14 1 4 When I was 14 years old, my friends were obsessed with cricket. They were obsessed with scoring ranks in examination. I as a 14year-old was obsessed with one thing that was stock markets.When they were buying gaming consoles, I was buying stocks at the age of 14. I was doing it from my mom's GMAT account. As you all know, you need to have a legalized age to have a trading account.When my friends watched Three Idiots and dreamed of becoming engineer, I watched the movie Guru and always dreamed of beco ...

Core Viewpoint - China's economic growth in the third quarter slowed to 4.8%, the weakest pace in a year, due to a prolonged property slump and trade tensions, prompting calls for more stimulus to support economic momentum [1]. Economic Data Summary - Q3 GDP growth was 4.8% year-on-year, matching forecasts and down from 5.2% in Q2 [5] - Q3 GDP growth was 1.1% quarter-on-quarter, seasonally adjusted, exceeding the forecast of 0.8% and slightly up from a revised 1.0% in Q2 [5] - September industrial output increased by 6.5% year-on-year, surpassing the forecast of 5.0% and up from 5.2% in August [5] - September retail sales rose by 3.0% year-on-year, in line with forecasts but down from 3.4% in August [5] - Fixed asset investment from January to September decreased by 0.5% year-on-year, below the forecast of a 0.1% increase, and down from a 0.5% increase from January to August [5] - Property investment from January to September fell by 13.9% year-on-year, worsening from a 12.9% decline from January to August [5] Analyst Commentary Summary - Analysts suggest that while the GDP number is decent, domestic activity remains weak, indicating a need for further measures to boost demand [2][3] - There is an expectation that Beijing will meet its 2025 growth target of around 5%, with little need for broad fiscal stimulus at this time [2] - Targeted additional fiscal stimulus is anticipated, with the Q3 GDP number possibly being the low point in the current cycle [4]

Investment Rating - The report indicates a positive investment sentiment with a focus on buying the dip in US equities, particularly in single stocks, which saw significant inflows [9][18]. Core Insights - Institutional and retail clients were net buyers of US equities, with a notable $4.1 billion inflow into single stocks, marking the fifth highest weekly inflow since 2008 [9][18]. - The report highlights a shift back to large-cap stocks, with inflows observed across all market cap sizes, particularly in Communication Services and Health Care sectors [9][18]. - Hedge funds continued to sell US equities for the fifth consecutive week, contrasting with the buying behavior of institutional and retail clients [9][18]. Summary by Sections Client Flows - Institutional clients led the buying activity, marking the largest weekly inflow since November 2022, while retail clients also participated after a period of selling [9][18]. - Hedge funds were the largest net sellers, with cumulative flows showing a significant outflow trend [5][22]. Sector Performance - Inflows were recorded across all 11 sectors, with Communication Services and Health Care leading the way, alongside notable inflows in the Energy sector [9][18]. - The report notes that clients sold equity ETFs for a second week, with outflows primarily from Tech and Materials sectors, while defensive sectors like Health Care and Real Estate saw inflows [9][18]. Size Segmentation - All market cap segments (large, mid, small) experienced inflows, with small caps showing resilience with inflows in five of the last seven weeks [9][18]. - The report indicates a preference for small-cap and value ETFs, contrasting with the outflows from large and mid-cap ETFs [9][18]. Corporate Buybacks - Corporate buybacks have slowed but are expected to pick up during the earnings season, with a focus on Tech and Financials dominating the buyback activity over the last three months [9][18].

Core Insights - The meeting served as both a work summary and a motivational session for deepening reforms and enhancing capabilities within the financial team [13] Financial Work Overview - The financial center contractor provided a systematic report on the daily operations, accounting management, risk prevention, and implementation of systems, highlighting both achievements and areas for improvement [1] Strategic Significance of Reform - The chairman emphasized the strategic importance of implementing a "contracting system" to stimulate internal motivation among units, aiming for self-sufficiency and independent operation [4] Expectations and Requirements for Financial Team - The chairman expressed high expectations for the financial team, urging them to adopt a proactive mindset and to embrace a culture of practical work, while also utilizing advanced tools like AI to enhance efficiency [6] Key Directions for Future Financial Work - Strict adherence to financial regulations is required to ensure the authenticity, accuracy, and completeness of financial data, thereby strengthening the financial foundation of the company [9] - Regular internal meetings are mandated to enhance team members' political awareness and professional skills [9] - A competitive mechanism will be established to optimize talent structure, promoting a culture where capable individuals advance while less capable ones are replaced [11] - Continuous learning is encouraged, particularly among younger employees, to foster innovation and contribute to the company's development [11] - Team collaboration is essential to tackle challenges and achieve financial strategic goals [11] Commitment to High-Quality Development - Participants expressed their commitment to understanding and implementing the chairman's directives with enthusiasm, professionalism, and a practical approach to support the company's high-quality development [13]

Group 1 - Jefferies Financial Group (NYSE:JEF) was upgraded to Outperform at Oppenheimer, with a price target set at $81.00 [2] - Shares of Jefferies Financial Group increased by 5.51% in pre-market trading to $51.49 [2] - The stock has been declining since the company disclosed its exposure to bankrupt auto-parts maker First Brands [2]

Core Viewpoint - World Acceptance Corporation will host a second quarter conference call on October 23, with an earnings release prior to the call [1] Group 1 - The conference call will be available online starting at 10:00 a.m. Eastern Time on October 23 [1] - An online replay of the conference call will be available for 30 days following the live broadcast [1]

Core Insights - Palantir Technologies Inc. CEO Alex Karp held confidential meetings with top executives from major South Korean conglomerates to discuss AI strategy, indicating the company's focus on expanding its platform in the region [1][2][4] Group 1: Meetings and Participants - Karp met with executives from four major South Korean companies during the "AX Leaders Summit" hosted by KT Corp in Seoul, with each meeting conducted in strict secrecy to protect individual AI strategies [2][3] - The executives included Woo Kee-hong from Korean Air Lines, Kim Yong-beom from Meritz Financial Group, Koo Ja-kyun from LS Electric, and Lee Joo-tae from POSCO Holdings, with each meeting lasting approximately 25 minutes [4] Group 2: Strategic Focus and Growth - Discussions included AI-powered data centers and the application of Palantir technology by LS Electric, highlighting Palantir's interest in South Korea's data-rich manufacturing sector [4] - Palantir has made significant advancements in AI and data analytics, recently surpassing $1 billion in revenue for the first time and raising its full-year outlook due to the success of its AI platform [6][7]

Market Overview - The market recovery that began in early April continued throughout the third quarter, with small and micro-cap value stocks posting their strongest quarterly returns since Q4 2023 [2] - Small caps resumed upward momentum after a four-year pause, reaching new highs and breaking the price level peak of 2021, indicating the early stages of a multi-year outperformance cycle for low valuation equities and smaller market caps [2] Technology Sector Insights - The Technology sector's weighting in the S&P 500 increased to 34.8%, significantly above its earnings contribution, indicating crowded ownership and market valuation expansion [3][6] - The Technology sector is nearing its all-time high weighting of 34.9% from March 2000, with forward price-to-earnings multiples above 30x, compared to the 20-year historical average of 18.3x [6][7] - The price-to-sales multiple for the Technology sector is approaching 10x revenue, with the "Magnificent 7" companies nearing 13x, highlighting elevated valuations [8] Valuation Discrepancies - There are significant valuation spreads between low valuation equities and longer duration/technology equities, with Deep Value Select strategy's valuation multiples at over a 70% discount to the S&P 500 Index [10][12] - The small cap sector is emerging from a multi-year earnings recession, with expected earnings growth in 2026 anticipated to outpace larger companies [12] Performance of Deep Value Strategy - The Deep Value Select strategy achieved a quarterly return of +26.50%, outperforming the S&P 1500 Value Index and S&P 600 Value Index [14] - Year-to-date, the Deep Value Select strategy net returns are +9.20%, slightly behind the S&P 1500 Value Index [14] - Ten of the twelve holdings in the strategy delivered positive double-digit returns, with Nabors Industries being the largest contributor, up 46% [16] Company-Specific Highlights - Nabors Industries is undergoing a multi-year transformation focused on technology, with over 450 patents and a strong balance sheet following the sale of its Quail Tools business for $600 million [16][19] - Bread Financial, despite a 2% decline in market share price, has improved its capital ratios and reduced debt significantly, positioning itself for long-term financial targets [20]

Core Viewpoint - RAD Intel has appointed Aaron Vandeford as the Director of Investor Relations to enhance engagement with its investor community and support the company's growth strategy [1][2]. Group 1: Appointment and Role - Aaron Vandeford brings nearly 20 years of experience in investor relations, strategic finance, and capital markets, having advised on transactions totaling over $20 billion [2]. - Vandeford's role will focus on strengthening investor relations strategy and execution, aiming to improve metrics, cadence, and overall investor value [2][3]. Group 2: Company Background - RAD Intel is a holding company that utilizes a shared AI decision layer to accelerate market entry for high-traction brands, integrating live market data and directing creative efforts towards measurable outcomes [5]. - The company is positioned to democratize investment access and is committed to innovation and impact in the investment landscape [4]. Group 3: Future Outlook - Vandeford expressed enthusiasm about joining RAD Intel, highlighting the company's unique approach and commitment to building strong relationships with investors as it grows [4].

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