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   Daily 2025-11-11
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               Tue, Nov 11 | 3:11 read time
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                     👀
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                    <span style="font-style:italic">
                     WHAT'S
GOING ON
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                       All metrics are as of the latest market close.
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         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
          <tbody>
           <tr>
            <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:16px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
             <!--[if mso | IE]>
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             <div class="mj-column-per-47 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
              <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;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&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">
                          1.53% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          6,832
                         </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:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          2.75% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $4,120
                         </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:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.78% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $105,508
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
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</td><td class="" style="vertical-align:top;width:251.92px;">
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                      <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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                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          FTSE 100
                         </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">
                          1.08% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          9,787
                         </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">
                          0.69% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $64.07
                         </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:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.00% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          4.11%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
                        </tr>
                       </tbody>
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                     </td>
                    </tr>
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                 </td>
                </tr>
               </tbody>
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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%252F113%252F644%252F448%252Fw0gWbdEPaYaEyoJ8YrVklOA5j%252F7efbc0e681dd3b94cb8c677dd0d485438b7a93a8.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D9b6c56b476a7ac26680f8daed7dad59d/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjI4NDgzNzEuMzY3Nzg0fQ:1vIjOF:STt1LocPP7GJ5j8BWXkvAGdr95Q6dpKMePG-MgDeZ9c" 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">
                        🔴 TSMC's sales growth was ugly last month, at least by its own standards.
                       </p>
                       <p data-block-key="c2hjn">
                        🟡 America's record-long government
shutdown could be nearing an end.
                       </p>
                       <p data-block-key="55de3">
                        ♠️ Eight things poker can teach you about investing.
                       </p>
                       <p data-block-key="78tua">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
                      </div>
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                          <a target="_blank">
                           <img alt="Join Steven Tredget, Partner at Oakley Capital at MIS25" 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%252FMIS25-1000x250-EmailBanner-StevenTredget_1.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D01faf78e8310fa98d54c9f87f90335a9/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjI4NDgzNzEuMzY3OTE3OH0:1vIjOF:ySgKGC5-vMkX3B7tj1YYYT2Znlp2d5H_l51qQQDavgY" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                     👀
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                     Today's headlines
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                    <span style="background-color:#EFFF0D;display:inline">
                     Chips And Dips
                    </span>
                   </mj-raw>
                  </div>
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                   <p data-block-key="ghsax">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="9l6bm">
                    TSMC laid out less appetizing sales figures for last month, setting the table for a potential cooldown in the spicy-hot tech sector.
                   </p>
                   <p data-block-key="eqs8f">
                    <b>
                     What does this
mean?
                    </b>
                   </p>
                   <p data-block-key="42i9g">
                    The Taiwan-based chip manufacturer reported that its sales rose 17% in October – that’s about half the speed of September’s growth, and the slowest in 18 months.
                   </p>
                   <p data-block-key="7ubtn">
                    ▶ A sales pace slip at the world’s top chip fabricator – you know, the one making wares for Nvidia, Apple, and AMD – is a little unsettling. It hints that the broader industry might be losing steam, right when everyone’s talking about a bubble.
                   </p>
                   <p data-block-key="8dqnr">
                    ▶ Still, one weak month probably won’t change everything. Big Tech’s actively shoveling cash into data centers, and that means buying chips.
                   </p>
                   <p data-block-key="2m4cn">
                    ▶ In fact, Meta, Alphabet, Amazon, and Microsoft are expected to drop a combined $400 billion-plus on AI infrastructure next year – 21% more than 2025’s expected total figure.
                   </p>
                   <p data-block-key="ahr84">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="4go3l">
                    <b>
                     <i>
                      The bigger picture:
                     </i>
                    </b>
                    <i>
                     The chips
are stacked.
                    </i>
                   </p>
                   <p data-block-key="8s534">
                    All that AI spending is raising eyebrows – partly because it’s driven by some creative financing (including “circular” deals, where chipmakers help bankroll their own customers). And partly because there’s never been so much spent so quickly on technology with unproven profitability. Consultants estimate that AI firms will need to rake in
                    <i>
                     $2 trillion
                    </i>
                    of revenue per year by 2030 to cover their computing costs alone. And right now, they’re
expected to miss that mark by a good $800 billion.
                   </p>
                   <p data-block-key="ah8l8">
                    <b>
                     <i>
                      For you personally:
                     </i>
                    </b>
                    <i>
                     Not exactly robbing the rich.
                    </i>
                   </p>
                   <p data-block-key="ebnp9">
                    Robinhood’s CEO doesn’t seem too worried about the risk of an AI bubble popping. He says that retail investors are still clamoring for ways to invest in the tech. It’s probably not a coincidence, then, that the trading app is planning to roll out a new fund made up mostly of private AI companies for regular folk to
invest in.
                   </p>
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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">
                    Investing is all about
                    <a>
                     playing
your cards right
                    </a>
                    , and so is, well, playing cards.
                   </p>
                   <p data-block-key="5kc4o">
                    It’s maybe not surprising, then, that some of the
                    <a>
                     most successful investors
                    </a>
                    of all time are also astute poker players.
                   </p>
                   <p data-block-key="9sns0">
                    In fact, an academic study found that hedge fund managers
who do well in poker tournaments also boast significantly
                    <a>
                     better investment returns
                    </a>
                    .
                   </p>
                   <p data-block-key="f73ea">
                    So I decided to spend some time around a green felt table, and came away with
                    <a>
                     eight lessons from poker
                    </a>
                    that you can use to improve your investing game.
                   </p>
                   <p data-block-key="b5cep">
                    That’s today’s Insight:
                    <a>
                     eight things poker can teach you about investing
                    </a>
                    .
                   </p>
                   <p data-block-key="9gfs5">
                    <a>
                     <b>
                      Read or listen to the Insight here
                     </b>
                    </a>
                   </p>
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                    <span style="background-color:#EFFF0D;display:inline">
                     Open Questions
                    </span>
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                       <img alt="Open Questions" 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-101125-ShutDown.original.png%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dccde2541be8f25f3f6ab003df65a586b/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjI4NDgzNzEuMzY4NTAyNn0:1vIjOF:yvlF00xorTeAjOmrXnPYZPIhgVNkwYizkkHaKZSRu9E" 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;">
                   <p data-block-key="z1ex1">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="1i7st">
                    The US just took its first real step toward ending its record-long government shutdown, but what happens next is still up in the air.
                   </p>
                   <p data-block-key="8fcjm">
                    <b>
                     What does this
mean?
                    </b>
                   </p>
                   <p data-block-key="7fdib">
                    America’s freeze has taken a toll on government workers, with thousands laid off and hundreds of thousands either put on unpaid leave or asked to work without pay. And it’s had a real impact on the broader country, too: food aid for over 40 million Americans has been disrupted, airport staffing shortages have caused delays, and economic data releases have been paused.
                   </p>
                   <p data-block-key="er8uo">
                    ▶ Finally, over the weekend, a hint of progress was made. A
bill has been pushed forward to reopen the government’s door through January, as well as guarantee backpay for furloughed workers and undo layoffs.​​
                   </p>
                   <p data-block-key="7sp1">
                    ▶ But, of course, it’s not guaranteed that the bill will pass – and if it does, that’ll still take some time.
                   </p>
                   <p data-block-key="a9a80">
                    ▶ Markets welcomed the glimmer of hope anyway: US stocks ticked up, along with government bond yields.
                   </p>
                   <p data-block-key="5bmdb">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="abg26">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     Americans are in no mood for this.
                    </i>
                   </p>
                   <p data-block-key="4odgb">
                    US consumer confidence just fell to near its 2022 record low – and this time, it’s not just inflation dragging spirits down. The shutdown, mass
                    <a>
                     layoffs
                    </a>
                    , and general economic jitters have left
households uneasy. And right now, with government data on hold, this kind of sentiment survey is a particularly vital pulse check. After all, when confidence cracks, consumer spending – the big engine of the US economy – usually follows.
                   </p>
                   <p data-block-key="5b0ft">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     The damage could linger.
                    </i>
                   </p>
                   <p data-block-key="49etc">
                    Each week of the freeze has cost the US economy about $15 billion, potentially shaving up to 1.5 percentage points off its quarterly growth.
Normally, a shutdown’s lost ground is made up once backpay and spending resume – but this one was longer, and its impacts were more sweeping. Add those lingering inflation worries, and the economic hangover could last until well after the government gets back to work.
                   </p>
                  </div>
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Short-Term Corporate Bonds
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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:5px;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">
                     ​​​​​​​​​​​​​​​​​​​​​​​​​Sarah's Digest
                    </span>
                   </mj-raw>
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Years
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                   <a>
                    Retail Investors Pull Back After Months Of Market
Optimism
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                    Goldman Sachs Turns Bullish On Indian Stocks
After Upgrade
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                   A brighter earnings outlook and supportive policies have Goldman Sachs predicting a 14% Nifty 50 jump by 2026, with domestic investors offsetting foreign outflows.
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         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <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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              <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">
                     Quote
of the day
                    </span>
                   </mj-raw>
                  </div>
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               </tbody>
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                 <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;">
                   <strong>
                    "Don't let yesterday take up too much of today."
                   </strong>
                   — Will Rogers (an American actor)
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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                   <tbody>
                    <tr>
                     <td style="width:568px;">
                      <a target="_blank">
                       <img alt="21shares is headlining our Modern Investor Summit in London this year." 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%252FMIS25-SpeakerAnnouncement-email-1000x500-21shar.original_MLAFoZn.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253De932de824c1efacd756159361fca5254/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjI4NDgzNzEuMzY4NjMzNX0:1vIjOF:UJCcySRQSvTvEhfnQcRQGriyx9IrZj8-Gf3gxg4y994" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                <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;">
                   <h4 data-block-key="obbzz">
                    <b>
                     Crypto doesn’t have to be complicated
                    </b>
                   </h4>
                   <p data-block-key="45btf">
                    Exchange-traded products turn crypto from chaos into compliance: clean wrappers, exchange-traded access, and institutional guardrails.
                    <br/>
                    <br/>
                    And with bitcoin
breaking record after record this year, it’s time to explore those options.
                    <br/>
                    <br/>
                    <a>
                     21shares
                    </a>
                    – the category’s leader – is
                    <a>
                     headlining our Modern Investor Summit in London
                    </a>
                    . Join president Duncan Moir, and find out what’s investable now, what’s next, and how you can best position yourself.
                    <br/>
                    <br/>
                    Bring questions –
                    <a>
                     these are the guys to answer them
                    </a>
                    .
                   </p>
                  </div>
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             <!--[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>
                 </td>
                </tr>
               </tbody>
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             </div>
             <!--[if mso | IE]>
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        <!--[if mso | IE]>
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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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                   <tbody>
                    <tr>
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                        with Scott Hardy (CEO at Trimaxian): December 3rd, 1:45pm UK time
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                      </div>
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              Stay classy,
              <mj-raw>
               Sarah
              </mj-raw>
              😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
               Karen
              </a>
              and
              <a style="color:inherit;font-weight:inherit">
               Reda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
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                    <span style="font-style:normal">
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                     THAT
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