Core Viewpoint - The current gold bull market has seen prices surge to $4,250/ounce, marking a 60% increase year-to-date, with expectations for continued outperformance through the decade [2][3][4]. Group 1: Reasons for Bullish Outlook on Gold - Foreign central banks are net buyers of gold, reversing a trend of net selling prior to the 2008 financial crisis, driven by concerns over U.S. Treasury bonds and geopolitical tensions [8]. - Persistent inflation remains above the Federal Reserve's target of 2%, with expectations for re-acceleration due to factors like a depreciating dollar and high fiscal deficits, leading investors to seek scarce assets like gold [8]. - The relative geopolitical and economic power of the U.S. is declining, with its share of global GDP dropping to 12.7% from 35% in 1944, prompting countries to trade in local currencies and increasing gold's appeal as a reserve asset [8]. - Gold is becoming more useful as a neutral reserve asset, with a growing share of international trade being conducted in local currencies and imbalances settled in gold [8]. - Western investors are under-allocated in gold compared to Asian investors, with U.S. family offices holding only about 1% in commodities, indicating potential for increased demand as allocations shift [8]. - Physical gold stores in the West are low and declining, with significant quantities moving to Eastern countries, which could lead to price increases as shortages develop [8]. - The global Debt/GDP ratio is at an all-time high, with countries likely to alleviate debt issues through currency depreciation against gold, supporting higher gold prices [8]. - Trust in U.S. institutions, including the Federal Reserve, is declining, which historically correlates with rising gold prices [8]. - The Trump administration's desire for a lower dollar is evident, with the dollar index declining by about 10% in 2025, enhancing gold's performance in dollar terms [8]. - Gold remains inexpensive relative to the U.S. monetary base, with the value of gold owned by the U.S. government representing only 15% of the monetary base, suggesting significant upside potential [9]. Group 2: Fund Performance and Strategy - The Appleseed Fund Institutional Class generated a 19.14% absolute return over the 12 months ending September 30, 2025, outperforming the Morningstar Global Markets Index [12]. - The fund has been positioned for an inflationary, slow-growth economy, with a cautious approach that has limited investment returns during a strong stock market rally [12]. - The fund's current asset allocation favors sectors such as consumer staples, healthcare, and agriculture, with increased exposure to companies with non-U.S. dollar cash flows [15].

Layer 2 Solutions & Regulation - Private layer 2 solutions for Bitcoin are feasible but face regulatory challenges, including opposition from central banks [1] Bitcoin as a Reserve Asset - Bitcoin possesses inherent advantages over gold and government bonds as a reserve asset [2] - Central banks risk losing financial power if they fail to adopt Bitcoin as a reserve asset, potentially being replaced by entities that do [2]

Core Insights - CleanCore Solutions, Inc. has acquired an additional 100 million Dogecoin (DOGE), increasing its total holdings to over 600 million DOGE, with a target of reaching 1 billion DOGE within 30 days [1][2] - The long-term goal is to acquire up to 5% of Dogecoin's circulating supply, positioning CleanCore as a central treasury for the Dogecoin ecosystem [1] - The price of DOGE has increased from approximately US$0.2417 to the US$0.27–US$0.30 range since the launch of the Official Dogecoin Treasury, indicating positive market sentiment [2] Company Strategy - The treasury strategy aims to establish Dogecoin as a premier reserve asset while promoting its use in payments, tokenization, staking-like products, and remittances [2] - CleanCore's disciplined accumulation approach is designed to build a sustainable reserve base and enhance the broader adoption of Dogecoin [1][2] Related Entities - House of Doge, the corporate arm of the Dogecoin Foundation, is focused on advancing Dogecoin as a decentralized global currency and investing in necessary infrastructure for its everyday use [4] - The initiatives by House of Doge include developing financial products, real-world asset tokenization, and establishing a treasury strategy to support long-term utility and growth of Dogecoin [4]

Cryptocurrency Market Perspective - The cryptocurrency industry views ETH (Ethereum) as a store of value, similar to Bitcoin, rather than a tech company [1] - The industry highlights that institutional understanding and regulatory clarity for Bitcoin took 15 years, suggesting a similar timeframe for ETH [1] - The industry believes Bitcoin is becoming a treasury asset, paving the way for ETH to be understood [1] Ethereum's Potential - The industry suggests the understanding gap regarding ETH is rapidly closing [2] - The industry anticipates ETH will soon be considered a portfolio asset alongside Bitcoin [2] - The industry emphasizes that focusing solely on cash flows misses the broader significance of ETH as "digital oil" for the digital economy [3] - The industry considers ETH as a store of value, reserve asset, and fuel, placing its valuation in the same zone as, or even higher than, Bitcoin [3]