Core Insights - Nancy Pelosi has achieved a cumulative return of 816% on her investments over the past decade, significantly outperforming the S&P 500 by 559 percentage points [1][2] - In 2024, Pelosi generated returns exceeding 70%, while the S&P 500 returned 25% [3] - Despite her impressive performance, Pelosi ranked only 10th among congressional investors in 2024, with five politicians achieving returns over 100% [4] Investment Strategies - Politicians, including Pelosi, deny trading on inside information but have not supported a ban on stock trading by themselves [5] - Unusual Whales offers two ETFs to track trades made by politicians: the Unusual Whales Subversive Democratic Trading ETF (NANC) and the Unusual Whales Subversive Republican Trading ETF (KRUZ) [6] Notable Trades - Pelosi's portfolio sold 5,000 shares of Microsoft just before an antitrust investigation was announced, and 2,000 shares of Visa prior to a lawsuit against the company [7] - In January, Pelosi purchased 50 call options for Tempus AI at a strike price of $20, shortly before the company secured a $200 million deal with AstraZeneca [8]

Core Insights - dLocal has partnered with Alchemy Pay to enhance payment solutions in Latin America, starting with instant bank transfers in Argentina [1][4] - The collaboration aims to address significant challenges in the crypto industry, particularly in emerging markets, where users face slow transaction times and high fees [2][3] - By leveraging dLocal's local payment infrastructure, Alchemy Pay can offer faster and more localized payment options, improving user experience and facilitating easier transactions [3][5] Company Developments - dLocal's partnership with Alchemy Pay is a strategic move to expand its presence in the crypto payment ecosystem, focusing on emerging markets [1][5] - Alchemy Pay's offerings, including its On & Off-Ramp solution and Web3 Digital Bank, are enhanced through this collaboration, reinforcing its mission to connect crypto with traditional fiat currencies [4][5] - The initial operation in Argentina is expected to pave the way for future expansion across Latin America, democratizing access to the digital economy [4][5] Industry Context - The crypto industry is currently facing hurdles in integrating digital assets with traditional financial systems, particularly in emerging markets [2] - The global average cost of cross-border transactions exceeds 6%, highlighting inefficiencies in existing payment systems that hinder broader adoption of crypto [2] - dLocal's local fiat rails are positioned to reduce complexities in cross-border transactions, enabling more users to participate in both crypto and traditional payment ecosystems [3][5]

Industry Trend - Payments processor Zelle's parent company plans to use stablecoins for international transactions [1]

Payments processor Zelle's parent company said Friday that Zelle would start using stablecoins to make international transactions for the firm.  Early Warning Services, which manages Zelle, said that using stablecoins would "enable Zelle to deliver faster and more reliable cross-border money movement." "The effort marks an important step in expanding the reach of Zelle globally by leveraging stablecoins," an announcement by Early Warning Services said in an announcement read.  Early Warning Services CEO Cam ...

Thunes has initiated cross-border payment services in Colombia in real-time, utilising Bre-B, the nation’s new instant system established by Colombia's central bank, Banco de la República. This initiative is part of Thunes' ongoing efforts to link real-time payment systems across the world to enhance financial inclusion by enabling quick and interoperable transfers. By incorporating Bre-B into its Direct Global Network, Thunes continues to assist central banks and regulatory authorities in the modernisat ...

Market Overview - The trading day is nearing its end with stocks attempting to reach record highs, although some factors may hinder this progress [1][2] - The earnings season has been performing well so far, with more significant names set to report [2] - The Dow Jones Industrial Average increased by 146 points (0.3%), while the S&P 500 rose by 39 points (0.6%) [6] Company Earnings Intel - Intel reported an adjusted EPS of $0.23, beating the expected $0.12, with revenue up 3% year-over-year at $13.65 billion [10][11] - The forecast for Q4 revenue is projected between $12.8 billion and $13.8 billion, with a notable increase in data center and AI revenue, which reached $4.12 billion [12][19] - The company noted stronger-than-anticipated demand in the data center segment, particularly for server build-outs [13][20] - Intel's shares rose by 6% in after-hours trading following the earnings report [19][35] Ford - Ford anticipates an adjusted EBIT hit of $1.5 to $2 billion in 2025 due to a fire incident affecting aluminum production [23] - The company revised its full-year adjusted EBIT guidance down to $6 billion to $6.5 billion, missing analyst estimates [27] - Ford's shares fell by approximately 3.3% in after-hours trading, reflecting concerns over long-term strategy and EV build-out [24][27] Deckers - Deckers, the maker of Uggs and Hoka shoes, reported net sales of $0.43 billion, with full-year sales guidance of $5.35 billion, slightly below market expectations [30][31] Western Union - Western Union reported revenue growth of 1.03%, with adjusted EPS of $0.47, exceeding the estimate of $0.43, leading to a 4.4% increase in shares [33] Newmont Corporation - Newmont Corporation's adjusted EPS for Q3 was $0.71, with sales of $5.52 billion, surpassing estimates of $5.29 billion, resulting in a slight increase in shares [34]

Core Viewpoint - Affirm Holdings, Inc. has announced a significant expansion of its partnership with Worldpay, which is expected to enhance its buy now, pay later (BNPL) services and improve its market presence [1][2]. Partnership Expansion - The collaboration integrates Affirm's BNPL services into Worldpay's embedded payments suite for software platforms, allowing SaaS providers to offer Affirm at checkout [2][3]. - Worldpay for Platforms supports over 1,000 SaaS providers and processed more than $400 billion in transactions in the past year [3]. Consumer Benefits - The integration enables merchants to provide consumers with transparent, flexible payment options for purchases ranging from $35 to $30,000, targeting those seeking predictable, interest-free or low-interest payment schedules [3][4]. Executive Insights - Affirm's Chief Revenue Officer, Wayne Pommen, emphasized that the partnership simplifies the shopping process and expands Affirm's reach across various platforms and merchants [4]. - Worldpay's President, Matt Downs, highlighted Affirm's effectiveness in delivering results for businesses and enhancing consumer experiences, making it an ideal BNPL partner [5]. Market Performance - Affirm's stock (AFRM) has seen a significant increase of over 81% in the past year, with shares trading higher by 6.69% to $76.74 recently [6].

Core Insights - Visa Inc. is scheduled to report its fourth-quarter fiscal 2025 results on October 28, 2025, with earnings estimated at $2.96 per share and revenues of $10.61 billion [1][5] - The earnings estimate reflects a year-over-year increase of 9.2%, while revenue is projected to grow by 10.3% compared to the previous year [2][5] Financial Performance - For fiscal 2025, Visa's revenue consensus estimate stands at $39.85 billion, indicating a year-over-year rise of 10.9, and EPS is projected at $11.43, suggesting a 13.7% increase [3] - Visa has a history of exceeding earnings estimates, having beaten projections in the last four quarters by an average of 3.9% [3][4] - The company has an Earnings ESP of +3.70% and a Zacks Rank of 3, indicating a favorable outlook for the upcoming earnings report [4] Growth Drivers - The Zacks Consensus Estimate indicates a 6.2% increase in total Gross Dollar Volume year-over-year, with a model prediction of 5.5% growth [5] - Total processed transactions are expected to grow by 10% year-over-year, with Visa's model predicting a 9.5% increase [6] - Payment volumes are projected to rise by 8.6% year-over-year, with U.S. operations expected to increase by 7.3% [7] - Data processing revenues are estimated to grow by 13.3% year-over-year, while service revenues are expected to rise by 10.2% [8] Expense Considerations - Adjusted total operating expenses are anticipated to increase by 10.6% year-over-year due to higher personnel, professional fees, and processing expenses [11] - Client incentives are expected to exceed $4 billion in the fiscal fourth quarter, which may offset some positive impacts from higher volumes [11][10] Stock Performance and Valuation - Visa's stock has increased by 9.3% year-to-date, outperforming the industry decline of 5% but underperforming the S&P 500's rise of 15.5% [12] - Visa is currently trading at 26.68X forward 12-month earnings, above the industry average of 21.48X, indicating a somewhat stretched valuation [16] - In comparison, Mastercard is trading at 30.88X and American Express at 20.70X, with the latter offering better value [18] Strategic Initiatives - Visa's stablecoin initiatives are seen as a significant shift in global payments, enhancing its infrastructure for digital currencies and improving capital efficiency for cross-border transactions [19] - Regulatory clarity under the GENIUS Act is expected to bolster Visa's long-term growth prospects [19] - Despite competition and antitrust scrutiny, Visa's strong network effects and innovation provide resilience [19] Investment Outlook - Current valuation suggests limited near-term upside, with shares outperforming Mastercard but lagging behind the S&P 500 [20] - The upcoming earnings report will be critical for assessing momentum in Visa's stablecoin rollout and international expansion [20]

Rowan Street Capital, an investment management company, has recently released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund remained unchanged in the third quarter (+0.22%), making the YTD returns through September 30, 2025, to +20.4% net of fees compared to the S&P 500’s +14.8% year-to-date gain. Over the past three years, the firm’s capital compounded at approximately +54.2% annually (net), delivering a +266% cumulative return — more than doubling the S&P 5 ...

The upcoming report from Visa (V) is expected to reveal quarterly earnings of $2.96 per share, indicating an increase of 9.2% compared to the year-ago period. Analysts forecast revenues of $10.61 billion, representing an increase of 10.3% year over year.The consensus EPS estimate for the quarter has undergone an upward revision of 0.1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Pr ...