By Peter Tchir of Academy Securities Having just returned from London where we watched consensus for a “Santa” rally grow, it seemed like a good time to discuss a couple of things: We will address positioning, consensus, and I daresay, overbought conditions early in the week, as we recover from jet lag, but for today, these “concepts” are top of mind. Who knew that the world desperately needed a new Christmas song? Apparently Mariah Carey did when she released “All I Want For Christmas Is You” back in 1994 (I have to admit, I didn’t realize that it had been around for so long). This song now appears at or near the top of every single holiday playlist, and according to AI (which I believe in this case), it has generated more income for her than anything else she has written. So what else is there in terms of things that we didn’t think we needed, but maybe we do? Let’s start with BITCOIN. Bitcoin broke $100,000 last week. Despite a plunge of 10% in a matter of minutes (wild ride), it managed to reclaim $100k and is trading right around that level as we write this T-Report. I’m highly confident that by the time you read this report it will be somewhere between $90k and $110k (which is a pretty wide range, almost laughable, yet the sort of range we all are forced to accept when we get the monthly jobs data foisted on us – see A Tale of Two Reports ). The move in Bitcoin is largely understandable (so far) and I wouldn’t fight it, yet. President-elect Trump and his crypto entourage (entourage feels more appropriate than administration when looking at crypto) are clearly going to provide more clarity (and ease of access) around crypto than it was getting of late (despite approvals of “spot” ETFs, etc.). His team has a lot of people really fixated on crypto and it certainly seems as though that community put a lot of money into the election (however, not for the first time as SBF, in particular, seemed to have been a major contributor during the prior election). There is chatter about the U.S. holding on to the Bitcoin it already has (mostly captured, “shockingly,” through raids on criminals). Typically, the U.S. sells these holdings over time, but there is a big push for the government to hold them. That at least makes some sense to me, as behavior around “free” or “found” money tends to be different than money that is earned (one main explanation for all the luxury stores in Vegas). There is a loud and vocal group (everything about crypto tends to be loud and vocal) that wants the government to buy Bitcoin. Effectively issue debt and buy Bitcoin. The assumption (or presumption, or just wild fantasy) is that the increased value of Bitcoin down the road will pay off that debt. You could argue that it is being done on a personal level and maybe even on a corporate level, so why not at the government level? I completely disagree with this concept. But, for now, it is apparently something that many didn’t think we needed, but maybe we do? I can’t believe it will last, but it is out there and something to discuss at holiday parties! Speaking of things that I don’t think we need, but apparently we do, just look at MSTX! I do not like the concept of single stock ETFs. Leveraged single stock ETFs, where the returns are path dependent (daily rebalancing requires, at the close, selling on down days and buying on up days to rebalance for the next day). That is a drag over time. But here we are. MSTX has a market cap of $2 billion with an expense ratio of 1.29%! It was only launched in August. So, less than 6 months into its existence, the Defiance Daily Target 2X is on a run rate to generate $25 million per annum! The “beauty” of MSTX, is that it is well known (and quite simple) to run a leveraged ETF and things like NVDL have provided a path for regulatory clearance documentation. NVDL is another single stock ETF, with $6 billion of AUM and a 1.06% expense ratio – on a run rate of over $60 million per annum, at the 1-year mark. Who would have thought that you could create $25 million or more, just by leveraging up a widely held, easily tradable, stock? Not me, but there it is. While I’m not sure that any of these things point to a “bubble” mentality, I think they start to fit the narrative, especially with the rise of leveraged single stock ETFs, and their story will come up in our positioning and consensus report. Maybe we all need to think like Mariah and even if others don’t see the need, to go ahead and put it out there? Let’s start this section with a holiday song, too. I knew, as we were going down into the tube station and the GIG members we were with questioned the choice of “Fairytale of New York” (a song played by a busker in hopes of making money), that we had a lot of interesting things to discuss! He literally recognized the Pogues in about 3 beats. But I digress (kind of) and there are a few key takeaways that came up that are worth mentioning. So, we see some of the concern about President-elect Trump here, but it was more pronounced in Europe. A lot to unpack. Should U.S. stocks be trading at much higher multiples than European stocks? I don’t know and that is especially true given how global many of the companies are, but as much of a contrarian as I am, I’m not sure I’m ready to bet on mean reversion next year. I probably should, and maybe it was just a “vibe” while there, but I didn’t walk away thinking I need to pound the table on European stocks. That could change (and positioning and consensus is so set up for a contrarian), but it isn’t top of mind. Trump likes “chaos .” He likes his starting positions in negotiations to be “extreme.” Since consensus has now accepted his current positions as “normal,” look for him to ratchet up his rhetoric to reset the negotiation starting points even further away. I do not like Treasury yields here. Friday’s reaction to jobs was too optimistic for cuts and I expect that yields will push higher in the coming weeks. Not much higher (4.4% on 10s would be a buying opportunity), but the squeeze and the overly pessimistic views on inflation prospects have been largely taken out of the market. Doing more work on the positioning of risk assets, and if crypto and leveraged single stock ETFs are any indication, I’m not going to like my conclusion on what is next for risky assets (even in the sectors that I’ve liked). I was a bit surprised that the S&P 500 is up “only” 1.6% in the past 30 days. With last week’s gain of just under 1% and all the hype and daily “all time high” headlines, I would have thought it was up a lot more than that for the past 30 days (the Nasdaq 100 was up 3.3% last week, but only 3% in the past 30 days). Maybe, since my work is likely to make me bearish, I’m delaying the work because December is a tough month in which to turn bearish. Seasonality tends to be real and powerful. It also tends to be a month where trends are followed rather than broken, which again points to strength. One thing that was reinforced both in Europe, but also by the headlines out of South Korea and Syria, is that the world remains volatile and we are in a “weird” position where President-elect Trump seems to be dominating the headlines, but President Biden remains in charge, and specifically is the Commander-in-Chief, which just seems weird to many who are used to very quick turnarounds post- elections. Looking forward to another interesting week and our annual holiday party, which has grown a lot since I joined the firm, but still includes each of the branches singing their respective songs! The Marines are at a distinct advantage, given their number and how cool any song that starts with “From the Halls of Montezuma” has to be. For what it is worth, I’m still voting for the Waitresses – “ Christmas Wrapping ,” as my favorite holiday song.3 match earn 。

Los Angeles Chargers (7-4) at Atlanta (6-5) Sunday, 1 p.m. EST, CBS BetMGM NFL Odds: Chargers by 1 1/2 Series record: Falcons lead 8-4. Against the spread: Chargers 7-3-1, Falcons 5-6. Last meeting: Chargers beat Falcons 20-17 on Nov. 6, 2022, in Atlanta. Last week: Ravens beat Chargers, 30-23; Falcons had bye week following 38-6 loss at Denver on Nov. 17. Chargers offense: overall (21), rush (13), pass (20), scoring (18). Chargers defense: overall (13), rush (10), pass (10), scoring (13). Falcons offense: overall (8), rush (14), pass (5), scoring (16). Falcons defense: overall (25), rush (19), pass (26), scoring (26). Turnover differential: Chargers plus-8, Falcons minus-3. RB Gus Edwards could move up as the lead back for Los Angeles as J.K Dobbins (knee) is expected to miss the game . Edwards was activated from injured reserve earlier this month following an ankle injury and had nine carries for 11 yards with a touchdown in Monday night's 30-23 loss to Baltimore. WR Drake London has 61 catches, leaving him four away from becoming the first player in team history to have at least 65 receptions in each of his first three seasons. London has 710 receiving yards, leaving him 140 away from becoming the first player in team history with at least 850 in each of his first three seasons. Falcons RB Bijan Robinson vs. Chargers run defense. Robinson was shut down by Denver, gaining only 35 yards on 12 carries, and the Atlanta offense couldn't recover. The Chargers rank 10th in the league against the run, so it will be a challenge for the Falcons to find a way to establish a ground game with Robinson and Tyler Allgeier. A solid running attack would create an opportunity for offensive coordinator Zac Robinson to establish the play-action passes for quarterback Kirk Cousins. Dobbins appeared to injure his right knee in the first half of the loss to the Ravens, though coach Jim Harbaugh did not provide details. ... The Falcons needed the bye to give a long list of injured players an opportunity to heal. WR WR KhaDarel Hodge (neck) did not practice on Wednesday. WR Darnell Mooney (Achilles), CB Kevin King (concussion), DL Zach Harrison (knee, Achilles) and WR Casey Washington (concussion) were hurt in the 38-6 loss at Denver on Nov. 17 and were limited on Wednesday. CB Mike Hughes (neck), nickel back Dee Alford (hamstring), ILB Troy Andersen (knee), TE Charlie Woerner (concussion) and ILB JD Bertrand (concussion) also were limited on Wednesday after not playing against Denver. C Drew Dalman (ankle) could return. The Chargers have won the past three games in the series following six consecutive wins by the Falcons from 1991-2012. Los Angeles took a 33-30 overtime win in Atlanta in 2016 before the Chargers added 20-17 wins at home in 2020 and in Atlanta in 2022. The Falcons won the first meeting between the teams, 41-0 in San Diego in 1973. Each team has built its record on success against the soft NFC South. Atlanta is 4-1 against division rivals. Los Angeles is 2-0 against the NFC South this season. The Chargers have a four-game winning streak against the division. ... Atlanta is 0-2 against AFC West teams, following a 22-17 loss to Kansas City and the lopsided loss at Denver. They will complete their tour of the AFC West with a game at the Las Vegas Raiders on Dec. 16. ... The Falcons are the league's only first-place team with a negative points differential. Atlanta has been outscored 274-244. The loss of Dobbins, who has rushed for eight touchdowns, could put more pressure on QB Justin Hebert and the passing game. Herbert's favorite option has been WR Ladd McConkey, who has four TD receptions among his 49 catches for 698 yards. McConkey, the former University of Georgia standout who was drafted in the second round, could enjoy a productive return to the state against a Falcons defense that ranks only 26th against the pass. AP NFL: https://apnews.com/hub/nfl

Stock market today: Asian shares are mixed after Wall Street slips, led by tech giants

Following a restructure and review John Sanday, a former Flying Fijian, has been elected as Chairman of the Fiji Rakavi Football Union ("FRU"), along with a new Board of Trustees. The new FRFUL Board members are Mosese Naivalu - Legal Director, John Sanday - Commercial Director, Tevita Tuiloa - Commercial Director, Cathy Wong - Women's Director, Koli Sewabu - Rugby Director, Conway Beg - Rugby Director and Anare Manulevu - Finance Director. They replace the interim Trustees Board chaired by Peter Mazey. After 20 years of uncertain times, including questions about financial management, local rugby unions expressed hope that the new Board and the restructure will further develop Fijian rugby. When speaking to RNZ Pacific , Sanday said he was excited about the new challenge and working with all stakeholders in moving Fiji Rugby forward. Sanday outlined a number of areas that required urgent attention, including: Sanday said his main focus as Chairman was to serve and to listen. In particular to challenges faced by Member Unions. Sanday told RNZ Pacific that the FRU's financial position had improved and was currently stable, compared to 2022, in which it operated at a FJD$1.5 million loss. He said that the biggest challenge for the Board was managing the ever-increasing cost of expanding and strengthening Fiji Rugby, while remaining financially sustainable. Sanday suggested that this was a problem around the world, as teams compete for a limited pool of sponsorship. He acknowledged the Fijian Diaspora, and their unmatched passion for the Fijian national team. He noted that merchandise sales to Fijians around the world helps contribute to keeping the FRU and the team sustainable. The Board hope to "harness the patriotism" of Fijians abroad through better online media content and annual subscriptions. Sanday also commented that the Board's objective was to develop local coaches, to eventually take over the Drua and National Team. Finally, Sanday acknowledged that member clubs were the "backbone" of Fijian Rugby. He said that more energy would be expended engaging with clubs and unions to strengthen relationships and foster the growth of the game at every level.Apple Sued for Knowingly Hosting Child Sexual Abuse Material on Its Products, Failing to Protect Survivors

The failed governance that plagued Syria is not unique. It is a power model that has devastated the whole region. On December 8, after a rapid offensive that lasted less than two weeks, Syrian opposition forces entered Damascus and declared the end of Bashar al-Assad’s regime. The Syrian president and his family are believed to have flown out in an unknown direction just before the rebels entered the capital. The uprising against the Syrian government that ended the half-century of al-Assad family rule should be seen as among the most important political turning points in the modern Arab region since the end of World War II and the creation of Israel in 1948. It marks a definitive break with the legacy since the 1950s of military-anchored Arab autocrats who have long dominated and ravaged Arab societies. Many rightly celebrate the overthrow of al-Assad, and many others wonder what will happen next given the involvement of various local and external powers in Syria. The Syrian people know they want a decent life, to be treated with respect and to be heard. We should humbly watch them bring a new and stable order to their country and stop the Western silliness of analysing what the length of a beard means or entertaining conspiracy theories. It is critical now to reflect on what the devastating tale of Syrian governance and civil war mean. Syria under the Assads was neither unique nor the work of just a few local brutes. Rather, it is an example of the widespread legacy of heavy-handed, often vicious, Arab state power that has ravaged the region and demeaned its people for half a century, with the help of regional and great powers and assorted nongovernmental groups. The al-Assad regime was the longest-lasting military-based, foreign-backed, and family-anchored autocratic government to dominate the Arab region, which devastated its people, economy, and national integrity. The Syrian experience reveals all the debilitating hallmarks of shared Arab autocracy, which persist widely and must be systematically rooted out of our societies. These include a lack of genuine pluralism and accountability through credible participatory institutions; top-heavy rule anchored in military and police brutality, mass imprisonment, torture, and death; centralised economic planning that breeds corruption among the elite and deep quality-of-life disparities across the land; and no structural connections between the citizens and the state that could generate policies that reflect the consent and will of the governed. The 1952 Egyptian revolution of Gamal Abdel Nasser initiated the destructive legacy of military-run Arab governance, which expanded more quickly after Israel’s 1967 defeat of Arab armies. Bashar al-Assad’s father, Hafez, was among a cohort of Arab officers who seized power in the following two decades in various Arab countries and proceeded to drive them into the ground. These self-imposed officers could neither wage war nor govern effectively during their decades of rule. As a result, since the 1990s, most Arabs outside the few wealthy oil producers have suffered steady declines in their opportunities for decent education and healthcare, jobs, access to sufficient food, water, and electricity, and other basic necessities. Regional surveys reveal over and over again that a small percentage of Arabs (mostly in the oil-producing states and among small elites elsewhere) live comfortable lives, while the majority enjoy neither political rights nor a decent material life. Inequality and poverty within Arab societies continue to rise. Through repression, Arab governments have transformed their citizens into passive, voiceless, impotent consumers, many of whom seek to or do emigrate. Repression has generated intense anger, fear, and desperation among their citizens. They have responded by challenging the state, joining its corrupt system, or retreating from it into smaller tribal, religious, or ideological groups they form to protect themselves and survive in the face of dangers from their own state, Israel, or foreign powers. The most potent Arab movements that challenged the militarised power model were Islamist – both armed and peaceful. In Syria, when a peaceful protest movement was met with brutal military force, the uprising quickly transformed into a civil conflict, which undermined national cohesion, allowed the proliferation of armed groups and ushered in interference from foreign powers. What has happened in Syria should be a wake-up call for all Arab autocrats. The region cannot endure long the reality that not a single Arab state has been credibly validated by its own people through constitutional or electoral means. I’ve experienced and journalistically chronicled the conditions of Arab societies and citizens for over half a century, and I conclude that not a single Arab country has passed the four cardinal tests of stable statehood, genuine sovereignty, citizenship, and sustained and equitable human development. We would be fools to miss the signals that Syria sends the world about every ordinary citizen’s indomitable will to live in freedom and dignity. And we would be complicit in denying these to Arabs if we continue business as usual with the existing state and economic systems that have mostly failed their people. The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

A bungalow which was closed by police following months of drug dealing, prostitution and anti-social behaviour is set to undergo a half-a-million-pound refurbishment. The one-bedroom property in Vale Road, Northfleet , will be redeveloped into a four-to five-bedroom home after it fell into disrepair due to how the previous tenant was living. The council house was historically let to older people, however, as the occupants aged, they struggled to maintain the large back garden and access the concrete steps leading to the front door. It was then rented to a younger person but after engaging in a “significant amount of anti-social behaviour” the police issued a closure order on the property and the tenant was evicted in 2021. Investigating officers applied for the order after they were called to numerous incidents at the property including drug dealing, prostitution and general disturbances between May 2020 and November 2021. This anti-social behaviour also included the tenant, and their associates, verbally abusing and intimidating various members of the community. "Despite multiple warnings and ongoing visits to the property, the occupant refused to change his behaviour and failed to show the most basic level of respect to those around him. "Often is the case that the actions of one person can affect so many and this is why it was important that we took these steps to ensure that this unacceptable behaviour was unable to continue. "It is therefore entirely proportionate for the person to be removed from this address, and I hope the community notices an improvement to their daily lives.” The bungalow, which is the only council-owned home in Vale Road, has been vacant ever since and due to how the tenant was living has fallen into disrepair. According to a report discussed at a Gravesham council cabinet meeting last week (December 16), it would cost around £40,000 to refurbish the home and a further £20,000 to bring it up to the required energy standards. Due to the amount of work needed, council officers decided it would be a “good opportunity to maximise the use of the land” and build a much larger family home. The leader of Gravesham council, Cllr John Burden, did question whether there was a need for such a home during the meeting and was told there was. There are currently 97 households on the local authority’s housing register in need of a four-or five-bedroom home and within its existing stock there are 192 four-bedroom and 26 five-bedroom properties. However, the report stated over the last three years there have been no five-bedroom and 24 four-bedroom homes that have become available to re-let. Council officers added: “This is an opportunity to add another larger property to the council housing portfolio which would be delivered in 2025 and reduce waiting times for larger households in need.” Cabinet members unanimously agreed to go ahead with the scheme meaning a planning application can be drawn up and a contractor appointed to build the house. It will see the derelict bungalow turned into a three-storey home with four bedrooms, a living room, open plan living and drining area, bathrooms on each floor and the potential for a fifth bedroom. The construction cost is estimated to cost £509,000 and will be funded through loan finance. The report said: “This is a cautious estimate and there is a good chance a tendering exercise will result in a lower price, but from a viability point of view, it was important to consider worst case scenario. “As the overall cost for this development may appear to be excessive, consideration has been given to purchasing something similar on the open market instead of developing the Vale Road property. “Recent Rightmove listings for a four-bedroom detached property of a similar size are currently marketed at around £650,000.” Council officers added that buying from the open market would come with risks and additional costs on future maintenance whereas building a new property will ensure it is compliant with the local auhtority’s standrads. The planning application is expected to be submitted early next year.

Giants topple Colts 45-33 to eliminate Indy from the playoff raceTransition, energy keys Boiling Springs' boys basketball win over Dover in holiday tournament opener

Herbert tosses 3 TD passes and Chargers secure a playoff spot with a 40-7 rout of PatriotsSenores Pharmaceuticals share price listed at stellar 53% premium at ₹ 600 on the NSE and ₹ 593.70 on the BSE on Monday. The subscription status and Grey Market premium had indicated towards strng lising gains for the Senores Pharmaceuticals share price, that saw its public issue open on December 20, 2024 and ended on December 24, 2024. The Senores Pharmaceuticals IPO was subscribed 97.86 times with 93.16 times subscription in the retail category, 97.84 times in QIB, and 100.35 times in the NII category Senores Pharmaceuticals IPO grey market premium or the GMP stood at + 284 as per Investorgain.co. The same meant Senores Pharmaceuticals shares were being traded in the grey market at ₹ 284 above the issue price,. It also meant that the market participants were anticipating the listing of Senores Pharmaceuticals share price at ₹ 675, with listing gains of 72.63% over the issue price. Senores Pharmaceuticals IPO price band had been set at ₹ 372 to ₹ 391 per share and listing of shares was well above the upper price band of the Issue price Senores Pharmaceuticals IPO was a book built issue of ₹ 582.11 crores. The issue comprised of the combination of fresh issue of 1.28 crore shares aggregating to ₹ 500.00 crores and also an offer for sale of 0.21 crore shares aggregating to ₹ 82.11 crores. (more to come)January 17, 2025 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against WOLF