应该盘前低流动性拉盘，才有人会去打预售。Wlfi第一轮1.5b的市值打1.5亿刀，都打了几个月，即便trump发币后，也有2天的时候可以打。最后还是孙哥直接塞了1500万刀才瞬间结束的。这pump 4b的市值打6亿刀....我真不知道不拉盘怎么塞满，所有有硬顶的打新，都是一群人观望，等进度到40%-50%才开始加速打钱。但是这个有盘前合约，理论可以套保打预售。不过，我应该不会这么玩，或者玩太大仓位，以前被那种锁仓的坑怕了。最后，如果是前几天的大盘，如果盘前合约不拉，那就可以直接做裸空了。低流动性都不拉盘合约pvp，难道开现货一堆人打进去了，拉盘送钱吗？结论：我认为应该要拉盘前，才会有人打预售。如果盘前都不拉，那么开盘更没人接盘，应该做空。谨慎套保打预售，防止搞锁仓等幺蛾子。 ...

Core Insights - DPRG IM is a management-owned partnership with over 50 years of experience in real estate and financial markets, focusing on understanding industries and investment cycles [1] - The company aims to manage real estate equity that is often underutilized, providing a product that addresses the need for managing equity locked in properties [1] - DPRG IM has developed a Leveraged Long Only Absolute Return Strategy (LLARS) that prioritizes regular income while aiming for long-term growth, making it suitable for commercial real estate owners [1] Company Overview - DPRG IM originated from DPRG's private equity business and has established a track record in managing released funds through client mortgage facility banking [1] - The company has built strong banking relationships to finance European and UK real estate, adapting to country-specific pricing [1] - DPRG IM operates with a strong management team located in Nicosia, Cyprus, and has a presence in London, Monaco, and Dubai & Abu Dhabi [1] Investment Strategy - LLARS focuses on providing regular income on a quarterly basis, which is beneficial for servicing debt payments and maintenance costs [1] - The strategy enhances rental and free cash flow streams for commercial real estate owners without correlating to the asset's operations [1] - DPRG IM also offers structuring services, including legal, taxation, and cross-jurisdiction expertise to optimize capital efficiency [1] Regulatory Compliance - DPRG IM is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with License No. 454/25, ensuring compliance with regulatory standards [1]

Core Insights - CME Group reported a record international average daily volume (ADV) of 9.2 million contracts in Q2 2025, representing an 18% increase year over year [1] - The growth in ADV was driven by record quarterly volumes in various product categories across regions, including EMEA and APAC [1][2] Group 1: Regional Performance - EMEA ADV reached a record 6.7 million contracts, up 15% from the previous year, with significant increases in Equity Index (43%), Energy (15%), Interest Rate products (12%), and Metals (5%) [2][7] - APAC ADV hit 2.2 million contracts, a 30% increase year over year, driven by Energy products (67%), Metals (34%), and Agricultural products (13%) [3][7] - Canada ADV reached 190,000 contracts, up 17% year on year, with Interest Rate and Equity Index products increasing by 19% and 35% respectively [3] - LatAm ADV was 189,000 contracts, a 4% increase from 2024, with Foreign Exchange and Metals products achieving quarterly records, growing by 30% and 3% respectively [4] Group 2: Global Performance - Globally, CME Group reported a record quarterly ADV of 30.2 million contracts in Q2 2025, up 16% year over year, driven by record volumes in Interest Rate, Agricultural, and Metals products [4]