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   And the great fall of China |
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                                TOGETHER WITH
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                   Hi Sarah, here's what you need to know for
                   <strong>
                    August 16th
                   </strong>
                   in
                   <strong>
                    3:09 minutes
                   </strong>
                   .
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                    <span class="font-normal" style="font-weight: 400;">
                     Warren Buffett gave Berkshire Hathaway’s portfolio a checkup – and decided on an infusion of UnitedHealth’s stock
                    </span>
                   </li>
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                     Small-cap stocks have been outperforming, and it’s no fluke –
                     <a class="text-primary underline font-medium" style="font-weight: 500; color: #204CE9; text-decoration: underline;">
                      Read Now
                     </a>
                    </span>
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                     China’s economy dragged in July, with US tariffs biting, the property market idling, and policymakers mostly sitting on their hands
                    </span>
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                     🏆 “The Winner Takes It All” isn’t just a fantastic Abba song: the phrase can be a poignant investing lesson, too. Join Charles Schwab’s senior investment strategist and Charles Schwab UK managing director for Decoding Market Winners and Losers on September 2nd, and find out what trends are shaping the market right now.
                     <a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
                      Grab your free ticket
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              <span class="text-heading1 text-black font-black" style="font-weight: 900; color: #283444; font-size: 24px;">
               Dr Buffett
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              <p data-block-key="vuzri" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What’s going on here?
               </b>
              </p>
              <p data-block-key="9s8q1" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Warren Buffett just reshuffled Berkshire Hathaway’s portfolio to make space for ailing private health insurer UnitedHealth – and gave the rest of the firm’s holdings a checkup while he was at it.
              </p>
              <p data-block-key="fnn4c" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What does this mean?
               </b>
              </p>
              <p data-block-key="1k29o" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               Berkshire picked up five million shares of UnitedHealth – a $1.6 billion chunk that sent the healthcare firm’s stock up nearly 10% after hours. And Buffett made a few other (lifestyle) changes too:
              </p>
              <p data-block-key="9q3p8" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               – He dropped T-Mobile like a bad habit.
              </p>
              <p data-block-key="4gatl" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               – He cut back on Apple by 20 million shares (but it’s still the firm’s biggest holding).
              </p>
              <p data-block-key="a3kfi" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               – He shrank Berkshire’s Bank of America stake.
              </p>
              <p data-block-key="d92c6" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               – And he adjusted the firm’s housing and construction plays, deconstructing D.R. Horton while building up Lennar and Nucor.
              </p>
              <p data-block-key="3rlcc" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                Why should I care?
               </b>
              </p>
              <p data-block-key="f4lva" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                <i>
                 For markets:
                </i>
               </b>
               <i>
                Alive and kicking.
               </i>
              </p>
              <p data-block-key="e2ifs" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               UnitedHealth’s gone through a difficult stretch, filled with surprise jumps in medical costs, earnings disappointments, and management changes. But Buffett’s not giving up on it yet. The insurer still dominates the private market, with healthy size, strong provider networks, and loads of cash flow. So if costs stabilize and new leaders find their feet, UnitedHealth could come roaring back. Plus, Buffett’s recent purchase won’t hurt a bit: the Oracle of Omaha’s seal of approval can shift the market’s mood, tempting other investors and giving would-be sellers pause.
              </p>
              <p data-block-key="1tlju" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                <i>
                 Zooming out:
                </i>
               </b>
               <i>
                Spoonful of sugar.
               </i>
              </p>
              <p data-block-key="71b8d" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               The entire US healthcare sector’s been looking a bit unwell. Performance has been sluggish, and valuations are way down. But the doldrums can be the perfect setup for a comeback. Robust balance sheets, steady cash flows, and buyback or dividend injections are all on the table – as is a wave of mergers and acquisitions. For investors who have the stomach for it, today’s pain could be tomorrow’s gain.
              </p>
              <p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
              </p>
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               <b>
                You might also like:
               </b>
               <a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
                The oracle retires: Here are Warren Buffett’s best investing lessons
               </a>
               .
              </p>
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                  <strong>
                   Copy to share story:
                  </strong>
                  <a class="text-black60 font-normal" style="text-decoration: underline; font-weight: 400; color: #71767B;" target="_blank">
                   https://app.finimize.com/content/dr-buffett
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                         <span style="font-family: Helvetica, Arial, sans-serif; font-size: 12px; font-weight: bold; color: #E6F14A; display: inline-block;">
                          FROM OUR RESEARCH DESK
                         </span>
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                         <h2 style="font-weight: 700; line-height: 1.25; margin-bottom: 0; font-size: 24px; color: #FFFFFF; margin: 0 0 4px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
                          Why Investors Might Want To Think Small To Go Big
                         </h2>
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                      <img alt="Why Investors Might Want To Think Small To Go Big" 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%252FInsight-150825-SmallCaps.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D5a4a6305614922563076deb76c2a4b7e/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NTUzMzE1NjguMTMxNzc4fQ:1unBvU:78zxl0SqY1LXeY7lmv3rZoWfvgYOC7t3-EunvR8Ehhk" style="max-width: 300px; border-radius: 4px;" width="300"/>
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                     <p data-block-key="xjbe2" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       Smaller companies
                      </a>
                      around the world have surged ahead of their large-cap peers in recent months – ever since the American president unveiled a raft of tariffs on goods arriving in the US from all around the world.
                     </p>
                     <p data-block-key="3bp4p" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      That
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       rally
                      </a>
                      has caught plenty of folks off guard.
                     </p>
                     <p data-block-key="7c1gs" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      But the thing is: it does reflect some deeper structural shifts that could keep those stocks
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       outperforming
                      </a>
                      for a while.
                     </p>
                     <p data-block-key="buk3p" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
                      So that’s today’s Insight:
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       why investors might want to think small to go big
                      </a>
                      .
                     </p>
                     <p data-block-key="bq4h0" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0; color: #fff;">
                      <a style="color: inherit; text-decoration: underline; font-weight: inherit;">
                       <b>
                        Read or listen to the Insight here
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                      </a>
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                  <div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
                   <h4 data-block-key="2t5l4" style="font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.25; margin-bottom: 16px; color: #171E27; font-size: 20px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
                    Two sectors that can disproportionately outperform after tax cuts – and tools you could use to back them
                   </h4>
                   <p data-block-key="8iacf" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     Corporate tax cuts
                    </a>
                    can disproportionately benefit
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     small companies
                    </a>
                    .
                   </p>
                   <p data-block-key="552u9" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                    With their sights set on building an impactful brand, reliable client base, and consistent cash flow, they’re likely to reinvest their savings into hiring, expansion, or innovation.
                   </p>
                   <p data-block-key="56be1" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                    Investors know that – so often, they buy into
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     small-cap stocks
                    </a>
                    in anticipation of (or soon after) corporate tax cuts.
                   </p>
                   <p data-block-key="68bai" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     Industrial companies
                    </a>
                    see a similar effect. When taxes come down, they can better fund expansion, automation, and efficiency upgrades, aimed at increasing productivity and profitability.
                   </p>
                   <p data-block-key="186o2" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                    Of course, searching for specific stocks is a headache. So if you think corporate tax reforms will move the needle, you might like the look of
                    <a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
                     Direxion’s Daily Leveraged and Inverse ETFs instead
                    </a>
                    .
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               China Hit A Wall
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                  <img alt="China Hit A Wall" 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-150825-China.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D177203bead06c520f7644fc8f9ba6dcb/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NTUzMzE1NjguMTMyMDQ1M30:1unBvU:qUST9axTpbDJs74Pic_rkQ4ers7hzGsBFrEH3qUH3LE" style="border:0;border-radius:4px;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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              </h4>
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              </p>
              <p data-block-key="9mesq" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What’s going on here?
               </b>
              </p>
              <p data-block-key="d0ron" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               China’s economy ran out of steam in July, with retail sales, factory output, and investment all slowing more than expected.
              </p>
              <p data-block-key="3jfsv" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                What does this mean?
               </b>
              </p>
              <p data-block-key="1ttoh" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               After starting the year with some spring in its step, China’s slowed its roll – and the country’s ongoing trade spat with the US is a big reason why. Even with the duo’s latest 90-day truce, research group Global Trade Alert puts the
               <i>
                real
               </i>
               average US tariff on Chinese goods at 43.5% – not exactly a growth booster.
              </p>
              <p data-block-key="57ao2" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               🔻 Closer to home, China’s property market is still in a funk: prices are falling, construction is shrinking, and private investment is at its weakest since 2020.
               <br/>
              </p>
              <p data-block-key="59f48" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               🔻 Policymakers, meanwhile, have been sitting idly by. Rather than pumping in hefty stimulus, they’ve opted for tamer measures: a trade-in program for consumer goods, modest loan subsidies, and targeted childcare incentives. Helpful, sure, but not the big bang investors would’ve wanted.
              </p>
              <p data-block-key="bp39b" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               No surprise, then, that more folks are doubting if the world’s second-biggest economy will hit its 5% growth target this year.
              </p>
              <p data-block-key="5vtfh" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                Why should I care?
               </b>
              </p>
              <p data-block-key="5i2bt" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                <i>
                 The bigger picture:
                </i>
               </b>
               <i>
                Down but not out.
               </i>
              </p>
              <p data-block-key="6gp0c" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               China’s stock market has greatly lagged America’s over the past decade – but history suggests that could flip. Strange as it may seem, there’s actually a
               <i>
                negative
               </i>
               correlation between one decade’s returns and the next. That’s because valuations tend to swing back to their average over time. It’s no guarantee, mind you, but patient investors can often see an uptick after some hard times.
              </p>
              <p data-block-key="6ac1s" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               <b>
                <i>
                 For markets:
                </i>
               </b>
               <i>
                Diamonds, in the rough.
               </i>
              </p>
              <p data-block-key="7tp4m" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
               A slowing economy naturally drags on the market average – but it can also hide the winners. Take Tencent’s latest results: despite economic headwinds, the tech firm posted a 16% profit pop, early gains from heavy AI bets, and double-digit growth in gaming, ads, and fintech. When consumer spending is soft and financing tight, the firms that keep growing often do so by edging out weaker rivals. And
               <i>
                those
               </i>
               are the ones investors tend to reward first when optimism returns.
              </p>
              <p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
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               <b>
                You might also like:
               </b>
               <a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
                It’s time you take Chinese AI seriously
               </a>
               .
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                  <strong>
                   Copy to share story:
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                   https://app.finimize.com/content/china-hit-a-wall
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                  QUOTE OF THE DAY
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                  I learned a long time ago that reality was much weirder than anyone's imagination.
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                  – Hunter S. Thompson (an American journalist and author)
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                        <b>
                         1. Fatal attraction.
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                        What happened when
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                         Meta’s flirty chatbot
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                        invited a retiree to meet up.
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                         2. It’s not just your pilates studio.
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                        America’s on a
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                         massive health kick
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                        .
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                         3. Little-too-happy meal.
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                        McDonald’s Japan apologizes after
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                         Pokémon promo chaos
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                        .
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                        🎙 Finimize Live
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                        Grab your free tickets...
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                        🔎
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                        : September 2nd
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                        📋
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                         Wealth Planning For This Generation And Beyond
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                        : September 16th
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                        🚀
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                         Modern Investor Summit 2025
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                        : December 2nd and 3rd
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                    <b>
                     An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing.
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                    A Fund’s prospectus and summary prospectus contain this and other information about the Direxion Shares.
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                     Click here to obtain a Fund’s prospectus and summary prospectus or call 866-476-7523
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                    . A Fund’s prospectus and summary prospectus should be read carefully before investing. Leveraged and Inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk and who actively manage their investments.
                    <br/>
                    <br/>
                    <b>
                     Direxion Shares ETF Risks —
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                    An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF’s investments in a particular industry, sector or company, which can increase volatility. The leveraged and inverse ETF utilize derivatives, such as futures contracts and swaps which are subject to market risks that may cause their price to fluctuate over time. The leveraged and inverse ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index or underlying security for periods other than a single day. The leveraged and inverse ETFs may also subject to leverage, correlation, daily compounding, market volatility and risks specific to an industry, sector or company. The non-leveraged ETFs are subject to certain risks, including imperfect index correlation and market price variance, which may decrease performance. The non-leveraged ETFs may invest in a relatively small number of issuers and, as a result, be subject to greater risk of loss with respect to its portfolio securities. The non-leveraged ETFs may experience greater fluctuation in its net asset value as compared to other investments. The non-leveraged ETFs may be appropriate for investors with a long-term investment time horizon, who primarily seek capital growth, and who are able to tolerate periods of prolonged price declines. Please read each ETF’s prospectus for a more complete description of the investment risks. There is no guarantee that an ETF will achieve its investment objective.
                    <br/>
                    <br/>
                    <b>
                     Distributor:
                    </b>
                    ALPS Distributors, Inc.
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