过去几年，投资正在变成一门越来越难以稳定赚钱的生意。 但与此同时，在一些此前少人探索的"业务方向"上，一些具备强大知名度的投资人（俗称"投资大V"）正在大快朵颐新的业 务天地。 网红经济学家洪灝10月末开始在付费平台知识星球上"招募会员"，最新的会员数已经突破1.4万名，以其899元每位的"年 费"，两个月"名义收入"超1250万元。 而紧接着是，同样拥有较大粉丝数的李蓓，也开始和网上大平台合作推出"课程"，4天12888元的叫价，预计收入也会达到 百万元量级。 当资产管理和投资研究等传统渠道变得越来越难"变现"时，部分业内专业人士似乎在绕开原有的业绩与机构评价体系，直 接为自己的专业能力重新定价······ 之后，半夏投资官微显示：从发布课程信息到学员募集完成，仅间隔两天时间，200个名额即全部报满。 以最保守口径计算，假设全部学员仅购买单节课程，对应的收入下限也达到200人乘以3888元，合计约77.76万元。 若考虑系统课程整体定价，实际金额显然更高。 02 "轻松实现"年化收益10%？ 从课程海报与已披露的信息来看，这套线下课程的核心，并不在具体标的推荐，而是围绕投资者的认知框架展开。 包括：如何识别 ...

Joining us now is Ever ISI senior managing director Julian Emanuel. Julian, you seem optimistic overall, but with AI having played such a big part in this market's multiple, can it really charge higher with now we're seeing turbulence both on the infrastructure side and some of the software. >> No, there's no question about the fact that the market is trying to digest it.And if you think about the the course of the AI trade over the last couple years, you've had these occasional what we would refer to as ai ...

Core Insights - Alpine Macro addresses three major concerns investors have regarding AI, suggesting alternative investment strategies to consider [1] Group 1: Investor Concerns - The first concern is the potential for AI to disrupt traditional industries, leading to job losses and economic instability [1] - The second concern revolves around the overvaluation of AI-related stocks, which may not reflect their true earnings potential [1] - The third concern is the regulatory risks associated with AI technologies, which could impact future growth and profitability [1] Group 2: Investment Ideas - Alpine Macro proposes focusing on sectors that are likely to benefit from AI advancements, such as healthcare and technology [1] - The firm suggests looking into companies that are integrating AI into their operations to enhance efficiency and productivity [1] - It also recommends considering investments in firms that provide AI-related services and infrastructure, which are expected to see increased demand [1]

Group 1 - Retail investors' confidence in the U.S. stock market's rebound is gradually weakening, with a noticeable decline in their enthusiasm for buying low-priced stocks [1][2] - Retail investors have been a significant driving force behind the market rebound this year, helping the market recover from sell-offs and reach new highs [1] - Vanda Research reported that retail investors are no longer exhibiting the strong confidence seen earlier this year, which previously fueled significant stock market increases [1][2] Group 2 - Vanda Research noted that retail investors' purchasing volume was the weakest since May and among the lowest for 2025, indicating a shift in market behavior [2] - There has been a trend where retail investors are increasingly directing their funds towards more speculative stocks, such as uranium mining companies and meme stocks [2] - Since September, retail investors have shown a decline in purchasing individual stocks and have shifted towards broader market ETFs, although recent data indicates a reduction in ETF purchases as well [2][3] Group 3 - Other firms, including Bank of America Securities, have also observed signs of diminishing interest from retail investors, noting that they have become net sellers for the first time since late September [3] - Despite the cautious sentiment among retail investors, some analysts believe it is premature to issue alarms regarding their behavior, as their sentiment remains in a positive zone [4] - Analysts emphasize that without the support of retail investors, any market rebound would become increasingly challenging [4]

Group 1 - Morningstar has appointed Zhang Zhe as the Managing Director for its China operations, effective October 27, 2025, to oversee the company's strategic layout and sustainable growth in China [2][4] - Zhang Zhe has extensive experience in wealth management and banking, particularly in enhancing digital customer experiences and expanding data-driven businesses [2] - Prior to joining Morningstar, Zhang served as CEO of HSBC Financial Technology Services (Shanghai) and held key positions in several leading fintech companies [2][4] Group 2 - Since entering the Chinese market in 2003, Morningstar has focused on developing its business in China, aiming to enhance the experience of public fund investors and expand strategic client relationships [4] - Zhang Zhe will lead the China business team to accelerate development and deepen collaboration with financial institutions, regulatory bodies, and the public fund industry [4] - As of June 30, 2025, Morningstar managed and advised assets totaling approximately $352 billion, providing a wide range of products and solutions to various market participants [5]

Core Viewpoint - The International Monetary Fund (IMF) predicts that the U.S. government debt burden will surpass that of Italy and Greece for the first time this century, highlighting the poor state of U.S. public finances [1][4]. Summary by Sections U.S. Debt Forecast - The IMF forecasts that by the end of the 2020s, the total government debt in the U.S. will rise by over 20 percentage points, reaching 143.4% of GDP, exceeding the previous record set post-pandemic [1]. - The U.S. budget deficit is expected to remain above 7% of GDP annually until 2030, the highest level among all wealthy countries tracked by the IMF [1]. Comparison with Italy and Greece - Italy and Greece, historically scrutinized for their weak public finances, are projected to see a decline in their government debt burdens by the end of this decade due to strict budget control [1]. - In contrast, the U.S. debt-to-GDP ratio is expected to continue rising, with projections from the Congressional Budget Office (CBO) indicating this trend will persist for decades [1][4]. Economic Context - Despite a low unemployment rate, the federal deficit in the U.S. has rapidly expanded during the Biden administration, with the IMF suggesting minimal action taken by the previous Trump administration to address this issue [4]. - The U.S. has a significant borrowing capacity due to its status as the issuer of the global reserve currency, which contrasts with the economic challenges faced by European nations [4]. Debt Measurement Metrics - The total government debt metric, which includes both central and local government debts, has been lower for the U.S. compared to Italy and Greece since the early 21st century [5]. - A net debt measure, excluding financial assets, indicates that U.S. debt levels will still be about 10 percentage points lower than Italy's by the end of the decade, although this net debt is also on the rise [5]. Italy's Fiscal Improvement - Italy's government, under Prime Minister Giorgia Meloni, has received praise from foreign investors for its efforts to reduce the budget deficit, with a projected basic surplus of 0.9% of GDP this year, up from an initial forecast of 0.5% [8][10]. - Italy's fiscal deficit is expected to be 3% of GDP this year, down from 8.1% when Meloni took office in 2022, allowing Italy to exit the EU's excessive deficit procedure a year ahead of schedule [9]. Political Challenges in the U.S. - The political landscape in the U.S. complicates efforts to reduce the significant deficit, with both Democrats and Republicans resistant to spending cuts or tax increases [11]. - Future predictions regarding the sustainability of U.S. fiscal conditions are deemed optimistic, relying on uncertain factors such as productivity growth, tariff revenues, demographic changes, or interest rates [11].

Core Insights - The article emphasizes the importance of bridging the information gap between individual investors and professional institutions, a mission that Morningstar has pursued since its founding in 1984 [2]. Group 1: Data Quality and Investment Solutions - Morningstar has built one of the largest and highest-quality investment databases globally, covering approximately 800,000 investment products, with a strong focus on rigorous data quality checks [3]. - The company connects disparate data sources by acquiring firms like PitchBook, enabling a comprehensive view of both public and private markets [3]. - Morningstar offers unique analytical tools, such as medal ratings and sustainability ratings, to facilitate quicker decision-making from vast amounts of investment data [3]. Group 2: Services for Asset Managers and Institutional Investors - Morningstar provides professional research support for public funds and bank wealth management, offering independent and objective evaluation systems for investment decisions [10]. - The company assists institutions in constructing robust investment portfolios that align with long-term goals through macro and strategic research support [12]. - Insights into global product innovation trends are shared to help institutions develop forward-looking financial products that meet investor needs [13]. Group 3: Commitment to Client Interests - Morningstar aims to empower investment advisors to better serve their clients, believing that those who genuinely represent client interests will ultimately achieve market returns [7]. - The company maintains an independent viewpoint and cautious approach in its research, providing a foundation for investment advisors to guide clients towards long-term strategies amidst market noise [6]. Group 4: Company Overview - Morningstar, Inc. is a leading investment research firm with operations across North America, Europe, Australia, and Asia, providing financial information, fund, and stock analysis to various professional investors [17]. - As of June 30, 2025, Morningstar manages and advises on assets totaling approximately $352 billion across 33 global markets [20].

Financial Data and Key Metrics Changes - The company reported a net income of $20,686,000 for fiscal 2025, translating to $2.20 per share, which is an increase of 8.8% from fiscal 2024 [11] - Retained earnings rose by more than $9.1 million, or 8.8%, totaling $113,400,000, marking the highest level in the past two decades [12][16] - Liquid assets exceeded $77.1 million at year-end, reflecting a more than 13% increase year-over-year [16] Business Line Data and Key Metrics Changes - Earnings from EAM, the investment advisor to the Value Line Mutual Fund, totaled $18,318,000, growing by over $5 million, or 38% from the previous year [11] - Income from securities transactions reached a record high of $3,238,000, exceeding the prior year's income of $2,764,000 by more than 17% [12] Market Data and Key Metrics Changes - The company operates primarily in the U.S., where it conducts about 98% of its business, and anticipates continued economic expansion [17] - Stock market conditions have been favorable, with most indexes hitting new highs, positively impacting the company [18] Company Strategy and Development Direction - The company is focusing on expanding the use of artificial intelligence and advanced computing techniques to enhance advertising effectiveness [13] - There is an ongoing investment in updating and redesigning software systems for greater efficiency, reliability, and security [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook, expecting continued expansion despite concerns such as rising unemployment and softness in manufacturing and home building [17] - The company believes that the Federal Reserve's timely policy actions will address areas of economic softness [18] - Higher tariffs have had minimal impact on profitability and supply chain disruptions [19] Other Important Information - The company has successfully outsourced distribution operations to U.S. domestic suppliers, resulting in cost savings and reliable service [12] - Over $20 million in dividends have been paid to shareholders over the past two years [16] Q&A Session Summary Question: What is management's view of the economic outlook and its effect on the company? - Management expects continued economic expansion in the U.S. but acknowledges concerns such as rising unemployment and softness in certain sectors [17] - The Federal Reserve's actions are seen as timely to address economic softness, and stock market conditions are favorable for the company [18] Question: What are the board's plans for buying back stock? - The company has been moderately active in stock repurchases and continues to evaluate its stance on the stock repurchase program [19]

Core Viewpoint - Morningstar has announced the acquisition of the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million, aiming to enhance its index business capabilities and strengthen its position as a leading global index provider [2][4]. Group 1: Index Business Development - CRSP, established in 1960, is a reputable academic research center under the University of Chicago's Booth School of Business, known for providing high-quality financial data and market indices [4]. - The CRSP Market Indexes, which serve as performance benchmarks for over $3 trillion in U.S. equity assets, will be integrated into Morningstar's index ecosystem, catering to the growing demand for passive investment tools [4][5]. - The acquisition will combine CRSP's index system with Morningstar's global business reach, aiming to offer a broader and more precise range of index options for global investors [5]. Group 2: Strategic Insights - Morningstar's global CEO, Kunal Kapoor, emphasized that integrating CRSP's trusted data validation processes and robust index construction methodologies aligns with the company's mission to provide high-quality, data-driven tools for investors [6]. - Madhav Rajan, Dean of the Booth School of Business and Chairman of the CRSP Board, noted that the collaboration will leverage Morningstar's industry insights and global experience to unlock CRSP's potential [6]. Group 3: Company Overview - Morningstar, Inc. is a leading investment research firm with operations across North America, Europe, Australia, and Asia, providing financial information, analysis, and ratings for various investment products [7]. - As of June 30, 2025, Morningstar manages and advises on approximately $352 billion in assets, operating in 33 global markets [7].

Group 1 - The Federal Reserve has lowered the interest rate by 25 basis points to a range of 4.00%-4.25%, indicating the possibility of two more rate cuts within the year [1][2] - Economic growth has slowed in the first half of the year, with job growth weakening and a slight increase in the unemployment rate, although it remains low [2][8] - Powell described the rate cut as a risk management measure, highlighting upward inflation risks and downward employment risks [5][12] Group 2 - The Fed has revised its economic growth forecast for this year upward by 0.2 percentage points to 1.6%, with similar upward adjustments for 2026 and 2027 [5][6] - Inflation pressures are expected to rise starting next year, with core PCE inflation projected at 3.1% for 2025 and 2.6% for 2026 [5][6] - The unemployment rate is projected to be 4.5% in 2025, with slight downward adjustments for 2026 and 2027 [7][8] Group 3 - The updated dot plot shows significant internal divisions within the Fed regarding future rate cuts, with some members advocating for aggressive cuts while others prefer to maintain current rates [10][13] - Powell emphasized that the Fed is committed to maintaining its independence from political influence, despite external pressures for more aggressive actions [12][14] - The next FOMC meeting is scheduled for October 28-29, where further discussions on monetary policy will take place [14]