Core Insights - The article highlights the educational initiative "The Closed-End Corner" aimed at informing investors about closed-end funds, an often-overlooked asset class [1][2]. Group 1: Educational Content - A series of videos has been produced to address current threats to closed-end funds, including historical growth since 1985 when their Net Asset Values were published weekly and numbered around 25 [2]. - The video "Short-Term Value Extraction vs. Long-Term Value Creation" discusses the jeopardy faced by closed-end funds due to hedge funds extracting value, emphasizing the impact of corporate short-termism on long-term value creation [3]. - The video "Discount Stigma/Value For Money" explores the stigma surrounding closed-end funds and consumer perceptions, using a metaphor from New York City's Diamond District [4]. - The video on Return of Capital (ROC) clarifies misconceptions about ROC as a market performance indicator and discusses its potential as a desirable tax characteristic [5]. Group 2: Company Overview - GAMCO Investors, Inc. is recognized for its research-driven value approach to equity investing, operating through subsidiaries like Gabelli Funds, which manages a diverse range of investment products including 27 open-end funds and 14 closed-end funds [6]. - The company serves a broad client base, including institutions, intermediaries, offshore investors, and retail investors, and has integrated new teams of Registered Investment Advisors (RIAs) through attractive compensation and research capabilities [6]. - Gabelli Funds offers various investment solutions across different strategies, including Value and Growth Equity, Convertibles, and sector-focused strategies [7].

Core Viewpoint - The Japanese bond market experienced a severe sell-off on January 20, described by traders as "the most chaotic trading day in recent years," driven by concerns over Prime Minister Fumio Kishida's tax cuts and spending plans, which raised fears about Japan's fiscal sustainability [1][2]. Group 1: Market Reactions - The sell-off led to a significant increase in long-term bond yields, with the 30-year and 40-year Japanese government bond yields rising by over 25 basis points in a single day, marking the largest daily fluctuation since the impact of Trump's tariffs on global markets last year [2]. - The weak auction results for the 20-year bonds exacerbated concerns regarding Kishida's fiscal policies, creating a vicious cycle of selling and increasing anxiety [2][8]. - The turmoil quickly spread to global bond markets, with U.S. Treasury yields also rising to four-month highs, as the 30-year yield increased by 10 basis points to 4.94% and the 10-year yield rose by 7 basis points to 4.30% [5][12]. Group 2: Investor Behavior - Some investors sought opportunities amidst the panic, with Reed Capital Partners' CIO stating that the extreme market conditions prompted them to buy Japanese government bonds, indicating a belief that the market was significantly out of balance [9]. - T. Rowe Price's portfolio manager noted that investors often choose to modestly rebalance their positions during chaotic market conditions, as it is difficult to accurately predict market tops [9]. - There is a growing bearish sentiment among global bond investors towards Japanese government bonds, leading to increased interest in short-selling strategies to profit from rising yields [9]. Group 3: Fiscal Concerns - The sell-off intensified pressure on Japanese life insurance companies that hold substantial amounts of government bonds, with concerns about future fiscal stability making it difficult for these institutions to re-enter the market even if bond yields become more attractive [10]. - Kishida's plan to suspend sales tax on food and beverages, seen as an attempt to gain support for the upcoming elections, is expected to cost approximately 5 trillion yen (about 316 billion USD) annually, raising skepticism about the government's commitment to fiscal responsibility [10].

Core Thesis - Strive Asset Management, LLC is positioned as a pioneering "Bitcoin Treasury Asset Management" firm following a strategic overhaul and reverse merger, aiming to enhance "Bitcoin per share" for investors [2][3] Company Transformation - The transformation involved a reverse merger between Strive Enterprises and Asset Entities Inc., leading to its public listing on Nasdaq under the ticker ASST [2] - Strive's model is similar to MicroStrategy, focusing on accumulating Bitcoin to increase shareholder value [2] Financial Position - Strive completed an all-stock acquisition of Semler Scientific, which holds Bitcoin as its primary treasury reserve, and reported 7,525 Bitcoin valued at over $660 million on its balance sheet [3] - The company raised $160 million through a Series A Perpetual Preferred Stock offering to acquire more Bitcoin without diluting common shareholders [3] Asset Management Business - Strive Asset Management manages over $2 billion across ETFs that emphasize "unapologetic capitalism" and meritocracy, distancing itself from traditional ESG metrics [4] - The stock has experienced significant volatility, trading between $0.36 and over $10 in 2025, currently at $0.86, reflecting a high correlation to Bitcoin prices [4] - Management anticipates the asset management business will reach breakeven or slight profitability by 2026 [4] Future Plans - Strive plans to introduce AI-driven financial products to personalize ETF investment strategies, representing a blend of traditional asset management and cryptocurrency holdings [5] - The company offers speculative investment opportunities with potential upside linked to Bitcoin performance and the adoption of its anti-ESG ETFs [5]

Lawrence Fuller has been managing portfolios for individual investors for 30 years, starting his career at Merrill Lynch in 1993 and working in the same capacity with several other Wall Street firms before realizing his long-term goal of complete independence when he founded Fuller Asset Management. He also manages the Focused Growth portfolio on the new fintech platform called Dub, which is the first copy-trading platform approved by securities regulators in the US, allowing retail investors to copy the po ...

Core Insights - Active investing is gaining traction as investors seek diversification beyond major technology stocks, with strategies that combine data-driven models and managerial judgment becoming more popular than passive approaches [1][2] - Smart beta ETFs attracted approximately $37 billion in 2025, indicating a shift towards rules-based active strategies that allow for managerial flexibility in response to market conditions [1][6] Investment Strategies - Rules-based active strategies utilize analytical frameworks similar to smart beta funds but provide portfolio managers the ability to adjust holdings based on market dynamics rather than fixed schedules [2][3] - T. Rowe Price has launched two active ETFs, TACU and TACN, which hold significantly more positions than typical active funds, with TACU containing 550-650 holdings and TACN holding 400-500 positions [4][5] Fund Management Approach - The new active ETFs from T. Rowe Price combine quantitative research with fundamental analysis, allowing for low tracking error against benchmarks while enabling active management when opportunities arise [5] - This dual approach differentiates these funds from purely quantitative strategies and traditional fundamental approaches, as they leverage both data models and analyst insights [5] Market Trends - Predictions indicate that inflows into smart beta and quantitative strategies will continue to rise in 2026, with the distinction between smart beta and quantitative active management becoming increasingly blurred [6]

Core Insights - Bullish predictions for Ethereum's price have emerged due to comments from Fundstrat's Tom Lee and a viral post highlighting institutional adoption of the blockchain [1][8] - Ethereum continues to trade below recent highs, with technical indicators suggesting caution in the near term [1] Institutional Adoption - Tom Lee emphasized a list of 35 major financial institutions adopting Ethereum recently, showcasing a significant institutional push [2][3] - Ethereum is described as the "1 choice for global financial institutions," with over 30 recent initiatives involving banks, asset managers, and technology companies [5] - Notable examples include Kraken's tokenized U.S. stocks and ETFs on Ethereum, Fidelity's tokenized money market fund, and BlackRock's staked ether ETF filing [5] Technological Developments - JPMorgan has migrated its tokenized deposit product to Ethereum's Base layer-2 network, while Stripe is expanding stablecoin-based subscriptions on the platform [6] - Google's development of an agent payments protocol utilizing stablecoins on Ethereum indicates growing adoption by technology firms [6] Market Sentiment - The influx of institutional announcements has led to increased bullish sentiment among traders, with some viewing Ethereum's recent price consolidation as a positive sign [7][8] - Despite the optimistic sentiment, analysts note that Ethereum has struggled to maintain key technical levels [8]

修改后的协会章程规定，增设个人会员。吸纳具有行业影响力的高级管理人员及专家成为个人会员，个 人会员与单位会员发挥组合优势、从而强化协会国内国际影响力。 会上，贾飙代表上海资产管理协会发布"2025上海全球资产管理中心建设十项大事"。协会启用基于会徽 设计的徽章。 会间，会员代表听取了复旦大学计算机科学技术学院教授、上海市智能信息处理重点实验室副主任张 奇"人工智能如何应用落地：支持机构拟定AI发展战略"报告。 按照协会章程规定，会员大会表决通过了会长贾飙所作上海资产管理协会理事会工作报告、监事长潘莉 华所作上海资产管理协会监事会工作报告、秘书处关于上海资产管理协会财务报告。秘书长韩康作关于 修订《上海资产管理协会章程》有关情况的说明。会员大会表决通过了《上海资产管理协会章程（修订 案）》等12项议案。 理事会增补选协会副会长：平安资管副总经理张剑颖，渣打中国副行长、财富管理及零售银行业务总经 理、全球华人业务集团主管李峰。增选后协会副会长是：黄德（中国银行上海总部）、郭力璞（交银理 财）、陈兵（上海信托）、陶耿（国泰海通资管）、朱民（上海科创集团）、范华（贝莱德基金）、徐 军（上海股交中心）、于业明（太保资产 ...

Core Viewpoint - Barings BDC, Inc. will report its financial results for the fourth quarter and fiscal year ended December 31, 2025, on February 19, 2026, after market close, with a conference call scheduled for February 20, 2026, at 9:00 a.m. ET [1] Group 1 - The conference call can be accessed by dialing 877-407-8831 or 201-493-6736 approximately 10 minutes before the start [2] - A taped replay of the call will be available two hours after its conclusion and will remain accessible until February 27, 2026 [2] - The conference call will also be available via a live webcast on the investor relations section of Barings BDC's website [3] Group 2 - Barings BDC, Inc. is a publicly traded, externally managed investment company that qualifies as a business development company under the Investment Company Act of 1940 [4] - The company primarily invests in senior secured loans in middle-market companies across various industries [4] - Barings BDC's investment activities are managed by Barings LLC, which has over $481 billion in assets under management as of December 31, 2025 [4][5]

We recently published 15 Fresh Stocks Jim Cramer Discussed.  BlackRock, Inc. (NYSE:BLK) is one of the stocks Jim Cramer discussed. BlackRock, Inc. (NYSE:BLK) is one of the biggest asset managers in the world. Its shares are up by 14.9% over the past year and by 7.2% year-to-date. BlackRock, Inc. (NYSE:BLK) scored a major win in January after reporting its fourth-quarter earnings. The results saw BlackRock, Inc. (NYSE:BLK) post $14 trillion in assets under management, which set yet another record. The firm ...

Cloud Computing - Amazon Web Services (AWS) has launched new foundational models and services, including Bedrock for generative AI application development, AI agents for coding, security, and incident monitoring, and a business intelligence platform called Quick Suite that utilizes generative AI for data analysis and workflow automation [1] E-commerce - Amazon has developed hundreds of generative AI applications aimed at improving operational efficiency, automating customer service, optimizing demand forecasting, enhancing inventory placement, and expediting last-mile delivery. Additionally, an AI model named DeepFleet has been created to assist robots in navigating warehouses more efficiently [2] Business Segments - Amazon maintains a strong presence in e-commerce, digital advertising, and cloud computing, leveraging its competitive advantages to integrate AI products across these segments, which is expected to drive revenue growth and enhance profit margins [3] Financial Performance and Valuation - Wall Street analysts project Amazon's earnings to grow at an annual rate of 19% over the next three years, making the current valuation of 34 times earnings appear reasonable. The median forecast for Amazon's stock price is $300 per share, indicating a potential upside of 25% from its current price of $239 per share [7][8] Hedge Fund Activity - Hedge fund managers Philippe Laffont and Steven Schonfeld sold significant portions of their Amazon shares, reducing their positions by 14% and 72% respectively, while simultaneously increasing their stakes in the iShares Bitcoin Trust [5][6][7]