On February 13, 2026, Ashford Capital Management disclosed in a Securities and Exchange Commission filing that it reduced its position in Cavco Industries (NASDAQ:CVCO) by 19,607 shares, an estimated $11.11 million trade based on quarterly average pricing. What happened According to an SEC filing dated February 13, 2026, Ashford Capital Management sold 19,607 shares of Cavco Industries in the fourth quarter of 2025. The estimated value of this trade was $11.11 million based on the average closing price d ...

The US Spot Bitcoin and Ethereum ETFs are seeing sustained outflows as investors rotate capital into international equities. Both crypto ETFs have seen only 2 weeks of positive inflows so far in 2026. The shift comes amid rising Treasury yields, a resilient US labor market, and record inflows into global ex-US stock funds. Money is Shifting to International ETF Markets Over the past several weeks, US spot Bitcoin ETFs have moved into clear net outflow territory. Total assets have dropped sharply from re ...

Core Insights - Arthur Hayes, co-founder of BitMEX, is transferring his crypto holdings to the brokerage platform FalconX despite short-term market gains, indicating a strategic move rather than a reaction to market conditions [1][3] - The transfers involve assets acquired at higher prices being moved at lower market prices, suggesting potential losses on these transactions [1][2][3] Group 1: Transfer Details - Hayes transferred 327,869 PENDLE tokens valued at approximately $502,000 to FalconX at an average price of $1.53, having previously acquired around 1.4 million PENDLE at a higher price of $2.06 [1] - Additionally, 3.59 million ENA tokens were sent to FalconX, valued near $499,340 at a price of $0.14, following an earlier purchase of about 15.8 million ENA at roughly $0.23 per token [2] - Earlier, Hayes deposited 2.31 million LDO tokens to FalconX, worth around $980,000 at the time of transfer, with LDO trading near $0.42, below his average buy price of $0.56 [3] Group 2: Market Context - The total crypto market cap rose by 2.5% to $2.64 trillion, with Bitcoin dominance at 59.43% and a decline in the Altcoin Season Index from 32 to 29, indicating a capital rotation towards Bitcoin [5] - Bitcoin is trading approximately 83% above its prior cycle high, while the TOTAL3 index, tracking altcoins excluding BTC and ETH, is only around 6% above its own cycle high [6] - Market observers express skepticism about the potential for a broad altcoin rally, although some believe a significant altcoin rotation may be on the horizon [7]

Core Insights - Courant Investment Management has completely exited its position in CarMax, selling 247,520 shares for an estimated value of $11.11 million, indicating a significant shift in investment strategy [1][2]. Company Overview - CarMax operates a nationwide network of used vehicle retail stores, generating revenue through vehicle sales, financing, and ancillary services, with a total revenue of $25.94 billion and a net income of $457.84 million [4]. - As of January 21, CarMax shares were priced at $48.75, reflecting a 38.7% decline over the past year, significantly underperforming the S&P 500 by 52.3 percentage points [3][4]. Recent Performance - In the third quarter, CarMax reported a 50% year-over-year decline in net earnings to $62 million, with earnings per share (EPS) dropping from $0.81 to $0.43, attributed to softer unit volumes and margin pressures [6]. - Comparable store used unit sales decreased by 9%, although CarMax Auto Finance income increased by 9% to $174.7 million, indicating challenges in the core retail operations [6]. Management Actions - The company is implementing cost-cutting measures, aiming for at least $150 million in reductions in selling, general, and administrative expenses (SG&A) by fiscal 2027, and has repurchased $201.6 million of stock in the last quarter [8].

Capital Rotation - There has been a notable capital rotation from growth and technology sectors into value and high-quality dividends in recent weeks [1]

Core Insights - Gaming tokens such as Axie Infinity and The Sandbox have experienced significant gains, with Axie Infinity rising 16.7% in the last 24 hours and 88.5% over the week, while The Sandbox increased by 15.3% weekly, indicating a potential shift in trader focus [1] Group 1: Market Performance - Axie Infinity's weekly gain of 88.5% and The Sandbox's 15.3% rally suggest a rotation in trader interest towards gaming tokens [1] - Other gaming tokens like Decentraland and Smooth Love Potion also saw weekly increases of 4.4% and 0.7% respectively, contributing to the overall positive sentiment in the sector [1] Group 2: Expert Opinions - Bertie Wrench, founder of Bad Bikers, describes the current gains in gaming tokens as a result of capital rotation and high-risk speculation, noting a shift in focus from meme coins [2] - Illia Otychenko from CEX.IO argues against the capital rotation thesis, stating that the pronounced movements in Axie and The Sandbox are due to their low baseline following a sustained downtrend [3] Group 3: Project-Specific Developments - Axie Infinity's recent restructuring of its tokenomics aims to revitalize its in-game economy and address issues like bot farming, which may have positively influenced sentiment in the GameFi sector [4] - Experts agree that a sustained revival in the gaming sector would require a fundamental increase in demand for tokens within games, indicating that current movements are more localized rather than indicative of a structural shift [4] Group 4: Sector Challenges - The GameFi sector remains under pressure, with a reported 75% decline in 2025 and a 55% reduction in funding last year, highlighting ongoing challenges [5] - Research indicates that only a small number of games consistently exceed 100,000 weekly active wallets, reflecting the difficulties faced by the broader gaming industry [5]

Core Thesis - Sila Realty Trust, Inc. (SILA) presents a compelling investment opportunity with a 7% dividend yield and a focus on healthcare properties, operating under a net lease model similar to NNN REIT [2][3] Company Overview - Sila Realty Trust specializes in healthcare properties, including medical office buildings, rehabilitation centers, and surgical facilities [2] - The company utilizes triple net leases averaging 10 years in duration with annual 2% rent escalations, providing predictable and stable cash flows [3] Financial Metrics - Sila's rent coverage ratio is approximately 5.3x, indicating strong tenant reliability [3] - The company's debt to EBITDA ratio stands at about 3.6x, allowing for strategic acquisitions while retaining roughly 25% of cash flow [3] - Funds from Operations (FFO) per share is projected to grow at an annual rate of 4-6% [3] Market Conditions - Broader market conditions are favorable for Sila, as fixed income investments have drawn significant capital due to recent rate hikes, but the attractiveness of these investments is diminishing with anticipated rate cuts by the Federal Reserve [4] - This shift may lead to a rotation back into high-yielding equity sectors, particularly REITs, which are currently trading near decade-low valuations [5] Investment Potential - Sila's combination of resilient cash flows, a strong balance sheet, and a 7% dividend positions it well to benefit from potential capital inflows as the market re-evaluates high-quality REITs [5]

Key Takeaways Crypto investment products saw $454 million in net outflows last week, reversing early 2026 inflows. U.S.-based products drove the decline with $569 million in outflows, while Europe and Canada posted inflows. Bitcoin led losses, but XRP and Solana attracted fresh capital. Crypto investment products recorded $454 million in net outflows in the second week of January, interrupting the bullish momentum that marked the start of 2026. The pullback followed a shift in macroeconomic expec ...

Core Insights - Gold and silver prices surged due to escalating tensions between the Federal Reserve and the Trump administration, leading to a flight to traditional safe havens [1][5] - The Department of Justice's actions against Fed Chair Jerome Powell raised concerns about central bank independence, fundamentally altering the risk landscape for both traditional and digital assets [2][3] Market Reactions - Gold increased by 1.72% and silver rose over 4.5% within 24 hours, while Bitcoin fell from $92,000 to $90,000, indicating a shift towards hard assets as safe havens [1][5] - The DOJ's investigation is seen as a significant threat to the Federal Reserve's independence, which has been maintained for 113 years, potentially impacting institutional credibility [3] Political Dynamics - Powell's refusal to align monetary policy with President Trump's preferences has led to a perception of political interference, prompting capital rotation into alternative stores of value [4] - The market is now pricing political rates rather than data-driven policies, which could have lasting implications for both traditional and digital asset markets [2] Bitcoin Performance - Bitcoin initially joined the safe-haven rally but could not maintain momentum, reflecting a structural breakdown since October 10, with diminishing optimism among institutional traders [6] - Significant reductions in long-dated call exposure for Bitcoin indicate a shift in trader sentiment, with bullish expectations being pushed further out rather than maintained [7]

Core Insights - Aristides Capital has fully exited its position in the iShares Biotechnology ETF, liquidating approximately $3.60 million worth of shares, indicating a strategic shift away from sector beta after a strong biotech rebound [1][2][5] Fund Performance - The iShares Biotechnology ETF (IBB) has seen a price increase of 28% over the past year, closing at $171.88, significantly outperforming the S&P 500, which rose about 15% in the same timeframe [3][4] - Year-to-date gains for the ETF exceed 30%, with a trailing one-year return of 14.49% [4][6] ETF Overview - The iShares Biotechnology ETF has an Assets Under Management (AUM) of $8.68 billion and an expense ratio of 0.44%, providing exposure to over 250 biotechnology stocks [4][8] - The ETF aims to replicate the performance of a biotechnology sector index, focusing on disciplined portfolio construction to manage sector-specific risks [4][8] Investment Strategy - Exiting a broad biotech ETF amid a strong market run reflects a deliberate capital rotation strategy rather than a bearish outlook, as the fund maintains significant positions in other market beta assets [5][9] - The current market environment favors selective investments over broad sector ETFs, suggesting that alpha generation will come from targeted stock selection rather than diversified baskets [9]