Financial Data and Key Metrics Changes - IT services revenue for Q1 was $2.59 billion, reflecting a 2% decline in constant currency terms, within guidance range [6][21] - IT services margin was 17.3%, an expansion of 80 basis points year on year [6][22] - Net income grew 10.9% year on year in Q1, with EPS at INR 3.2, a growth of 10.8% year on year [25][26] - Free cash flow as a percentage of net income was robust at 115% for the quarter [26][119] Business Line Data and Key Metrics Changes - BFSI sector saw a decline of 3.8% sequentially and 3.5% year on year, while healthcare grew 0.5% sequentially and 3.5% year on year [24] - Consumer sector declined 4% sequentially and 5% year on year, with technology and communications growing 0.4% sequentially but declining 3% year on year [24] - Capco continued to perform well, growing 6.1% year on year [25] Market Data and Key Metrics Changes - Americas market grew 1.5% year on year in constant terms, with strong deal momentum [6][23] - Europe faced a decline of 6.4% sequentially and 11.6% year on year [23] - Digital spending in India, Middle East, and Southeast Asia remained resilient [6] Company Strategy and Development Direction - Company is focusing on AI, data, and modernization programs, aligning with client priorities [4][5] - Emphasis on vendor consolidation and cost optimization as key drivers for deal wins [11][12] - Company aims to build an AI-first enterprise, integrating AI capabilities into industry solutions [16][17] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macro environment, highlighting ongoing geopolitical uncertainties and tariff impacts [37][39] - Strong order book and healthy pipeline provide confidence for long-term value delivery [18] - Guidance for Q2 indicates a sequential growth range of -1% to +1% in constant currency terms [28] Other Important Information - The board declared an interim dividend of INR 5 per share, distributing over $1.3 billion in cash in the last six months [27][120] - The company revised its capital allocation policy to pay out a minimum of 70% of net income over three years [27] Q&A Session Summary Question: What is the macro outlook right now? - Management acknowledged ongoing uncertainty due to geopolitical factors and tariffs, but noted strong deal momentum in BFSI and technology sectors [37][39] Question: What powered the Americas One performance despite sector declines? - Strong performance in health and communications sectors contributed to the growth in Americas One [40] Question: Is discretionary demand returning? - Discretionary spending is returning in certain pockets, particularly in AI and modernization projects [45] Question: How is AI impacting hiring and headcount changes? - AI efficiency is evolving, and while there is a need for AI-trained talent, the correlation between AI and hiring is not yet strong [48] Question: How are acquired companies contributing to growth? - Capco has performed well, growing 6% year on year, with robust bookings expected to continue [79]

Core Insights - Scholastic has appointed Milena Alberti and Anne Clarke Wolff as independent directors to its board, effective July 16, 2025, while directors John L. Davies and David J. Young have stepped down immediately to facilitate this transition [1][2][3] Board Composition and Changes - The board has undergone significant refreshment, with seven new independent directors appointed over the past four years, reflecting a commitment to adapt to the business's evolving needs [2] - Alix Guerrier has been reappointed to the board as a representative of Class A Stockholders, indicating ongoing efforts to ensure diverse representation [2] Directors' Backgrounds - Milena Alberti brings over 30 years of experience in publishing and finance, having held key roles at Penguin Random House and Getty Images, and currently chairs the board of Pitney-Bowes Inc. [4][5][6] - Anne Clarke Wolff has 30 years of experience in financial services, having founded Independence Point Advisors and previously held senior positions at Bank of America and JP Morgan [7][8][9][10] Strategic Focus - The new directors are expected to support the board's focus on business transformation, growth strategies, and capital allocation, aimed at maximizing shareholder value during a pivotal time for Scholastic [3]

Group 1: Family Office Growth - The family office industry is rapidly expanding, with over 8,000 family offices managing approximately $3.1 trillion in assets globally, comparable to the hedge fund industry [1][5] - By 2024, the number of family offices is expected to exceed 8,000, managing $3.1 trillion, and by 2030, this number is projected to grow to nearly 11,000, managing $5.4 trillion [5] Group 2: Singapore's Competitive Edge - Singapore has significantly reduced the tax incentive waiting period for wealthy individuals establishing family offices from 12 months to a maximum of 3 months [2] - The Monetary Authority of Singapore (MAS) is collaborating with private banks to further shorten client onboarding times to attract more high-net-worth individuals [2] - As of 2024, Singapore is expected to have over 2,000 single-family offices, a 42.9% increase from 1,400 in 2023 [6] Group 3: Regulatory Challenges and Responses - Following a major money laundering case, Singapore tightened regulations on family offices, increasing scrutiny and raising qualification criteria for tax incentives [2][4] - The MAS has imposed significant fines totaling 27.45 million SGD (approximately 15.4 million RMB) on nine financial institutions for anti-money laundering violations [4] Group 4: Global Competition for Family Offices - The competition among global financial centers for family offices is intensifying, with regions like Switzerland, Hong Kong, and Dubai also implementing tax incentives to attract wealthy individuals [9] - Hong Kong is enhancing its position as a family office hub with favorable tax policies and streamlined processes, aiming to attract 200 family offices by 2025 [10][12] Group 5: UAE's Emergence as a Family Office Hub - The UAE is becoming a modern family office center due to its favorable tax regime, low crime rate, and strategic geographic location [13][15] - Dubai International Financial Centre (DIFC) has launched the world's first family wealth center, aiming to deepen its family wealth ecosystem [13]

Core Viewpoint - Triumph Financial, Inc. has announced its second quarter 2025 financial results, which are available on the company's website for investors and analysts to review [1]. Financial Results - The financial results for Q2 2025 and the shareholder letter can be accessed through the company's investor relations website [1]. - A conference call to discuss these results will be held on July 17, 2025, at 9:30 a.m. central time, featuring Vice Chairman & CEO Aaron P. Graft and CFO Brad Voss [1]. Company Overview - Triumph Financial, Inc. operates as a financial and technology company focused on modernizing and simplifying freight transactions through payments, factoring, intelligence, and banking [3]. - The company is headquartered in Dallas, Texas, and its portfolio includes brands such as Triumph, TBK Bank, and LoadPay [3].

Group 1 - Sensor Unlimited is part of the investing group Envision Early Retirement, which focuses on generating high income and growth through dynamic asset allocation [2] - The group offers two model portfolios: one for short-term survival and withdrawal, and another for aggressive long-term growth [2] - Monthly updates on holdings, tax discussions, and ticker critiques are provided to members [2] Group 2 - Sensor Unlimited has a PhD in financial economics and has spent the last decade covering the mortgage market, commercial market, and banking industry [3] - The company specializes in asset allocation and ETFs related to the overall market, bonds, banking, financial sectors, and housing markets [3]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price [1] - The portfolio has evolved through various industries, including technology, banking, and emerging markets, with a current emphasis on high-quality businesses [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the significance of learning from industry leaders [1] Investment Focus - The current focus is on large technology companies with extensive user bases and content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is primarily based on EBIT and R&D levels, reflecting a belief in the potential of certain R&D investments [1] Performance Metrics - The annual return from February 2019 to October 2024 is reported at 11.4% CAGR, which is below the market's 15.18% CAGR [1] - The investor believes that the knowledge gained in recent years will enable future outperformance of the market [1] Portfolio Management Philosophy - The approach to stock recommendations is unconventional, advocating for a "Strong Buy" threshold for exceptional businesses, with everything else categorized as "Strong Sell" to free up capital [1] - A "Hold" position may be initiated for high-quality businesses if the pricing is not favorable [1]

Market Overview - U.S. stocks traded higher, with the Dow Jones index gaining over 100 points, up 0.25% to 44,133.80, NASDAQ rose 0.09% to 20,696.02, and S&P 500 increased 0.12% to 6,251.54 [1] - Health care shares jumped by 1.2%, while energy stocks dipped by 0.3% [1] Company Performance - Goldman Sachs Group Inc. reported second-quarter results that exceeded analyst expectations, with net revenue rising 15% year over year to $14.58 billion, surpassing the consensus estimate of $13.36 billion, although it declined 3% from the prior quarter [2] - GAAP earnings for Goldman Sachs came in at $10.91 per share, up from $8.62 a year ago and above the $9.48 consensus, with first-half EPS rising to $25.07 from $20.21 a year earlier [2] Stock Movements - Aptorum Group Limited shares surged 256% to $3.45 following an all-stock merger agreement with DiamiR [8] - Nuwellis, Inc. shares increased by 121% to $15.25 after securing a U.S. patent for a blood filtering machine [8] - Rigetti Computing, Inc. shares rose 30% to $16.59 after unveiling the largest multi-chip quantum computer in the industry [8] - Soluna Holdings, Inc. shares dropped 28% to $0.5481 after announcing a $5 million public offering [8] - ASML Holding N.V. shares fell 9% to $748.09 due to concerns over 2026 growth prospects [8] - Onconetix, Inc. shares decreased by 22% to $3.5150 following a merger agreement with Ocuvex Therapeutics [8] Commodity Prices - Oil traded down 0.5% to $66.18, while gold increased by 0.7% to $3,358.70 [5] - Silver fell 0.1% to $38.085, and copper decreased by 0.9% to $5.53 [5] Economic Indicators - U.S. crude oil inventories declined by 3.859 million barrels in the week ended July 11 [11] - U.S. industrial production increased by 0.3% in June, exceeding market estimates of a 0.1% rise [11] - U.S. producer prices remained unchanged in June from May, compared to a revised 0.3% gain in the previous period [11]

Core Viewpoint - Berkshire Hathaway is positioned as a solid investment opportunity ahead of its earnings report, with a significant cash stockpile and strong performance from key investments despite recent stock price declines due to CEO Warren Buffett's retirement announcement [4][12][13]. Financial Performance - Berkshire's operating earnings and cash stockpile are critical metrics to watch, with the cash reaching an all-time high of $347.7 billion at the end of Q1 [2][11]. - The S&P 500 increased by 10.4% during the second quarter, and key investments like American Express and Bank of America saw increases of 20% and 15%, respectively [6]. - The market is currently valuing Berkshire's businesses at approximately 11.5 times operating earnings, down from 14 times, indicating potential undervaluation [11]. Investment Activity - While specific stock transactions will not be disclosed until mid-August, it is anticipated that Berkshire's cash stockpile has grown, and there may have been stock buybacks during the quarter [3][7]. - The stock portfolio is valued at approximately $292 billion, and when cash is excluded, the operating businesses are valued at about $380 billion [10]. Market Position - Berkshire Hathaway has a market capitalization of about $1.02 trillion, which is lower than previous months, despite an increase in stock portfolio value and cash reserves [9]. - The company is insulated from tariff impacts due to its collection of mostly tariff-resistant businesses [8].

Investment Rating - The report indicates a "sell signal" triggered by cash levels falling to 3.9% [14][15][86] Core Insights - Investor sentiment is the most bullish since February 2025, with a significant surge in profit optimism and risk appetite over the past three months [2][17] - 59% of investors believe a recession is unlikely, a notable shift from 42% in April, with 65% expecting a soft landing [3][26][27] - The most crowded trade is "short US dollar," with a net 20% overweight on Euro, the highest since January 2005 [5][55][62] Summary by Sections Macro Insights - 42% of investors expect Q2 2025 EPS to beat consensus, while 19% anticipate disappointment [30][36] - AI is perceived to be increasing productivity by 42% of investors [32][37] - Expectations for a global recession have decreased, with only 9% expecting a hard landing [26][28] Policy Insights - The trade war is viewed as the biggest tail risk, with expected final tariff rates on the Rest of the World rising to 14% [4][49][48] - 81% of investors forecast one or two rate cuts by year-end, with only 11% expecting a rate cut at the upcoming FOMC meeting [38][44] Asset Allocation - FMS equity allocation improved to a net 2% overweight, while bond allocation remains net 4% underweight [120][121] - Investors are most overweight Eurozone equities, with a net 41% overweight, the highest in four years [63][65] - There has been a significant increase in allocation to tech stocks, with a net 14% overweight, the highest since January 2025 [68][70] Investor Sentiment - The FMS cash level has dropped to 3.9%, indicating a sell signal, with historical median losses following such signals averaging -2% [14][20][86] - Risk appetite has surged, with a net 31% of investors expecting weaker global economic growth, a significant recovery from previous months [23][92] - 68% of investors believe high-quality earnings will outperform low-quality earnings [101][103]

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Scarlet Fu taking you through to that closing bell with the global simulcast. It has started.Tim Scientific is in the radio booth. Emily prevail by his side today. Carol Massar has the day off.Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube. Tim sent back a mixed day in markets down on the S&P 500 and slightly higher, though, on the Nasdaq. Yeah, I mean, a sli ...