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   Daily 2025-12-06
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               Sat, Dec 6 | 3:05 read time
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                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          S&amp;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">
                          6,869
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          GOLD
                         </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">
                          0.46% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $4,224
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BITCOIN
                         </td>
                         <td colspan="2" style="font-size:12px;color:#4C5469;font-weight:400;font-family:Trispace,monospace;width:60%;vertical-align:baseline;text-align:right;padding:10px 0 0 0">
                          scroll down for info
                         </td>
                        </tr>
                       </tbody>
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                 <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%">
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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">
                          0.45% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          9,667
                         </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">
                          0.87% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $63.81
                         </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">
                          0.03% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          4.14%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
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                  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%252F118%252F437%252F390%252FAPW1bDp49YKy2n0W6jmVoORax%252Fed337ee133449d80013cb32f9f9b1363cfc003e9.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D92ea7eeb7a85a2311fb0ce30023162b1/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjUwMTAyNTYuNTI2MzAwMn0:1vRnnM:qfQzcv1-QEJSds5fva3f61-7VBPt7CWE4zpWIgJ4paA" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="536"/>
                    </td>
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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">
                        🎬 Netflix brought back blockbuster deals, buying Warner Bros.’ studio and streaming business for $83 billion
                       </p>
                       <p data-block-key="rav5">
                        ⚽️
Cristiano Ronaldo bought a stake in AI search company Perplexity, becoming a global representative in the process
                       </p>
                       <p data-block-key="qiog">
                        ➕ How JPMorgan Asset Management is preparing for 2026
                       </p>
                       <p data-block-key="70rjt">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
                      </div>
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                      </a>
                     </td>
                    </tr>
                   </tbody>
                  </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="68ktn">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="26kks">
                    <b>
                     Netflix
                    </b>
                    will buy
                    <b>
                     Warner Bros.’s
                    </b>
                    studio and streaming business for $83 billion, beating
                    <b>
                     Paramount
                    </b>
                    and
                    <b>
                     Comcast
                    </b>
                    to the home of Harry Potter – just in time for
peak festive movie season
                    <b>
                     .
                    </b>
                   </p>
                   <p data-block-key="77u5a">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="8fd1f">
                    No matter how many Korean reality shows and six-part documentaries you’ve watched, you’ll always make time for more. Or, that’s Netflix’s motto anyway. The world’s biggest streaming service is buying Warner’s studios and HBO, aiming to boost its shows and movies lineup with titles like The Sopranos and Game of Thrones.
                   </p>
                   <p data-block-key="f6g8i">
                    ▶ It won’t get Discovery,
though. The network – including CNN, TNT Sports, and Discovery+ – will become a separate company called Discovery Global instead.
                   </p>
                   <p data-block-key="67eq0">
                    ⚠️ The mega-deal still needs regulatory approval. And if it doesn’t get the rubber stamp (or if it falls through for any reason), Netflix will have to pay a nearly $6 billion breakup fee.
                   </p>
                   <p data-block-key="ia09">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="ej2sg">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     Are you still watching?
                    </i>
                   </p>
                   <p data-block-key="7a69">
                    This deal could take 12 to 18 months to close. But after that, Netflix expects it to boost overall profit after two years
                    <i>
                     and
                    </i>
                    shrink costs by up to $3 billion within three. Investors won’t take its word for it, though. They’ll be watching to see if Netflix can successfully absorb the media giant while delivering lower costs as promised.
                   </p>
                   <p data-block-key="4vb2o">
                    ▶ Investors are already a little wary, after all: they sent Netflix’s share price down a touch after
the news broke, concerned about the sheer size of the purchase. And while they pushed Warner’s stock up by 3%, that left the shares sitting just above $25 – still below the $27.75 that Netflix is paying for each one.
                   </p>
                  </div>
                 </td>
                </tr>
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                   <p data-block-key="pr7ai">
                    Like you, I want to understand where the biggest opportunities – and risks – might pop up.
                   </p>
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                    So, I’ve just spent time digging through
                    <a>
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                    </a>
                    . And honestly, there’s a lot in there that could make a real difference to how we invest in 2026.
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                    <a>
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                   <p data-block-key="8hbft">
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                    <a>
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                      Read or listen to the Insight here
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                       <img alt="State Street Investment Management" 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%252FSSIM_Finimize_1000x500_SPY1.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D29e66b1d48550528e81853f3dae082b6/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjUwMTAyNTYuNTI3MDA2NH0:1vRnnM:AXdLODhLf23SrH20lKV3WYZbDJMTMyJz320BiW3_PHg" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <h3 data-block-key="5vt0q">
                    <b>
                     Why pick a player when you can back the whole team?
                    </b>
                   </h3>
                   <p data-block-key="7fj1i">
                    You could be missing out. Every missed Apple spike, Microsoft breakout, or Nvidia record – all because you're stuck cherry-picking individual
names.
                   </p>
                   <p data-block-key="925ik">
                    <a>
                     SPY gives you all the S&amp;P 500® giants in one trade
                    </a>
                    – no research paralysis or timing anxiety.
                   </p>
                   <p data-block-key="e04ci">
                    The fund launched in 1993 as the world's first S&amp;P 500 ETF. 30+ years later, SPY is still the world’s most traded, seeing an average of 64 million
trades a day.¹ That liquidity means you get lightning-fast execution.
                   </p>
                   <p data-block-key="3rlp9">
                    <a>
                     Check out SPY for a 500-in-one-trade.
                    </a>
                   </p>
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                   <p data-block-key="5vt0q">
                    <i>
                     Footnotes:
                    </i>
                   </p>
                   <p data-block-key="33ulm">
                    ¹ Bloomberg Finance, L.P., as of September 30, 2025. Average 30-day notional dollar trading volume used to determine liquidity. Average shares traded based on average of trailing 12-month
daily shares traded.
                   </p>
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                   Please see important disclosures below*
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                     Search And Re-Siuu
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                   <p data-block-key="2qb0c">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="4291f">
                    Soccer star Cristiano Ronaldo announced a stake in
                    <b>
                     Perplexity
                    </b>
                    – the $20 billion AI search startup – for his biggest-ever tech score.
                   </p>
                   <p data-block-key="d6rb9">
                    <b>
                     What does this
mean?
                    </b>
                   </p>
                   <p data-block-key="fleka">
                    You might not have a
                    <i>
                     lot
                    </i>
                    in common with Ronaldo: you know, the world-famous billionaire football legend. But if you’ve ever used a chatbot to write a work presentation or birthday card, you do have one thing… See, Ronaldo previously shared that he used Perplexity to draft a major awards speech.
                   </p>
                   <p data-block-key="e2nev">
                    ▶ And it seems the footballer was impressed. So much so, in fact, that he’s now bought a stake in the company, helped build a
dedicated “Perplexity x CR7” hub (that uses AI to let fans explore moments from his career), and signed on as a global partner.
                   </p>
                   <p data-block-key="700nc">
                    ▶ With over a billion social media followers, Ronaldo’s endorsement gives Perplexity instant exposure in regions with limited AI adoption – like Latin America, the Middle East, and parts of Asia.
                   </p>
                   <p data-block-key="585g7">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="ag8j1">
                    <b>
                     <i>
                      For you personally:
                     </i>
                    </b>
                    <i>
                     Ronaldo keeps it
humble.
                    </i>
                   </p>
                   <p data-block-key="f2seo">
                    Ronaldo might be known for living a life of luxury, but he built that wealth investing in more down-to-earth industries. The soccer star spent years funneling his earnings into low-risk, cash-generating businesses – hotels, gyms, real estate, licensing deals – and letting that steady income compound.
                   </p>
                   <p data-block-key="8on0j">
                    ▶ You don’t need billions to copy his playbook: build a stable base – and once that foundation starts paying for itself, you can
make more speculative swings.
                   </p>
                   <p data-block-key="2h7hg">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     A game of two halves.
                    </i>
                   </p>
                   <p data-block-key="9s27e">
                    German footballer Mario Götze is one of many soccer players now treating investing as a parallel career. And we’re not talking about stashing some cash in the S&amp;P 500: Götze reviews over 100 startup pitches a month, backing software, biotech, healthcare, and cybersecurity firms.
                   </p>
                   <p data-block-key="9cqhe">
                    ▶ Now, you might not have founders in your
inbox – but you can still invest in these innovation-heavy sectors. Just make sure to choose businesses with products and models you actually understand – and as always, don’t make any bets you can’t afford to lose.
                   </p>
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                   You might also like ⇢
                   <a>
                    AI And Investing In The New Technological
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                     ✨
                    </span>
                    <span style="font-style:italic">
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                    </span>
                   </mj-raw>
                  </div>
                 </td>
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     <tbody>
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          <tbody>
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             <!--[if mso | IE]>
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               <tbody>
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                   <mj-raw>
                    <span style="font-style:normal">
                     🖋️
                    </span>
                    <span style="font-style:italic">
                     Quote
of the day
                    </span>
                   </mj-raw>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <strong>
                    "The one thing we can never get enough of is love. And the one thing we never give enough is love."
                   </strong>
                   — Henry Miller (American novelist and short
story writer)
                  </div>
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
                <tr>
                 <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom: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;">
                   <h3 data-block-key="bxbuw">
                    <b>
                     Wall Street pays him, but you don’t have to
                    </b>
                   </h3>
                   <p data-block-key="dpqbb">
                    Stephen Clapham spent years running research
at billion-dollar hedge funds.
                   </p>
                   <p data-block-key="8r763">
                    Now he trains professional investors who manage tens of billions – and spills the juiciest bits in
                    <a>
                     Behind the Balance Sheet
                    </a>
                    , his free weekly read. It’s part stock picks, part industry gossip, part “how did nobody else catch that?“. And it’s got thousands of readers hanging on his every word.
                   </p>
                  </div>
                 </td>
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               </tbody>
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<![endif]-->
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</td></tr></table>
<![endif]-->
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      </tr>
     </tbody>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:24px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
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          <tbody>
           <tr>
            <td style="border-top:2px solid #204CE9;direction:ltr;font-size:0px;padding:20px 0;padding-bottom:0;padding-top:8px;text-align:center;">
             <!--[if mso | IE]>
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0px;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     🎯
                    </span>
                    <span style="font-style:italic">
                     On Our
Radar
                    </span>
                   </mj-raw>
                  </div>
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             <!--[if mso | IE]>
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<![endif]-->
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<![endif]-->
        <div style="margin:0px auto;max-width:568px;">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <tbody>
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            <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:32px;padding-top:8px;text-align:center;">
             <!--[if mso | IE]>
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <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;padding-right:0;padding-bottom: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="aaghi">
                        1.
                        <b>
                         It’s all in the wrist.
                        </b>
                        <a>
                         Roger Federer’s
watch collection
                        </a>
                        is as classy as he is.
                       </p>
                       <p data-block-key="3oi6t">
                        2.
                        <b>
                         “Gift-giving” isn’t everyone’s love language.
                        </b>
                        Well-off parents are
                        <a>
                         skipping Christmas presents
                        </a>
                        .
                       </p>
                       <p data-block-key="djk2r">
                        3.
                        <b>
                         Time to recharge.
                        </b>
                        America has
                        <a>
                         a problem with EVs
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:24px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
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          <tbody>
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            <td style="border-top:2px solid #204CE9;direction:ltr;font-size:0px;padding:20px 0;padding-bottom:0;padding-top:8px;text-align:center;">
             <!--[if mso | IE]>
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<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0px;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:italic">
                     SPONSORED BY COINGECKO API
                    </span>
                   </mj-raw>
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<![endif]-->
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                       <p data-block-key="dqcfl">
                        <b>
                         🚨 Governments and public companies collectively hold $177 billion-plus in crypto assets
                        </b>
                        <br/>
                        Track digital assets treasuries (DATs) across 150-plus entities and 14 assets, including bitcoin, ethereum and solana, on
                        <a>
                         CoinGecko
                        </a>
                        .
                       </p>
                      </div>
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                  </div>
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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="ao898">
                        <b>
                         Grab your free ticket 🎟️
                        </b>
                       </p>
                       <p data-block-key="4a3o5">
                        <a>
                         <b>
                          Investing In Masterpieces By Collecting With Museums
                         </b>
                        </a>
                        <b>
                         ,
                        </b>
                        With Frédéric Laffy, (CEO at Art Consortium): December 9th, 5pm UK time
                       </p>
                      </div>
                     </td>
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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">
               Russell
              </a>
              ,
              <a style="color:inherit;font-weight:inherit">
               Stéphane
              </a>
              , and
              <a style="color:inherit;font-weight:inherit">
               Naomi
              </a>
              .
Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
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          </tbody>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     💌
                    </span>
                    <span style="font-style:italic">
                     THAT
WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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               </tbody>
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                  <span aria-hidden="true" role="img">
                   🔥
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                  Hot
stuff
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             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
                   👍
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alright
                 </a>
                </td>
               </tr>
              </tbody>
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            </td>
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          </tbody>
         </table>
        </div>
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</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
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             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
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                 </a>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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          <tbody>
           <tr>
            <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
             <div style="font-family:Inter,sans-serif;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
              <p data-block-key="koxmx">
               <b>
                State Street's Important Risk Information
               </b>
              </p>
              <p data-block-key="fan8e">
               State Street Global Advisors (SSGA) is now State
Street Investment Management. Please click
               <a>
                here
               </a>
               for more information.
              </p>
              <p data-block-key="comrj">
               <b>
                Before investing, consider the funds’ investment objectives, risks, charges, and expenses. To obtain a prospectus, which contains this and other information, call 1.866.787.2257 or visit
               </b>
               <a>
                <b>
                 www.ssga.com
                </b>
               </a>
               <b>
                . Read it carefully.
               </b>
              </p>
              <p data-block-key="17cp4">
               Investing involves risk. ALPS
Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).
              </p>
              <p data-block-key="7tlub">
               Adtrax Code: 8528306.1.1.AM.RTL SPD004246
              </p>
              <p data-block-key="51efo">
               Expiration date: 11/30/26
              </p>
             </div>
            </td>
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