Group 1 - Public Storage (PSA) is one of the largest Real Estate Investment Trusts (REITs) globally, managing over 3,400 properties with more than 250 million square feet of leasable space [1] - The company has established a strong reputation in the market, indicating its reliability and stability in the REIT sector [1] - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts focused on identifying mispriced investments in fixed-income and closed-end funds [1] Group 2 - The investing group Trade With Beta, led by Denislav Iliev, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1,200 equities, IPO previews, and hedging strategies [1] - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [1]

Core Insights - The article discusses the activities of an investment group led by Denislav Iliev, focusing on identifying mispriced investments in fixed-income and closed-end funds [2] Group 1: Company Overview - Denislav Iliev has over 15 years of experience in day trading and leads a team of 40 analysts [2] - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [2] Group 2: Services Offered - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [2] - Active investors are invited to join on a free trial to engage with the community and ask questions [1]

Core Insights - The article introduces Gladstone Land Corporation (LAND) and its preferred stocks, aiming to assess them and provide a credit rating using Moody's methodology [1]. Group 1: Company Overview - Gladstone Land Corporation is the focus of the analysis, with an emphasis on its preferred stocks [1]. Group 2: Investment Strategy - The article highlights the approach of identifying mispriced investments in fixed-income and closed-end funds, led by Denislav Iliev, who has over 15 years of day trading experience [2]. - The investment group Trade With Beta offers features such as frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2].

Group 1 - The Treasury market has experienced significant volatility, with 10-year yields currently at 4.14%, up four basis points for the week, while two-year yields have also increased by four basis points [2] - The performance of the Treasury market is closely linked to stock market movements, particularly the S&P futures, which trade nearly 24 hours and show a correlation with Treasury yields [2] - European counterparts, particularly the UK and France, are facing fiscal challenges, with the UK having a £20 billion budget deficit, leading to rising yields in their bond markets [3][4] Group 2 - Despite the upward trend in yields, the Treasury market has not reached its highest yield close for the month, indicating a persistent expectation of high yields [5] - The relationship between equity markets and Treasury yields is highlighted, where declines in equities lead to lower Treasury yields, and recoveries in equities result in rising yields [6]

Financial Data and Key Metrics Changes - As of September 30, the company reported Assets Under Management (AUM) of $989.1 million, with Q3 average AUM increasing to $950.7 million from $760.2 million in Q2 and $789 million in Q1, driven by crypto price movements and positive cash flows into ETP products [3][10] - Q3 revenue was $22.5 million, bringing cumulative IFRS revenues for the nine months ended September 30 to $80 million [3][10] - Q3 effective staking and lending income yield was 3.1%, down from 3.6% in Q2, attributed to lower protocol rewards [3][4] - Q3 operating income was $9 million, with a net income after tax of $3.9 million for the quarter and $33.8 million for the nine months [7][10] Business Line Data and Key Metrics Changes - The company staked approximately 58% of its AUM at the end of Q3, with a management fee yield of 1.2%, slightly up from 1.1% in Q2 due to new management fee-bearing products [4][3] - Valour was highlighted as a major driver of performance, achieving net inflows every month year-to-date, with $38.8 million of inflows during Q3 [10][11] - Stillman Digital generated $2.2 million in trading commissions in Q3, continuing to strengthen its position in institutional trading [11] Market Data and Key Metrics Changes - The company noted a bullish outlook for cryptocurrency prices, with Bitcoin holding around $100,000, and increasing institutional and retail participation expected to drive prices higher [7][10] - The company is optimistic about expanding its addressable market in Europe, particularly in France, where institutional participation is beginning to increase [22][45] Company Strategy and Development Direction - The company plans to focus on maximizing AUM and monetization through new product launches and expanding into new capital pools, including debt markets [41][42] - The recent $100 million equity financing will support increased staking and facilitate ETP market making on a larger AUM base [8][9] - The company is actively seeking creative M&A opportunities to strengthen its long-term growth prospects [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and ability to capitalize on market opportunities, despite macroeconomic headwinds [10][14] - The incoming CEO, Johan Wattenstrom, emphasized the importance of maintaining a high focus on core strategies while exploring new geographic markets and product offerings [18][41] - Management acknowledged delays in DeFi Alpha opportunities but reiterated the strength and profitability of the underlying business [5][13] Other Important Information - The company repurchased nearly one million shares for $2.44 million during the quarter, indicating a commitment to returning value to shareholders [12] - The venture portfolio includes 12 private investments, with Amina Bank being the largest, representing 83% of the portfolio's fair value [8] Q&A Session Summary Question: Do Alpha trades carry a liquidity or price liability? - Johan Wattenstrom explained that all market risk for core operations is hedged, with some profit retained in tokens, which may fluctuate with market conditions [35][36] Question: What key message do you want to give long-term shareholders? - Johan Wattenstrom stated that the long-term core strategy remains unchanged, focusing on maximizing AUM and expanding into new product offerings [41] Question: Can you provide insight on the investment pipeline? - Johan Wattenstrom mentioned that the company is looking at various opportunities but remains selective, ensuring that any potential acquisition aligns with long-term strategic goals [59][60] Question: What is the outlook for geographic expansion? - Andrew Forson confirmed that the company is working on geographic expansion and has had success in securing new markets, although specific details cannot be disclosed until regulatory approval is obtained [27][28] Question: What is driving the revenue guidance for Q4? - Paul Bozoki clarified that the company expects to achieve $36 million in Q4, contingent on crypto price movements and operational performance [64][65]

分组1 - Oxford Lane Capital Corporation (OXLC) is a significant player in the CLO investment space, indicating its established presence in the market [1] - The analysis focuses on assessing OXLC's financial health and comparing the risk and return characteristics of its financial instruments [1] - The investment strategy involves identifying mispriced investments in fixed-income and closed-end funds, showcasing a systematic approach to investment [1] 分组2 - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts dedicated to investment research [1] - The investment group Trade With Beta provides features such as frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [1] - The service also includes IPO previews, hedging strategies, and an actively managed portfolio, emphasizing a comprehensive investment approach [1]

Group 1 - The Trade With Beta team has extensive experience in preferred stocks and baby bonds, focusing on various aspects from IPOs to portfolio picks [1] - The service includes frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2] - The team is led by Denislav Iliev, who has over 15 years of day trading experience and manages a group of 40 analysts [2] Group 2 - The service offers features such as IPO previews, hedging strategies, and an actively managed portfolio [2] - Monthly reviews of different groups of fixed-income instruments are conducted to ensure comprehensive coverage [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 12, 2025 [1][3][4]. 3. Summary by Related Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 86,750, LME price is 10,788, with a ratio of 8.02; March domestic price is 86,720, LME price is 10,809, ratio 8.02. Spot import equilibrium ratio is 8.08, profit is - 502.58, and spot export profit is 118.66 [1]. - **Zinc**: Spot domestic price is 22,660, LME price is 3,188, ratio 7.11; March domestic price is 22,705, LME price is 3,071, ratio 5.68. Spot import equilibrium ratio is 8.50, profit is - 4438.29 [1]. - **Aluminum**: Spot domestic price is 21,620, LME price is 2,853, ratio 7.58; March domestic price is 21,665, LME price is 2,877, ratio 7.54. Spot import equilibrium ratio is 8.33, profit is - 2136.61 [1]. - **Nickel**: Spot domestic price is 122,950, LME price is 14,874, ratio 8.27. Spot import equilibrium ratio is 8.18, profit is - 1805.20 [1]. - **Lead**: Spot domestic price is 17,300, LME price is 2,030, ratio 8.52; March domestic price is 17,450, LME price is 2,051, ratio 11.06. Spot import equilibrium ratio is 8.72, profit is - 399.90 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month and spot - month, March and spot - month, April and spot - month, May and spot - month are 150, 240, 210, 210 respectively, while the theoretical spreads are 534, 967, 1408, 1850 [4]. - **Zinc**: The spreads are 60, 90, 115, 110, and the theoretical spreads are 216, 338, 460, 582 [4]. - **Aluminum**: The spreads are - 35, 15, 20, 30, and the theoretical spreads are 219, 340, 460, 580 [4]. - **Lead**: The spreads are 35, 45, 55, 40, and the theoretical spreads are 212, 320, 428, 536 [4]. - **Nickel**: The spreads are 220, 370, 580, 800 [4]. - **Tin**: The 5 - 1 spread is - 980, and the theoretical spread is 5957 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot are - 235, - 85, and the theoretical spreads are 93, 594 [4]. - **Zinc**: The spreads are - 45, 15, and the theoretical spreads are 85, 217 [4]. - **Lead**: The spreads are 105, 140, and the theoretical spreads are 103, 218 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.82, 4.00, 4.97, 0.95, 1.24, 0.77, and in London (three - continuous) are 3.53, 3.77, 5.25, 0.94, 1.39, 0.67 [5].

Report Industry Investment Rating - No information provided. Report's Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on November 10, 2025 [1][4][5]. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 10, 2025, the domestic spot price was 85925, the LME price was 10697, and the ratio was 8.07. The March ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 685.03, and the spot export had a profit of 126.56 [1]. - **Zinc**: The domestic spot price was 22620, the LME price was 3208, and the ratio was 7.05. The March ratio was 5.71. The equilibrium ratio for spot import was 8.50, with a profit of - 4661.59 [1]. - **Aluminum**: The domestic spot price was 21540, the LME price was 2831, and the ratio was 7.61. The March ratio was also 7.61. The equilibrium ratio for spot import was 8.33, with a profit of - 2054.39 [1]. - **Nickel**: The domestic spot price was 122200, the LME price was 14859, and the ratio was 8.22. The equilibrium ratio for spot import was 8.19, with a profit of - 1837.56 [1]. - **Lead**: The domestic spot price was 17275, the LME price was 2023, and the ratio was 8.53. The March ratio was 11.16. The equilibrium ratio for spot import was 8.73, with a profit of - 409.62 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 360, - 340, - 340, and - 350 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4]. - **Zinc**: The spreads were 90, 125, 140, and 135, and the theoretical spreads were 216, 338, 460, and 583 [4]. - **Aluminum**: The spreads were - 5, 30, 35, and 55, and the theoretical spreads were 219, 339, 459, and 579 [4]. - **Lead**: The spreads were 50, 75, 45, and 35, and the theoretical spreads were 212, 320, 428, and 535 [4]. - **Nickel**: The spreads were - 40, 130, 320, and 580 [4]. - **Tin**: The 5 - 1 spread was - 550, and the theoretical spread was 5865 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were 310 and - 50, and the theoretical spreads were 249 and 672 [4]. - **Zinc**: The spreads were 10 and 100, and the theoretical spreads were 115 and 247 [4]. - **Lead**: The spreads were 95 and 145, and the theoretical spreads were 117 and 232 [5]. Cross - Variety Arbitrage Tracking - On November 10, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) were 3.78, 3.98, 4.93, 0.95, 1.24, and 0.77 respectively, and in London (triple - continuous) were 3.51, 3.76, 5.24, 0.93, 1.39, and 0.67 [5].

Core Viewpoint - The article critiques a viral video where a teenager discusses financing her first car with a loan while investing her savings in an Airbnb, highlighting the unrealistic financial advice being promoted on social media platforms [1][2]. Group 1: Financial Advice Critique - The video features a father and daughter discussing a $15,000 car loan at 3.5% interest, with plans to invest $7,000 in an Airbnb expecting a 14% return, which Ramsey and Cruze deem as poor financial advice [2][3]. - Ramsey emphasizes that none of the over 10,000 millionaires interviewed have built wealth through such borrowing and investing strategies, stating "Zero real millionaires do that" [3]. Group 2: Unrealistic Assumptions - Ramsey points out that the financial strategies presented in the video rely on unrealistic assumptions that are unlikely to hold true, especially for a teenager without a financial history [4]. - The article discusses the broader trend of self-proclaimed financial experts on social media promoting risky strategies, which often mislead viewers into believing in secret formulas for wealth [5][6]. Group 3: Financial Reality - Ramsey stresses that there is no "magic sauce" for wealth accumulation, advocating for living below one's means and investing steadily over time [6]. - Cruze notes that the framing of such videos creates a false sense of urgency, making viewers feel they are missing out on hidden financial systems, which is misleading [6].