GAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a respon ...

GAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a respon ...

GAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a respon ...

GAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a respon ...

GAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a respon ...

A 94-year-old Los Angeles mutual-fund giant, Capital Group, has made one of the biggest bets on Bitcoin by a mainstream investment firm. Portfolio manager Mark Casey, a veteran who has spent 25 years at the firm, has been one of its more public proponents despite the firm's conservative, disciplined investing reputation. Casey, who is 54 years old, calls Bitcoin "one of the coolest things ever created by people." He came to see it as a legitimate investment after a meeting in 2013 with Wences Casares. Af ...

传统金融系统痛点 - 当前系统需要长达一天的结算周期 产生交易对手风险 并迫使市场参与者为隔夜融资提供抵押品 同时中介机构从这些低效中抽取租金[2] - 现有生态系统存在高度不便和摩擦 中介机构正在从中获取收益[2] 以太坊基础设施优势 - 以太坊具备原子结算能力 可在几秒内执行交易且无交易对手风险[2] - 代表新兴的基础公共设施类别 类似于Web1时代的互联网投资类别[2] - 作为金融和经济系统的通用结算层[2] 可编程金融能力 - 通过智能合约实现投资组合再平衡 在几分钟而非数天内完成股息分配[3] - 支持可组合交易 允许任何资产在任何时间与其他资产进行交易[3] - 为寻求效率的机构创造"获胜许可"优势[3] 可验证信任平台 - 通过密码学验证而非机构担保解决交易对手风险问题[4] - EigenLayer使以太坊能够为基础协议之外的其他网络提供支持[4] - 应用领域包括AI代理验证 Polymarket等预测市场 以及无需人工监督的自治系统[4] 机构采用进展 - 机构投资者正从教育阶段转向采用阶段[5] - 以太坊ETF于2024年7月推出 标志着采用拐点[5] - 财政公司目前累计持有约140-150亿美元的ETH资产[5]

美联储利率决议预期 - 预计美联储本周将降息25个基点 [1] - 市场定价显示到明年年底将有150个基点的宽松政策 但美联储目前指引仅预计在2026或2027年达到类似水平 [2] - 公司预计今年将有75个基点的降息 即未来三次会议各降息25个基点 [3] 货币政策限制因素 - 通胀问题持续存在 且部分地区联储主席持鹰派立场 限制降息幅度 [4] - 劳动力市场风险显著增加 但初请失业金数据尚未出现大幅上升 [7] - 当前联邦基金利率为4.33% 两年期利率为3.56% 显示政策仍处于限制性区间 [8] 中性利率与经济分化 - 美联储目前将中性利率设定在3% 但实际水平存在高度不确定性 [10] - 经济呈现三重分化：房地产市场陷入衰退 AI资本支出蓬勃增长 消费者部门虽保持韧性但预计将放缓 [9] - 金融条件整体宽松 削弱了政策限制性的说服力 [10] 通胀与关税影响 - 关税导致的价格上涨尚未完全体现在通胀数据中 预计将有更多传导 [12] - 远期通胀预期未出现实质性突破 使美联储能够将当前通胀视为价格水平上升而非持续性冲击 [12] - 若通胀上升主要来自商品价格而非住房或核心服务 且通胀预期受控 美联储可能容忍暂时性通胀 [13] 劳动力市场指标 - 失业率上月上升8个基点 但增速较为缓慢 [7] - 美联储预计年底失业率将达4-5% 认为这是合理的劳动力市场松弛水平 [6] - 初请失业金数据被视为关键先行指标 目前尚未出现恶化迹象 [7]

The Federal Reserve is set to meet this week to decide whether or not to lower interest rates. While markets have grown confident about the prospect of a rate cut this month, bearish sentiment among individual investors is on the rise. Nearly half of all investors said that they're bearish about the market over the next six months, according to the American Association of Individual Investors' latest weekly sentiment survey. That sentiment has spread in recent weeks, reaching its highest point in over fou ...

As fund flows during the month of July indicated, more investors continue to head overseas in order to get international bond exposure according to data from Morningstar. For those looking to overcome their U.S. bond home country biases, Vanguard has three funds that are worthy of consideration. Dollar Down, International Bonds Up The expectation of falling rates has been applying downward pressure on the dollar. Therefore international assets, both stocks and bonds, have been deriving the benefits of a wea ...