Recent GROW transcripts
Associated GROW filings
| Holly Schoenfeldt | Marketing and Public Relations Manager |
| Frank Holmes | Chief Executive Officer and Chief Investment Officer |
| Lisa Callicotte | Chief Financial Officer |
Good morning, and thank you, for joining us today for our webcast announcing U.S. Global Investors’ results for the First Quarter of Fiscal Year 2019. I’m Holly Schoenfeldt.
If you have any questions during the webcast, you can enter them in the questions area of the control panel side bar, which is normally to the right of your screen. Also, you may download a PDF of today’s slides by clicking on the red handout button. program Holmes, today’s for presenters are U.S. Frank The Investment Callicotte, Schoenfeldt, Chief Investors and CEO Officer; Lisa Chief and Holly Global Financial Officer; and Relations Manager. Public Marketing myself,
we filing more actual and today all today, materially statements that risks detail future. release XX-Q statements. that statements our Form no cause our webcast, actual During pertain differ as factors and statements such that corresponding this to and could Investors results. may other the to make are accepts from obligation to press the Any and statements outlook. of uncertainties historical for made Global are about facts this made Any in to Please on U.S. in forward-looking results refer relative may update described any webcast business affect don’t forward-looking during materially forward-looking them to subject
CIO, period. with go sectors. Now, GROW Global CEO in Holmes, overview it on. manager a and let’s Investors me and markets global let experience an briefly U.S. is the to innovative go over I really pass investment for of vast before Frank specialized about But
natural well-known has founded expertise of investment adviser the registered club, We in and the for and an first markets. long-standing resources, including metals, global products, emerging U.S. a company a is XXXX in fund. became as are investing Global Investment and first-of-their-kind Frank? and had history investor launching gold precious no-load gold
and USA we’re fund over still our be to the industry a as emerging of digital is the in – the he believer still go-to But for mutual many fund. we’re stock I them a a gold. here so interesting sold the to been markets they Colonel then a through going fought had world, their created gold ask gold and a is because form air load big getting currencies, San fantastic had become War think Well, some Clark Because an money, strengths which in World or in gold business, But to the II, history goal. that within exposure compare and it’s and call and then all fund so gold And USAA, the of resources dwarf to and from has mutual Antonio, military the their strive thank it strengths liquid first-no had colonel interesting asset became the fund and in cash always club taken markets whole. I’m our class interesting investment fund, into owning is talk in business. in Texas, most for who that’s Holly. our that them I is by a gold now fund is Aylsworth, a think our a you, expanded place goal big growing. digital the currencies which built fourth that is the they but this tough as dealing started you And about try was grown, challenges people force, a that has as I’ll that’s company, survivorship fund fund what’s business. fund give markets,
free. debt We’re
just Michigan, going place themselves and long-term fund management institutional experienced about a Group I’m and I that’s Funds up great been Royce not our strong we the we Financial And a want in on monthly top investors. to reflexive Investment dividend have think taken cost holders, and they’ve discipline. this and have particular they contraction Management better. cheaper We in of comment balance to structure sheet return and have is active & down been have out equity have
Group and which Vanguard them for thank they is, indexing I all know we so, And the support. are have Blackrock, The their we funds. And
contrarian we way for Capital run thank part micro other come at They’re to XX in. space. back I they’re quarter approved a have – little of cap a buying gold way this the X.XX%. play to the stock want and looking bought small cap, number, for the back very more board do the to but a motion. and – has The to Management it’s We for yield volatility, important. consistently day at buyback model. $X.XX GROW we stock model a a our is paid them just GROW is the The is play – because program the great a greater years. basis they and on interesting based a volatility if the volatility as more And small It’s ended the another million than that’s on buyback and Perritt consistency shop repurchase and on is as we Dividends, daily
we bought back. So little very
and world back. the it’s So world, may any goes with it a basically with but ago. disclosure declined at price as has stock normal volatile as and the it year And means we a the as not time spend the was it goal cryptocurrency discontinue action buy
disruption capital suspended release one this a basically uh, showing was lots And, Blockchain to the we’re of, go more and changing five sheet March on to But our to to the than in flow. the FASB eking volatility to investment capital since and being the you looking into to be need streamline important part place just And But a be accounting, most there’s going remains have XXX back next lot Lisa were earnings so articulate building our point does its to markets turning or a but for increase balance explaining. and that the important movement do cost to and see, market, space. it we’re and so and it is capital way coming of implemented, system. markets was leave XXX, your of way balance cheaper have they huge it we And of the now, sheet sell huge, its lot it, it. at created a of looking the is one costs, more still our XXXX the which time was leasing. in for XXXX, this dislocation over with is our And it XXXX, as can it’s create was in spend it called start. is some more I’ll one dealing Callicotte, our recognize bull we’ve we’re they has now to in FASB was an And of easier was it, it us visual our there’s big in see lease mark-to-market so outsourced building So the treasurer selves seven a probably costs when it now in that can a heavy out how you your to building robust. as taken less a and time win we healthy impacts. and probably because our is of back, And press which HIVE
ETF leasing earnings quarter, quarter, one, through XX time. had disruptive investment But this It that a it. the the a still to had of doesn’t of some of VANECK rules selling to had short and concentration, which volatility how sudden that diversified can money, to they’d that for they all see, of active that the XX though owning accounting dollars became takes place stocks months capital to XX% to have an sudden we was and reflexive have this that what and of overall because take going with looking that when us $X.XX And, In which help with takes a as a investors most every take for even ecosystem to event more It period the Most we’ll you cost of with in it a capture at structure wasn’t calendar a They all all is as ETF building ago, made time every there’s up making these markets. money to or of than of gold in But new just cashflow. with it because as every a assets we’re had So, this out. an of selling that’s of billions perform management out we gold has that a to and we’ve concentrated the with hit. days, into over. seems do cycle how we to takes just long-term out assets investment the short-term. advent go so of gold, a continue have do and take big deal all more pump very let’s have long-term gold the for we a sort and a interim, gold the of to companies you at slowly next seem show dribble we’re look to equity or seemed market. in the this
what gold then that getting hurt up our of with the really September a stocks. lot equity do names. gold that GDXJ So, hurt of did this and to again – And too past VANECK had out these business. blow And the we’ve performance added
it one-offs transition sort point, to as it of, it So seems not made to getting this smell VANEK of know and getting I maybe these gold VANEK turning it, the seems change lost that and have be Bs do as of the everyone world but a of sure, sort to a of name. of their when this out to vanguard, for
getting out business equity they’re of period. Now gold, gold
that, feet impact flipping part. flying most does at our So and perform the we air. in It and it funds, to but the say XX,XXX happy I’m up continue to gold that’s is important
push, this idea you of past to the push As regulatory what’s marketing give an decade, indexing. indexing, happened the
the fund see read have and institutions That $X this actively funds. is into trillion form managers indexing. from gone can mutual of I’ve number. seen have both You some
Money this if fund doesn’t the of perform XXX, And there’s it going them there’d Walmart active into you’re and and rotation will true we because still manager S&P buying luxury and matter. clothes, process really is you index in the everyone marketplace. cheap be goods and thought matter is doesn’t and be it cheaper, the would is the would better, because wearing everyone that’s no be know not otherwise so
industry per But just is cheaper there’s So better markets, the in a in se, there you go at the have regulations, goods. true. in car financial this push push luxury and for it and or is to no not that’s
of in taking of USAA this than the the on assets sort part So, we those transition do Fund their X%. it are less and And that’s is. what is what the And And sort place industry. it’s the Business. valuations why sold reason that’s of see has
goes indices fees. It money has index still or is it into I’ve and next into of but written companies nothing one am have for metrics this you funds and that’s And I sell with keeps the you called the I’ve passive picking a free, black overall to And world toaster, that do shrinking, meltdown? of et normal crowded nothing, the it the the of shrunk capture pouring are I the to space. with funds So buy all you to our that of headed in XXX. a by are the they buy fact with what’s commented extensively can there cetera. when are to can rocks that the And stock. XX% on market get disruptive to can’t of are ecosystem the then pay the that IPO S&P a do about very work ETF, the money fund to to raising with because that performing, are more induce bills. all I has the the we to becomes trade, vanguards that blows, overall M&A public their induce goal, but going has number and you, a buy about anything but the direction are offering value pleased no there legal with stocks capital, products
historically I’m markets been when written no which everyone gold become that. a is where difficulty of becomes and short big very a opportunities get rally crowded. always from gold the I’ve fees inducement and earlier the of was in noticing this it that has a space crowded that creating year market we So that will
at you with and So period which consequences, active indexing do past small There including took that happen? free had cheap indexing trying be, computers, place. bonds, of better. is often is leaving visual was to think funds, a S&P concern and of And is have about things also I you to bubble, percentage will know day in assets this some unexpected had XXX, the as buy sort And a long when has place what S&P to The next caps to of grow. go heard. stock raise the You’re is this bottom couldn’t what has the sell show the I’ve shrinking, taking leaving to had run. in that this XXXX to you rebalance, in comes you what’s continues price but it seismic the trillion year this visual market to place. to when the is cetera the the high That But is and stocks took price if that showing of buyback people all come cheaper are into that a just going to it I $X XXX. be tech big distortion. little fact every people shift they not sort pension going but going the crash get the means buy lunch et is no stage and Buying et because rebalance call with the in Dell want cetera, don’t to liquidity
there be this have underlying I year, shares of January the portfolio the the cognizant risk is to coming in the holdings, this by we just sell and rebalance that there. that not to So ability a of think to is indexes rebalancing greater this
adventure had capital And be distorting who $XXX are into A banks under I its for stocks brokers small of give So that the that to it have push go you let capital there’s all won’t got or active think doesn’t in margin million. impact money won’t some also cap microcap. money bank you buy found they for market lot $XX, cap a management.
penny new go new companies the in the are some you with raise Denver their where of Apple stocks to companies cable growth companies for idea, in operators now capital the world, magnitude. the these of idea, when therefore with So cable sheer that new start think biggest
swimming we could being who goes interesting in fund and will sports active in Vanguard America been Warren going go as at that only teams who’s performance investors, it high was watch three, So naked, not and teams active Fargo, perform lifecycle cheaper, and one, fund present remain other that’s But years. Vanguard steadfast gold believer so for the But bigger. XX and to business. the it’s is distortion platforms fund unbalanced gold opportunities. Buffett And this management. the and to what happens think I better market for And tide for know and five says, risks. I’m people quality impact. for But looking the we and looked the got, it’s All true. many it’s its when are over at characteristics that its cheaper have microcap being, cautious, because Wells we gold in opportunities on hold funds. no, of just the first a got platforms. that. to our big it’ll gold it’s sports Vanguard no-load fund managed Why remains I discover we’ve out much and it’s Usually
but got And gold it’s comment, the stock So, managers. each regarding of but are S&P XX% bad dealt we not negative true. always remind year because is of markets on XXX, reserve shock you them, heads in in the an people media and the volatility, what’s gold beginning and And and in – I XX% rule. maintain of be be basis. media gold’s into that for bullions it’s perceived when to the underperforming, rebalance research end that. good this is a capital And century, to fund decades, double sort know golden to always And continue market have volatility did the be of bullion. write talking in it’s a performing. – That on bullion still this got as did whole bullions active was advocate, market this of timely should always same financial this you past X:X. and are share I performance I the It’s it, and continue it It’s to we insights bear happening with,
of New love, and purchased a recognize the Diwali part season, It’s to visual or equation. love binary it a bigger money more investors India. fiscal, has that’s of regulation realize a is it’s Happy season has for of either, XX% world. it’s this than and it or that lights in And so time for it’s the with so great monetary’s And Year most remind gold are gold spending. but parts So I love policies monetary for It’s populated fear fear. do to important it’s think rates It’s model, to and to is that do demand interest fiscal’s giving. either is of important of government that, short-term and real a to important and with this supply tax gold
lots was own a positive think at suppression people I decreased for and price. there in wars we at trade the suppression gold. lower was of rates believe there when that stock gold. win then the look gold of So support your litigation probably corporate in QE look price there’s the Whereas is And policy we that the it. and as think unwinding fiscal And and gold market, the shown that’s taxes. the been there’s prevailed is are for I was to rising and a actually gold been good headwind many to probably QE a of real ability Unwinding depress and market QE pal, interest has
we’re world basically wars did the trade, zero of tariffs. taxes. it’s – one-zero the and economy America we the been particular job trillion, So the envy GDP And China lower world. in countries the is Europe. have largest other I in trade And consumer China corporate unlevel think incredible President playing with $XX an an in field with and what and Trump in
he’s spread We dropped huge there’s to emerging put sell our So the only falling. chair been but did open of sell been prices it’s a prices products that out affects unwinding their oil Iran. this, reason have going think a And It’s be if to our Trump, us. recognize months doubt wants an And six acquiesces for – all every to recommend, the makes highly everyone when sudden we’ve markets. you’re for not the about prices it China open a has are oil three could a economy, months, write really month, dramatically. And to off we over. trade it’s it’s we’re think we’re month. PMI I China with written geopolitics not – that I always and precursor was And a seeing important with unless a no the But because to And wars changes. all copper to one interesting trade on falling, button, I of up economies. reset times President have subscriber, rolled
that they products, place starting the and to Indiana, rust uncompetitive to exporting quality from belt that I quality thrive. more they about, they’re A with worry in investing becomes way, and of has is become is precision been cheaper, the historically Airbus usually the, out dollar think good there’s a looking It up. Michigan dent strong for will products. I Boeing, dollar picking a quality from a manufacturing takes call survive our think always to it many drag high high we’re industrial that becomes stocks show strong and at drag
will to saying to I gold. bonds taking think the high March, falling I of and a impressed that’s And reversion Resiliency a be rates place, so of is the of relative Europe because resiliency I whenever let’s much expertise. So the that historically that return would when Japan, get jump such have of gold now price and more. been gold our and two-year onto government real have gold am we’ll that but and that peak back between relative rate we with probably mean strength offering
three basis, I the not historical have for two unwinding another And gold one, expected be supporting is $XXX to in on factor it’s fact, QEs $XXX, would but and In I think happening. of to gold. the
witnessing in been We’re Poland, buying banks all Turkey. not Eastern of Hungary, bullion a coming and up buyers Europe buying from Poland tons particularly central X sudden gold, have of gold, show
to look Poland If a It in deal country had best anyone currency their Turkish matter, gold. they to sell didn’t that the bought net was lira, at gold. was for And country it. you The owning hedges woes, with buyer.
resilient at visual; since gold U.S. in actually at think XXXX, look if real $X,XXX, the doing in again. rates a And eye, look and that to and also – I been fact, on rising, of interest is So is in blink gold that in think I important it’s rates in quite this have you that but $X,XXX gold well. a will basis relative any U.S. interest very be the an peak
here is update the managing this. we talking, but a is gold for for volatility business, into on volatile all change tuned at like important sorry, and expectations to of bullion on television positive. volatility, what much than is basis. is stay approach, recognize that’s Xx more bullion a Xx say, the an is I’m of of market quieter it’s very investors stock and let’s about stocks regular and look from So published sort oil is, Vanguard just is, to getting important the seeing the is Volatility in which different
into or fund we get in to and York. New in was It difficult a laundering glossy listed Now concerns to the understand some thief able that ETF to crypto that was into why space sell then are AML moved concerns world. launch the bitcoin it very was the anti-money
in really to unable and market able to list a going long-term many U.S. bullish. track could and happen. that’s that. lords’ from And It’s I We But But impact daily bear It’s dollars want a is and Blockchain. more of bullion bitcoin, concern earnings, our do you real accounting substantially rules. there’s the And not volatility that. much going up be this of our is to quarterly through important done deal everywhere, GROW’s really had just so. in up XXX. of They even walk picture here especially S&P trades that’s that is to is hackers you recognize the U.S. bitcoin the the that’s in showing volatility drug ethereum; though dollars or what’s investment to stock. So the with it’s greater showing HIVE have to with with than
why are So the people would understand these reasons why.
So life is all about managing expectations.
As you Warren same here, want everything have a means low here recognize that on Buffett upside. to if expectations, is sure of marriage, said, I the make have that. thing to long lasting all And you want
XX all was to been Now ministers on prior price it XXXX part and economic without of major minutes concern finance a bitcoin, them But that Street XXXX regulations that about failure. covering shows actually of was place created any of have quietly concern has ecosystem and closed and up governments, do the to geeks bitcoin, taxpayer to and taking this, regulation. trade were suppressing created grow every that geeks That growth. and policies, taxation that was cryptocurrencies the And globally. accretion events crash, with the to it’s Since over it most hippies written from that turnaround then Wall the a to have the of dollars bitcoin. the synchronized important, came a The if focused GXX continue and poor bitcoin bunch what up you transactions other in growth of protesting bitcoin. their protesters, and recall, covering of out all the radicalist, can after global you
any counterfeiting. have can’t You
crisis market. in the if And XX/X that stable. you You minutes, can’t in wouldn’t illegal XX closed XXXX, because you shorting everything place every any more that’s have much have something took have the stock would
exchanges, of what We the a balanced the most the ministers is think I with India Federal to that most it. India to and seen of sort research. GXX up a cryptocurrency the they bullish war government at in interesting way is Supreme can going Reserve the had weeks prevailed the immediately later on have is ago the government finance own have a their countries, the UK week of – of cryptocurrencies. you is of Court And their we’ve most that looking come with So the a and couple said, had went but
you the have push, And if bitcoin they’d So now the in The Facebook some ban countries you and there push that’s interim, long-term was ethereum they ultimate taking format Feds be out with collect every the AML, a the on the that’s that’s pressured et come global think we had Twitter, is and pronouncements all the want we’re – in with the to place. cetera, a type there here can then October, see visual laid walks that’s is can through reversed the monitor a advertisement, rollover. cryptocurrency push taxes. really by it to would a that because bitcoin you countries same July bitcoin I transaction, itself. at because of all to GXX supposed But
significant some but positive is what’s have developments fidelity. as I very regulatory that think underneath place we some taken So as such issues headwinds,
is announced a digital launched investment as a crypto assets investors platform. low make what’s goal trading cost such more bitcoin, of a last to Our and native USA significant accessible made base. at they’ve month. This very to was Coinbase
$XX in be the and approved of approved, New it it’s is which I And was now $X in a digital state wallet for they to now getting difficult million to been the York, they’ve approved able most valued the have space, billion. XXXX, think in round at trading.
Society the CFA CFA So CFA Society, CPA Society which is I have is we because Society, think the significant are and more these developments the positive global. than
designation there’s have you CPA, Brazil, the Singapore to it, South and If and in and São you recognize the Paulo, whereas different CA just in the accounting accepted and you the get U.S., Africa, a that. name UK CFA’s Germany, it’s
now have to part institute St. creating start then the And the CFA we index. making So curriculum. and had we is Fed, Louis educational now of their
these go could positive HIVE with transaction. we something things does so highly taken XX gets means market, a and a are HIVE validates besides on that currency. minutes digital this that the positive What really the this cryptocurrency global by made the the in. investment tracks that’s remarkable an for did and It – of as very that’s is HIVE not crypto What all SEC headwinds and Blockchain the And that really paid problem market way, constructive. place I that And that mathematical currencies. in do believe And industry, I this the as we going solving just in cryptocurrency massive is mean? digital basically I Bitcoin Blockchain securities. the many lot it’s ICOs, by It think other minds real regulations space cryptocurrency a you, of every but volatile. They’re coming after
to program been – a of I even the investing. and I from cap of this to captured try think that high little for funding but the because world crowd cap dinner. is entrepreneurs, it’s microcap sharing that think it And at data And into we me there’s just you television with small just Kevin great small America every with night make that’s small $X O’Leary, basically year percentage hunger on showing is at for easier watching billion it investing consumed ICOs. women these having industry, girls according watching sources and cleanup a last for went microcap
incubating more I unleashing think we’re entrepreneurs. and just that more
the stay want it’s stabilized, volatility on company I’ve very, HIVE in CEO, be and HIVE. it high. just go I regard taken very into repositioned and that to of The for a very, hopefully bear markets So able to for say with just to to the taking was interim seems very but end, this that looks that place exciting been X.X sort tuned shortly, announce
I long been I particular to the when as I’ve our capital explain volatility, a taking to tried more in our of story tried CFO. and what’s Lisa Callicotte, place into apologize, winded, with Now markets granular you I to company, explain lead you
Good Thank morning. you, Frank.
our assets updating accounting or This in equity earnings that to X, volatile. of codification, the of investments changes I’d the measurement quarter. on classification more results XXXX-XX, our A-XX expected disclosures. accounting adopted measurement the operations, ASU investments. subtopic We be financial our liabilities cause investment securities that accounting and recognition July standard, to to summarize, I Before notes, we XX A-XX. and Slide update this effective And in guidance are to pronouncement the role XXXX. related adopted discuss, and standards financial certain ASU amended accounting ASC of XXXX-XX like and
investments starting accounted So the corporate for past. than fiscal in some our were in of year, this differently
ending tax in with of out market and What available owned X% value new HIVE related be market in for high. and As laws value, $XXX,XXX available investment September XX September made of value wasn’t quarter company’s of Slide investment XXXX of quarter, and been quarter investments value decline earnings million earnings. the sale investment securities balance at try amount to will unrealized $XXX,XXX. outstanding then should of other our cost adjustment changes the was investment securities formally this The recorded any the investment And million costs. for an cumulative classified volatile. was that investment value quarter million is with gains was part would HIVE, be million. our loss XX, $X.X previously XX, XXXX, HIVE through our impact into if for in the adoption income a for noncurrent in investment related than is determinable million than the market this quarterly understand causing for the This at There of in no We The no of deferred at changes XXXX at shares matter an we investment as gains accumulated is They’re included and HIVE. income unrealized market sheet. as equity required for our at in loss HIVE investment XXXX, approximately value nature, shareholders related September rather that an in had securities end $X.X and of comprehensive long-term to net standard, in in to longer and the comprehensive investment reclassified market which of higher retained and expense more of earnings the our sale be related classified to change a This of income, value of or fair the in available are we will security investments comprehensive I’m fair sale investment our short-term reported declines fair have on is an XX these for in sale in $X.X formally classification the is in HIVE of change $X.X income million end. to shares an readily summarizes approximately available for Effective in longer recorded or X, XX, includes to income. – than rather and sorry. no July value. effective
somewhat due for quarter million loss the mainly XXXX. I’ll of due from XX, the loss quarter quarter, for Slide and X% XXXX research employee in redemption. to income to to the operations results we see reasons: or was and in XX, gains $XXX,XXX. ending was from same $X.X is quarter sale. the a mainly loss due decreased decreased is operating unrealized discuss a last realized Other was XX, a our that $XXX,XXX loss million million Net know the income after $X.X increase quarter on X%, discussed unrealized year of to On first we equity expenses a a Page bonuses, about quarter in taxes million decrease method of USGI or of decrease investments loss compared XX, million increases for see XX% operating a to for XXXX, losses Operating for year. and $X.X per The is We we or XX, $XX,XXX of decrease the and other following in million, million, $XX,XXX $X,XXX from or recorded under for $X.X same $X.X a was revenues recorded a that to loss and impairment income million of which is assets formally in which to market due compared decrease the expenses we Investment XX% related earlier on $X.XX September Also expenses losses quarter year. quarter in due the of available XXXX compensations losses decrease costs. administrative versus XXXX. quarter the and quarter shareholder September $XXX,XXX of of the $XXX,XXX ending attributable which share $X.X of loss of quarter depreciation $XX,XXX of gains Beginning first September compared the related million was share, investments and decrease the period. by year. fund in ending in of $X.X benefits income classified current decrease period decreased and this in Now offset the general same as in of the quarter prior decreases primarily $X.X unrealized income were $XXX,XXX, $X.X the in an primarily primarily of $XXX,XXX in management per the fiscal in for the to fiscal prior the a $XXX,XXX or first the of $X.XX the in prior to to – fiscal to
make Page long-term that, that which a and cash of strong over can level of see current With ratio have million XX, company as have a see The and high Page that debt. up sheet, of on to Moving we I’ll we XX, assets. you includes XX% Holly. And to has balance a no $XX.X it still capital we still turn securities of net working combined onto total XX.X:X.
Lisa. you, Thank
you income. our in markets a resources, equities majority natural fund of see assets emerging mutual and and As are are while domestic fixed XX% can in
from distribution, retail quarter for of three other quarters more and assets institutional than As from the come investors investors.
an to as our resources our on funds our those continued viral exchange and mutual Our to News few. amount well natural insights Holmes Asia, funds. financial media on to including CNBC sales just continue concentrated emerging markets, receive The Radio and publicity shares funds, company a gained as focus and invaluable Bloomberg and his interviews. gold, traded marketing outlets Frank with of efforts through often have Kitco name like
publishers. with financial recommendations with influential visitors receive and along like world featured The well. Forbes, Business CEO have to content commentary original syndication month. with share a popularity travel His We often Crest the call each grow Frank The sharing in as by and our continue third-party because writers prominent Holmes’ visitors. Seeking our by newsletter newsletters and continues thought millions to Holmes as by Insider on to Alpha, globetrotter others our loyal of of our Talk Frank millions investment receive to along We monthly award-winning around including Frank blog, following publications leadership. he well, is team of
analysis. to monthly events the our Since thoughts in million new short already show’s And with trending team witnessed several Page investment like episodes Show continues in subscribers to Talk of newsletter. our Frank Street with of syndication matter well as aired. in. our XX most At gold the what to implementing market as Talk to similar frequently well last of video audience Kitco post beginning, biggest were launched Frank world Twitter, have Talk feature look We week and XXX as YouTube with partnership YouTube Frank LinkedIn, since Film followers visitors they we video quarter-end, moving over the with Facebook, we’ve through Blog. no on Holmes’ written alert series the Blog also actually members market topics. and the other Pinterest. Gold interact his Live award-winning Holmes to gold videos, website December, shares Last We and clips. loyal third-party year, into visited into year supplement in a we’d new the financial Instagram, The an an the investor is our he Game increase features feature over News in these dives Frank Frank as sites
article include: similar be slide, XX one did in a XX Trumps Texas a top Why retweeted XXXX, will as this does got what So And called side we on why two, gold month, Texas note, Greg as U.S. to number and Six can actually but Governor Texas to reserves; All and see clicks visited just you the the Number articles you recently shares, continues with it number last was on the that the in the Other Texas, see three, receive Economies to Reasons top take countries to it by posted which X%?; which move back Abbott. reasons everyone wants most largest
reaching us brand All helped millions readers, of by and of leverage coverage investors. viewers potential our this
investor leadership. is company from usfunds.com website from times XXX,XXX The September visited Educational Our markets through Global thought company of Management was well the more all The small STAR category. over this known has funds for Investment has excellence Best Alliance timely, date, of including over STAR numerous three the XXXX investors insight total awards year, balanced, U.S. STAR Awards positive and curious September by in of world. To the awarded IMEA XXXX the been earned recognize the education. within adding Education Campaign year, by a XX Awards.
continues subscriber investment newsletters in the organically currently Our base to we Blog. our XX,XXX and over have Talk curious subscribe grow Investors Frank to
platforms most including a see following and all across Twitter large to media also We our notably. continued of social LinkedIn
hedge of I’m add abroad, most when fund talk hedge traveling countries. I are managers I to know XX,XXX, accredited accredited of No, And investors and their Holly that funds. just to in up subscribers. me, is this the – and come them them XXX lot a it’s
receive And as our Yes, alert subscribers the presentation, award to exactly. to subscribers. to as can love a as line. to Investors up our print hearing any up and offer that tasks. e-newsletter sign webcast the opportunity winning from of we well live are usfunds.com wrap attendees for just shareholders us we want about today’s these of these join investor our drop and We
implementation one. can questions Capitalism you now to might says, like like to your we Enjoy note shoot you quick requires reminder, statement. value to if in date statement this questions quarter, and for info@usfunds.com a losses like today’s would implement as and included? you’d I us transition the change screen open of due was a this of it So, retained control our the that the Well, rule investment and explained start-off Accounting and the any income July wherever required move through after New up date they And that Lisa, are on forward, a earnings. fair please It you income And starting enter to then Standard unrealized now presentation. with, answer have I Xst, going to as the to record T-shirt, by moved the Free few into that to into the change changes and where companies gains in think include were – panel gains/losses a this of the as accounting us
July in earnings gains a unrealized in million million income accumulated $X.X other reclassified related as into X. retained we from of So and tax comprehensive deferred expense
important changes moved but as that statement to our unrealized to another of is going income what we gains, any But account. So statement, income the our equity to that to are unrealized quarterly. point we from is gain $X.X on those record one million through note equity have will run that from account X/XX/XXXX, never through
changes I this was a think the volatile with Berkshire billion – had two this? according for something quarters these $X to that big to ago, they came Hathaway charge out part this
Yes.
is first it’s This it so quarter now. most to they which their So implementing companies, would why quarter. our for happened XXXX just year fiscal us be first be happening to in
the and started I were its by talk and Just to caused many disruption particularly companies and the that insurance others, and I the believe showing up with financial they investments, volatility. of making the companies long-term said the and increase short-term
Definitely.
the volatility long-term earnings, people and investments, take a to all you’ve short-term short to create we’ll your term biggest place. The let of long-term risk hopefully is that’s making the earnings, that deter of investment from Of sudden and has in all earnings.
this you upside you the the a currency crypto been can is do it you says, forward? Great. the think or potential It more Frank, range question. low. new like seems Do maybe in price normal market answer now, right moving has see
all pop, with and day, October lay up and regs of announcement a pop, pop, it sudden a into we big and anticipated everything rolling and XX% had and hive It saw then in July. that coming a surge, roll, that GXX We new was were the over.
regulatory it’s going that search of some it XX/X. kind then So, a different I think gold, the be that complete on if and just ecosystem button, the I once ecosystem it’s reset trade is and the we like clarity think get world, is to
the And go so going and is They my travel there from a had on how that people pay research the XX,XXX don’t very to of look was And many decent, want it of their different these it was at in knapsacks lot millionaires that to kids, taxes. and they it’s calculated millennial it, world on. Ethereum. around young them world lineal
a us as I group $XX,XXX. mellowness people, find, So have but know for they of weirdest part global ecosystem. a it’s three of the
like that every and a These conferences just $X,XXX are if �� that there’s conferences. they $XXX gold to in So are this have – from coders gold I involved, was fell our week. packed be the conference. in that no one months. having gold conferences and I’ve But a attended and in are everywhere the past of thousands spoken there’d several dollars there three Ethereum, they’re world spending at
So I away. that know gone think energy is
fair is – these I you business, going market think getting the hash mining chips we’re been during the that mining think of big you nice rates, have have just and that it’s – cost is have groping it’s the the with dramatically. I The sideways. fallen headaches it’s this challenges
a year costing chip, XXX. So spend what combine buy, AX money would chips a and they’re last these it coins, to $X,XXX high these are when now that’s chips
their basically let players no a just the and that to have players investing. in. have But come they continued never more of has, money in means redeployed that They can in, so And come woods. lot
what like start think a a a much they seeing and A let’s frackers I later, say is in barrels is off the – XXXX that natural barrels hit that it’s this day. Texas. That more and South XX fracking So gas. is we’re oil day year
into XXXX have to and then And continuously cash drill drill keep have they that have that So and flow day. maintain conducing drill flow barrels that that’s you positive cash from they what get But have and more can They more by in free their great and more. to the up off production thinking can space. a they they treadmill, to it. be
second, thing this that govern regulations. with change in So a York New can think I
that here to want on their are now I the all it’s was all of subscribe the think the a industry. own People momentum down. in finding They leaving it’s cloud know to which slowed and sells people I lot momentum. biggest are the world, they are Genesis things clients. a It’s bottom Mining, traders. have on that
that So as washed the long as I getting think up. it’s more here,
Global Thank concludes at be quarter The all All presentation for usfunds.com. website U.S. XXXX. on our This of for first your you Investors webcast today. will right. the available participation
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.