Core Viewpoint - Goldman Sachs predicts that the S&P 500 will achieve an average annual gain of only 6.5% over the next decade, a significant decrease from the historical average of around 10% [2] Valuation Concerns - U.S. stocks are currently considered expensive, with the S&P 500's trailing price-to-earnings ratio near a multiyear high of 23 [4] - The valuation issue is exacerbated by a few large companies in the AI sector, which may lead to a broader market correction, potentially reducing market progress by about 1% per year through 2035 [5] Interest Rates Impact - The widening of the S&P 500's profit margins since 1990 has been largely due to falling interest rates and corporate tax rates, neither of which are expected to decline significantly in the next decade [6] Strategic Adjustments - Investors are encouraged to diversify their portfolios by considering stocks outside the current market favorites [7] - International markets, particularly in Japan and Asia, are projected to perform better, with average market growth outlooks of 8.2% and 10.3% respectively, and emerging markets expected to yield 10.9% annualized returns through 2035 [8] Spotlight on Foreign Stocks - Companies like Alibaba and MercadoLibre are highlighted as potential investment opportunities, with Alibaba focusing on AI for growth and MercadoLibre benefiting from the rise of web-connected smartphones in South America [9] Currency Dynamics - Both Alibaba and MercadoLibre's American depositary receipts are denominated in U.S. dollars, which may provide an additional 2 percentage points of net growth annually as the dollar is considered overvalued [11] Importance of Dividends - Dividends are expected to play a crucial role in total returns across all regions, benefiting dividend-focused companies like Coca-Cola and pharmaceutical firms such as Pfizer and Merck [12][13] Market Adaptation - Investors are advised to adapt their strategies in response to changing market conditions, including interest rates, government debt, and competitive dynamics introduced by AI [15]

Goldman took down a portion of a $454 million debt deal from Chicago on Wednesday even after boosting yields on the sales-tax bonds that hold higher ratings than the city https://t.co/EjRIDYApre ...

Core Viewpoint - The recent surge in gold prices is attributed to Tether's significant accumulation of gold, which has tightened supply and contributed to the price rally, rather than traditional market drivers [1]. Group 1: Tether's Gold Accumulation - Tether has reportedly aimed to purchase around 100 tons of gold in 2023, following meetings with miners and royalty firms [2]. - Analysts estimate Tether held at least 116 tons of gold by the end of Q3 2023, with 12 tons backing its XAUt token and approximately 104 tons backing USDT, making it the largest non-sovereign holder of gold [3]. - The pace of Tether's gold accumulation was notable, with around 26 tons acquired in Q3 2023, representing about 2% of global demand [4]. Group 2: Future Projections and Strategies - Tether is expected to continue its gold accumulation as USDT grows, maintaining gold at about 7% of its reserves, with potential annual additions of nearly 60 tons based on projected profits [5]. - Tether has invested over $300 million into royalty and streaming companies in the gold sector, indicating a broader strategy in the metals market [6]. - The hiring of two top metals traders from HSBC suggests an acceleration in Tether's gold investment strategy [6].

Financial Data and Key Metrics Changes - The company has used approximately $5.9 million for the first three quarters of the year and expects significant revenue in the fourth quarter to offset operating expenses [30][31] - The company aims to cover operating expenses through financings and anticipates a good fourth quarter [31][32] - The market value of the company's stock is currently undervalued compared to its significant equity holdings in companies like Exazyme and Heartbeat [32][33] Business Line Data and Key Metrics Changes - The company is focused on launching three to five companies per year to build a public venture portfolio, which is a shift from the historical rate of one company every 18 months [9][24] - The company has a deep pipeline of opportunities and believes that future launches will have a better probability of success than past ones [24][27] Market Data and Key Metrics Changes - The microcap market has been challenging, but the company believes it is on the verge of a resurgence due to increased demand for public companies with revenue and earnings [28][50] - There is a growing trend of companies seeking to go public as private equity and venture capital funding becomes less attractive [55][56] Company Strategy and Development Direction - The company aims to create a sustainable business model that can survive beyond its founders by scaling operations and launching more companies [9][24] - The focus is on curating high-potential companies and transforming them into investable public entities with significant growth potential [12][13] - The company is also exploring the potential of a spinout in the patent law sector, which could provide substantial value [34][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current challenges in the microcap market but remains optimistic about future opportunities and the potential for public venture to thrive again [28][30] - The company is committed to improving communication with shareholders and enhancing investor relations to better convey its value proposition [68][70] Other Important Information - The company is preparing for the IPO of Buddha Juice and expects to close multiple deals in the near future, indicating a busy pipeline [27][40] - Management emphasizes the unique value proposition of their public venture platform, which differentiates them from traditional private equity and venture capital firms [16][39] Q&A Session Summary Question: When can shareholders expect to see a dividend? - The company prefers to wait until there is a developed market for the stock and broader ownership before considering dividends [42] Question: Will shareholders retain the same percentage of ownership as Exazyme raises funds? - Shareholders will experience dilution as companies raise more capital, but efforts will be made to minimize this [43] Question: What is the outlook for Heartbeat regarding FDA approval? - The company is optimistic about FDA approval and believes it will facilitate future fundraising efforts [46] Question: Why is the stock trading at a low price compared to the IPO? - The poor performance of the microcap market and concerns about the company's ability to select successful investments are contributing factors [48][49] Question: What makes the cost of being public more favorable for listings? - Companies that are profitable and growing in the microcap sector are trading at attractive valuations, making public listings more appealing [50][51] Question: Can you clarify the PatentVest spinout and its potential market value? - The spinout is expected to have substantial market value due to the disruption AI will bring to the legal sector, particularly in patent law [63][66]

Financial Data and Key Metrics Changes - The company has used approximately $5.9 million for the first three quarters of the year and expects significant revenue in the fourth quarter to offset operating expenses [30][31] - The company aims to cover operating expenses through financings and anticipates a good fourth quarter [31][32] - The market value of the company's equity holdings in Pollex Bio and Buda Juice is expected to provide substantial upside for shareholders [31][32] Business Line Data and Key Metrics Changes - The company is focused on launching three to five companies per year to build a public venture portfolio, which is a shift from the historical rate of one company every 18 months [9][24] - The company has a deep pipeline of opportunities and believes that future launches will have a better probability of success than past ones [24][27] Market Data and Key Metrics Changes - The microcap market has been challenging, but the company believes that transparency and liquidity in public markets will become attractive again [28][30] - There is a growing demand for small public companies with revenue and earnings, as many are moving towards private equity routes [29][30] Company Strategy and Development Direction - The company aims to create a sustainable operational framework to support the launch of public venture companies and believes it has a unique position in the market [16][39] - The strategy includes curating and positioning companies for success in the public markets, focusing on those with significant growth potential [10][15] - The company is also exploring the potential of a spinout in the patent law sector, which could provide substantial value [34][64] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current challenges in the microcap market but remains optimistic about future opportunities and the potential for public venture to thrive [28][30] - The company is committed to improving communication with shareholders and addressing concerns about stock performance [68][70] Other Important Information - The company has a unique model that combines operational support with equity positions in the companies it helps launch, which differentiates it from traditional underwriters and VCs [21][39] - The company is actively working on building its community to support its ventures and enhance its operational capabilities [25][26] Q&A Session Summary Question: When can shareholders expect to see a dividend? - The company prefers to wait until there is a developed market for the stock and broader ownership before considering dividends [42] Question: How will MDB handle ownership percentages during fundraising for Exazyme? - Shareholders can expect dilution as companies raise more capital, but efforts will be made to minimize this [43] Question: What is the outlook for Heartbeat regarding FDA approval? - The company is optimistic about FDA approval and believes it will facilitate future fundraising efforts [46] Question: Why is the stock trading at a low price compared to the IPO? - The poor performance of the microcap market and concerns about the company's ability to select successful ventures are contributing factors [48] Question: What makes the cost of being public more favorable for listings? - Companies that are profitable and growing in the microcap sector are trading at attractive valuations, making public listings more appealing [50][51] Question: Can you clarify the PatentVest spinout and its potential? - The spinout is expected to have substantial market value due to the disruption AI will bring to the legal sector, particularly in patent law [63][66]

Financial Data and Key Metrics Changes - The company has used approximately $5.9 million for operating expenses in the first three quarters of 2025, with expectations of significant revenue in the fourth quarter to offset these expenses [30][31] - The company anticipates a good fourth quarter, which will help cover operating expenses through the number of financings being conducted [31][32] - The market value of the company's equity holdings in Pollex Bio and Buddha Juice is expected to provide substantial upside for shareholders [31][32] Business Line Data and Key Metrics Changes - The company aims to scale its operations to launch three to five companies per year, moving from a historical average of one launch every 18 months [9][23] - The company has a deep pipeline of opportunities and believes that future launches will have a better probability of success than historical ones [23][24] Market Data and Key Metrics Changes - The microcap market has been challenging, but there is optimism that transparency and liquidity in public markets will become attractive again [28][29] - The company is seeing a resurgence in demand for small public companies, as many are moving away from private equity and venture capital routes [29][51] Company Strategy and Development Direction - The company is focused on building a unique public venture platform that supports the launch of public companies, emphasizing the importance of operational bandwidth and community involvement [9][15] - The strategy includes curating high-potential companies and transforming them into investable public entities, with a focus on both deep tech and consumer products like Buddha Juice [12][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current market challenges but remains optimistic about the future of public venture, believing that the company is well-positioned to capitalize on upcoming opportunities [28][39] - The management is committed to improving communication with shareholders and addressing concerns about the company's stock performance [68][70] Other Important Information - The company is exploring the potential of a spinout involving PatentVest, which is expected to disrupt the patent law sector significantly [34][63] - The company is also working on enhancing its investor relations efforts to better communicate its value proposition and portfolio performance [68][70] Q&A Session Summary Question: When can shareholders expect to see a dividend? - The management's philosophy is to distribute dividends when the company has a developed market and broader ownership, avoiding any hindrance to company development [41] Question: How will MDB handle dilution during fundraising for Exazyme? - Shareholders can expect dilution as companies raise more capital, but efforts will be made to minimize this dilution [42] Question: What is MDB's role regarding Heartbeat and its FDA approval? - The management emphasizes the importance of FDA approval for Heartbeat, which will facilitate future fundraising efforts [45] Question: Why is the stock trading at a low price compared to its IPO? - The management attributes the low stock price to a poor microcap market, concerns about the company's ability to select successful ventures, and year-end tax selling [46][47] Question: What makes the cost of being public more favorable for listings? - The management believes that profitable microcap companies are trading at attractive valuations, making it sensible for them to go public [49][51] Question: How does MDB differentiate between deep tech and consumer products like Buddha Juice? - The management clarifies that both categories are viable, with a focus on launching category leaders that have a competitive edge [57][58]

Core Insights - Seeking Alpha welcomes a new contributing analyst, Joseph Elijah, who aims to share investment ideas and insights with serious investors [1] Group 1: Analyst Background - The new analyst has over a decade of experience in quantitative finance, risk management, and derivatives trading across global financial markets [2] - The analyst holds a Master's degree in Quantitative Finance from the Wharton School and began their career at Morgan Stanley, focusing on model risk management [2] - After five years at Morgan Stanley, the analyst worked at DRW for six years, initially as a Business Analyst in FICC Options and later as a Quantitative Researcher in Israel [2] Group 2: Investment Philosophy - The analyst has transitioned to managing a personal investment portfolio and aims to share knowledge and investment philosophy online [2] - Seeking Alpha is identified as the preferred platform for connecting with serious investors who value in-depth analysis [2]

Key TakeawaysMorgan Stanley has revised its outlook, now no longer expecting the U.S. Federal Reserve to cut interest rates in December following recent jobs data.The average U.S. 30-year fixed-rate mortgage climbed to 6.26% for the week ending November 20, up from 6.24% the prior week, according to Freddie Mac.U.S. stock markets turned negative, with the S&P 500 (^GSPC) down 0.3%, the Nasdaq (^IXIC) down 0.5%, and the Dow (^DJI) down 0.2%.Nvidia (NVDA) shares also turned negative, experiencing a 1% decline ...

Core Insights - Republic Capital Group served as the investment banking advisor to Private Advisor Group, which has $41.3 billion in assets under management (AUM), during LPL Financial's acquisition of a minority ownership stake, enhancing their long-term strategic relationship [1][7] - The partnership with LPL Financial and Merchant Investment Management aims to broaden Private Advisor Group's ownership structure, reinforcing stability and enhancing its ability to meet the evolving needs of advisors and clients [2] Group 1 - The collaboration will focus on expanding programs and resources in practice management, business continuity, and succession planning, which are essential for helping advisors build sustainable enterprises [2] - Private Advisor Group has increased its investment in technology, talent, and operational infrastructure, reflecting its advisor-first philosophy since partnering with Merchant in 2021 [4] - Private Advisor Group will maintain its independence while leveraging the strengths of LPL and Merchant to unlock future opportunities for its advisor community [5] Group 2 - Adam Schorr, CFO of Private Advisor Group, praised Republic Capital Group for its strong due diligence and guidance, aligning with their philosophy of informed decision-making [3] - John Langston, CEO of Republic, congratulated Private Advisor Group on this significant milestone, indicating a promising future for both firms [3] - Blake Cargill, Partner and Managing Director at Republic, expressed honor in advising Private Advisor Group and highlighted the event as a milestone in the industry [3]

Core Points - The China Securities Regulatory Commission (CSRC) emphasizes the importance of enhancing the quality of listed companies as they are both the main bearers of high-quality development responsibilities and the largest beneficiaries [1][4] - The CSRC aims to strengthen regulatory frameworks, optimize the structure of listed companies, and enhance investor protection to build trust and confidence [1][4] Group 1: Regulatory Focus - The CSRC will push for greater efforts in institutional construction and risk prevention, focusing on comprehensive supervision [1][4] - The implementation of the new "National Nine Articles" and the "1+N" policy framework aims to strengthen the regulatory environment and promote high-quality development [1][4] Group 2: Responsibilities of Listed Companies - Listed companies are urged to be role models in honesty and integrity, ensuring truthful disclosures and building market trust [4][5] - Companies should enhance governance practices, embedding compliance into corporate culture and ensuring effective board oversight [4][5] - Innovation and alignment with national strategies are essential for companies to thrive and contribute to the economy [4][5] Group 3: Investor Relations - Companies are encouraged to prioritize long-term returns for investors, establishing effective communication mechanisms to foster mutual benefits [5][6] - The concept of "investor-centric" development is highlighted as crucial for sustainable high-quality growth [5][6] Group 4: Future Directions - The China Listed Companies Association aims to enhance professional service quality and foster a healthy market ecosystem [6][7] - The association will focus on improving corporate governance, risk management, and investor protection mechanisms [6][7] - The upcoming "15th Five-Year Plan" is expected to provide new directions for listed companies in terms of innovation and development [6][7]