Core Insights - The perception of tipping culture in America is that it is excessive, but this is only partially true, especially for small businesses [1] - Tipping fatigue exists, yet Americans are still tipping, becoming more selective about when and how much to tip [2] Tipping Trends - The average tip percentage across various categories is 15.46%, with restaurants, fast food, and transportation averaging between 14% and 16%, while personal services like barbering and beauty services average 17% and miscellaneous services average 18.3% [3] - The average dollar amount for tips has increased to $12.44, with specialty services like automotive repair often seeing tips over $20, indicating that high-quality experiences are rewarded with higher gratuity [4] Customer Experience - Small and micro-sized businesses need to be cautious about how they prompt for tips, as excessive prompts can undermine the legitimacy of tipping in customers' minds [5] - Tipping trends vary by state, with South Carolina leading at an average tip rate of 20.71%, followed by Wisconsin at 19.15% and Connecticut at 18.43%. However, Connecticut has the highest average dollar amount for tips at $13.06 [6]

Core Viewpoint - Australia's financial crime watchdog, AUSTRAC, has ordered an audit of Airwallex for suspected compliance failures related to anti-money laundering and counter-terrorism financing [1][2] Group 1: Compliance Concerns - AUSTRAC is concerned that Airwallex's transaction monitoring program does not adequately address the full range of risks associated with its operations, which involve transferring funds across multiple jurisdictions [1] - The fintech has not clearly defined its customer base or the reporting requirements that may arise from its operations [2] - AUSTRAC's CEO, Brendan Thomas, expressed concerns regarding Airwallex's ability to identify and report suspicious activities and the oversight of these obligations [2] Group 2: Company Operations and Expansion - Airwallex, co-headquartered in San Francisco and Singapore, is backed by notable investors such as Tencent, DST Global, and Hillhouse, and has committed to fully cooperate with AUSTRAC's external auditor review [3] - An external auditor had previously validated Airwallex's compliance program in Australia in 2025, following an AUSTRAC audit in 2024 [3] - Recently, Airwallex acquired South Korea's Paynuri Co Ltd, obtaining local payment licenses and a foreign-exchange business registration to facilitate its expansion in Asia [4]

Core Insights - The city of Homestead, Florida, has successfully launched Tyler Technologies' Enterprise Permitting & Licensing cloud platform, which aims to enhance interactions between businesses and residents [1][4] - The implementation took seven months and was completed on time and within budget, replacing the city's legacy system with a modern, integrated platform [1][2] Implementation Details - The new system streamlines permitting, licensing, and code enforcement processes, allowing for efficient workflow and simultaneous regulatory reviews by multiple departments [2][3] - The platform includes features for validating signed and sealed drawings, automated project routing, and a community portal for accessing services [3][6] Payment Processing - Tyler's flexible payments platform enables the city to accept payments from various third-party sites and supports miscellaneous payments, enhancing the overall payment processing experience [3][4] Benefits to the City - The Enterprise Permitting & Licensing solution provides end-to-end transparency and improved collaboration, positioning the city for long-term growth [4] - The system eliminates duplicative workflows and ensures a reliable source of truth for all stakeholders involved [3][4] Company Overview - Tyler Technologies is a leading provider of integrated software and technology services for the public sector, with over 45,000 successful installations across 15,000 locations [5][7] - The company reported revenues of $1.850 billion and a net income of $164.2 million in 2022 [7]

Core Insights - Blue Gold Limited has appointed Nathan Dionne as Chief Technology Officer (CTO) to lead its digital strategy and oversee the development of a gold-backed token and payment platform [1][2][4] - The company aims to create the world's first gold-backed global currency, bridging the physical and digital realms of gold [2][4] - Mr. Dionne has extensive experience in technology and finance, having held key positions in various companies, which positions him well to drive Blue Gold's mission [3][4] Company Overview - Blue Gold Limited is a next-generation gold development company focused on acquiring high-potential mining assets globally [5] - The company's mission is to unlock untapped value in the gold sector through innovative monetization models, including asset-backed digital instruments [5] - Blue Gold emphasizes responsible development, operational transparency, and the use of modern financial technologies to redefine gold production and ownership [5][6]

Company Overview - Blue Gold Limited is a next-generation gold development company focused on acquiring high-potential mining assets globally, aiming to unlock untapped value in the gold sector through innovative monetization models, including asset-backed digital instruments [4] - The company is committed to responsible development, operational transparency, and leveraging modern financial technologies to redefine gold production, access, and ownership in the 21st century [4][5] Leadership Appointment - Nathan Dionne has been appointed as Chief Technology Officer (CTO) of Blue Gold, effective immediately, to lead the company's digital strategy and oversee the development of a gold-backed token and payment platform [1] - Mr. Dionne has extensive experience in cryptocurrency, digital payments, and financial services, having held key positions at various companies, including CashStar, Barstool Sports, and ECI [2] Strategic Vision - The leadership of Nathan Dionne is expected to be instrumental in building scalable digital infrastructure for the tokenization of gold, aligning with Blue Gold's mission to create the world's first global gold-backed digital currency ecosystem [3] - The company aims to bridge the physical and digital worlds, transforming gold from a mere store of value into a utility for the modern economy [3]

Performance Summary - Rowan Street Capital's fund performance in Q3 2025 remained unchanged at +0.22%, with year-to-date returns of +20.4% net of fees, outperforming the S&P 500's +14.8% [1] - Over the past three years, the firm's capital compounded at approximately +54.2% annually, resulting in a cumulative return of +266%, significantly exceeding the S&P 500's +24.9% annualized gain [1] Investment Focus - The fund highlighted Adyen N.V. (OTC:ADYEY) as a key investment, which has shown a one-month return of 6.01% and a 52-week gain of 12.84% [2] - As of October 22, 2025, Adyen N.V. stock closed at $17.26 per share, with a market capitalization of $54.62 billion [2] Adyen N.V. Analysis - Adyen N.V. has compounded at an exceptional 44% annualized rate since its acquisition in 2023, initiated during a period of extreme pessimism when the stock had dropped nearly 50% [3] - The market's overreaction to short-term challenges overlooked Adyen's unique position as a global payments platform built entirely in-house, providing a structural advantage over competitors [3] - The stock rebounded sharply as fundamentals stabilized and growth reaccelerated, reflecting the firm's long-term investment strategy and confidence in Adyen's management [3] Hedge Fund Interest - Adyen N.V. was held by one hedge fund portfolio at the end of Q2 2025, an increase from zero in the previous quarter, indicating growing interest [4] - Despite recognizing Adyen's potential, the analysis suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - UK-based digital finance firm Revolut is planning to launch its payment platform in India, marking its first entry into one of the largest digital payments markets globally [1] - The fintech aims to partner with the Unified Payments Interface (UPI) and Visa to facilitate both domestic and international transactions for users in India [1] - Revolut has a waitlist of 350,000 customers in India, with services expected to roll out later this year [2] Expansion Plans - Revolut plans to leverage a prepaid payment instrument license obtained from the Reserve Bank of India to provide domestic payment services [3] - The company also holds a license to offer foreign exchange services in India [3] - Revolut aims to reach 100 million customers globally by 2027 and expand into over 30 new markets by 2030 [4] Recent Developments - Revolut recently opened its new global headquarters in London's Canary Wharf and reported surpassing 65 million customers worldwide [4] - The firm is also exploring the acquisition of a US bank and plans to launch credit cards in its home market [2] - Additionally, Revolut is looking to apply for a banking license in South Africa, working closely with the South African Reserve Bank [4]

Core Insights - Revolut is launching its payment platform in India, marking its entry into a significant digital payments market as part of its global expansion strategy [1][2] - The firm aims to attract 20 million customers by 2030, focusing on the "aspirational youth" demographic [3] Company Strategy - Revolut plans to offer domestic and international payment services through partnerships with the Unified Payments Interface and Visa, starting with 350,000 waitlisted customers [1][2] - The company has secured a prepaid payments instrument license from the Reserve Bank of India to facilitate domestic payment services and also holds a license for forex services [2] Investment and Localization - Revolut has invested over 40 million pounds (approximately $53.7 million) to localize its technology in compliance with India's data sovereignty regulations, a unique effort for the company [3]

Company Overview - Affirm Holdings, Inc. (NASDAQ:AFRM) is a payment platform that allows consumers to split purchases over time through its point-of-sale solutions and mobile app [2]. Investment Perspective - Jim Cramer highlighted Affirm as a stock worth owning, praising its CEO Max Levchin for his intelligence and capability, despite skepticism from some investors about the company's future progress [1]. Market Comparison - While Affirm is recognized for its potential as an investment, there are opinions suggesting that certain AI stocks may offer greater upside potential and carry less downside risk [3].

Group 1 - Affirm Holdings, Inc. (NASDAQ:AFRM) has experienced a significant share price increase of over 120% and is expected to benefit from future Federal Reserve rate cuts [1] - Jim Cramer predicts that Affirm's stock price will rise to $100 from its current price of $72, expressing strong confidence in the company's leadership under Max Levchin [2] - Affirm operates a payment platform that allows consumers to split purchases over time, serving various industries including retail, travel, electronics, and fashion [2] Group 2 - While Affirm is recognized for its potential as an investment, there are other AI stocks that may offer greater upside potential and less downside risk [2]