Core Insights - Cabana Target Drawdown 7 ETF (TDSB) aims for long-term growth while adhering to a predefined drawdown parameter through a rules-based, actively managed fund-of-funds strategy [1] - The strategy employs a proprietary cyclical reallocation process to adjust allocations among various asset classes, including equities, fixed income, real assets, commodities, and currencies, while also incorporating non-correlated or inverse exposures during periods of heightened risk [1] - TDSB is designed to provide a lower-beta, income-aware profile that mitigates peak-to-trough losses while still allowing for participation in market recoveries, although it may underperform during rapid equity rallies or sudden factor reversals [1] Use Cases - The ETF is suitable for multi-asset allocators who are concerned about sequence-of-returns risk and for advisors creating time-segmented retirement buckets that prioritize loss control [1] - TDSB is particularly favored in late-cycle or risk-off market conditions and can enhance portfolio performance when there is increased dispersion across asset classes [1] Key Risks - A significant risk to monitor is the reliance on the proprietary model and the trading it generates, which may lead to implementation slippage and turnover costs [1]

Core Viewpoint - Unusual Machines, Inc. (UMAC) presents a challenge in determining whether it is a fundamentally sound investment or merely a speculative opportunity [1] Company Overview - UMAC is characterized by uncertainty regarding its investment fundamentals, leading to speculation among investors [1] Analyst Profile - Mr. Mavroudis, a professional portfolio manager, specializes in managing institutional and private portfolios with a focus on risk management and in-depth financial market analysis [2] - He has successfully navigated major financial crises, including the COVID-19 pandemic, and has extensive experience in various financial instruments globally [2] - Mr. Mavroudis is the CEO of FAST FINANCE Investment Services and holds multiple advanced degrees and certifications in finance and law [2]

Core Insights - KatRisk has acquired Symfos, enhancing its capabilities in catastrophe risk modeling and software for the reinsurance sector [1][2] - The integration aims to streamline risk data usage in underwriting and portfolio management, addressing challenges from natural hazards [2][5] Group 1: Acquisition Details - Financial specifics of the acquisition remain undisclosed [1] - Symfos is known for its Orchestra platform, which focuses on underwriting and portfolio management [1][3] Group 2: Technology Integration - The Orchestra platform provides a consolidated view of portfolio risk, supporting dynamic pricing and scenario analysis [3] - The integration will allow users to utilize various catastrophe models alongside KatRisk's products [3] Group 3: Strategic Goals - The acquisition is intended to simplify the interpretation and application of model outputs in underwriting and financial contexts [4] - Clients will benefit from more flexible reporting tools, enhancing decision-making quality [5] Group 4: Company Vision - Symfos CEO emphasized the alignment of values and ambition with KatRisk, aiming for growth while maintaining a customer-first approach [4] - KatRisk's general manager highlighted the goal of turning complex risk data into actionable insights for insurers [5][6]

Summary of Fortitude Re's Conference Call Company Overview - **Company**: Fortitude Re, a leading asset-intensive reinsurer, provides tailored reinsurance solutions and is supported by major investors including T&D Holdings and Carlyle [2][3] - **Financial Metrics**: As of September 30, 2025, Fortitude Re has a balance sheet exceeding $100 billion, with $6.9 billion in capital from investors and over $75 billion in general account reserves [3][4] Key Financial Performance - **Growth**: Achieved $83 billion in general account reserves, with core operating earnings of $674 million and adjusted net income of $669 million for the nine months ended September 30, 2025 [7][8] - **Market Share**: Holds over 25% market share in Japan and approximately 10% in North America since 2020 [4][6] - **Earnings Stability**: Core return on assets remains consistent, with a strong liquidity profile of approximately $5.3 billion [8][9] Strategic Initiatives - **Reinsurance Transactions**: Completed several block and flow reinsurance transactions adding nearly $10 billion in high-quality reserves [5] - **Capital Market Presence**: Issued senior notes and launched the first sidecar, FCA Re, with over $700 million in capital dedicated to Asia [5][6] - **Risk Management**: Emphasizes a robust risk management culture, with a focus on diversification, liability valuation, and asset-liability management [10][11] Investment Portfolio - **Asset Allocation**: The $82 billion investment portfolio is primarily fixed income (93%), with only 4% rated below investment grade [24] - **Private Credit**: $17.3 billion in private credit, primarily investment grade, with strong credit performance and no material losses [25][26] - **Real Estate Exposure**: $13.6 billion in real estate, with a focus on residential mortgages and a low average loan-to-value (LTV) ratio [26][27] Market Dynamics and Competitive Position - **Market Segments**: Operates in three of six key market segments, with a focus on complex transactions that yield above-market returns [30][31] - **Competitive Strength**: Maintains a competitive edge through disciplined underwriting, strong investor relationships, and a focus on sticky liabilities [32][39] - **Regulatory Environment**: Anticipates convergence of global regulatory regimes, which may benefit Fortitude's business model [44][45] Risks and Challenges - **Credit Stress**: Identified as a primary risk, with concerns over potential defaults and losses in the current geopolitical climate [59][60] - **Market Volatility**: Acknowledges the potential for market disruptions affecting credit quality, but expresses confidence in the company's resilience due to robust risk management practices [60][61] Future Outlook - **Growth Prospects**: Optimistic about future profitability and pipeline quality, with expectations for healthy growth in core operating earnings and adjusted net income in 2026 [51][56] - **Strategic Focus**: Plans to continue responsible growth by selectively underwriting in existing markets while expanding into new ones [37][38] This summary encapsulates the key points discussed during the conference call, highlighting Fortitude Re's financial performance, strategic initiatives, market dynamics, and future outlook.

Core Insights - FTI Consulting has appointed Jason Smolanoff as a Senior Managing Director in its Cybersecurity practice, enhancing its capabilities in cyber risk management [1][2]. Company Overview - FTI Consulting is a leading global expert firm specializing in crisis and transformation, with over 8,100 employees across 32 countries as of September 30, 2025 [5]. - The company generated $3.70 billion in revenues during fiscal year 2024 [5]. Industry Context - The cybersecurity threat landscape is becoming increasingly sophisticated, leading to higher demand for tailored risk management and investigative expertise from clients [3]. - FTI Consulting aims to address the full spectrum of cyber risk management needs, including program assessments, incident response, and complex investigations [2][3]. Leadership Background - Jason Smolanoff has over 25 years of experience in information security, previously leading the Cyber Risk practice at Kroll and serving as a Senior Advisor [2][3]. - His prior roles include being the CEO and founder of CISO Advisory & Investigations and a Supervisory Special Agent at the FBI, overseeing cyber national security investigations [4].

Company Overview - MarketGauge was founded 25 years ago by successful floor traders turned hedge fund managers with over 100 years of diversified experience [1] - The mission of MarketGauge is to provide strategic and actionable information to empower investors and advisors to surpass their financial goals [1] - The company offers educational courses, proprietary trading tools, and proven quant-based models [1] Investment Philosophy - MarketGauge's core philosophy focuses on identifying both major macro trends and emerging trends using proprietary tools and indicators [1] - The company employs short-term tactics derived from successful floor trading to maximize profits and minimize risk, with price action as the primary driver [1] - MarketGauge incorporates fundamentals into its trading approach and emphasizes a methodical, systematic, and repeatable strategy [1] Performance and Transparency - All investing models at MarketGauge include track records with daily and weekly updates, ensuring performance transparency [1] - The company has provided market analytics to major financial institutions such as Barron's and Fidelity, as well as to thousands of individual investors and active traders [1] - MarketGauge's insights are featured in various financial platforms, and its Twitter feed has been rated by CBS MarketWatch as one of the top 50 sources for financial information [1] Team and Expertise - Each MarketGauge expert has a specific focus and domain within the company, with unique skill sets linked by common experience and a commitment to risk management [1] - All experts utilize the same indicators and tools, fostering a cohesive approach to trading and analysis [1]

Core Insights - CME Group reported an all-time high international average daily volume (ADV) of 8.4 million contracts in 2025, representing an 8% increase from 2024, driven by significant growth in various asset classes [1][4] Group 1: Regional Performance - EMEA ADV reached a record 6.1 million contracts in 2025, up 6% from 2024, with notable increases in Equity Index (25%), Metals (23%), Agricultural (8%), Energy (7%), and Interest Rate products (1%) [2] - APAC ADV grew to an all-time high of 1.9 million contracts in 2025, up 13% from 2024, driven by record growth in Metals (66%), Energy (32%), Agricultural (14%), and Interest Rate products (8%) [3] - Canada ADV achieved a record 180,000 contracts in 2025, up 10% year on year, with records in Equity Index (23%), Interest Rate (6%), Agricultural (3%), and Energy products (1%) [3] - LatAm ADV remained unchanged at 173,000 contracts in 2025, with records in Foreign Exchange (42%), Metals (29%), and Equity Index products (7%) [4] Group 2: Global Performance - Globally, CME Group reported a record ADV of 28.1 million contracts in 2025, up 6% over 2024, primarily driven by record growth in Interest Rate ADV (4% to 14.2 million contracts) and Metals ADV (34%) [4] - Additional records were noted across Agricultural and Energy ADV, both increasing by 8% [4] Group 3: Company Overview - CME Group is recognized as the world's leading derivatives marketplace, providing clients with the ability to trade futures, options, cash, and OTC markets, while also offering tools for risk management and opportunity capture [5]

Core Insights - The article emphasizes the importance of identifying high-potential investment opportunities before they experience significant growth, focusing on asymmetric opportunities with a potential upside of 3-5 times the downside risk [1]. Investment Strategy - The investment approach prioritizes leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1]. - A strong margin of safety is sought to protect against capital impairment, ensuring that risk management is a key component of the investment strategy [1]. - The investment horizon is set at 2-3 years, allowing the company to endure market volatility and emphasizing the importance of patience, discipline, and intelligent capital allocation for achieving substantial returns over time [1].

Core Viewpoint - The focus should not solely be on Bitcoin's price targets but on investor preparedness for market volatility and unexpected events [1][6]. Group 1: Market Reactions and Geopolitical Events - Bitcoin experienced a nearly 5% increase following the news of Venezuelan leader Nicolas Maduro's arrest, which caused sharp market reactions [3][4]. - The U.S. conducted a capture mission in Venezuela, highlighting the impact of geopolitical shocks on market dynamics [3]. Group 2: Investor Sentiment and Risks - Turner emphasizes that the greatest risk for retail investors is being forced to sell Bitcoin at low prices due to lack of planning for financial obligations [6]. - The volatility in crypto markets is routine, and investors must be cautious of complacency during drawdowns [5]. Group 3: Long-term Outlook and Strategy - Despite recent volatility, Turner maintains a bullish outlook on Bitcoin, believing structural forces will favor higher prices into 2026 [4]. - Investors who prepare for volatility can turn it into opportunities, as historical trends show that those who endure market turbulence are often rewarded [7].

In a portfolio packed with volatility hedges and tactical trades, this quiet bond move says more about risk management than return chasing.Texas-based Coppell Advisory Solutions increased its stake in the First Trust Enhanced Short Maturity ETF (FTSM +0.01%) by 103,077 shares, contributing to a net position change of $6.21 million, according to a November 13 SEC filing.What HappenedCoppell Advisory Solutions disclosed in a November 13 SEC filing that it increased its position in the First Trust Enhanced Sho ...