Core Viewpoint - Gold prices have shown resilience, gaining for a second consecutive day as investors take advantage of lower prices amid ongoing geopolitical tensions in the Middle East, with prices trading above $4,500 an ounce despite rising oil prices [1]. Group 1: Market Reactions and Trends - Gold rose as much as 1.9% before paring some gains, indicating strong support from dip-buyers [1]. - The recent retreat in gold prices pushed indicators into oversold territory, leading to a stabilization after a three-week slump [2]. - Spot gold rose 0.7% to $4,527.17 an ounce, while silver climbed 1.3% to $70.69, with platinum and palladium also advancing [6]. Group 2: Geopolitical Context - The escalation of the Middle East conflict, including threats from US President Donald Trump and attacks by Iran, has raised concerns about prolonged instability [2][3]. - The involvement of Iran-backed Houthis and attacks on aluminum smelters in Bahrain and the UAE signal a potential escalation in the conflict [3]. Group 3: Economic Implications - Concerns about a prolonged conflict may lead central banks to increase interest rates to combat inflation, which could negatively impact gold prices [3]. - However, expectations for rate hikes may be tempered by the risk of an economic slowdown, which could lower Treasury yields and make gold more attractive [4]. - Elevated central-bank buying has been a significant factor in gold's rally, although Turkey's central bank recently sold and swapped about 60 tons of gold worth over $8 billion [5].

A prolonged conflict in the Middle East will heighten the risk of a “major economic downturn” and increased inflation, adding stress to financial markets that were already under strain, Singapore’s President Tharman Shanmugaratnam wrote https://t.co/CkFJ5eiY4f ...

So delighted to have you here with us. How are you. Great to be.Who knew what I would say. One thing in Miami that I'm sitting here four days later, so it's always great to follow the king. Jamie Diamond.So great. Let's. Let's.But let's go. Well, anything the king said that you thought was kind of interesting because he did talk about private credit, which is something that's definitely on your radar. He sounded much more positive than I thought he would.Yes, he's optimistic. He's out of the leveraged finan ...

Core Insights - Berkshire Hathaway has significantly reduced its stake in Amazon by 77%, selling 7.7 million shares valued at nearly $1.7 billion, indicating a strategic shift in investment focus [1][4] - The company has opened a new position in the New York Times, purchasing 5 million shares for approximately $352 million, which positively impacted the publisher's stock price by around 10% [2] - Berkshire's portfolio adjustments suggest a return to traditional investments, with increased stakes in companies like Chubb and Chevron, indicating a preference for businesses resilient to economic fluctuations [5][6] Portfolio Changes - The top holdings in Berkshire's portfolio as of Q4 2025 include: - Apple Inc. with a value of approximately $61.96 billion, representing 23% of the portfolio [3] - American Express Co. valued at about $56.09 billion, making up 21% [3] - Bank of America Corp. at $28.45 billion, accounting for 10% [3] - Coca-Cola Co. valued at $27.96 billion, also 10% [3] - Chevron Corp. at $19.84 billion, representing 7.2% [3] Strategic Adjustments - Berkshire has reduced its holdings in major technology companies, including a decrease in Apple to a 1.5% position, reflecting a broader retreat from large tech investments [4] - The acquisition of Occidental Petroleum's petrochemical business for $9.7 billion and a $5.6 billion position in Google further illustrate Berkshire's strategic pivot towards sectors perceived as stable amid potential economic downturns [6]

Economic Trends - China's consumer-price index has remained stagnant since mid-2022, with GDP growth declining from 8.6% at the beginning of the century to 5% currently, largely due to a shrinking population from the one-child policy [1] - Major economies, except for the U.S. and India, are experiencing population declines, leading to systemic downward pressure on currencies and economies, while gold prices are expected to rise as a hedge against this economic downturn [3][4] Cryptocurrency Market - Cryptocurrencies, once seen as a hedge against economic decline, are losing credibility among institutional investors due to significant bid/ask spread issues, prompting a shift towards gold as a safer investment [2] Central Bank Policies - Central banks are primarily focused on combating inflation but lack effective tools to address deflation, which is becoming a pressing issue as population declines exert downward pressure on prices [5] - The Bank of England may have to implement quantitative easing and lower interest rates in response to Britain's economic challenges, which could further devalue the British pound [13] Global Currency Dynamics - The Japanese yen is under pressure due to a declining birth rate and high government debt, which is complicating the Bank of Japan's efforts to manage the economy through quantitative easing [9] - The euro is facing challenges from internal EU dynamics and rising anti-EU sentiments, which could undermine its value amid poor GDP growth and population decline [16] U.S. Economic Resilience - The U.S. benefits from a younger demographic and a competitive state system that fosters economic growth, contrasting with the stagnation seen in other major economies [17][18] - Despite a stable population growth rate, the U.S. fertility rate has been below 2.0 since 2010, indicating potential future challenges [19] Investment Outlook - Investors are increasingly turning to gold and the U.S. dollar as hedges against currency declines and deflationary pressures, with gold prices projected to reach $10,000 per ounce by the end of the decade [20]

When debts become very large and there is an economic downturn and the empire can no longer borrow the money necessary to repay its debts, the financial bubble bursts. This creates great domestic hardships and forces the country to choose between defaulting on its debts or printing a lot of new money. It always chooses to print a lot of new money at first gradually and eventually massively that devalues the currency and raises inflation.For the Dutch, this was the financial crisis brought about by financial ...

Having shrugged off the previous two downturns of their short history, digital ads are likely to take a serious knock when the next one eventually hits https://t.co/944ri5SYLs ...

Financial Data and Key Metrics Changes - Global enterprise revenues for Q4 2025 were $1.302 billion, down 6% year-over-year on a reported basis and down 7% on an adjusted basis [4] - Net income per share for the quarter was $0.32, compared to $0.53 in Q4 2024 [5] - Cash flow from operations was $183 million, an 18% increase over Q4 2024 [6] - Return on invested capital was 10% in Q4 2025 [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 9% year-over-year on an adjusted basis, with U.S. revenues at $623 million and non-U.S. revenues at $200 million [7] - Protiviti's global revenues in Q4 were $479 million, with U.S. revenues down 6% and non-U.S. revenues up 9% year-over-year [8] - Gross margin for Talent Solutions was 46.7% in Q4 2025, compared to 46.4% in Q4 2024 [9] - Protiviti's adjusted gross margin was 22.8% for the quarter, down from 25.1% last year [10] Market Data and Key Metrics Changes - Contract Talent Solutions bill rates increased by 3.2% year-over-year, adjusted for revenue mix [8] - The number of billing days in Q4 2025 was 61.4, slightly down from 61.6 in Q4 2024 [7] - The unemployment rate remains low, with significant pent-up demand for skilled professionals [19] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities and support clients' talent and consulting needs through its industry-leading brand and unique business model [5] - Protiviti's pipeline remains strong across all major solution areas, with a focus on technology modernization and data optimization [23] - The company is exploring innovative pricing strategies in response to AI developments, considering outcome-based pricing models [66] Management's Comments on Operating Environment and Future Outlook - Management noted a return to sequential growth for the first time since early 2022, with a more conducive macro environment [18] - Concerns about a near-term economic downturn have moderated, with hiring plans holding steady among small businesses [19] - The company expects to return to positive year-over-year growth by Q3 2026, driven by improved client engagement and decision timelines [31] Other Important Information - The company distributed a cash dividend of $0.59 per share, totaling $59 million [6] - The tax rate for Q4 was 32%, up from 28% the previous year, due to non-deductible expenses [11] Q&A Session Summary Question: Insights on the top line and margin improvement - Management indicated that if current trends continue, positive year-over-year growth could be expected by Q3 2026 [31] - Steps for efficiency include retaining top producers and leveraging AI for better matching and prospect ranking [32] Question: Comments on the permanent placement market - Management believes the permanent placement market is stronger than it appears, with SMB clients facing challenges in hiring due to a lean workforce [33] Question: Labor uncertainty due to AI - Management acknowledged that uncertainty around AI may lead clients to prefer flexible workers, but current demand for full-time hires remains stable [37] Question: Protiviti's headcount and revenue growth - Management noted that Protiviti has hidden capacity due to underutilized full-time staff and contractors, allowing for potential revenue growth without significant headcount increases [42] Question: Pricing environment for Protiviti - The pricing environment remains competitive, with no significant changes expected, but there is potential for cost-of-living increases to be passed on to clients [91]

In America the number of part-time workers who would rather work full-time has risen. These are precisely the people likely to be hit first as the economy turns down https://t.co/APbZACucYu ...

to show you why retail isn't really here, right. To kind of explain like, hey, the reason social interest is at zero like it was back in 2019 is because Main Street's hurting. And in order for Main Street not to be hurting, we need to we need for them not to be so worried about the labor market. We need them to not be so worried about inflation.Um, we need lower rates. But the issue is that over a long enough period of time, the only way the politicians know to solve our issues is to print more money. So ye ...