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Daily 2025-11-04
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Tue, Nov 4 | 3:15 read time
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<div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#7F879C;">
All metrics are as of the latest market close.
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<tbody>
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<tbody>
<tr>
<td style="vertical-align:top;padding:0;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" style="font-size:0px;padding:0;word-break:break-word;">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
<tr>
<td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
S&P 500
</td>
<td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.17% ▲
</td>
<td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
6,852
</td>
</tr>
<tr>
<td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
GOLD
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<td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.51% ▲
</td>
<td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
$4,017
</td>
</tr>
<tr>
<td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
BITCOIN*
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
3.59% ▼
</td>
<td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
$106,570
</td>
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<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*24-hour change
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</tbody>
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</td>
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</tbody>
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</td>
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<tbody>
<tr>
<td style="vertical-align:top;padding:0;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
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<td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
<div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
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</td>
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</tbody>
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</td><td class="" style="vertical-align:top;width:251.92px;">
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<tbody>
<tr>
<td style="vertical-align:top;padding:0;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" style="font-size:0px;padding:0;word-break:break-word;">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
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FTSE 100
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.16% ▼
</td>
<td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
9,701
</td>
</tr>
<tr>
<td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
BRENT OIL
</td>
<td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.12% ▲
</td>
<td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
$64.85
</td>
</tr>
<tr>
<td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
US BONDS*
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.02% ▲
</td>
<td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
4.13%
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*10-year government yield
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</td>
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
WALL STREET FEAR GAUGE INDEX
(
<a style="font-weight:400;font-family:Trispace,monospace">
VIX
</a>
)
</div>
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<img alt="Wall Street Fear Gauge Index" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F111%252F608%252F446%252FAPW1bDp49YKeLmZ26jmVoORax%252Fe95ad5ac52419750867c276d067fc8c6b776891d.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Da18d563097d55e98364a93dbec79dcbe/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjIyNDM1MTguNTQ3NTkxMn0:1vGC2Y:WoqmCFzTIXJNyxzhIj-iYpB6LUAN4e2kMxuHdjMPFa8" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="536"/>
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<div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
<p data-block-key="10zqs">
🟢 Microsoft shook on a $10 billion deal with – you guessed it – an AI data center provider
</p>
<p data-block-key="4vv1u">
🟡 Berkshire Hathaway
had another thrifty quarter… and investors weren’t feeling spendy, either
</p>
<p data-block-key="9d87v">
<b>
➕
</b>
How the Finimize Research investing picks have done so far
</p>
<p data-block-key="4oa1l">
<b>
👇 Keep reading to find out more
</b>
</p>
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Cloud Cover
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<a target="_blank">
<img alt="Cloud Cover" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-031125-Cloud.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D0b6fe27c688f5ebaa5db5c304f98ac8a/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjIyNDM1MTguNTQ3NzA2fQ:1vGC2Y:9Ltcr7fbPrK0DSG_nuo20wkH62Q6bxlgzF7Il1mry0g" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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<p data-block-key="okjb9">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="fetv0">
<b>
Microsoft
</b>
signed a nearly $10 billion deal with data center company
<b>
IREN
</b>
, backing up the forecast for heavy cloud with no chance of slow.
</p>
<p data-block-key="c45ll">
<b>
What
does this mean?
</b>
</p>
<p data-block-key="fs1at">
The deal will give Microsoft access to essential AI infrastructure – including sacks of coveted Nvidia chips – for the next five years. But IREN may be the real winner: the data center company will use just a tenth of its capacity for Microsoft, leaving it open to a far-from-monogamous lifestyle.
</p>
<p data-block-key="ac5ct">
🔺 Combine those ten billion dollars with the potential for many more contracts, and you can see why investors pushed IREN’s
stock up 20%.
</p>
<p data-block-key="64f66">
<b>
Why should I care?
</b>
</p>
<p data-block-key="50utj">
<b>
<i>
For markets:
</i>
</b>
<i>
What’s the matter, Meta?
</i>
</p>
<p data-block-key="1c4h0">
Microsoft,
<b>
Google
</b>
,
<b>
Meta
</b>
, and
<b>
Amazon
</b>
all raised their spending forecasts last week: the foursome now expect to drop more than $380 billion this year.
</p>
<p data-block-key="678d6">
▶ Most of that cash will go toward data centers – of which a big chunk is earmarked specifically for Nvidia chips.
The rest will be spread across stuff like memory, cooling, power, and networking equipment.
</p>
<p data-block-key="2q1b2">
▶ Investors aren’t necessarily turned off by these billion-dollar shopping sprees – but they
<i>
do
</i>
want firms to spend strategically, not rashly. That’s why they punished Meta’s stock by 10% this earnings season, unsure of the firm’s plans. At the same time, they rewarded Amazon with a 10% uptick – perhaps sold on the strong long-term returns the company’s
expecting.
</p>
<p data-block-key="fi9lf">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Follow the money.
</i>
</p>
<p data-block-key="bn46s">
IREN used to make most of its money by mining bitcoin – basically, solving puzzles to earn the crypto. In fact, bitcoin miners developed and maintained loads of data centers for that purpose. But with the rise of AI, firms like IREN,
<b>
Core Scientific,
</b>
and
<b>
Cypher Mining
</b>
have upgraded their centers and rented them out to high-rolling tech companies.
</p>
<p data-block-key="ainmf">
🔺 Speaking of Cypher, the firm’s stock jumped around 16% on Monday after it revealed a $5 billion computing power deal with Amazon.
</p>
</div>
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<a>
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Scientific May Be Headed For Bigger Things
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<img alt="Pro section" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3.eu-west-1.amazonaws.com%252Fstatic%252Fdaily-email%252Fpro-roundal-no-gradient.png%253Fixlib%253Dpython-3.1.2%2526s%253D935baadb6eae5c9abd1479997c269c60/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjIyNDM1MTguNTQ3ODEyNX0:1vGC2Y:TinUXLQ2LJOeaRGfPyYKKdcS0uXibicvAIvXnK4VrQo" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="100"/>
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<div style="font-family:Inter,sans-serif;font-size:22px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
<mj-raw>
<span style="background-color:#EFFF0D;display:inline">
How Our Research Picks Have Held Up: November
2025
</span>
</mj-raw>
</div>
</td>
</tr>
<tr>
<td align="center" style="font-size:0px;padding:0;padding-bottom:16px;word-break:break-word;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-spacing:0px;">
<tbody>
<tr>
<td style="width:536px;">
<img alt="Insight" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252F_November.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253De84771254ef5568b6d4a35e5efc7d623/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjIyNDM1MTguNTQ3OTI3fQ:1vGC2Y:c7On6yAvubFWRk5bWn7Z82wzauCGxpI0jqe6n8fi5Zk" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="536"/>
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<div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
<p data-block-key="pr7ai">
It’s time for a
<a>
Finimize Research Drops
Performance Update
</a>
– our monthly “how’s it actually going?” check-in on the picks, portfolios, and strategies we’ve been telling you about.
</p>
<p data-block-key="5k11f">
As always, every actionable Research Drop is neatly tracked for you in this handy
<a>
Google sheet
</a>
, complete with links and live performance data. Yep, it’s basically a
<a>
scoreboard
</a>
.
</p>
<p data-block-key="59iqf">
And, so far, it’s been a
<a>
pretty solid showing
</a>
all around.
</p>
<p data-block-key="lga">
Our investing ideas have delivered an average absolute annualized return
<a>
of 55%
</a>
, outperforming their benchmarks by 28%, with a “hit rate” (that’s the percentage of calls that actually made money) of 79%.
</p>
<p data-block-key="ffgkl">
Alright, so
<a>
let’s go
</a>
around the analyst table and dig into what’s moving the needle now.
</p>
<p data-block-key="fu58a">
That’s today’s Insight:
<a>
a look back at our investing ideas, and how they’ve done so far
</a>
.
</p>
<p data-block-key="2ubje">
<a>
<b>
Read or listen to the
Insight here
</b>
</a>
</p>
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<img alt="Stéphane Renevier, CFA's profile image" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252Fstephane_46331c4438.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D70c3d46c3a3673687e36748e200a2720/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjIyNDM1MTguNTQ4MDM0Mn0:1vGC2Y:2fR18LStUje0GjGClg1q3MAZ_nwU6iA2Gj_wggzVHPU" style="border:0;border-radius:50%;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="30"/>
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<a style="color:#4C5469;font-weight:400">
Stéphane
Renevier, CFA
</a>
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<span style="font-style:italic">
SPONSORED BY FREETRADE
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<h4 data-block-key="be1py">
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Your task: sort out your pensions. Your reward: £1,000.
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Your pension is building for the future, but it could do more for you today.
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👀
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Today's headlines
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<mj-raw>
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Berkshire Has-A-Way
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<a target="_blank">
<img alt="Berkshire Has-A-Way" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-031125-Buffett-3.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dc10d24596e90d3f8caa7c9494e337bd6/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjIyNDM1MTguNTQ4Mjg2Mn0:1vGC2Y:ZtsuV9yryC8jB-MBmvwD4SjoEViR-_bPCuM_t9M2cgw" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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</td>
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</table>
</td>
</tr>
<tr>
<td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
<div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
<p data-block-key="ysdka">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="2gare">
Berkshire Hathaway sold more stocks than it bought for the twelfth-straight quarter – easily done when you buy
<i>
zero
</i>
– leaving Warren Buffett’s conglomerate sitting on a
record $382 billion of cash.
</p>
<p data-block-key="umv8">
<b>
What does this mean?
</b>
</p>
<p data-block-key="4p5vi">
Berkshire made over $13 billion in profit last quarter, up by more than a third on the same time last year. Yet, the conglomerate clung on to almost every cent: Berkshire didn’t purchase a single stock – not even its own.
</p>
<p data-block-key="99cv1">
▶ The firm did open its wallet once, though, to scoop up Occidental Petroleum’s chemical unit for nearly $10 billion. It was
Berkshire’s first major acquisition led by Buffett’s successor, Greg Abel (who’s set to inherit more free cash than any CEO ever when Buffett steps down at the end of the year).
</p>
<p data-block-key="1nsbd">
<b>
Why should I care?
</b>
</p>
<p data-block-key="eajps">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Willing and Abel.
</i>
</p>
<p data-block-key="49eld">
Berkshire’s shares have fallen about 11% since Buffett announced his retirement back in May, underperforming the S&P 500 by roughly the same.
</p>
<p data-block-key="1f7ov">
▶ See, investors have spent decades backing Buffett’s famously steady hand and quiet confidence. Now, they need to imagine a Berkshire
<i>
without
</i>
the world’s most famous investor.
</p>
<p data-block-key="fn883">
▶ So Abel has two big things to prove. One: that he’s capable of replacing Buffet. And two: that the firm’s strategy is still relevant today, when investors value visibility and decisive spending as much as Berkshire’s ingrained principles of value and
patience.
</p>
<p data-block-key="2e8cb">
<b>
<i>
Zooming out:
</i>
</b>
<i>
The price ain’t right.
</i>
</p>
<p data-block-key="5mfqd">
Investors might’ve hoped that Buffett would buy back some Berkshire shares (all else equal, that’d prop up their price). But the Oracle of Omaha says he’ll only do so when the shares are trading for less than they’re intrinsically worth – and despite their lackluster performance, he says that’s not the case.
</p>
<p data-block-key="fe5hr">
▶ The “price-to-book” ratio
compares a firm’s market value to its books, indicating whether the stock is overvalued. Right now, Berkshire’s is 1.6 – and the last time Buffett bought shares, it was 1.3.
</p>
</div>
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<strong>
"It takes an endless amount of history to make even a little tradition."
</strong>
— Henry James (an American-British author)
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<h4 data-block-key="oj2gk">
<b>
Bitcoin’s record-breaking run might make you feel like you’ve missed your chance.
</b>
<br/>
</h4>
<p data-block-key="epdbk">
Sure, a time machine wouldn’t go amiss right now – but there’s still plenty of opportunity if you know where to
look. In fact, if you know your way around the ecosystem, you could find cheaper (and maybe even better) ways to invest in digital assets.
<br/>
<br/>
So consider this your map: Duncan Moir – president of cutting-edge crypto platform
<a>
21shares
</a>
– is joining our Modern Investor Summit in December.
<a>
Join our sessions to find out why, how, and when you might consider crypto.
</a>
</p>
</div>
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🚨
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Track digital assets treasuries (DATs) across 150-plus entities and 14 assets, including bitcoin, ethereum and solana, on
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<a>
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to secure access to two days filled with expert investing insights, including:
</b>
</p>
<p data-block-key="42n9v">
<b>
🔮
</b>
<a>
<b>
2026 Investment Predictions And Trends
</b>
</a>
with Mike Arone (chief investment strategist at
<b>
State Street Investment Management
</b>
): December 2nd, 3.30pm UK time
</p>
<p data-block-key="el2a7">
<b>
🪙
</b>
<a>
<b>
The Next Decade For
Cryptocurrency
</b>
</a>
with Jean-Marie Mognetti (cofounder and chief executive officer at
<b>
CoinShares
</b>
): December 2nd, 6.30pm UK time
</p>
<p data-block-key="420fo">
<b>
👀
</b>
<a>
<b>
Accessing The Best Private Companies, Publicly
</b>
</a>
with Steven Tredget (partner at
<b>
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</b>
): December 3rd, 1pm UK time
</p>
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<div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
Stay classy,
<mj-raw>
Sarah
</mj-raw>
😉 This issue of the Daily Brief was curated by
<a style="color:inherit;font-weight:inherit">
Naomi
</a>
and
<a style="color:inherit;font-weight:inherit">
Russell
</a>
. Got an idea? A question?
<a>
Get in touch
</a>
.
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💌
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THAT
WAS GREAT FOR US... HOW WAS IT FOR YOU?
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