Core Insights - The article focuses on analyzing Rithm Capital Corp.'s (RITM) recent performance metrics in comparison to 17 mortgage real estate investment trust (mREIT) peers, highlighting investment composition, leverage, hedging coverage, and economic returns [1][3][54] Investment Composition and Portfolio Overview - As of September 30, 2025, RITM's investment portfolio consisted of 21% fixed-rate agency MBS, 0% variable-rate agency MBS, 32% mortgage servicing rights (MSR), and 47% non-agency MBS and other mortgage-related investments [19][28] - RITM's diverse investment strategy includes subsidiaries like Newrez, SCU, Crestline, and RPT, which contribute to a broad range of financial investments [28][39] Leverage and Hedging Coverage - RITM's on-balance sheet leverage ratio was 2.4x, with an at-risk leverage ratio of 1.0x as of September 30, 2025, indicating a slight decrease in on-balance sheet leverage and a slight increase in at-risk leverage compared to the previous quarter [20][21] - The hedging coverage ratio for RITM decreased to 58% as of September 30, 2025, reflecting the company's strategy to prepare for lower mortgage interest rates [51] Economic Returns and Valuation - RITM reported a book value (BV) of $12.83 per share at the end of Q3 2025, representing a quarterly increase of 0.94% and an economic return of 2.91% for the same period [22][23] - The trailing 24-month economic return for RITM was 20.37%, ranking it as the 4th best performer among the analyzed mREIT peers, significantly outperforming the average returns of other mREIT categories [55] Comparative Analysis with Peers - RITM's economic return and leverage metrics indicate it operates with lower average leverage compared to its closest peer, PMT, and the broader mREIT sector, which helps mitigate book value volatility [56] - The stock price of RITM was trading at a 13.44% discount to the estimated current BV as of December 5, 2025, suggesting potential undervaluation [52][53]

Core Insights - China is identified as a major contributor to JPMorgan Asset Management's five-year plan to double its Asia-Pacific assets under supervision to approximately US$600 billion, with a long-term goal of reaching US$1 trillion [1][2]. Group 1: Growth Strategy - The three largest capital markets supporting this growth plan are China, Australia, and Japan, with assets under management in the region already exceeding US$300 billion, which is double the amount from 2019 [2]. - The CEO of Asia-Pacific at JPMorgan Asset Management emphasized that China is a significant long-term strategic priority, believing in the long-term prospects of the onshore China asset-management business [3]. Group 2: Investment Trends - Global investors are increasingly focusing on major Chinese firms in technology and energy sectors to diversify their investment portfolios amid geopolitical tensions [4]. - Exchange-traded funds (ETFs) are expected to be a growth area due to rising interest in China equities among both international and Chinese retail investors [5]. Group 3: ETF Market Development - The onshore ETF market in China reached over 5 trillion yuan (approximately US$700.2 billion) in market value as of August, marking an increase from 4 trillion yuan in just four months [6]. - China has surpassed Japan to become the largest ETF market in the Asia-Pacific region, showcasing its potential for international investors to diversify portfolios and secure steady returns [7]. - JPMorgan Asset Management has invested about US$4.5 billion in 10 ETFs listed in China, following its full ownership of its China joint venture in 2023 [7].

Core Insights - The article emphasizes the importance of retirement savings and suggests various strategies to enhance financial security for the future, particularly through the use of IRAs and investment in gold [1][6][9]. Retirement Accounts - Roth IRAs are recommended for their tax advantages, allowing contributions to be made after tax, which simplifies withdrawals in retirement [2]. - A gold IRA is presented as a viable option for those looking to hedge against inflation while benefiting from IRA tax advantages [6][7]. Financial Landscape - A 2024 study indicates that Americans believe they need $1.46 million to retire comfortably, yet the average retirement savings is only $88,000, highlighting a significant savings gap [3]. - Orman notes that 75% of Americans lack sufficient emergency funds, with many unable to cover a $400 emergency expense [4]. Investment Strategies - Orman suggests that individuals should aim to have 10 times their income saved by age 67, indicating that the average American is not on track for retirement [5]. - Regularly reviewing and adjusting investment portfolios is crucial to align with financial goals [8][10]. Financial Literacy and Advice - Orman stresses the necessity of financial literacy, stating it is essential for effective retirement planning [9]. - Seeking professional financial advice is encouraged, especially given that only 36% of non-retirees felt their retirement savings were on track as of 2021 [13].

Corporate Bonds Basics - Corporate bonds offer a way to diversify investment portfolios [1] - The report highlights the mechanics of corporate bonds, including their risks and rewards [1] Trading Corporate Bonds - The report provides guidance on how to buy and sell corporate bonds effortlessly [1]

Core Viewpoint - The comparison between Johnson & Johnson (J&J) and Merck highlights the trade-offs in investment decisions, particularly focusing on growth potential, stability, and the impact of market exclusivity on revenue [1][2][3]. Group 1: Company Performance - Merck's average revenue growth is nearly 10%, significantly higher than J&J's 4% [1]. - Merck's operating cash flow margins are 33%, compared to J&J's 28%, indicating more efficient conversion of revenue into free cash flow [1]. - Keytruda, Merck's leading oncology drug, generated $29 billion in sales last year, accounting for nearly half of Merck's total revenue [2]. Group 2: Market Challenges - Merck is set to lose U.S. market exclusivity for Keytruda in 2028, which poses a risk of a steep decline in revenue [2]. - Sales of Keytruda are projected to peak at around $36 billion by 2028, but a rapid decline to under $20 billion is likely once biosimilar competition enters the market [3]. - Historical data shows that similar drugs, like AbbVie's Humira and Roche's Herceptin, experienced sales drops of nearly 60% within two years post-patent expiration, indicating potential vulnerability for Merck [3]. Group 3: Investment Strategy - The importance of building a resilient investment portfolio that balances risk and reward is emphasized, with a reference to the Trefis High Quality portfolio outperforming major indices [4]. - Investment decisions should consider the relative attractiveness of stocks like J&J compared to cash accounts or S&P 500 ETFs, assessing expected returns against potential risks [5]. - Using Merck as an "anchor" asset can help evaluate the risk-reward dynamics in investment choices [5].