Hi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. Investment Style: Spotting high-potential winners before they break out, focusing on asymmetric opportunities (with at least upside potential of 2-3X outweighing the downside risk). By leveraging market inefficienci ...

公司及行业 * Power Corporation of Canada (PCC) 是一家加拿大控股公司 旗下主要控股公开交易的子公司包括Great-West Lifeco和IGM Financial 并拥有另类资产管理平台Sagard和Power Sustainable 以及战略投资如Wealthsimple[1][11][29] * 行业涉及保险 财富管理 资产管理和另类投资[11][20][29] 核心观点与论据 * PCC采用长期业务方针和主动所有权模式 与子公司是合作伙伴关系 通过深入参与其战略、资本配置和风险管理来创造价值[4][11][12] * Great-West Lifeco (GWL) 是多元化金融实体 其美国Empower业务在市场中排名第二 公司提供了中期指引 包括8%-10%的盈利增长目标和19%的ROE 以及约80%的现金生成率 其盈利在过去四年实现了两位数增长[20][21][22] * IGM Financial的业务重心已从资产管理转向财富管理 后者现占其业务的三分之二 其战略投资（包括Wealthsimple和Rockefeller）价值约65亿加元 约占其120亿加元市值的一半 这些投资目前虽不贡献盈利 但正在增值[24][25] * PCC的另类资产管理平台Sagard（AUM约440亿加元）已接近盈亏平衡 年管理费约2亿加元 Power Sustainable（AUM约40亿加元）则处于发展早期 PCC向其LP策略配置了约27亿加元资本 其中约20亿加元用于LP投资 10亿加元投资于Wealthsimple 这些投资产生了经济回报 例如对Sagard GP的投资已实现3倍多的回报[29][31][35] * PCC积极利用其交易价格相对NAV的折扣（截至前一交易日收盘为16.1%）进行股票回购 近年来已回购超20亿加元股票 此举能提高每股收益和股息 并被视为为股东创造回报的有效途径[26][38][39] * PCC参与其子公司GWL的股票回购计划 通过按比例参与 在GWL回购股票时维持其所有权比例 从而为PCC股东释放价值[41][42] 其他重要内容 * PCC加强了投资者沟通 首次设立了投资者关系主管职位 并推动子公司举办投资者日活动以改善披露[7][8] * GWL以其严谨的风险管理文化著称 在金融危机期间是唯一保持AA评级的保险公司[16] * PCC的价值创造框架专注于三个杠杆：运营公司的有机增长、通过并购实现运营公司增长 以及控股公司层面的简化和资本配置[26][44] * 公司提供了中期财务目标 包括GWL盈利增长8%-10% IGM盈利增长9% 并结合约4%的股息收益率和股票回购 旨在为股东带来低双位数的总回报[44][45]

行业功能定位转变 - 杠杆及反向ETF正从零售投机工具转向成熟投资者的风险管理工具 [1][6] - 学术研究发现通过美国宽基ETF的高水平做空通常伴随指数正回报 表明其用于对冲而非方向性投机 [2][3] - 使用杠杆/反向ETF建立空头头寸时 这种反向关系更为显著 与传统认知相悖 [3] 机构应用场景 - 成熟投资者通过反向ETF对冲美股多头头寸 避免因出售资产产生资本利得税 [4] - 做市商将此类ETF作为高效杠杆来源 用于对冲交易头寸并快速调整持仓 [5] - 研究显示超半数杠杆及反向ETF资产由机构投资者持有和交易 [7] 市场规模与区域差异 - 全球杠杆及反向ETF资产管理规模达1470亿美元 较2017年增长近一倍 [6] - 欧洲市场仍以散户驱动为主 平均交易额仅数千英镑 远低于传统ETF [8] - 欧洲专业投资者对该类产品的风险管理应用兴趣正在提升 [8] 企业实践案例 - Direxion公司510亿美元管理规模产品被成熟投资者广泛用于风险管理 [4][5] - GraniteShares产品虽仍被零售用于方向性押注 但对冲需求资金流占比已具相关性 [6] - 欧洲领先机构Leverage Shares指出当地做市商主要提供流动性而非对冲 [8]

Jerome Powell Treasuries gained for the first time in five sessions after Federal Reserve Chair Jerome Powell reiterated his view that policymakers face a “challenging situation” in balancing risks to inflation and the labor market. Most Read from Bloomberg The gains pushed yields two to four basis points lower across tenors, with the rate on the 10-year bond falling to 4.11%. The market had been under pressure since Powell last week suggested policymakers would take a cautious approach to further rate ...

这类投资者通常将低风险放在首位,无法承受大幅 度的亏损,又希望获得比银行存款更高的收益。 波动率低：债基的净值波动远小于股票型基金，投 资体验更好。 追求稳健： 债基有稳定的利息收入，能满足他们对 稳定收益的追求。 2、有资产配置、分散风险需求的投资者 这类投资者深谙"不把鸡蛋放在同一个篮子里"的道 理。通过股债资产配置构建一个平衡的投资组合来平 滑整体波动,降低风险。 "减震器"： 债市与股市很多时候呈现出跷跷板效 应，投资组合中加入债基，能有效对冲股票资产的 风险，减少整体波动。 3、有理财规划、追求确定性的投资者 这类投资者有明确的资金用途计划(1-3年),例如 为购房准备首付、为子女筹备教育金等。这笔钱既不 能承受太大风险,又不能只满足于活期存款的利息。 流动性适中:相比银行定期存款,债基（尤其是短 债基）的流动性更好，赎回更方便，能满足中期理 财的需求。 风险提示:本资料仅作为投资者教育用途,在任何情况下,本资料中的信息或表述的意见均不构 对任何人的投资建议或推荐。基金有风险,投资需谨慎。基金管理人承诺以诚实信用、勤勉尽职 专题：2025金融教育宣传周：保障金融权益 助力美好生活 基金行业在行动 M ...

[Music] Now is the closing bell on Wall Street and now it's market domination overtime. We're giving you full team coverage of all the moves to get you up to speed on the action from today's trade and Yahoo Finance's Alli Canal joining us here to break down the moves today. Ally, what are you seeing at that close.>> I'm seeing a lot of records here, Josh. We have new records and all-time closing highs for the Dow, Nasdaq, S&P, even the small cap, Russell 2000 securing a fresh high here. Now, the Nasdaq lead ...

交易概述 - 美国银行同意从桑坦德银行收购价值1亿欧元（1.18亿美元）的西班牙房地产贷款组合[1] - 这是美国银行今年与桑坦德银行达成的第二笔类似交易[1] - 交易由高力国际集团提供咨询支持[1] 美国银行战略动机 - 收购旨在欧洲利率变动导致房地产资产重新定价之际 获得西班牙房地产贷款市场的立足点[3] - 通过专业房地产贷款扩张实现资产基础多元化 并获取欧洲商业房地产贷款的更高收益[3] - 今年早些时候已从桑坦德银行收购酒店相关贷款组合[3] 桑坦德银行战略目标 - 交易是桑坦德银行2025年剥离400-450亿欧元风险加权资产计划的一部分[1] - 通过出售贷款组合和风险转移加强资本比率 为核心贷款业务释放资源[4] - 除美国银行外 近期还向高盛和摩根士丹利出售不良贷款组合[4] 同业交易动态 - 高盛从桑坦德银行收购约4.6亿欧元（5.34亿美元）西班牙抵押贷款[5] - 摩根士丹利以9亿欧元与桑坦德银行达成交易 并从其他西班牙银行收购不良抵押贷款组合[5] 市场表现 - 美国银行股价过去六个月上涨22.7% 低于行业28.9%的涨幅[6]

Stocks keep hitting record highs — and the Federal Reserve just gave them another reason to climb. The central bank cut rates by a quarter point on Wednesday and signaled two more reductions are likely by year-end, with Fed Chair Jerome Powell calling it a "risk management" move to cushion a softening labor market. That backdrop has only reinforced Wall Street's conviction that the rally isn't over. "Fed rate cuts near market highs have historically led to further gains, though not in a linear fashion," ...

Berkshire Hathaway Specialty Insurance (BHSI) has launched a group personal accident and business travel insurance product in the UK. The company noted that the policy is available to companies of all sizes and covers domestic and international business travel. It includes real‑time risk alerts and traveller tracking, emergency response services provided by Healix International, and virtual services for UK‑based employees covered under a Group Personal Accident policy via Teladoc Health UK. Teladoc’s se ...

9/12/202515 health care names are in the IBD 50 list... INVESTING RESOURCES ● Take a Trial Today BREAKING: Futures Rise After Whipsaw Fed Reaction Judging by the closing prices among the major stock market indexes, investors overall appeared relieved that the Federal Reserve made what Fed Chair Jerome Powell called a "risk management" cut in the cost of money. As widely expected, the U.S. central bank decided almost in unanimous fashion to reduce the fed funds short- term interest rate by a quarter point to ...