Core Insights - TQI's Asymmetric Ideas Series has generated an average return of approximately 133% since its launch in April 2023, with 31 picks, including 9 multi-bagger outcomes [1] - Shift4 Payments, Inc. (FOUR) stock increased from the $60s to the $120s by early 2025, attributed to strong business performance [1] - TQI aims to simplify and enhance the investing experience through premium equity research, model portfolios, proprietary software tools, and community engagement [1] Company Overview - TQI was established in July 2022 with a mission to make investing simple, enjoyable, and profitable for all investors [1] - The company publishes premium equity research reports on Seeking Alpha and offers various features tailored to different investor needs [1] Performance Metrics - The Asymmetric Ideas Series has seen significant success, with a notable average return and multiple high-performing picks [1] - Shift4 Payments has demonstrated robust business performance, contributing to its stock price appreciation [1]

Banco Sabadell and Italian payments provider Nexi are exploring an agreement on new terms after their previous deal was put on hold during the takeover bid made by BBVA for its Spanish rival https://t.co/v5BA2Lwfqt ...

Core Insights - Visa has launched its Visa Scan to Pay solution for QR payments, enhancing acceptance across Asia Pacific and providing consumers with greater choice and flexibility in payment methods [1][4][5] Group 1: Expansion of Payment Solutions - Visa Scan to Pay is powered by partnerships with various bank apps and digital wallets, including Samsung Wallet, LINE Pay, and VNPT Money, among others, facilitating a broader acceptance of Visa payments [2][3] - The Visa Pay service connects participating digital wallets to Visa-accepting merchants globally, allowing consumers to pay using their preferred wallets and payment apps [3] Group 2: Consumer Benefits - The rollout of Visa Scan to Pay reinforces Visa's leadership in digital payments, enabling consumers to pay in a manner they are accustomed to, both locally and internationally [5] - Visa's global network ensures secure and reliable transactions, enhancing consumer confidence while shopping [6] Group 3: Merchant Advantages - Merchants can instantly reach millions of international visitors using digital wallets from their home countries, expanding their customer base [6] - The existing QR infrastructure allows merchants to reduce payment processing costs and streamline operations, contributing to business growth [6]

Core Insights - Visa and Mastercard have both launched stablecoin payout solutions, enhancing real-time payment options for users on their global networks [2][7] - The integration of stablecoin wallets aims to provide more choices for end-users and unlock new opportunities for banks and payment service providers [3][6] - Stablecoin payouts are particularly beneficial for businesses operating in the gig economy and digital marketplaces, allowing for faster payments across borders [4][3] Group 1: Company Initiatives - Visa initiated a stablecoin payout pilot, which was quickly followed by Mastercard's announcement of a similar fiat-to-wallet payout solution [1][2] - Mastercard has partnered with fintech startup Thunes to support its stablecoin payout infrastructure, which includes various payment methods [1][2] Group 2: Market Implications - The introduction of stablecoin payouts could significantly streamline payment processes for global digital platforms, reducing the reliance on traditional systems like SWIFT [4][7] - Major companies, including Meta, are exploring stablecoin payouts to mitigate high costs associated with fiat transfers [4] Group 3: Financial Inclusion - Both Visa and Mastercard highlighted the potential of stablecoin wallets to enhance financial inclusion, especially in regions with low bank account ownership [6][8] - The emphasis on financial inclusion aligns with the broader narrative of stablecoin issuers, aiming to provide access to payments for the underbanked and unbanked populations [8]

Group 1 - The company has reached a settlement with U.S. merchants after the initial settlement was not approved by the judge, indicating a positive outcome from intense negotiations [1] - The settlement is viewed as a balanced option that addresses the judge's concerns while considering the interests of all parties involved [1] - It provides certainty on interchange levels for merchants and offers them more choices regarding card acceptance [1] Group 2 - The settlement preserves the "honor all cards" rule, which is essential for maintaining a positive user experience that most merchants seek [2] - The company expresses confidence in the settlement, although it still requires approval from a relevant authority [2]

Earnings Presentation 3Q25 Earnings Presentation Q1'25 ➔ 1 This presentation may contain forward-looking statements. These forward-looking statements convey dLocal's current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal's actual results, performance or a ...

Company Performance - Fiserv's CEO attributed the earnings disappointment to a series of operational shortcomings [1] - The earnings disappointment led to a record rout in the payments giant's stock last month [1]

Core Insights - dLocal achieved a record Total Payment Volume (TPV) of US$10.4 billion in Q3 2025, marking a nearly 60% year-over-year growth and the fourth consecutive quarter with over 50% growth [1][6][5] - Revenue for the quarter reached US$282 million, up 52% year-over-year, driven by volume growth [1][6] - Gross profit exceeded US$100 million for the first time, totaling US$103 million, reflecting a 32% year-over-year increase [1][6] - Net income grew by 93% year-over-year, amounting to US$51.8 million [2][10] Financial Performance - TPV reached US$10.4 billion, a 59% increase from US$6.5 billion in Q3 2024 and a 13% increase from US$9.2 billion in Q2 2025 [6][8] - Revenue was US$282.5 million, up 52% from US$185.8 million in Q3 2024 and up 10% from US$256.5 million in Q2 2025 [6][8] - Gross profit was US$103.2 million, a 32% increase from US$78.2 million in Q3 2024 and a 4% increase from US$98.9 million in Q2 2025 [6][8] - Adjusted EBITDA was US$71.7 million, up 37% year-over-year, representing 25% of revenue [10][12] - Adjusted Free Cash Flow for Q3 2025 was US$37.6 million, a 28% increase year-over-year [10][12] Profitability Metrics - Gross profit margin was 37%, down from 42% in Q3 2024 and 39% in Q2 2025 [6][8] - Operating profit was US$55.6 million, a 35% increase from US$41.1 million in Q3 2024 [6][8] - Net income for the quarter was US$51.8 million, or US$0.17 per diluted share, up 93% from US$26.8 million in Q3 2024 [10][12] Cash Position - As of September 30, 2025, dLocal had US$604.5 million in cash and cash equivalents, including US$333.1 million in corporate cash [10][12] - The corporate cash position increased by US$59.7 million from US$273.4 million as of September 30, 2024 [10][12] Market Position - dLocal operates a technology-first payments platform, facilitating local payments in emerging markets across over 40 countries [23]

Core Insights - Cryptocurrencies are experiencing a downturn, with Bitcoin falling to around $11,000, Ether below $3,400, and XRP down by 2.34% [1][2] Regulatory Developments - The Senate Agriculture Committee has released a draft of a crypto market structure bill, providing clearer regulatory guidance for cryptocurrencies, classifying Bitcoin and Ether as digital commodities regulated by the CFTC [3][4] - The bill aims to empower the CFTC in the digital asset space, addressing the ongoing debate over whether specific tokens are securities or commodities [4] - The draft includes provisions for crypto firms to separate various affiliated businesses, reflecting the industry's anticipation for regulatory clarity amid growing institutional interest [5] Company Updates - Circle's stock dropped by 11% following its Q3 earnings report, despite profits exceeding estimates, due to an increase in expected operating expenses for 2025 [2] - JP Morgan has launched its deposit token, JPMD, on Coinbase's Ethereum layer 2 blockchain, allowing institutional clients to settle transactions 24/7 [6] Visa's Stablecoin Initiatives - Visa has introduced a pilot program enabling businesses to send payouts directly to stablecoin wallets, facilitating faster and easier money movement for freelancers and creators [9][10] - The pilot leverages Visa Direct, allowing users to receive payments in USD-backed stablecoins like USDC, enhancing real-time access to funds [11][18] - The pilot is currently available in the US, with plans for expansion to other countries in the latter half of 2026 [17] Market Trends and Future Outlook - Visa's research indicates that 57% of digital content creators prefer digital payment methods for instant access to funds, driving the company's interest in stablecoins [18][20] - The regulatory framework established by recent legislation, such as the Genius Act, is crucial for Visa's deeper engagement in the stablecoin space, allowing for compliant deployment of this technology [22][24] - Visa aims to address the needs of the underbanked population by enabling access to the digital economy through stablecoin wallets [20][21]

Market Outlook - The market is experiencing new record highs, with the Dow reaching a record and expectations for a potential Christmas rally as the year ends [1][2] - There is optimism for further market growth, particularly if the government reopens, which could drive the market higher [1][5] Economic Indicators - The Federal Reserve is expected to cut rates in December, indicating a shift to an easing cycle, which may benefit long-duration assets [5][21] - Personal income and spending remain strong, with retail data showing resilience and GDP being adjusted upward, contributing to a positive economic outlook [6][21] Technology Sector - The technology sector, particularly large-cap tech stocks, is viewed positively, with ongoing investments in AI and capital expenditures reassuring investors about cash flows and tangible assets [3][4] - Meta is highlighted as a strong investment opportunity due to its solid earnings and potential for growth, despite recent declines in stock price [8][9] Consumer Spending - Consumer spending remains robust, as evidenced by increased payment transactions reported by major companies like Visa and Mastercard, indicating a strong consumer economy [14][15] - Despite concerns about some consumers being left behind due to high rates and investments, overall consumer strength is emphasized [15] Investment Strategy - The company is actively looking to buy on market pullbacks, viewing current volatility as an opportunity to invest in strong economic fundamentals and the early stages of the AI trade [21][22] - Tesla is identified as a significant holding, with its recent shareholder vote on Elon Musk's compensation package reinforcing its position as an innovative company beyond traditional automotive manufacturing [12][13]