American Century Investments, an investment management company, released its third-quarter 2025 investor letter for the “American Century Investments Small Cap Value Fund.” A copy of the letter can be downloaded here. Equities rose strongly in the third quarter, with several hitting record highs. In the third quarter, the US Federal Reserve reduced its benchmark interest rate for the first time in the year. The portfolio aims to invest in small-cap companies that are undervalued and do not accurately repre ...

Economic Overview - Inflation reached a 40-year high in June 2022, with the consumer price index (CPI) increasing by 9.10% year over year, significantly impacting the cost of essentials like food and housing [1] - The U.S. federal budget deficit is projected to hit $1.9 trillion by the end of 2025, indicating ongoing fiscal challenges [2] - The federal government reported a $1.83 trillion deficit for fiscal 2024, with expenditures of $6.75 trillion against revenues of $4.92 trillion [3] Debt and Financial Stability - The national debt has reached a record high of $38.4 trillion, raising concerns about a potential "debt death spiral" where the government may need to borrow to service existing debt [4] - Interest payments on the national debt are nearing $1 trillion annually, which constitutes a significant portion of federal spending [4] Investment Strategies - In light of economic uncertainty, diversification is emphasized as a key strategy for investors, with gold recommended as a safe-haven asset [5][6] - Dalio suggests that investors should allocate 10 to 15% of their portfolios to gold to hedge against inflation and economic downturns [7] - Real estate is highlighted as another viable investment option, with platforms allowing fractional ownership in rental properties, thus providing an avenue for diversification [10][11] Alternative Investments - Art is presented as an alternative asset class that can be inflation-resistant and potentially yield competitive returns compared to traditional investments [15] - Masterworks offers investors the opportunity to purchase fractional shares of high-value artwork, with historical annualized net returns reported at +17.6%, +17.8%, and +21.5% for assets held over a year [17]

Core Viewpoint - The Ensign Group, Inc. has declared a quarterly cash dividend of $0.0650 per share, marking its twenty-third consecutive annual dividend increase, reflecting a strong market position and commitment to shareholder value [1]. Company Overview - The Ensign Group, Inc. operates independent subsidiaries that provide a wide range of skilled nursing and senior living services, as well as physical, occupational, and speech therapies across 373 healthcare facilities in various states including Alabama, California, and Texas [3]. - The company has been a dividend-paying entity since 2002, indicating a long-standing commitment to returning value to shareholders [2]. Financial Information - The dividend is payable on or before January 31, 2026, to shareholders of record as of December 31, 2025 [1].

Core Viewpoint - Ares Management, L.P. is set to join the S&P 500, which is expected to enhance its visibility and attract investor interest [1][5] Company Overview - Ares Management, L.P. is a global alternative asset manager providing investment solutions across credit, private equity, real estate, and infrastructure [1] - The company's market capitalization is approximately $38.66 billion, indicating a substantial presence in the financial sector [3][5] Stock Performance - Michael Brown from UBS has set a price target of $201 for ARES, suggesting a potential upside of approximately 12.73% from its current trading price of $178.30 [2][5] - The stock has experienced significant fluctuations over the past year, with a high of $200.49 and a low of $110.63 [3] - ARES's stock has seen a 1.19% increase today, reaching a high of $181.19 [2] Investor Interest - Today's trading volume for ARES is 9,378,741 shares, indicating strong investor interest [4][5] - The inclusion of ARES in the S&P 500 could potentially attract more institutional investors, enhancing its market presence [4]

Group 1: Currency Production and Costs - The production cost of a penny in fiscal 2024 was 3.69 cents, leading to a loss of $85.3 million for the Mint [3] - The cost of making a nickel in fiscal 2024 was 13.78 cents, resulting in a loss of $17.7 million [2] - Ending the production of pennies is expected to save the Mint approximately $56 million annually [3] Group 2: Inflation and Purchasing Power - The dollar's purchasing power has significantly decreased, with $100 in 2025 equivalent to what $12.05 could buy in 1970 [5] - The aggressive money printing has led to a decline in the value of smaller denominations, with the penny and nickel being the first to go [2][3] Group 3: Gold as an Investment - Gold prices have surged by over 50% in the past year, making it a popular choice for preserving wealth during inflation [7] - Gold is viewed as a safe-haven asset, especially during economic or geopolitical uncertainty, as it cannot be printed like fiat money [7][8] - Ray Dalio emphasized the importance of including gold in investment portfolios, particularly during challenging economic times [9] Group 4: Real Estate as a Hedge - The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index increased by 47% over the past five years, indicating strong demand in the real estate market [12] - Real estate often provides a revenue stream that adjusts for inflation, making it a powerful hedge against rising costs [12] Group 5: Alternative Investment Opportunities - Platforms like Masterworks allow investors to buy shares in blue-chip artwork, making art investment more accessible [21] - Crowdfunding platforms like Arrived enable investments in rental properties with minimal capital, providing exposure to real estate without the responsibilities of being a landlord [14][15]

Core Insights - StepStone Group reported Q3 CY2025 revenue of $454.2 million, exceeding analyst expectations by 71.1% and achieving a year-on-year growth of 118% [2][5][7] - The company's non-GAAP profit was $0.54 per share, which was 10.6% above the consensus estimates of $0.49 [2][7] - StepStone Group has a market capitalization of $4.92 billion and manages over $100 billion in assets [2] Revenue Growth - Over the last five years, StepStone Group has achieved a compounded annual growth rate of 31.4% in revenue, outperforming the average financials company [3] - The annualized revenue growth over the last two years stands at 42.8%, indicating a recent acceleration in demand [4] Quarterly Performance - The significant revenue growth of 118% in Q3 CY2025 reflects strong demand and effective business strategies [5][7] - The stock price remained stable at $62.24 immediately after the earnings report, suggesting market confidence in the results [7][8]

Core Viewpoint - The recent volatility in gold prices, including a significant drop of 6.3% on October 21, is seen as a correction within a continuing bull market rather than an end to the upward trend [2][4]. Market Sentiment - Market sentiment can shift rapidly, with investors often reacting emotionally to price movements, leading to potential selling at unfavorable levels [1][2]. - Peter Schiff emphasizes that during a bull market, the largest price movements are typically downward, which can mislead investors into thinking the market is reversing [2][3]. Gold Market Analysis - Schiff argues that the recent decline in gold prices is a necessary reset to eliminate weaker investors and prepare for future gains, suggesting that gold remains a strong buy below $4,000 [4][5]. - He predicts that gold could reach prices as high as $26,000 or even $100,000, driven by a decline in the value of fiat currency rather than changes in gold itself [4][6]. Investment Perspectives - Gold is viewed as a safe haven asset, especially during economic turmoil, as it is not subject to inflationary pressures like fiat currencies [5][6]. - Prominent investors, including Ray Dalio and Jamie Dimon, support the notion that gold should be a significant part of investment portfolios, especially in uncertain economic conditions [6]. Investment Strategies - One suggested method for investing in gold is through a gold IRA, which combines the benefits of retirement accounts with gold investments, providing tax advantages [7].

Group 1 - Zions Bancorporation recently disclosed a $50 million charge related to two commercial industrial loans, which is significant for a smaller regional bank compared to larger institutions like JPMorgan [1] - The company provides a range of banking services including commercial, real estate, and consumer banking, as well as capital markets, investment banking, and wealth management [2] Group 2 - There is a belief that certain AI stocks may offer greater upside potential and carry less downside risk compared to Zions Bancorporation [3]

Core Insights - Real estate investor Grant Cardone emphasizes the importance of taking risks in both Monopoly and real-life investing, stating that those who do not take risks will end up paying rent to those who do [1] Group 1: Investment Strategies - Buying assets with a paycheck is essential for making money work for an individual, serving as a foundation for building a retirement nest egg [2][3] - Cardone highlights the tax advantages of real estate investments, which can generate cash flow and provide tax write-offs [4] Group 2: Risk Management - Taking risks is crucial for growth, as demonstrated in the Monopoly game where ambitious players can reap rewards despite the potential for financial loss [5][6] - The risks associated with investing extend beyond traditional methods, including starting a business and networking, which can enhance skills and lead to better opportunities [7] Group 3: Portfolio Construction - While taking risks is beneficial, it is important to balance risk-taking with prudent investment choices, distinguishing between strategic investments and reckless gambling [8]

Company Strategy - Opendoor, a $6 billion real estate company, will accept Bitcoin ($BTC) and other cryptocurrency payments [1]