#DeFi bridges and #GameFi are gaining traction. Is your portfolio diversified enough? ...

Gold shines during equity sell-offs, yet #Bitcoin proves its strength amid bond market stress — portfolio diversification remains key. 🛡️ ...

RT Ignas | DeFi (@DefiIgnas)The changing face of crypto:The Old Guard is slowly selling while institutions are buying.It will change the culture of crypto. Fewer OG degen voices driving narratives, more corporate and TradFi tone.Maybe memes, 'the fun' and risk taking decrease as professionalism and more PFPs with suits appear.Maybe less volatility short term, more predictable price action due to flows tied to macro and fund inflows/outflows.Crypto becomes a new infra for RWAs/stablecoins/payments etc.So the ...

Portfolio Management & Risk Mitigation - Rebalancing portfolios by "taking chips off the table" is crucial as portfolios grow, framing it as rebalancing rather than selling [2] - Cashing out to fiat is a valid strategy for diversifying asset holdings into stocks, gold, real estate, and land, while mitigating self-custody risks [1] - Reducing the mental stress associated with self-custodying a significant portion of net worth is a reason to cash out [1] On-Chain Economy & Crypto Industry Evolution - The on-chain economy is significantly more robust compared to 2021/22, offering easier access to yield earning, safe capital storage, and participation [1] - The true crypto industry win is never leaving the crypto ecosystem [2] Fiat Conversion & Asset Allocation - Cashing out to fiat is necessary for paying taxes and buying other assets to create a balanced portfolio [1]

Core Viewpoint - Texas Roadhouse is strategically adapting to changing consumer preferences by embracing fast-casual dining trends and implementing innovative measures to enhance customer experience and profitability [2][3][4]. Group 1: Consumer Trends and Company Strategy - Restaurant-goers are increasingly seeking high-quality food and prompt service at reasonable prices, leading to a shift towards fast-casual dining options [1][2]. - Texas Roadhouse is positioning itself to capitalize on this trend by underpricing certain food items to attract budget-conscious consumers while maintaining a diverse menu that includes both affordable and premium options [3][4]. - The company is also focusing on beverage innovation, introducing non-alcoholic drinks that appeal to younger demographics [3]. Group 2: Operational Improvements - Texas Roadhouse is implementing a Digital Kitchen System in over 200 locations to streamline operations and reduce labor requirements, with more than 60% of conversions already completed [4]. - The company has reported reduced cook times in restaurants utilizing the new system, contributing to a more efficient service environment [4]. Group 3: Market Expansion and Performance - Texas Roadhouse is expanding its market presence with new concepts like Bubba's 33 and Jaggers, targeting the fast-casual segment and competing with established brands [5]. - As of April 2025, the company has opened 50 Bubba's 33 and 14 Jaggers locations, with Bubba's 33 experiencing over 20% revenue growth last year [5]. - The company's Q1 2025 revenue reached $1.45 billion, reflecting nearly 12% year-over-year growth, despite a cautious consumer environment [8]. Group 4: Financial Outlook - Texas Roadhouse's EPS is expected to rebound as inflation moderates, despite missing Q1 2025 earnings expectations with an EPS of $1.70 compared to projections of $1.75 [7][8]. - Analysts have raised their price targets for the stock, with estimates of $212 and $210 from Truist Financial and Guggenheim, indicating potential upside of over 11% from current levels [9]. - The company is projected to achieve earnings growth of 14.52% as it navigates current market challenges [7].

Group 1: Market Overview - In 2024, technology stocks involved in artificial intelligence (AI) led the Nasdaq-100 index higher, while healthcare stocks struggled due to concerns about Robert F. Kennedy's nomination for Health and Human Services Secretary [1] - In 2025, the technology sector has disappointed investors, while healthcare stocks have led the U.S. market higher, with Gilead Sciences being the best performing member of the Nasdaq-100 index as of March 9, achieving a year-to-date return of 27% [1] Group 2: Company Performance - AppLovin reported a 44% increase in revenue to $1.3 billion in Q4, with non-GAAP net income more than tripling, but the stock has fallen 47% from its high this year due to negative reports from short sellers [3] - Palantir consistently beat Wall Street's expectations with its financial results last year, but the stock has fallen 32% from its high this year due to concerns about insider selling and possible Pentagon budget cuts [4] - Nvidia, the market leader in data center GPUs, has seen its stock fall 25% from its high this year due to concerns about the sustainability of AI infrastructure spending and export restrictions [5] Group 3: Analyst Sentiment - Despite recent declines, Wall Street remains predominantly bullish on AppLovin, Palantir, and Nvidia, with median target prices implying substantial upside for shareholders [6] - AppLovin's median target price of $555 per share implies 132% upside from its current share price of $239, Palantir's median target price of $97 per share implies 22% upside from its current share price of $79, and Nvidia's median target price of $175 per share implies 65% upside from its current share price of $106 [10] Group 4: Gilead Sciences - Gilead Sciences is a pharmaceutical company with a strong presence in the HIV and oncology markets, known for developing the first once-daily tablet for HIV treatment and receiving approval for a pre-exposure prophylaxis (PrEP) HIV medication [7] - Gilead reported Q4 financial results that beat Wall Street expectations, with revenue increasing 6% to $7.6 billion and non-GAAP net income increasing 10% to $1.90 per diluted share [8] - Gilead anticipates regulatory approval of twice-yearly lenacapavir injections for HIV pre-exposure prophylaxis in the U.S. and updates from two phase-3 clinical trials involving Trodelvy, which has been designated as a breakthrough therapy by the FDA [9][12] - Gilead shares trade at a reasonable price, with Wall Street expecting adjusted earnings to increase at 32% annually over the next two years, making the current price-to-earnings (PE) multiple of 25 look fair [13]

Financial Data and Key Metrics Changes - Total investment income for Q4 2024 was $34.9 million, up 16.9% from $29.8 million in the prior year period [34] - Net investment income for Q4 2024 was $14.8 million or $0.45 per share, compared to $15.4 million or $0.58 per share for the same period last year [35] - NAV per share at the end of Q4 was $16.50, down from $16.61 at the end of Q3 2024 [36] Business Line Data and Key Metrics Changes - The total investment portfolio as of December 31, 2024, had a fair value of approximately $1.41 billion, reflecting a small increase of approximately 1.2% from $1.39 billion at the end of Q3 2024 [25] - New private credit loans comprised 17% of overall new investments, funded at a weighted average spread of 489 basis points over the reference rate [32] Market Data and Key Metrics Changes - The company reported an 11.6% yield as of December 31, 2024, which remains highly attractive by historical measures [23] - The weighted average total yield to maturity of debt and income-producing securities at fair value was 10.65% [30] Company Strategy and Development Direction - The company aims to maintain a competitive dividend yield while being disciplined in capital deployment for better opportunities in the future [40] - The investment philosophy focuses on delivering attractive risk-adjusted returns through a diversified portfolio that spans both liquid bank loans and private credit loans [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate the evolving macroeconomic backdrop, emphasizing the importance of floating rate senior secured credit in the current environment [16][17] - The company is positioned to act quickly and efficiently when attractive opportunities arise, despite ongoing uncertainty around interest rates [12][20] Other Important Information - The Board and management team recalibrated the base dividend to $0.36 beginning in Q1 2025 to support NAV stability [28] - The company has a stock repurchase plan approved by the Board, allowing for the acquisition of up to $20 million of PSBD stock [39] Q&A Session Summary Question: Outlook for dividends and sustainability - Management indicated that the new dividend level was set conservatively based on various scenarios and the current deal environment [44][46] Question: Potential investment sales or prepayments outlook - Management noted elevated repayment and refinancing activity in Q4, with expectations for continued refinancing rather than new M&A activity in the near term [48][50] Question: Impact of cautious deal opportunities on leverage - Management confirmed that while they would not actively reduce leverage, they would be patient in waiting for more attractive investment opportunities [54] Question: Optimal mix between liquid investments and private credit loans - Management stated that they do not have a prescribed mix but will seek the best opportunities available at any given time [56] Question: Exposure to tariffs and potential impacts - Management assessed that tariff exposure in the portfolio is minimal, with a low single-digit percentage across the portfolio [65][66]