Company Overview - CorMedix Therapeutics is a diversified specialty pharmaceutical company focused on institutional settings of care, primarily offering injectable drugs used in hospitals and infusion centers [3] - The company has a strong financial profile with approximately $150 million in cash and close to zero net debt [3] Financial Projections - Revenue guidance for 2026 is projected to exceed $300 million, with EBITDA expected to be between $100 million and $125 million [3] - The company anticipates increasing its cash position throughout the year [3] Commercial Strategy - CorMedix has a scalable platform supported by a solid commercial team experienced across multiple therapeutic areas [4]

Core Insights - RV Capital AG disclosed a sale of 50,653 shares of Interactive Brokers Group, valued at approximately $3.19 million based on the quarterly average price [1][2] - Following the sale, RV Capital holds 799,267 shares of Interactive Brokers, valued at $54,997,562 as of September 30, 2025 [2] - Interactive Brokers now constitutes 10.1% of RV Capital's reported assets under management (AUM) as of the same date [3] Company Overview - Interactive Brokers reported a total revenue of $5.95 billion and a net income of $917 million for the trailing twelve months (TTM) [4] - The company offers a wide range of electronic brokerage services, including stocks, options, futures, forex, bonds, mutual funds, ETFs, precious metals, and cryptocurrencies [5][6] - It serves both institutional clients and individual investors globally, operating a platform that provides access to over 150 markets [5][6] Performance Metrics - As of October 21, 2025, shares of Interactive Brokers were priced at $66.27, outperforming the S&P 500 by 64 percentage points [3] - Despite a significant increase in stock price over the last two years, the price-to-earnings ratio stands at 33, which, while higher than historical averages, is considered reasonable given the company's growth [11] - Customer accounts and customer equity grew by 32% and 40% respectively in the last quarter, indicating strong business performance [11] Investment Context - RV Capital's sale of shares is characterized as a partial sale, and despite the reduction, Interactive Brokers remains the firm's fifth-largest holding [9] - The stock's portfolio allocation increased from 8% to 10% over the last two years, despite RV Capital selling approximately one-third of its shares [9][10] - Interactive Brokers has received multiple awards for its trading platform, highlighting its competitive position in the electronic brokerage industry [10]