So we've had a 5% decline that ultimately got bought. Is that masking the amount of repricing we're seeing beneath the surface. It is, John, and there's a number of ways you can look at it.We've at this program talked about the average member drawdown level being much more significant than the drawdowns we've seen at the index level. So in the case of the S&P 500, you're right, we've only had about a 6% drawdown maximum year to date, but the average member has had a 16% average drawdown. If you look at the ...

florida hb 173 votes mid-february authorizing $30b bitcoin allocation from state pension. south dakota already passed sb 115 with $500m targeted q2. missouri's $8.5b direct btc purchase mandate hits senate floor late february. $50b state demand vs $1.35b monthly issuance. the repricing happens when bills pass not when states buy 6 months later. ...

All right, let's start with this move that we've seen in that gas. When we talk about the widowmaker trade, especially when you start to come into March, um how does this compare to some of the volatility we've seen in the past. >> Um it's been quite volatile.We haven't seen this since the last like polar vortex in 2018. Um the duration of the cold and the intensity of cold pushing south has frozen off about 10% of the gas and we're at record demand. You got to realize that over the past 10 years, we haven' ...

Financial Data and Key Metrics Changes - Underlying EPS was $1.79, up 4% year over year, with underlying net income exceeding $1 billion [5][27] - Underlying ROE was 17.6%, reflecting a decrease from the prior year due to higher average equity and changes in other comprehensive income [5][28] - Reported net income for the quarter was $716 million, with the variance from underlying net income driven by market-related impacts and an impairment charge [28][29] - Total contractual service margin (CSM) increased 9% year over year to $13.7 billion, driven by strong organic CSM growth [30] Business Line Data and Key Metrics Changes - MFS reported underlying net income of $184 million, down 5% year over year, primarily due to lower fee income [32] - SLC Management generated underlying net income of $45 million, up 7% year over year, with capital raising of $6 billion, doubling over last year [34] - Canada's underlying net income was $379 million, down 6% year over year, while reported net income was up 13% year over year [36] - Asia posted record underlying net income of $206 million, up 13% year over year, with individual protection earnings up 7% [42] Market Data and Key Metrics Changes - In the U.S., the employee benefits business achieved record earnings and margins, with group health and protection sales down 7% year over year [38] - Asia's total CSM grew 23% year over year, driven by strong organic growth [43] - The U.S. dental business is expected to contribute at least one-third of overall U.S. earnings growth, despite near-term challenges [40][41] Company Strategy and Development Direction - The company continues to focus on digital leadership, with new generative AI capabilities and mobile applications enhancing client and advisor experiences [16][17] - The strategic emphasis remains on asset management, Asia, health, digital, and people, with strong momentum across these areas [9] - The company is committed to a medium-term underlying earnings growth objective of 12% or more for the U.S. segment overall [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the dental business, despite near-term challenges related to Medicaid funding and pricing [51][62] - The company remains optimistic about achieving medium-term objectives, supported by strong fundamentals and diversified business mix [43] - Management acknowledged the impact of macroeconomic and geopolitical challenges but emphasized resilience and growth potential [43] Other Important Information - The company announced leadership changes, including the retirement of Dan Fishbein and the appointment of David Healy as President of Sun Life U.S. [18][21] - The company was recognized as one of the best workplaces in financial services and insurance in Canada [17] Q&A Session Summary Question: Update on U.S. Dental Business Earnings - Management indicated a reforecast of earnings outlook for the U.S. dental business due to near-term uncertainties, but remains committed to long-term growth objectives [49][50] Question: Impact of ASO Group Dental Termination - The termination was due to a unique situation with a nonprofit client, not indicative of broader issues [55] Question: Pricing Power and Medicaid Rate Adjustments - Management noted that Medicaid rates are reset annually, and while they can influence rates, the ultimate decision lies with state authorities [92][94] Question: Growth and Margin Defensibility in Asia - Management expressed confidence in growth and margin defensibility across different markets in Asia, with ongoing investments [81] Question: Impact of Claims Activity on Dental Business - Management expects the third quarter to be challenging due to seasonal trends, but does not anticipate a recurrence of unique claim spikes seen in the second quarter [87][88]

Report Overview - JoinHorizon 发布了一份名为“The Great Repricing”的六章节完整报告 [1] Report Access - 报告链接为：https://t.co/8zumDzX33D [1] - 报告相关图片链接为：https://t.co/dgGm8dFClY [1]

Housing Market Analysis - U S homes are overvalued by 35 2% when adjusted for 1975 CPI and square footage [1] - The overvaluation represents a $16 9 trillion premium across all U S homes [1] Investment Opportunity - Bitcoin is expected to absorb the excess capital from the housing market over the coming decades [1] - The market is undergoing a significant repricing event [1]