Core Insights - The cryptocurrency industry experienced significant excitement when Bitcoin reached a new all-time high of over $126,000 in early October 2025, with many claiming it had established itself as the world's top asset [1] - Bitcoin is often compared to gold, with proponents labeling it as "digital gold" due to both assets having limited supply and being viewed as stores of value against inflation [2] - Following a crypto flash crash on October 10, 2024, Bitcoin struggled to recover, while gold saw increased demand, reaching new all-time highs [3] Performance Comparison - Since 2022, Bitcoin has surged by 429%, outperforming gold's 177% increase, silver's 350% rise, and the Invesco QQQ's 140% gain [4] - Despite a challenging period, Bitcoin has been described as having "spanked everything so bad" in 2023-24, indicating its strong performance relative to other assets [5] - The current sentiment among Bitcoin maximalists is low, but analysts suggest this perspective may be short-sighted, as Bitcoin is seen to be taking a necessary pause to align with its institutional narrative [5]

Core Insights - General Motors (GM) and Invesco (IVZ) have exceeded Q4 earnings expectations, with GM's stock rising over 50% in the past year and IVZ also showing strong performance, although both are trading at discounts compared to the S&P 500 [1][2] General Motors (GM) - GM's Q4 adjusted EPS was $2.51, beating expectations of $2.20 by 14% and increasing over 30% from $1.92 a year ago [4] - Despite a net loss of $3.21 billion due to $7.2 billion in special charges related to unused EV manufacturing equipment, GM announced a $6 billion share repurchase plan and a 20% dividend increase, indicating confidence in long-term cash flow [3] - GM expects FY26 EPS to rise to $11-$13 from $10.60 in FY25, with adjusted EBIT projected at $13 billion-$15 billion and adjusted automotive free cash flow at $9 billion-$11 billion [11] - GM anticipates lower EV volume in 2026 but expects to improve EV losses by $1-$1.5 billion through production adjustments [12] - GM's valuation metrics show it trading at 0.4X forward sales and 6X forward earnings, with a PEG ratio under 1, indicating it is undervalued [14] Invesco (IVZ) - Invesco reported a Q4 adjusted EPS of $0.62, exceeding expectations of $0.57 by nearly 9% and increasing 19% from $0.52 in the same quarter last year [9] - The firm experienced net inflows of $19.1 billion, raising its assets under management (AUM) to a record $2.2 trillion, driven by index and fixed income services, as well as ETFs [8] - Invesco's strategic priorities for FY26 include expanding private markets through partnerships, simplifying its portfolio, and focusing on ETF growth [13] - Invesco's valuation metrics show it trading near 2X forward sales and 10X forward earnings, with a PEG ratio under 1, suggesting it is also undervalued [14] - Invesco's annual dividend yield stands at 2.93% [15]

Core Insights - Invesco (IVZ) is set to announce its fourth-quarter and full-year 2025 results on January 27, with expectations of year-over-year increases in earnings and revenues [1] - The company has a strong earnings surprise history, surpassing the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 11.35% [2] Financial Performance Estimates - Invesco's preliminary total assets under management (AUM) as of December 31, 2025, was $2.17 trillion, reflecting a 2.1% sequential increase driven by market returns and net long-term inflows [3] - The Zacks Consensus Estimate for investment management fees is $1.2 billion, indicating a 3.9% rise from the previous quarter [3] - Performance fees are estimated to increase significantly to $30.8 million from $6.5 million in the prior quarter [4] - Service and distribution fees are expected to grow by 4.1% to $417.1 million, while other revenues are projected to rise by 15.2% to $55.9 million [4] - The consensus estimate for earnings is 57 cents, representing a 9.6% increase year-over-year, while sales are estimated at $1.25 billion, an 8.3% increase [11] Cost and Efficiency Factors - Invesco's cost-saving initiatives are likely to enhance efficiency, but rising compensation and marketing costs may negatively impact overall expenses [5] - Management anticipates one-time implementation costs of $10-$15 million related to the Alpha initiative in Q4 2025 [5] Strategic Developments - In December 2025, shareholders approved the reclassification of Invesco QQQ into an open-end ETF, allowing it to generate revenues and profits [6] - Invesco partnered with LGT Capital Partners to enhance private market access for U.S. wealth and retirement investors, focusing on creating a multi-alternative private markets offering [7] Earnings Prediction Insights - The model indicates low chances of Invesco beating the Zacks Consensus Estimate for earnings due to a negative Earnings ESP and a Zacks Rank of 3 (Hold) [8]

Core Insights - Invesco Ltd. reported preliminary month-end assets under management (AUM) of $2,169.9 billion, reflecting a 0.7% increase from the previous month [1] - The firm experienced net long-term inflows of $7.7 billion during the month, with non-management fee earning net inflows of $6.1 billion and money market net outflows of $0.7 billion [1] - AUM was negatively impacted by unfavorable market returns, which decreased AUM by $23 billion, while foreign exchange and reinvested distributions increased AUM by $25.4 billion [1] AUM Breakdown - As of December 31, 2025, the total AUM was $2,169.9 billion, with specific categories as follows: - ETFs & Index Strategies: $630.2 billion - Fundamental Fixed Income: $311.5 billion - Fundamental Equities: $298.4 billion - Private Markets: $130.7 billion - China JV: $132.5 billion - Multi Asset/Other: $69.7 billion - Global Liquidity: $189.7 billion - QQQ: $407.2 billion [2] - The AUM figures for previous months were $2,154.3 billion for November 30, 2025, and $2,166.6 billion for October 31, 2025 [2] Historical Context - Approximately $15 billion in India-based AUM was reclassified to Multi-Asset/Other prior to the sale of Invesco's majority interest in October 2025, at which point these assets were removed [3] - The China JV investment capability now only represents assets under management in Invesco's China joint venture [3] Company Overview - Invesco Ltd. is a leading global asset management firm with $2.1 trillion in AUM as of September 30, 2025, serving clients in over 120 countries [4]

Group 1 - Bitcoin has retreated toward $90,000 after trading above $92,000 during the Asian session, influenced by tensions between Federal Reserve Chairman Jerome Powell and President Donald Trump [1] - Bitcoin is currently trading more like a levered technology stock rather than a neutral reserve hard asset, as indicated by its price action [3] - The Invesco QQQ ETF, linked to the Nasdaq 100, is down 1% in pre-market trading, reflecting broader market trends affecting Bitcoin [3] Group 2 - Traditional safe haven assets, gold and silver, are reaching new all-time highs, with gold trading near $4,600 per ounce and silver up over 5% at over $84 per ounce [2] - Gold and silver are now the first and second largest assets globally by market capitalization, valued at approximately $32 trillion and $4.7 trillion respectively [2] Group 3 - Strategy (MSTR) is slightly up as markets await confirmation of another Bitcoin purchase, indicating potential activity linked to its share sales program [4] - The perpetual preferred equity called Stretch (STRC) continues to trade at par, around $100, in pre-market trading [4]

Core Insights - Invesco Ltd.'s QQQ Trust, Series 1, has transitioned to an open-end exchange-traded fund (ETF) structure, approved by its shareholders, along with a new governance model featuring a board of trustees [1][7]. Group 1: Rationale and Benefits of the Move - The QQQ Trust has been operating under a unit investment trust (UIT) structure since its inception in 1999, which has become less efficient compared to modern ETFs, limiting capabilities such as reinvesting dividends and securities lending [2]. - The reclassification aims to align QQQ with contemporary ETF models, enhancing operational efficiencies and reducing the expense ratio, which is expected to drive revenue growth [2][3]. - The total expense ratio for Invesco QQQ will decrease from 0.20% to 0.18%, providing direct benefits to shareholders [3]. Group 2: Strategic Implications - The new structure will enable the fund to reinvest income and engage in securities lending without tax consequences for investors, while still tracking the Nasdaq-100 Index [3][7]. - Invesco's CEO highlighted the transformation as a means to enhance flexibility and improve outcomes for investors, while also aiming to grow assets under management, which would subsequently increase revenues [4]. Group 3: Market Performance - Invesco's shares have experienced a significant increase of 80.8% over the past six months, contrasting with a 2.1% decline in the industry [5]. - The company currently holds a Zacks Rank of 1 (Strong Buy), indicating strong market confidence [8].

Core Insights - Invesco QQQ Trust has undergone a significant restructuring, transitioning from a unit investment trust ETF to an open-end fund ETF, which is expected to reduce investor fees by 10% [1][2][3] Fund Structure and Fees - The total expense ratio for Invesco QQQ will decrease from 0.20% to 0.18% as part of the conversion [2] - The new structure allows for reinvestment of income and participation in securities lending, with no tax implications for investors [2] Management and Strategy - Andrew Schlossberg, President and CEO of Invesco, emphasized the importance of this transformation in delivering better outcomes for investors and responding to client needs [3] - The modernized QQQ will continue to track the Nasdaq-100 Index, which includes the 100 largest non-financial companies listed on the Nasdaq [3] Innovation and Product Offering - The reclassification aligns with Invesco's goal to provide innovative ETF solutions, enhancing access to the Nasdaq-100 Index [4] - Invesco QQQ remains a key component of the Invesco QQQ Innovation Suite, which offers a range of ten differentiated ETFs for customized exposure to the index [4][5] Assets Under Management - As of November 30, 2025, the assets under management for the Invesco QQQ Innovation Suite total approximately $474.7 billion, the highest among providers tracking the Nasdaq-100 Index [5] Company Overview - Invesco Ltd. is a leading global asset management firm with $2.1 trillion in assets under management as of September 30, 2025, serving clients in over 120 countries [6]

Core Viewpoint - Economist Peter Schiff advocates for Bitcoin holders to sell some of their holdings and invest in silver, following a recent rally in Bitcoin prices [1][2]. Group 1: Silver Performance - Silver has reached a new all-time high above $60 per ounce, with an almost 5% intraday rise, which Schiff attributes to breaking the long-term double top at $50 [2]. - Spot silver has outperformed Bitcoin recently, gaining 21% over the last month, while Bitcoin has lost over 12% of its value in the same period [3][4]. - Over the past year, silver has increased by approximately 91.98%, while Bitcoin has only seen a decline of 5.51% [4]. Group 2: Bitcoin Performance - Bitcoin's value has significantly decreased in terms of silver, requiring only 1,508.01 ounces of silver to buy one Bitcoin, down from 3,030 ounces a year ago, indicating a drop of over 50% in its value when measured in silver [4][5]. - Despite recent losses, Bitcoin has surged fivefold over the past five years, compared to silver's 155% gain in the same timeframe [3][4]. Group 3: Market Commentary - Schiff has criticized Bitcoin, suggesting it behaves like a "mirror image" of silver, where rising silver prices correlate with Bitcoin crashes [6]. - Binance founder Changpeng Zhao commented that Schiff is close to recognizing Bitcoin's potential, despite his persistent skepticism [6].

Core Viewpoint - Invesco's shares have reached a new 52-week high, driven by investor optimism regarding the reclassification of the Invesco QQQ ETF, which is expected to enhance operational efficiency and increase fees [1] Group 1: Stock Performance - Over the past six months, Invesco's stock has increased by 78.7%, outperforming the industry, Zacks Finance Sector, and S&P 500 index [2] - The company's shares have outperformed close peers such as T. Rowe Price and Franklin Resources [2] Group 2: QQQ Reclassification - The Invesco QQQ ETF has been operating under a legacy unit investment trust structure since its launch in 1999, which has limited its operational efficiencies [5] - The reclassification aims to transition QQQ to an open-end ETF model, unlocking operational efficiencies and reducing expense ratios, which is expected to drive revenues [5] Group 3: Asset Management Growth - Invesco's assets under management (AUM) have experienced a compound annual growth rate (CAGR) of 8.5% over the last five years, continuing into the first nine months of 2025 [6] - The company has capitalized on the rising demand for passive products, which made up 47.4% of total AUM as of September 30, 2025 [7] Group 4: Operational Efficiency - Invesco has achieved $200 million in annualized net savings from the OppenheimerFunds acquisition ahead of schedule, contributing to improved operating efficiency [8] - The company is also selling Intelliflo to enhance efficiency, despite increased adjusted operating expenses in 2023 and the first nine months of 2025 [9] Group 5: Global Presence - Invesco has a strong global presence, with 31% of total AUM coming from clients outside the United States as of September 30, 2025 [11] - The acquisition of Europe-based Source and the establishment of a joint venture in India are expected to strengthen Invesco's global footprint [12] Group 6: Financial Position - As of September 30, 2025, Invesco's total debt was $9.94 billion, significantly higher than cash and cash equivalents of $973.1 million [13] - The company maintains a stable outlook with investment-grade long-term senior debt ratings, allowing favorable access to the debt market [13] Group 7: Dividend and Share Repurchase - Invesco announced a 2.4% increase in its quarterly dividend to 21 cents per share, having raised dividends six times in the last five years with a payout ratio of 44% [14] - The company has a share repurchase plan, with approximately $257.2 million remaining in buyback authorization as of September 30, 2025 [17] Group 8: Analyst Sentiment and Valuation - The Zacks Consensus Estimate for earnings has increased, projecting growth of 14% for 2025 and 32.2% for 2026 [18][20] - Invesco's stock is trading at a forward P/E of 10.34X, which is below the industry average of 12.73X, indicating an attractive valuation [21][24] Group 9: Challenges - Invesco's top-line growth has been weak, with total operating revenues showing a downtrend since the second half of 2020 [25] - The company's goodwill and net intangible assets totaled $14.2 billion as of September 30, 2025, which poses a risk of impairment affecting financials [26][27]

Core Viewpoint - Tradr ETFs has launched the Tradr 1X Short Innovation 100 Monthly ETF (BATS:SMQ), the first ETF providing inverse (-100%) monthly-reset exposure to the Invesco QQQ (NASDAQ:QQQ), aimed at active market participants [1]. Group 1: Product Features - The SMQ ETF allows traders to express medium-term bearish views on the QQQ benchmark without the complications associated with traditional daily-reset leveraged products [2]. - Unlike daily-reset leveraged ETFs, the SMQ is designed to return the opposite of QQQ's performance over a full calendar month, making it a counterpart to Tradr's existing bullish product, the Tradr 2X Long Innovation 100 Monthly ETF (NASDAQ:MQQQ) [3]. - The monthly-reset mechanism minimizes distortions and is more suitable for traders focusing on multi-week themes and macro catalysts [5]. Group 2: Market Position and Strategy - Tradr ETFs is expanding aggressively in the leveraged ETF space, having pioneered the first single-stock leveraged ETFs in 2022 for companies like Tesla and Nvidia, and now manages 54 leveraged ETFs with nearly $2 billion in assets [6]. - The company claims its products offer a simplified solution compared to margin accounts or options strategies, providing precise directional exposure through conventional brokerage platforms [7]. - With the introduction of SMQ, Tradr aims to cater to sophisticated investors seeking leverage without the drag associated with daily reset products [7].