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11-22

Based on these numbers what will be a fair NAV of Main?

Press Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS

2021-04-08

Is there anything worthy behind this surge?

Marathon Digital surges 6% in premarket

2022-01-01

Wahahah. Real trader.

2021-03-16

Sell sell sell!

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on these numbers what will be a fair NAV of Main?","listText":"Based on these numbers what will be a fair NAV of Main?","text":"Based on these numbers what will be a fair NAV of Main?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/502829056963512","repostId":"2583512877","repostType":2,"repost":{"id":"2583512877","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1763068500,"share":"https://ttm.financial/m/news/2583512877?lang=en_US&edition=fundamental","pubTime":"2025-11-14 05:15","market":"sh","language":"en","title":"Press Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS","url":"https://stock-news.laohu8.com/highlight/detail?id=2583512877","media":"Dow Jones","summary":"Third  Quarter 2025 Net Investment Income of $0.35 Per Share. HOUSTON, Nov. 13, 2025 /PRNewswire/ -- MSC Income Fund, Inc.   is pleased to announce its financial results for the third quarter ended September 30, 2025.-- Net investment income , including excise tax and NII related. income taxes, of $16.6 million, or $0.35 per share. -- NII before taxes of $17.0 million, or $0.36 per share. -- Net increase in net assets resulting from operations of $26.5 million, or. -- Return on equity of 14.6% on an annualized basis for the quarter and. -- Net asset value of $15.54 per share as of September 30, 2025. -- Declared a regular quarterly dividend of $0.35 per share and a. supplemental quarterly dividend of $0.01 per share, both payable in the. fourth quarter of 2025, resulting in total dividends declared in the. cost basis due to realized losses resulted in a net decrease of $6.7. basis due to a realized loss resulted in a net decrease of $2.6 million. The following table provides a summary ","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     Third  Quarter 2025 Net Investment Income of $0.35 Per Share \n</p>\n<p>\n     Net Asset Value of $15.54 Per Share \n</p>\n<p>\n     HOUSTON, Nov. 13, 2025 /PRNewswire/ -- <a href=\"https://laohu8.com/S/NPW.SI\">MSC</a> Income Fund, Inc. <a href=\"https://laohu8.com/S/MSIF\">$(MSIF)$</a> (\"MSC Income\" or the \"Fund\") is pleased to announce its financial results for the third quarter ended September 30, 2025. \n</p>\n<p>\n     Third Quarter 2025 Highlights \n</p>\n<pre style=\"white-space: pre\">\n   -- Net investment income (\"NII\"), including excise tax and NII related \n      income taxes, of $16.6 million, or $0.35 per share \n \n   -- NII before taxes(1) of $17.0 million, or $0.36 per share \n \n   -- Total investment income of $35.4 million \n \n   -- Net increase in net assets resulting from operations of $26.5 million, or \n      $0.56 per share \n \n   -- Return on equity(2) of 14.6% on an annualized basis for the quarter and \n      11.6% for the trailing twelve-month period ended September 30, 2025 \n \n   -- Net asset value of $15.54 per share as of September 30, 2025 \n \n   -- Declared a regular quarterly dividend of $0.35 per share and a \n      supplemental quarterly dividend of $0.01 per share, both payable in the \n      fourth quarter of 2025, resulting in total dividends declared in the \n      third quarter of 2025 of $0.36 per share \n \n   -- Completed $74.6 million in total private loan portfolio investments, \n      which after aggregate repayments of debt investments and a decrease in \n      cost basis due to realized losses resulted in a net decrease of $6.7 \n      million in the total cost basis of the private loan investment portfolio \n \n   -- Completed $6.0 million in total lower middle market (\"LMM\") portfolio \n      follow-on investments, which after aggregate repayments of debt \n      investments, return of invested equity capital and a decrease in cost \n      basis due to a realized loss resulted in a net decrease of $2.6 million \n      in the total cost basis of the LMM investment portfolio \n</pre>\n<p>\n     In commenting on the Fund's operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, \"We are pleased with the Fund's performance in the third quarter, which resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity, near-term expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and current attractive pipeline of new private loan investment opportunities provide the opportunity for increased net investment income and shareholder dividends as we work to enhance the Fund's investment portfolio over the next several quarters.\" \n</p>\n<p>\n     Third Quarter 2025 Operating Results(3) \n</p>\n<p>\n     The following table provides a summary of the Fund's operating results for the third quarter of 2025: \n</p>\n<pre style=\"white-space: pre\">\n \n                                 Three Months Ended September 30, \n             ------------------------------------------------------------------------ \n                                                                             Change \n                    2025                 2024              Change ($)          (%) \n             -------------------  -------------------  -------------------  --------- \n                             (in thousands, except per share amounts) \nInterest \n income        $          30,117    $          30,236  $             (119)       -- % \nDividend \n income                    3,652                2,485                1,167       47 % \nFee income                 1,598                  756                  842      111 % \n             -------------------  -------------------  -------------------  --------- \nTotal \n investment \n income        $          35,367    $          33,477   $            1,890        6 % \n \nNet \n investment \n income \n (4)           $          16,577    $          12,916   $            3,661       28 % \nNet \n investment \n income per \n share (4)   $              0.35  $              0.32  $              0.03        9 % \n \nNet \n increase \n in net \n assets \n resulting \n from \n operations    $          26,529   $            7,371    $          19,158      260 % \nNet \n increase \n in net \n assets \n resulting \n from \n operations \n per share   $              0.56  $              0.18  $              0.38      211 % \n \n</pre>\n<p>\n     The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a $0.8 million increase in dividend income from the Fund's LMM portfolio companies, a $0.2 million increase in dividend income from the Fund's other portfolio companies and a $0.2 million increase in dividend income from the Fund's private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a $0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees related to increased investment activity. The $1.9 million increase in total investment income in the third quarter of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024. \n</p>\n<p>\n     Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025 from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2 million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Fund's Credit Facilities (as defined in the <a href=\"https://laohu8.com/S/LQDT\">Liquidity</a> and Capital Resources section below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-average outstanding borrowings used to fund the growth of the Fund's investment portfolio. The increase in incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund's investment adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII. \n</p>\n<p>\n     The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the listing of the Fund's shares of common stock in January 2025. \n</p>\n<p>\n     The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in total investment income and decreased expenses, each as discussed above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued through the Fund's follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the third quarter of 2024, as discussed above. \n</p>\n<p>\n     The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a $19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million. The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i) $8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4 million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized gain on the full exit of a LMM portfolio investment. \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2025 16:15 ET (21:15 GMT)\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Press Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPress Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-11-14 05:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     Third  Quarter 2025 Net Investment Income of $0.35 Per Share \n</p>\n<p>\n     Net Asset Value of $15.54 Per Share \n</p>\n<p>\n     HOUSTON, Nov. 13, 2025 /PRNewswire/ -- <a href=\"https://laohu8.com/S/NPW.SI\">MSC</a> Income Fund, Inc. <a href=\"https://laohu8.com/S/MSIF\">$(MSIF)$</a> (\"MSC Income\" or the \"Fund\") is pleased to announce its financial results for the third quarter ended September 30, 2025. \n</p>\n<p>\n     Third Quarter 2025 Highlights \n</p>\n<pre style=\"white-space: pre\">\n   -- Net investment income (\"NII\"), including excise tax and NII related \n      income taxes, of $16.6 million, or $0.35 per share \n \n   -- NII before taxes(1) of $17.0 million, or $0.36 per share \n \n   -- Total investment income of $35.4 million \n \n   -- Net increase in net assets resulting from operations of $26.5 million, or \n      $0.56 per share \n \n   -- Return on equity(2) of 14.6% on an annualized basis for the quarter and \n      11.6% for the trailing twelve-month period ended September 30, 2025 \n \n   -- Net asset value of $15.54 per share as of September 30, 2025 \n \n   -- Declared a regular quarterly dividend of $0.35 per share and a \n      supplemental quarterly dividend of $0.01 per share, both payable in the \n      fourth quarter of 2025, resulting in total dividends declared in the \n      third quarter of 2025 of $0.36 per share \n \n   -- Completed $74.6 million in total private loan portfolio investments, \n      which after aggregate repayments of debt investments and a decrease in \n      cost basis due to realized losses resulted in a net decrease of $6.7 \n      million in the total cost basis of the private loan investment portfolio \n \n   -- Completed $6.0 million in total lower middle market (\"LMM\") portfolio \n      follow-on investments, which after aggregate repayments of debt \n      investments, return of invested equity capital and a decrease in cost \n      basis due to a realized loss resulted in a net decrease of $2.6 million \n      in the total cost basis of the LMM investment portfolio \n</pre>\n<p>\n     In commenting on the Fund's operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, \"We are pleased with the Fund's performance in the third quarter, which resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity, near-term expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and current attractive pipeline of new private loan investment opportunities provide the opportunity for increased net investment income and shareholder dividends as we work to enhance the Fund's investment portfolio over the next several quarters.\" \n</p>\n<p>\n     Third Quarter 2025 Operating Results(3) \n</p>\n<p>\n     The following table provides a summary of the Fund's operating results for the third quarter of 2025: \n</p>\n<pre style=\"white-space: pre\">\n \n                                 Three Months Ended September 30, \n             ------------------------------------------------------------------------ \n                                                                             Change \n                    2025                 2024              Change ($)          (%) \n             -------------------  -------------------  -------------------  --------- \n                             (in thousands, except per share amounts) \nInterest \n income        $          30,117    $          30,236  $             (119)       -- % \nDividend \n income                    3,652                2,485                1,167       47 % \nFee income                 1,598                  756                  842      111 % \n             -------------------  -------------------  -------------------  --------- \nTotal \n investment \n income        $          35,367    $          33,477   $            1,890        6 % \n \nNet \n investment \n income \n (4)           $          16,577    $          12,916   $            3,661       28 % \nNet \n investment \n income per \n share (4)   $              0.35  $              0.32  $              0.03        9 % \n \nNet \n increase \n in net \n assets \n resulting \n from \n operations    $          26,529   $            7,371    $          19,158      260 % \nNet \n increase \n in net \n assets \n resulting \n from \n operations \n per share   $              0.56  $              0.18  $              0.38      211 % \n \n</pre>\n<p>\n     The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a $0.8 million increase in dividend income from the Fund's LMM portfolio companies, a $0.2 million increase in dividend income from the Fund's other portfolio companies and a $0.2 million increase in dividend income from the Fund's private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a $0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees related to increased investment activity. The $1.9 million increase in total investment income in the third quarter of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024. \n</p>\n<p>\n     Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025 from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2 million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Fund's Credit Facilities (as defined in the <a href=\"https://laohu8.com/S/LQDT\">Liquidity</a> and Capital Resources section below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-average outstanding borrowings used to fund the growth of the Fund's investment portfolio. The increase in incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund's investment adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII. \n</p>\n<p>\n     The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the listing of the Fund's shares of common stock in January 2025. \n</p>\n<p>\n     The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in total investment income and decreased expenses, each as discussed above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued through the Fund's follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the third quarter of 2024, as discussed above. \n</p>\n<p>\n     The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a $19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million. The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i) $8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4 million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized gain on the full exit of a LMM portfolio investment. \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2025 16:15 ET (21:15 GMT)\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FUND":"Fund基金","MSIF":"MSC Income Fund Inc","BK4135":"资产管理与托管银行","BK4575":"芯片概念","MAIN":"Main Street Capital","MSC":"新濠影汇","BK4588":"碎股","BK4150":"赌场与赌博","BK4585":"ETF&股票定投概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2583512877","content_text":"Third  Quarter 2025 Net Investment Income of $0.35 Per Share \n\n\n     Net Asset Value of $15.54 Per Share \n\n\n     HOUSTON, Nov. 13, 2025 /PRNewswire/ -- MSC Income Fund, Inc. $(MSIF)$ (\"MSC Income\" or the \"Fund\") is pleased to announce its financial results for the third quarter ended September 30, 2025. \n\n\n     Third Quarter 2025 Highlights \n\n\n   -- Net investment income (\"NII\"), including excise tax and NII related \n      income taxes, of $16.6 million, or $0.35 per share \n \n   -- NII before taxes(1) of $17.0 million, or $0.36 per share \n \n   -- Total investment income of $35.4 million \n \n   -- Net increase in net assets resulting from operations of $26.5 million, or \n      $0.56 per share \n \n   -- Return on equity(2) of 14.6% on an annualized basis for the quarter and \n      11.6% for the trailing twelve-month period ended September 30, 2025 \n \n   -- Net asset value of $15.54 per share as of September 30, 2025 \n \n   -- Declared a regular quarterly dividend of $0.35 per share and a \n      supplemental quarterly dividend of $0.01 per share, both payable in the \n      fourth quarter of 2025, resulting in total dividends declared in the \n      third quarter of 2025 of $0.36 per share \n \n   -- Completed $74.6 million in total private loan portfolio investments, \n      which after aggregate repayments of debt investments and a decrease in \n      cost basis due to realized losses resulted in a net decrease of $6.7 \n      million in the total cost basis of the private loan investment portfolio \n \n   -- Completed $6.0 million in total lower middle market (\"LMM\") portfolio \n      follow-on investments, which after aggregate repayments of debt \n      investments, return of invested equity capital and a decrease in cost \n      basis due to a realized loss resulted in a net decrease of $2.6 million \n      in the total cost basis of the LMM investment portfolio \n\n\n     In commenting on the Fund's operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, \"We are pleased with the Fund's performance in the third quarter, which resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity, near-term expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and current attractive pipeline of new private loan investment opportunities provide the opportunity for increased net investment income and shareholder dividends as we work to enhance the Fund's investment portfolio over the next several quarters.\" \n\n\n     Third Quarter 2025 Operating Results(3) \n\n\n     The following table provides a summary of the Fund's operating results for the third quarter of 2025: \n\n\n \n                                 Three Months Ended September 30, \n             ------------------------------------------------------------------------ \n                                                                             Change \n                    2025                 2024              Change ($)          (%) \n             -------------------  -------------------  -------------------  --------- \n                             (in thousands, except per share amounts) \nInterest \n income        $          30,117    $          30,236  $             (119)       -- % \nDividend \n income                    3,652                2,485                1,167       47 % \nFee income                 1,598                  756                  842      111 % \n             -------------------  -------------------  -------------------  --------- \nTotal \n investment \n income        $          35,367    $          33,477   $            1,890        6 % \n \nNet \n investment \n income \n (4)           $          16,577    $          12,916   $            3,661       28 % \nNet \n investment \n income per \n share (4)   $              0.35  $              0.32  $              0.03        9 % \n \nNet \n increase \n in net \n assets \n resulting \n from \n operations    $          26,529   $            7,371    $          19,158      260 % \nNet \n increase \n in net \n assets \n resulting \n from \n operations \n per share   $              0.56  $              0.18  $              0.38      211 % \n \n\n\n     The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a $0.8 million increase in dividend income from the Fund's LMM portfolio companies, a $0.2 million increase in dividend income from the Fund's other portfolio companies and a $0.2 million increase in dividend income from the Fund's private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a $0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees related to increased investment activity. The $1.9 million increase in total investment income in the third quarter of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024. \n\n\n     Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025 from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2 million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Fund's Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-average outstanding borrowings used to fund the growth of the Fund's investment portfolio. The increase in incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund's investment adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII. \n\n\n     The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the listing of the Fund's shares of common stock in January 2025. \n\n\n     The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in total investment income and decreased expenses, each as discussed above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued through the Fund's follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the third quarter of 2024, as discussed above. \n\n\n     The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a $19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million. The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i) $8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4 million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized gain on the full exit of a LMM portfolio investment. \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  November 13, 2025 16:15 ET (21:15 GMT)","news_type":1,"symbols_score_info":{"FUND":1.5,"MSIF":1,"MAIN":0.9,"MSC":1.5}},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9003544124,"gmtCreate":1641021706158,"gmtModify":1676533565809,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571465407751013","idStr":"3571465407751013"},"themes":[],"htmlText":"Wahahah. Real trader.&nbsp;","listText":"Wahahah. Real trader.&nbsp;","text":"Wahahah. Real trader.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9003544124","isVote":1,"tweetType":1,"viewCount":1796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348967413,"gmtCreate":1617881352732,"gmtModify":1704704296889,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571465407751013","idStr":"3571465407751013"},"themes":[],"htmlText":"Is there anything worthy behind this surge?","listText":"Is there anything worthy behind this surge?","text":"Is there anything worthy behind this surge?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348967413","repostId":"1165041067","repostType":4,"repost":{"id":"1165041067","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1617869308,"share":"https://ttm.financial/m/news/1165041067?lang=en_US&edition=fundamental","pubTime":"2021-04-08 16:08","market":"us","language":"en","title":"Marathon Digital surges 6% in premarket","url":"https://stock-news.laohu8.com/highlight/detail?id=1165041067","media":"Tiger Newspress","summary":"Marathon Digital surges 6% in premarket.","content":"<p>Marathon Digital surges 6% in premarket.</p><p><img src=\"https://static.tigerbbs.com/32ea8668b2ce838668bb4aed02e1ab46\" tg-width=\"899\" tg-height=\"479\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Marathon Digital surges 6% in premarket</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarathon Digital surges 6% in premarket\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-08 16:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Marathon Digital surges 6% in premarket.</p><p><img src=\"https://static.tigerbbs.com/32ea8668b2ce838668bb4aed02e1ab46\" tg-width=\"899\" tg-height=\"479\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MARA":"MARA Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165041067","content_text":"Marathon Digital surges 6% in premarket.","news_type":1,"symbols_score_info":{"MARA":0.9}},"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325664123,"gmtCreate":1615895687762,"gmtModify":1704788077589,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3571465407751013","idStr":"3571465407751013"},"themes":[],"htmlText":"Sell sell sell!","listText":"Sell sell sell!","text":"Sell sell sell!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325664123","repostId":"1127134490","repostType":4,"repost":{"id":"1127134490","kind":"news","pubTimestamp":1615889741,"share":"https://ttm.financial/m/news/1127134490?lang=en_US&edition=fundamental","pubTime":"2021-03-16 18:15","market":"us","language":"en","title":"\"We Are Sitting On An Incredibly Important Turning Point\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1127134490","media":"zerohedge","summary":"Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&P 500 has been pulled lower  and is now right on its dot com bubble peak levels.Picking up on this chart, over the weekend in his latestBear Traps Report, Larry McDonald wrote that \"we are sitting on an incredibly important turning point\"adding that \"the world’s first and second most liquid and arguably most important stock indices are sending important rotatio","content":"<p>Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&amp;P 500 has been pulled lower (due to Nasdaq underperformance coupled with strength in value stocks) and is now right on its dot com bubble peak levels.</p>\n<p><img src=\"https://static.tigerbbs.com/bb4617081a74b98cbab2c1287942cb9e\" tg-width=\"500\" tg-height=\"357\">Picking up on this chart, over the weekend in his latestBear Traps Report, Larry McDonald wrote that \"<b>we are sitting on an incredibly important turning point\"</b>adding that \"<b>the world’s first and second most liquid and arguably most important stock indices are sending important rotation signals.</b>In our view, both tech and growth equities outperformance run is over and the rotation to value and commodity exposed equities has begun.\"</p>\n<p>AsBloomberg notes, while recent single-day rallies (4% on Tuesday and 2.4% on Thursday) lifted the Nasdaq 100 to its first gain in four weeks, they’re not calming nerves. After all, big up days are not uncommon during a downtrend.<b>In 2000, when the market started a three-year crash, the index had 27 sessions where it rose at least 4%. That compared with six such days in 1999, when prices doubled.</b></p>\n<p>“The early stages of a bear market is typically punctuated by ferocious rallies, and what matters in the end is how far the rallies extend and not how quickly they move within a single session,” said Michael Shaoul, chief executive officer at Marketfield Asset Management LLC. “<b>Evidence continues to mount that the technology sector has finally relinquished its position as key global leadership.\"</b></p>\n<p>That’s raising alarms for anyone who lived through the dot-com crash. Back then, when the Nasdaq 100 started falling in March 2000, the equal-weighted S&amp;P 500 kept marching forward and didn’t peak until 14 months later -- a sign that money was being shifted away from the tech behemoths that soared in the internet bubble.<b>Ultimately, the Nasdaq 100 lost half of its value</b>.</p>\n<blockquote>\n <b>“People should not take solace in the fact that almost everything else besides the tech group is acting well,</b>” said Matt Maley, chief market strategist at Miller Tabak + Co.\n <b>“If the tech group continues to underperform, it’s going to weigh on the rest of the stock market eventually.”</b>\n</blockquote>\n<p>A rotation out of growth and tech will only accelerate depending on what Powell says on Thursday, especially if he doesn't sound sufficient dovish and spooks markets again, triggering another bond rout, which by extension means a selloff in growth stocks which - as we have noted on many previous occasions -<b>have near record high duration and are thus merely bond proxies to which hedge funds have never been more exposed.</b></p>\n<p><img src=\"https://static.tigerbbs.com/80c176f70232a97f988ba92c84c6836d\" tg-width=\"500\" tg-height=\"201\">However, while all eyes were on the 10-Year during the late February \"reflation panic\" selloff which was sparked by a liquidation cascade in bonds once the 10Y breached 1.50%, the place on the Treasury curve where the next liquidation cascade could begin is now the belly, because asBloomberg writeswhereas back in December the thought was that the Federal Reserve might tamp down long-term Treasury yields, the issue now lies with shorter-dated ones, and specifically<b>5-year rates.</b></p>\n<p>Yields on that maturity have become unanchored in recent weeks, surging above the previous \"red line\" of 0.75% amid speculation that the<b>Fed will need to start a cycle of rate hikes perhaps a full year earlier than officials have indicated.</b>That shift has also roiled the outlook for a classic iteration of the reflation wager, a widening gap between 5- and 30-year yields, even as the narrative of a stimulus-fueled recovery has only gained momentum.</p>\n<p><img src=\"https://static.tigerbbs.com/0c4be02c3e2224fb5edfb0e0ed77bcac\" tg-width=\"500\" tg-height=\"267\"><b>\"The Fed next week will have to walk a fine line between either pushing back against market expectations or allowing them to stand,\"</b>said Kevin Walter, co-head of global Treasuries trading for Barclays. Without Fed pushback \"there might be more pressure on the belly of the curve,\" in which case the best steepeners would be the spreads between 2-year yields versus 5- and 7-year rates that have room to rise as traders price in tightening.</p>\n<p>And while most investment bank research divisions, and certainly the Fed, do not expect any liftoff until at least 2023,<b>the swaps market has been reflecting a roughly 75% chance the Fed lifts rates from near zero by around the end of 2022.</b>Indeed, Walter expects no major policy changes next week and anticipates that officials will continue to project rates on hold through 2023, however even doing nothing may force another round of selling amid the recent bout of soaring inflation, one seen as a push by the market to force Powell into some form of Yield Curve Control.</p>\n<p><img src=\"https://static.tigerbbs.com/148711c8ea3822a0af209f086802c068\" tg-width=\"500\" tg-height=\"263\">On the remote chance that the Fed does signal some 2023 hikes next week,<b>the market will probably bring expectations for rate increases into the first half of 2022 and the 1-year-forward 5-year rate could increase 50 basis points, Peter Chatwell, head of multi-asset strategy for Mizuho International Plc,</b>said in an emailed note. It would also lead to renewed rotation out of growth and into value, further depressing the Nasdaq to SPX chart shown above.</p>\n<p>That said, most don't expect Powell to address the continued selling in either the long-end or more recently, the belly - the Fed chair gave only a minor reference to the bond-market slump that drove 10-year yields above 1.6%. He emphasized the importance of financial conditions, which remain accommodative, although tech stocks did sink on Friday as yields surged.</p>\n<p>None of this will help ease inflation fears as the market fears the Fed is rapidly falling behind the curve. As we noted last week, 5Y inflation expectations at the highest since 2008 and robust jobs data have only reinforced bets that the Fed will need to tighten more quickly than it’s been forecasting. The speculation has squeezed wagers on a steeper curve from 5 to 30 years, shrinking that spread to a bit above 150 basis points, from a more than 6-year high of 167 in February. The 5-year yield at 0.84% isn’t far below its highest level since last year. But at the same time, the 2-year has remained near historic lows on the view that the Fed will hold rates near zero for the immediate future. That’s kept bets on the widely watched spread to the 10-year rate in play, as well as versus other maturities, such as the 5- and 7-year.</p>\n<p>And with the front-end anchored for a long, long time, the question then becomes what is the most lucrative steepener trade. “Some steepeners are better than others,” said Patrick Leary, senior trader and chief market strategist for Incapital. He expects the 2s10s to keep widening, but has taken profits on steepeners and is looking for a better point to re-enter. Other see potential in the 5- to 30-year steepener. TD Securities has recommended entering that bet at 146.5 basis points, targeting 170, based on what it said was a high bar for hikes and the prospect of elevated coupon supply.</p>\n<p>Taking a step back, the reason why traders have been so focused on the 5-year part of the curve, i.e., \"the belly\", is because it’s seen as one place that may bear the brunt of any subsequent selloff should rate-hike speculation mount further, since the bulk of the liftoff regime is expected to take place within the maturity of a 5 Year note issued now.</p>\n<p>Furthermore, as Bloomberg notes already certain corners of the market are turning their attention to the potential for multiple rate hikes.<b>In swaptions,</b><b><u>a position has emerged targeting the Fed to hike seven to eight times by March 2025, according to a Barclays analysis</u></b><b>.</b></p>\n<p>There is, of course, the risk that markets have gotten ahead of themselves - the whole point of a recent RIC report from BofA, which does not see anywhere nearly enough sustained inflation to justify a 2022 rate hike, let alone 7 by 2025: “it’s possible the market may have gotten a little ahead of itself in the belly,” causing the 5-year rate to rise too much, said Jamie Anderson, head of U.S. trading for Insight Investment. If the data come in weak or the Fed is on hold for longer than expected, “the belly should rally and the curve re-steepen,” he said.</p>\n<p>For Incapital’s Leary, the narrowing in the 5s30s gap came on the view that officials may discuss - or even announce - a twist next week. Such an operation, involving the sale of shorter-dated holdings and purchase of longer maturities to control yields, would put more pressure on the belly, he says. That would follow the European Central Bank’s decision to ramp up its bond-buying pace.</p>\n<p>“All these trades are highly dependent on the Fed being on the sidelines and not changing its policy stance,” Leary said.<b>“The market is definitely playing a game of chicken with the Fed, by testing how high yields can get before tightening financial conditions and forcing the Fed to step in.\"</b></p>\n<p>Meanwhile, even as some strategists have brushed aside the yield risk for growth stocks, claiming that tech has shown a fickle relationship with Treasuries over time, Joe Kalish, chief global macro strategist at Ned Davis Research,<b>found that since 2014, the Nasdaq 100’s forward earnings yield - the inverse of its price-earnings ratio where the higher it is, the cheaper stocks are - has moved almost in lockstep with forecast corporate bond rates.</b></p>\n<p>In his model, if 10-year Treasury yields rise to 2% this year, that in turn could drive long-term Baa-rated bond rates to 4.5%, a scenario where<b>the Nasdaq 100 would have to drop as much as 20% to stay attractive, all else equal.</b>If yields climbed but the Nasdaq didn’t move, this would indicate over-valuation, Kalish said, adding his model correctly flashed warnings in 1987 and 2000.</p>\n<p><img src=\"https://static.tigerbbs.com/4e1270022eb5742b2cf2a7c328a5d897\" tg-width=\"500\" tg-height=\"380\">Also keep in mind that even after the recent drop, the price-earnings ratio of the Nasdaq 100 - at 28 - is nowhere near cheap relative to other stocks, and is a 7% premium over the S&amp;P 500.</p>\n<p>Finally, the growth advantage that has sustained tech’s outperformance in all but one year since 2009 is poised to disappear - at least for the next two years - as pandemic-beaten firms like airlines and automakers roar back. Profits from software and internet companies are expected to expand 22% this year and 12% in 2022. Both lag behind the broad S&amp;P 500, where earnings are forecast to increase 24% and 15%, respectively.</p>\n<p>So going back to the top chart, and with Nasdaq 100 knocking on the door of its relative peak, it’d be a mistake not to consider the downside risk, according to Jim Paulsen, chief investment strategist at Leuthold Group.</p>\n<p>“New-era investments are at a significant crossroads,” he said.<b>“After a prolonged period of extensive outperformance by the Nasdaq and tech stocks, it is not unreasonable to foresee a phase of underperformance, consolidation or even an outright collapse.”</b></p>\n<p>If all this sounds unnecessarily convoluted, we remind you of what Rabobank's Michael Everysaid overnight, in what may be the best summary of the Fed's options:</p>\n<blockquote>\n \"If Powell does nothing, we could perhaps be on the verge of a 2013-style Taper Tantrum. That would send Godzilla-sized shockwaves through markets everywhere, including Tokyo. (And I now think of 1970/80’s British TV ads where a Mock-zilla would eat famous global landmarks before deciding he preferred a certain candy “even chewier than a Barrow-in-Furness bus depot.”) \"\"Of course, Powell could say something or do something: Operation Twist and Shout; or YCC. First of all, this would then show that there is a disconnect between the Treasury and the Fed, which is hardly ideal. Moreover, such steps would prompt a major market flattening, but of two different kinds (short end up and long end down; or just long end down).\n <b>As I keep repeating here, YCC would also open the door for some seriously new epic adventures, like opening the mysterious giant gate behind which King Kong is found on his remote island.\"</b>\n</blockquote>\n<p>In short, brace for a burst of volatility on Thursday when Powell (and tech stock bulls) will be damned if the Fed Chair<i><b>doesn't</b></i>do anything, and damned if he&nbsp;<u><b>does</b></u>...</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"We Are Sitting On An Incredibly Important Turning Point\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"We Are Sitting On An Incredibly Important Turning Point\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 18:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/we-are-sitting-incredibly-important-turning-point><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&P 500 has been pulled lower (due to Nasdaq underperformance ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/we-are-sitting-incredibly-important-turning-point\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/we-are-sitting-incredibly-important-turning-point","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127134490","content_text":"Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&P 500 has been pulled lower (due to Nasdaq underperformance coupled with strength in value stocks) and is now right on its dot com bubble peak levels.\nPicking up on this chart, over the weekend in his latestBear Traps Report, Larry McDonald wrote that \"we are sitting on an incredibly important turning point\"adding that \"the world’s first and second most liquid and arguably most important stock indices are sending important rotation signals.In our view, both tech and growth equities outperformance run is over and the rotation to value and commodity exposed equities has begun.\"\nAsBloomberg notes, while recent single-day rallies (4% on Tuesday and 2.4% on Thursday) lifted the Nasdaq 100 to its first gain in four weeks, they’re not calming nerves. After all, big up days are not uncommon during a downtrend.In 2000, when the market started a three-year crash, the index had 27 sessions where it rose at least 4%. That compared with six such days in 1999, when prices doubled.\n“The early stages of a bear market is typically punctuated by ferocious rallies, and what matters in the end is how far the rallies extend and not how quickly they move within a single session,” said Michael Shaoul, chief executive officer at Marketfield Asset Management LLC. “Evidence continues to mount that the technology sector has finally relinquished its position as key global leadership.\"\nThat’s raising alarms for anyone who lived through the dot-com crash. Back then, when the Nasdaq 100 started falling in March 2000, the equal-weighted S&P 500 kept marching forward and didn’t peak until 14 months later -- a sign that money was being shifted away from the tech behemoths that soared in the internet bubble.Ultimately, the Nasdaq 100 lost half of its value.\n\n“People should not take solace in the fact that almost everything else besides the tech group is acting well,” said Matt Maley, chief market strategist at Miller Tabak + Co.\n “If the tech group continues to underperform, it’s going to weigh on the rest of the stock market eventually.”\n\nA rotation out of growth and tech will only accelerate depending on what Powell says on Thursday, especially if he doesn't sound sufficient dovish and spooks markets again, triggering another bond rout, which by extension means a selloff in growth stocks which - as we have noted on many previous occasions -have near record high duration and are thus merely bond proxies to which hedge funds have never been more exposed.\nHowever, while all eyes were on the 10-Year during the late February \"reflation panic\" selloff which was sparked by a liquidation cascade in bonds once the 10Y breached 1.50%, the place on the Treasury curve where the next liquidation cascade could begin is now the belly, because asBloomberg writeswhereas back in December the thought was that the Federal Reserve might tamp down long-term Treasury yields, the issue now lies with shorter-dated ones, and specifically5-year rates.\nYields on that maturity have become unanchored in recent weeks, surging above the previous \"red line\" of 0.75% amid speculation that theFed will need to start a cycle of rate hikes perhaps a full year earlier than officials have indicated.That shift has also roiled the outlook for a classic iteration of the reflation wager, a widening gap between 5- and 30-year yields, even as the narrative of a stimulus-fueled recovery has only gained momentum.\n\"The Fed next week will have to walk a fine line between either pushing back against market expectations or allowing them to stand,\"said Kevin Walter, co-head of global Treasuries trading for Barclays. Without Fed pushback \"there might be more pressure on the belly of the curve,\" in which case the best steepeners would be the spreads between 2-year yields versus 5- and 7-year rates that have room to rise as traders price in tightening.\nAnd while most investment bank research divisions, and certainly the Fed, do not expect any liftoff until at least 2023,the swaps market has been reflecting a roughly 75% chance the Fed lifts rates from near zero by around the end of 2022.Indeed, Walter expects no major policy changes next week and anticipates that officials will continue to project rates on hold through 2023, however even doing nothing may force another round of selling amid the recent bout of soaring inflation, one seen as a push by the market to force Powell into some form of Yield Curve Control.\nOn the remote chance that the Fed does signal some 2023 hikes next week,the market will probably bring expectations for rate increases into the first half of 2022 and the 1-year-forward 5-year rate could increase 50 basis points, Peter Chatwell, head of multi-asset strategy for Mizuho International Plc,said in an emailed note. It would also lead to renewed rotation out of growth and into value, further depressing the Nasdaq to SPX chart shown above.\nThat said, most don't expect Powell to address the continued selling in either the long-end or more recently, the belly - the Fed chair gave only a minor reference to the bond-market slump that drove 10-year yields above 1.6%. He emphasized the importance of financial conditions, which remain accommodative, although tech stocks did sink on Friday as yields surged.\nNone of this will help ease inflation fears as the market fears the Fed is rapidly falling behind the curve. As we noted last week, 5Y inflation expectations at the highest since 2008 and robust jobs data have only reinforced bets that the Fed will need to tighten more quickly than it’s been forecasting. The speculation has squeezed wagers on a steeper curve from 5 to 30 years, shrinking that spread to a bit above 150 basis points, from a more than 6-year high of 167 in February. The 5-year yield at 0.84% isn’t far below its highest level since last year. But at the same time, the 2-year has remained near historic lows on the view that the Fed will hold rates near zero for the immediate future. That’s kept bets on the widely watched spread to the 10-year rate in play, as well as versus other maturities, such as the 5- and 7-year.\nAnd with the front-end anchored for a long, long time, the question then becomes what is the most lucrative steepener trade. “Some steepeners are better than others,” said Patrick Leary, senior trader and chief market strategist for Incapital. He expects the 2s10s to keep widening, but has taken profits on steepeners and is looking for a better point to re-enter. Other see potential in the 5- to 30-year steepener. TD Securities has recommended entering that bet at 146.5 basis points, targeting 170, based on what it said was a high bar for hikes and the prospect of elevated coupon supply.\nTaking a step back, the reason why traders have been so focused on the 5-year part of the curve, i.e., \"the belly\", is because it’s seen as one place that may bear the brunt of any subsequent selloff should rate-hike speculation mount further, since the bulk of the liftoff regime is expected to take place within the maturity of a 5 Year note issued now.\nFurthermore, as Bloomberg notes already certain corners of the market are turning their attention to the potential for multiple rate hikes.In swaptions,a position has emerged targeting the Fed to hike seven to eight times by March 2025, according to a Barclays analysis.\nThere is, of course, the risk that markets have gotten ahead of themselves - the whole point of a recent RIC report from BofA, which does not see anywhere nearly enough sustained inflation to justify a 2022 rate hike, let alone 7 by 2025: “it’s possible the market may have gotten a little ahead of itself in the belly,” causing the 5-year rate to rise too much, said Jamie Anderson, head of U.S. trading for Insight Investment. If the data come in weak or the Fed is on hold for longer than expected, “the belly should rally and the curve re-steepen,” he said.\nFor Incapital’s Leary, the narrowing in the 5s30s gap came on the view that officials may discuss - or even announce - a twist next week. Such an operation, involving the sale of shorter-dated holdings and purchase of longer maturities to control yields, would put more pressure on the belly, he says. That would follow the European Central Bank’s decision to ramp up its bond-buying pace.\n“All these trades are highly dependent on the Fed being on the sidelines and not changing its policy stance,” Leary said.“The market is definitely playing a game of chicken with the Fed, by testing how high yields can get before tightening financial conditions and forcing the Fed to step in.\"\nMeanwhile, even as some strategists have brushed aside the yield risk for growth stocks, claiming that tech has shown a fickle relationship with Treasuries over time, Joe Kalish, chief global macro strategist at Ned Davis Research,found that since 2014, the Nasdaq 100’s forward earnings yield - the inverse of its price-earnings ratio where the higher it is, the cheaper stocks are - has moved almost in lockstep with forecast corporate bond rates.\nIn his model, if 10-year Treasury yields rise to 2% this year, that in turn could drive long-term Baa-rated bond rates to 4.5%, a scenario wherethe Nasdaq 100 would have to drop as much as 20% to stay attractive, all else equal.If yields climbed but the Nasdaq didn’t move, this would indicate over-valuation, Kalish said, adding his model correctly flashed warnings in 1987 and 2000.\nAlso keep in mind that even after the recent drop, the price-earnings ratio of the Nasdaq 100 - at 28 - is nowhere near cheap relative to other stocks, and is a 7% premium over the S&P 500.\nFinally, the growth advantage that has sustained tech’s outperformance in all but one year since 2009 is poised to disappear - at least for the next two years - as pandemic-beaten firms like airlines and automakers roar back. Profits from software and internet companies are expected to expand 22% this year and 12% in 2022. Both lag behind the broad S&P 500, where earnings are forecast to increase 24% and 15%, respectively.\nSo going back to the top chart, and with Nasdaq 100 knocking on the door of its relative peak, it’d be a mistake not to consider the downside risk, according to Jim Paulsen, chief investment strategist at Leuthold Group.\n“New-era investments are at a significant crossroads,” he said.“After a prolonged period of extensive outperformance by the Nasdaq and tech stocks, it is not unreasonable to foresee a phase of underperformance, consolidation or even an outright collapse.”\nIf all this sounds unnecessarily convoluted, we remind you of what Rabobank's Michael Everysaid overnight, in what may be the best summary of the Fed's options:\n\n \"If Powell does nothing, we could perhaps be on the verge of a 2013-style Taper Tantrum. That would send Godzilla-sized shockwaves through markets everywhere, including Tokyo. (And I now think of 1970/80’s British TV ads where a Mock-zilla would eat famous global landmarks before deciding he preferred a certain candy “even chewier than a Barrow-in-Furness bus depot.”) \"\"Of course, Powell could say something or do something: Operation Twist and Shout; or YCC. First of all, this would then show that there is a disconnect between the Treasury and the Fed, which is hardly ideal. Moreover, such steps would prompt a major market flattening, but of two different kinds (short end up and long end down; or just long end down).\n As I keep repeating here, YCC would also open the door for some seriously new epic adventures, like opening the mysterious giant gate behind which King Kong is found on his remote island.\"\n\nIn short, brace for a burst of volatility on Thursday when Powell (and tech stock bulls) will be damned if the Fed Chairdoesn'tdo anything, and damned if he does...","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":502829056963512,"gmtCreate":1763769623538,"gmtModify":1763770600201,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3571465407751013","authorIdStr":"3571465407751013"},"themes":[],"title":"","htmlText":"Based on these numbers what will be a fair NAV of Main?","listText":"Based on these numbers what will be a fair NAV of Main?","text":"Based on these numbers what will be a fair NAV of Main?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/502829056963512","repostId":"2583512877","repostType":2,"repost":{"id":"2583512877","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1763068500,"share":"https://ttm.financial/m/news/2583512877?lang=en_US&edition=fundamental","pubTime":"2025-11-14 05:15","market":"sh","language":"en","title":"Press Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS","url":"https://stock-news.laohu8.com/highlight/detail?id=2583512877","media":"Dow Jones","summary":"Third  Quarter 2025 Net Investment Income of $0.35 Per Share. HOUSTON, Nov. 13, 2025 /PRNewswire/ -- MSC Income Fund, Inc.   is pleased to announce its financial results for the third quarter ended September 30, 2025.-- Net investment income , including excise tax and NII related. income taxes, of $16.6 million, or $0.35 per share. -- NII before taxes of $17.0 million, or $0.36 per share. -- Net increase in net assets resulting from operations of $26.5 million, or. -- Return on equity of 14.6% on an annualized basis for the quarter and. -- Net asset value of $15.54 per share as of September 30, 2025. -- Declared a regular quarterly dividend of $0.35 per share and a. supplemental quarterly dividend of $0.01 per share, both payable in the. fourth quarter of 2025, resulting in total dividends declared in the. cost basis due to realized losses resulted in a net decrease of $6.7. basis due to a realized loss resulted in a net decrease of $2.6 million. The following table provides a summary ","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     Third  Quarter 2025 Net Investment Income of $0.35 Per Share \n</p>\n<p>\n     Net Asset Value of $15.54 Per Share \n</p>\n<p>\n     HOUSTON, Nov. 13, 2025 /PRNewswire/ -- <a href=\"https://laohu8.com/S/NPW.SI\">MSC</a> Income Fund, Inc. <a href=\"https://laohu8.com/S/MSIF\">$(MSIF)$</a> (\"MSC Income\" or the \"Fund\") is pleased to announce its financial results for the third quarter ended September 30, 2025. \n</p>\n<p>\n     Third Quarter 2025 Highlights \n</p>\n<pre style=\"white-space: pre\">\n   -- Net investment income (\"NII\"), including excise tax and NII related \n      income taxes, of $16.6 million, or $0.35 per share \n \n   -- NII before taxes(1) of $17.0 million, or $0.36 per share \n \n   -- Total investment income of $35.4 million \n \n   -- Net increase in net assets resulting from operations of $26.5 million, or \n      $0.56 per share \n \n   -- Return on equity(2) of 14.6% on an annualized basis for the quarter and \n      11.6% for the trailing twelve-month period ended September 30, 2025 \n \n   -- Net asset value of $15.54 per share as of September 30, 2025 \n \n   -- Declared a regular quarterly dividend of $0.35 per share and a \n      supplemental quarterly dividend of $0.01 per share, both payable in the \n      fourth quarter of 2025, resulting in total dividends declared in the \n      third quarter of 2025 of $0.36 per share \n \n   -- Completed $74.6 million in total private loan portfolio investments, \n      which after aggregate repayments of debt investments and a decrease in \n      cost basis due to realized losses resulted in a net decrease of $6.7 \n      million in the total cost basis of the private loan investment portfolio \n \n   -- Completed $6.0 million in total lower middle market (\"LMM\") portfolio \n      follow-on investments, which after aggregate repayments of debt \n      investments, return of invested equity capital and a decrease in cost \n      basis due to a realized loss resulted in a net decrease of $2.6 million \n      in the total cost basis of the LMM investment portfolio \n</pre>\n<p>\n     In commenting on the Fund's operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, \"We are pleased with the Fund's performance in the third quarter, which resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity, near-term expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and current attractive pipeline of new private loan investment opportunities provide the opportunity for increased net investment income and shareholder dividends as we work to enhance the Fund's investment portfolio over the next several quarters.\" \n</p>\n<p>\n     Third Quarter 2025 Operating Results(3) \n</p>\n<p>\n     The following table provides a summary of the Fund's operating results for the third quarter of 2025: \n</p>\n<pre style=\"white-space: pre\">\n \n                                 Three Months Ended September 30, \n             ------------------------------------------------------------------------ \n                                                                             Change \n                    2025                 2024              Change ($)          (%) \n             -------------------  -------------------  -------------------  --------- \n                             (in thousands, except per share amounts) \nInterest \n income        $          30,117    $          30,236  $             (119)       -- % \nDividend \n income                    3,652                2,485                1,167       47 % \nFee income                 1,598                  756                  842      111 % \n             -------------------  -------------------  -------------------  --------- \nTotal \n investment \n income        $          35,367    $          33,477   $            1,890        6 % \n \nNet \n investment \n income \n (4)           $          16,577    $          12,916   $            3,661       28 % \nNet \n investment \n income per \n share (4)   $              0.35  $              0.32  $              0.03        9 % \n \nNet \n increase \n in net \n assets \n resulting \n from \n operations    $          26,529   $            7,371    $          19,158      260 % \nNet \n increase \n in net \n assets \n resulting \n from \n operations \n per share   $              0.56  $              0.18  $              0.38      211 % \n \n</pre>\n<p>\n     The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a $0.8 million increase in dividend income from the Fund's LMM portfolio companies, a $0.2 million increase in dividend income from the Fund's other portfolio companies and a $0.2 million increase in dividend income from the Fund's private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a $0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees related to increased investment activity. The $1.9 million increase in total investment income in the third quarter of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024. \n</p>\n<p>\n     Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025 from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2 million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Fund's Credit Facilities (as defined in the <a href=\"https://laohu8.com/S/LQDT\">Liquidity</a> and Capital Resources section below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-average outstanding borrowings used to fund the growth of the Fund's investment portfolio. The increase in incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund's investment adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII. \n</p>\n<p>\n     The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the listing of the Fund's shares of common stock in January 2025. \n</p>\n<p>\n     The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in total investment income and decreased expenses, each as discussed above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued through the Fund's follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the third quarter of 2024, as discussed above. \n</p>\n<p>\n     The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a $19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million. The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i) $8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4 million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized gain on the full exit of a LMM portfolio investment. \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2025 16:15 ET (21:15 GMT)\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Press Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPress Release: MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-11-14 05:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     Third  Quarter 2025 Net Investment Income of $0.35 Per Share \n</p>\n<p>\n     Net Asset Value of $15.54 Per Share \n</p>\n<p>\n     HOUSTON, Nov. 13, 2025 /PRNewswire/ -- <a href=\"https://laohu8.com/S/NPW.SI\">MSC</a> Income Fund, Inc. <a href=\"https://laohu8.com/S/MSIF\">$(MSIF)$</a> (\"MSC Income\" or the \"Fund\") is pleased to announce its financial results for the third quarter ended September 30, 2025. \n</p>\n<p>\n     Third Quarter 2025 Highlights \n</p>\n<pre style=\"white-space: pre\">\n   -- Net investment income (\"NII\"), including excise tax and NII related \n      income taxes, of $16.6 million, or $0.35 per share \n \n   -- NII before taxes(1) of $17.0 million, or $0.36 per share \n \n   -- Total investment income of $35.4 million \n \n   -- Net increase in net assets resulting from operations of $26.5 million, or \n      $0.56 per share \n \n   -- Return on equity(2) of 14.6% on an annualized basis for the quarter and \n      11.6% for the trailing twelve-month period ended September 30, 2025 \n \n   -- Net asset value of $15.54 per share as of September 30, 2025 \n \n   -- Declared a regular quarterly dividend of $0.35 per share and a \n      supplemental quarterly dividend of $0.01 per share, both payable in the \n      fourth quarter of 2025, resulting in total dividends declared in the \n      third quarter of 2025 of $0.36 per share \n \n   -- Completed $74.6 million in total private loan portfolio investments, \n      which after aggregate repayments of debt investments and a decrease in \n      cost basis due to realized losses resulted in a net decrease of $6.7 \n      million in the total cost basis of the private loan investment portfolio \n \n   -- Completed $6.0 million in total lower middle market (\"LMM\") portfolio \n      follow-on investments, which after aggregate repayments of debt \n      investments, return of invested equity capital and a decrease in cost \n      basis due to a realized loss resulted in a net decrease of $2.6 million \n      in the total cost basis of the LMM investment portfolio \n</pre>\n<p>\n     In commenting on the Fund's operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, \"We are pleased with the Fund's performance in the third quarter, which resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity, near-term expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and current attractive pipeline of new private loan investment opportunities provide the opportunity for increased net investment income and shareholder dividends as we work to enhance the Fund's investment portfolio over the next several quarters.\" \n</p>\n<p>\n     Third Quarter 2025 Operating Results(3) \n</p>\n<p>\n     The following table provides a summary of the Fund's operating results for the third quarter of 2025: \n</p>\n<pre style=\"white-space: pre\">\n \n                                 Three Months Ended September 30, \n             ------------------------------------------------------------------------ \n                                                                             Change \n                    2025                 2024              Change ($)          (%) \n             -------------------  -------------------  -------------------  --------- \n                             (in thousands, except per share amounts) \nInterest \n income        $          30,117    $          30,236  $             (119)       -- % \nDividend \n income                    3,652                2,485                1,167       47 % \nFee income                 1,598                  756                  842      111 % \n             -------------------  -------------------  -------------------  --------- \nTotal \n investment \n income        $          35,367    $          33,477   $            1,890        6 % \n \nNet \n investment \n income \n (4)           $          16,577    $          12,916   $            3,661       28 % \nNet \n investment \n income per \n share (4)   $              0.35  $              0.32  $              0.03        9 % \n \nNet \n increase \n in net \n assets \n resulting \n from \n operations    $          26,529   $            7,371    $          19,158      260 % \nNet \n increase \n in net \n assets \n resulting \n from \n operations \n per share   $              0.56  $              0.18  $              0.38      211 % \n \n</pre>\n<p>\n     The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a $0.8 million increase in dividend income from the Fund's LMM portfolio companies, a $0.2 million increase in dividend income from the Fund's other portfolio companies and a $0.2 million increase in dividend income from the Fund's private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a $0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees related to increased investment activity. The $1.9 million increase in total investment income in the third quarter of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024. \n</p>\n<p>\n     Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025 from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2 million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Fund's Credit Facilities (as defined in the <a href=\"https://laohu8.com/S/LQDT\">Liquidity</a> and Capital Resources section below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-average outstanding borrowings used to fund the growth of the Fund's investment portfolio. The increase in incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund's investment adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII. \n</p>\n<p>\n     The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the listing of the Fund's shares of common stock in January 2025. \n</p>\n<p>\n     The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in total investment income and decreased expenses, each as discussed above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued through the Fund's follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the third quarter of 2024, as discussed above. \n</p>\n<p>\n     The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a $19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million. The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i) $8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4 million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized gain on the full exit of a LMM portfolio investment. \n</p>\n<p>\n  (MORE TO FOLLOW) Dow Jones Newswires\n</p>\n<p>\n  November 13, 2025 16:15 ET (21:15 GMT)\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FUND":"Fund基金","MSIF":"MSC Income Fund Inc","BK4135":"资产管理与托管银行","BK4575":"芯片概念","MAIN":"Main Street Capital","MSC":"新濠影汇","BK4588":"碎股","BK4150":"赌场与赌博","BK4585":"ETF&股票定投概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2583512877","content_text":"Third  Quarter 2025 Net Investment Income of $0.35 Per Share \n\n\n     Net Asset Value of $15.54 Per Share \n\n\n     HOUSTON, Nov. 13, 2025 /PRNewswire/ -- MSC Income Fund, Inc. $(MSIF)$ (\"MSC Income\" or the \"Fund\") is pleased to announce its financial results for the third quarter ended September 30, 2025. \n\n\n     Third Quarter 2025 Highlights \n\n\n   -- Net investment income (\"NII\"), including excise tax and NII related \n      income taxes, of $16.6 million, or $0.35 per share \n \n   -- NII before taxes(1) of $17.0 million, or $0.36 per share \n \n   -- Total investment income of $35.4 million \n \n   -- Net increase in net assets resulting from operations of $26.5 million, or \n      $0.56 per share \n \n   -- Return on equity(2) of 14.6% on an annualized basis for the quarter and \n      11.6% for the trailing twelve-month period ended September 30, 2025 \n \n   -- Net asset value of $15.54 per share as of September 30, 2025 \n \n   -- Declared a regular quarterly dividend of $0.35 per share and a \n      supplemental quarterly dividend of $0.01 per share, both payable in the \n      fourth quarter of 2025, resulting in total dividends declared in the \n      third quarter of 2025 of $0.36 per share \n \n   -- Completed $74.6 million in total private loan portfolio investments, \n      which after aggregate repayments of debt investments and a decrease in \n      cost basis due to realized losses resulted in a net decrease of $6.7 \n      million in the total cost basis of the private loan investment portfolio \n \n   -- Completed $6.0 million in total lower middle market (\"LMM\") portfolio \n      follow-on investments, which after aggregate repayments of debt \n      investments, return of invested equity capital and a decrease in cost \n      basis due to a realized loss resulted in a net decrease of $2.6 million \n      in the total cost basis of the LMM investment portfolio \n\n\n     In commenting on the Fund's operating results for the third quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, \"We are pleased with the Fund's performance in the third quarter, which resulted in an annualized return on equity of 14.6% and favorable net investment income. We believe that the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity, near-term expanded regulatory leverage capacity which will become effective for the Fund at the end of January 2026 and current attractive pipeline of new private loan investment opportunities provide the opportunity for increased net investment income and shareholder dividends as we work to enhance the Fund's investment portfolio over the next several quarters.\" \n\n\n     Third Quarter 2025 Operating Results(3) \n\n\n     The following table provides a summary of the Fund's operating results for the third quarter of 2025: \n\n\n \n                                 Three Months Ended September 30, \n             ------------------------------------------------------------------------ \n                                                                             Change \n                    2025                 2024              Change ($)          (%) \n             -------------------  -------------------  -------------------  --------- \n                             (in thousands, except per share amounts) \nInterest \n income        $          30,117    $          30,236  $             (119)       -- % \nDividend \n income                    3,652                2,485                1,167       47 % \nFee income                 1,598                  756                  842      111 % \n             -------------------  -------------------  -------------------  --------- \nTotal \n investment \n income        $          35,367    $          33,477   $            1,890        6 % \n \nNet \n investment \n income \n (4)           $          16,577    $          12,916   $            3,661       28 % \nNet \n investment \n income per \n share (4)   $              0.35  $              0.32  $              0.03        9 % \n \nNet \n increase \n in net \n assets \n resulting \n from \n operations    $          26,529   $            7,371    $          19,158      260 % \nNet \n increase \n in net \n assets \n resulting \n from \n operations \n per share   $              0.56  $              0.18  $              0.38      211 % \n \n\n\n     The $1.9 million increase in total investment income in the third quarter of 2025 from the comparable period of the prior year was principally attributable to (i) a $1.2 million increase in dividend income, primarily due to a $0.8 million increase in dividend income from the Fund's LMM portfolio companies, a $0.2 million increase in dividend income from the Fund's other portfolio companies and a $0.2 million increase in dividend income from the Fund's private loan portfolio companies, (ii) a $0.8 million increase in fee income primarily due to a $0.5 million increase from the refinancing and prepayment of debt investments and $0.3 million increase in fees related to increased investment activity. The $1.9 million increase in total investment income in the third quarter of 2025 includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024. \n\n\n     Total expenses, net of waivers, decreased by $1.0 million, or 5.0%, to $18.3 million in the third quarter of 2025 from $19.3 million for the same period in 2024. This decrease was principally attributable to (i) a $1.7 million decrease in interest expense and (ii) a $0.5 million decrease in base management fees, partially offset by a $1.2 million increase in incentive fees. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Fund's Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index rates and a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the first quarter of 2024, partially offset by an increase in weighted-average outstanding borrowings used to fund the growth of the Fund's investment portfolio. The increase in incentive fees, which is after a $0.2 million voluntary permanent waiver provided by the Fund's investment adviser in the third quarter of 2025, is primarily attributable to an increase in pre-incentive fee NII. \n\n\n     The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 2.0% on an annualized basis for the third quarter of 2025, from 2.2% for the third quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the listing of the Fund's shares of common stock in January 2025. \n\n\n     The $3.7 million increase in NII in the third quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in total investment income and decreased expenses, each as discussed above. NII per share increased by $0.03 per share for the third quarter of 2025, as compared to the third quarter of 2024, to $0.35 per share. The per share increase in NII was after the impact of a 17.8% increase in the weighted-average shares outstanding compared to the third quarter of 2024, primarily due to new shares issued through the Fund's follow-on equity offering in January 2025 and the dividend reinvestment plan. NII on a per share basis in the third quarter of 2025 is also after a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the third quarter of 2024, as discussed above. \n\n\n     The $26.5 million net increase in net assets resulting from operations in the third quarter of 2025 represents a $19.2 million increase from the third quarter of 2024. This increase was primarily the result of a (i) $15.5 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $11.2 million in the third quarter of 2025 compared to a net fair value decrease of $4.4 million in the prior year and (ii) a $3.7 million increase in NII as discussed above. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net unrealized appreciation (including the reversal of net fair value depreciation in prior periods on the net realized loss in the quarter) of $21.0 million, partially offset by a net realized loss of $9.9 million. The $4.4 million net fair value decrease in the third quarter of 2024 was the result of net unrealized depreciation of $29.7 million, partially offset by a net realized gain of $25.4 million. The $9.9 million net realized loss from investments for the third quarter of 2025 was primarily the result of (i) $8.8 million of realized losses on the restructures of two private loan portfolio investments and (ii) a $2.4 million realized loss on the full exit of a LMM portfolio investment, partially offset by a $1.3 million realized gain on the full exit of a LMM portfolio investment. \n\n\n  (MORE TO FOLLOW) Dow Jones Newswires\n\n\n  November 13, 2025 16:15 ET (21:15 GMT)","news_type":1,"symbols_score_info":{"FUND":1.5,"MSIF":1,"MAIN":0.9,"MSC":1.5}},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348967413,"gmtCreate":1617881352732,"gmtModify":1704704296889,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3571465407751013","authorIdStr":"3571465407751013"},"themes":[],"htmlText":"Is there anything worthy behind this surge?","listText":"Is there anything worthy behind this surge?","text":"Is there anything worthy behind this surge?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348967413","repostId":"1165041067","repostType":4,"repost":{"id":"1165041067","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1617869308,"share":"https://ttm.financial/m/news/1165041067?lang=en_US&edition=fundamental","pubTime":"2021-04-08 16:08","market":"us","language":"en","title":"Marathon Digital surges 6% in premarket","url":"https://stock-news.laohu8.com/highlight/detail?id=1165041067","media":"Tiger Newspress","summary":"Marathon Digital surges 6% in premarket.","content":"<p>Marathon Digital surges 6% in premarket.</p><p><img src=\"https://static.tigerbbs.com/32ea8668b2ce838668bb4aed02e1ab46\" tg-width=\"899\" tg-height=\"479\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Marathon Digital surges 6% in premarket</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarathon Digital surges 6% in premarket\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-08 16:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Marathon Digital surges 6% in premarket.</p><p><img src=\"https://static.tigerbbs.com/32ea8668b2ce838668bb4aed02e1ab46\" tg-width=\"899\" tg-height=\"479\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MARA":"MARA Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165041067","content_text":"Marathon Digital surges 6% in premarket.","news_type":1,"symbols_score_info":{"MARA":0.9}},"isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9003544124,"gmtCreate":1641021706158,"gmtModify":1676533565809,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3571465407751013","authorIdStr":"3571465407751013"},"themes":[],"htmlText":"Wahahah. Real trader.&nbsp;","listText":"Wahahah. Real trader.&nbsp;","text":"Wahahah. Real trader.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9003544124","isVote":1,"tweetType":1,"viewCount":1796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325664123,"gmtCreate":1615895687762,"gmtModify":1704788077589,"author":{"id":"3571465407751013","authorId":"3571465407751013","name":"GreatConjuct","avatar":"https://static.tigerbbs.com/3aee905e64806239eb064d4501506c1c","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3571465407751013","authorIdStr":"3571465407751013"},"themes":[],"htmlText":"Sell sell sell!","listText":"Sell sell sell!","text":"Sell sell sell!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325664123","repostId":"1127134490","repostType":4,"repost":{"id":"1127134490","kind":"news","pubTimestamp":1615889741,"share":"https://ttm.financial/m/news/1127134490?lang=en_US&edition=fundamental","pubTime":"2021-03-16 18:15","market":"us","language":"en","title":"\"We Are Sitting On An Incredibly Important Turning Point\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1127134490","media":"zerohedge","summary":"Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&P 500 has been pulled lower  and is now right on its dot com bubble peak levels.Picking up on this chart, over the weekend in his latestBear Traps Report, Larry McDonald wrote that \"we are sitting on an incredibly important turning point\"adding that \"the world’s first and second most liquid and arguably most important stock indices are sending important rotatio","content":"<p>Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&amp;P 500 has been pulled lower (due to Nasdaq underperformance coupled with strength in value stocks) and is now right on its dot com bubble peak levels.</p>\n<p><img src=\"https://static.tigerbbs.com/bb4617081a74b98cbab2c1287942cb9e\" tg-width=\"500\" tg-height=\"357\">Picking up on this chart, over the weekend in his latestBear Traps Report, Larry McDonald wrote that \"<b>we are sitting on an incredibly important turning point\"</b>adding that \"<b>the world’s first and second most liquid and arguably most important stock indices are sending important rotation signals.</b>In our view, both tech and growth equities outperformance run is over and the rotation to value and commodity exposed equities has begun.\"</p>\n<p>AsBloomberg notes, while recent single-day rallies (4% on Tuesday and 2.4% on Thursday) lifted the Nasdaq 100 to its first gain in four weeks, they’re not calming nerves. After all, big up days are not uncommon during a downtrend.<b>In 2000, when the market started a three-year crash, the index had 27 sessions where it rose at least 4%. That compared with six such days in 1999, when prices doubled.</b></p>\n<p>“The early stages of a bear market is typically punctuated by ferocious rallies, and what matters in the end is how far the rallies extend and not how quickly they move within a single session,” said Michael Shaoul, chief executive officer at Marketfield Asset Management LLC. “<b>Evidence continues to mount that the technology sector has finally relinquished its position as key global leadership.\"</b></p>\n<p>That’s raising alarms for anyone who lived through the dot-com crash. Back then, when the Nasdaq 100 started falling in March 2000, the equal-weighted S&amp;P 500 kept marching forward and didn’t peak until 14 months later -- a sign that money was being shifted away from the tech behemoths that soared in the internet bubble.<b>Ultimately, the Nasdaq 100 lost half of its value</b>.</p>\n<blockquote>\n <b>“People should not take solace in the fact that almost everything else besides the tech group is acting well,</b>” said Matt Maley, chief market strategist at Miller Tabak + Co.\n <b>“If the tech group continues to underperform, it’s going to weigh on the rest of the stock market eventually.”</b>\n</blockquote>\n<p>A rotation out of growth and tech will only accelerate depending on what Powell says on Thursday, especially if he doesn't sound sufficient dovish and spooks markets again, triggering another bond rout, which by extension means a selloff in growth stocks which - as we have noted on many previous occasions -<b>have near record high duration and are thus merely bond proxies to which hedge funds have never been more exposed.</b></p>\n<p><img src=\"https://static.tigerbbs.com/80c176f70232a97f988ba92c84c6836d\" tg-width=\"500\" tg-height=\"201\">However, while all eyes were on the 10-Year during the late February \"reflation panic\" selloff which was sparked by a liquidation cascade in bonds once the 10Y breached 1.50%, the place on the Treasury curve where the next liquidation cascade could begin is now the belly, because asBloomberg writeswhereas back in December the thought was that the Federal Reserve might tamp down long-term Treasury yields, the issue now lies with shorter-dated ones, and specifically<b>5-year rates.</b></p>\n<p>Yields on that maturity have become unanchored in recent weeks, surging above the previous \"red line\" of 0.75% amid speculation that the<b>Fed will need to start a cycle of rate hikes perhaps a full year earlier than officials have indicated.</b>That shift has also roiled the outlook for a classic iteration of the reflation wager, a widening gap between 5- and 30-year yields, even as the narrative of a stimulus-fueled recovery has only gained momentum.</p>\n<p><img src=\"https://static.tigerbbs.com/0c4be02c3e2224fb5edfb0e0ed77bcac\" tg-width=\"500\" tg-height=\"267\"><b>\"The Fed next week will have to walk a fine line between either pushing back against market expectations or allowing them to stand,\"</b>said Kevin Walter, co-head of global Treasuries trading for Barclays. Without Fed pushback \"there might be more pressure on the belly of the curve,\" in which case the best steepeners would be the spreads between 2-year yields versus 5- and 7-year rates that have room to rise as traders price in tightening.</p>\n<p>And while most investment bank research divisions, and certainly the Fed, do not expect any liftoff until at least 2023,<b>the swaps market has been reflecting a roughly 75% chance the Fed lifts rates from near zero by around the end of 2022.</b>Indeed, Walter expects no major policy changes next week and anticipates that officials will continue to project rates on hold through 2023, however even doing nothing may force another round of selling amid the recent bout of soaring inflation, one seen as a push by the market to force Powell into some form of Yield Curve Control.</p>\n<p><img src=\"https://static.tigerbbs.com/148711c8ea3822a0af209f086802c068\" tg-width=\"500\" tg-height=\"263\">On the remote chance that the Fed does signal some 2023 hikes next week,<b>the market will probably bring expectations for rate increases into the first half of 2022 and the 1-year-forward 5-year rate could increase 50 basis points, Peter Chatwell, head of multi-asset strategy for Mizuho International Plc,</b>said in an emailed note. It would also lead to renewed rotation out of growth and into value, further depressing the Nasdaq to SPX chart shown above.</p>\n<p>That said, most don't expect Powell to address the continued selling in either the long-end or more recently, the belly - the Fed chair gave only a minor reference to the bond-market slump that drove 10-year yields above 1.6%. He emphasized the importance of financial conditions, which remain accommodative, although tech stocks did sink on Friday as yields surged.</p>\n<p>None of this will help ease inflation fears as the market fears the Fed is rapidly falling behind the curve. As we noted last week, 5Y inflation expectations at the highest since 2008 and robust jobs data have only reinforced bets that the Fed will need to tighten more quickly than it’s been forecasting. The speculation has squeezed wagers on a steeper curve from 5 to 30 years, shrinking that spread to a bit above 150 basis points, from a more than 6-year high of 167 in February. The 5-year yield at 0.84% isn’t far below its highest level since last year. But at the same time, the 2-year has remained near historic lows on the view that the Fed will hold rates near zero for the immediate future. That’s kept bets on the widely watched spread to the 10-year rate in play, as well as versus other maturities, such as the 5- and 7-year.</p>\n<p>And with the front-end anchored for a long, long time, the question then becomes what is the most lucrative steepener trade. “Some steepeners are better than others,” said Patrick Leary, senior trader and chief market strategist for Incapital. He expects the 2s10s to keep widening, but has taken profits on steepeners and is looking for a better point to re-enter. Other see potential in the 5- to 30-year steepener. TD Securities has recommended entering that bet at 146.5 basis points, targeting 170, based on what it said was a high bar for hikes and the prospect of elevated coupon supply.</p>\n<p>Taking a step back, the reason why traders have been so focused on the 5-year part of the curve, i.e., \"the belly\", is because it’s seen as one place that may bear the brunt of any subsequent selloff should rate-hike speculation mount further, since the bulk of the liftoff regime is expected to take place within the maturity of a 5 Year note issued now.</p>\n<p>Furthermore, as Bloomberg notes already certain corners of the market are turning their attention to the potential for multiple rate hikes.<b>In swaptions,</b><b><u>a position has emerged targeting the Fed to hike seven to eight times by March 2025, according to a Barclays analysis</u></b><b>.</b></p>\n<p>There is, of course, the risk that markets have gotten ahead of themselves - the whole point of a recent RIC report from BofA, which does not see anywhere nearly enough sustained inflation to justify a 2022 rate hike, let alone 7 by 2025: “it’s possible the market may have gotten a little ahead of itself in the belly,” causing the 5-year rate to rise too much, said Jamie Anderson, head of U.S. trading for Insight Investment. If the data come in weak or the Fed is on hold for longer than expected, “the belly should rally and the curve re-steepen,” he said.</p>\n<p>For Incapital’s Leary, the narrowing in the 5s30s gap came on the view that officials may discuss - or even announce - a twist next week. Such an operation, involving the sale of shorter-dated holdings and purchase of longer maturities to control yields, would put more pressure on the belly, he says. That would follow the European Central Bank’s decision to ramp up its bond-buying pace.</p>\n<p>“All these trades are highly dependent on the Fed being on the sidelines and not changing its policy stance,” Leary said.<b>“The market is definitely playing a game of chicken with the Fed, by testing how high yields can get before tightening financial conditions and forcing the Fed to step in.\"</b></p>\n<p>Meanwhile, even as some strategists have brushed aside the yield risk for growth stocks, claiming that tech has shown a fickle relationship with Treasuries over time, Joe Kalish, chief global macro strategist at Ned Davis Research,<b>found that since 2014, the Nasdaq 100’s forward earnings yield - the inverse of its price-earnings ratio where the higher it is, the cheaper stocks are - has moved almost in lockstep with forecast corporate bond rates.</b></p>\n<p>In his model, if 10-year Treasury yields rise to 2% this year, that in turn could drive long-term Baa-rated bond rates to 4.5%, a scenario where<b>the Nasdaq 100 would have to drop as much as 20% to stay attractive, all else equal.</b>If yields climbed but the Nasdaq didn’t move, this would indicate over-valuation, Kalish said, adding his model correctly flashed warnings in 1987 and 2000.</p>\n<p><img src=\"https://static.tigerbbs.com/4e1270022eb5742b2cf2a7c328a5d897\" tg-width=\"500\" tg-height=\"380\">Also keep in mind that even after the recent drop, the price-earnings ratio of the Nasdaq 100 - at 28 - is nowhere near cheap relative to other stocks, and is a 7% premium over the S&amp;P 500.</p>\n<p>Finally, the growth advantage that has sustained tech’s outperformance in all but one year since 2009 is poised to disappear - at least for the next two years - as pandemic-beaten firms like airlines and automakers roar back. Profits from software and internet companies are expected to expand 22% this year and 12% in 2022. Both lag behind the broad S&amp;P 500, where earnings are forecast to increase 24% and 15%, respectively.</p>\n<p>So going back to the top chart, and with Nasdaq 100 knocking on the door of its relative peak, it’d be a mistake not to consider the downside risk, according to Jim Paulsen, chief investment strategist at Leuthold Group.</p>\n<p>“New-era investments are at a significant crossroads,” he said.<b>“After a prolonged period of extensive outperformance by the Nasdaq and tech stocks, it is not unreasonable to foresee a phase of underperformance, consolidation or even an outright collapse.”</b></p>\n<p>If all this sounds unnecessarily convoluted, we remind you of what Rabobank's Michael Everysaid overnight, in what may be the best summary of the Fed's options:</p>\n<blockquote>\n \"If Powell does nothing, we could perhaps be on the verge of a 2013-style Taper Tantrum. That would send Godzilla-sized shockwaves through markets everywhere, including Tokyo. (And I now think of 1970/80’s British TV ads where a Mock-zilla would eat famous global landmarks before deciding he preferred a certain candy “even chewier than a Barrow-in-Furness bus depot.”) \"\"Of course, Powell could say something or do something: Operation Twist and Shout; or YCC. First of all, this would then show that there is a disconnect between the Treasury and the Fed, which is hardly ideal. Moreover, such steps would prompt a major market flattening, but of two different kinds (short end up and long end down; or just long end down).\n <b>As I keep repeating here, YCC would also open the door for some seriously new epic adventures, like opening the mysterious giant gate behind which King Kong is found on his remote island.\"</b>\n</blockquote>\n<p>In short, brace for a burst of volatility on Thursday when Powell (and tech stock bulls) will be damned if the Fed Chair<i><b>doesn't</b></i>do anything, and damned if he&nbsp;<u><b>does</b></u>...</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"We Are Sitting On An Incredibly Important Turning Point\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"We Are Sitting On An Incredibly Important Turning Point\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-16 18:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/we-are-sitting-incredibly-important-turning-point><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&P 500 has been pulled lower (due to Nasdaq underperformance ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/we-are-sitting-incredibly-important-turning-point\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/we-are-sitting-incredibly-important-turning-point","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127134490","content_text":"Last week in hislatest Doubleline webcast, Jeff Gundlach presented a remarkable chart, one showing that the ratio of the Nasdaq to the S&P 500 has been pulled lower (due to Nasdaq underperformance coupled with strength in value stocks) and is now right on its dot com bubble peak levels.\nPicking up on this chart, over the weekend in his latestBear Traps Report, Larry McDonald wrote that \"we are sitting on an incredibly important turning point\"adding that \"the world’s first and second most liquid and arguably most important stock indices are sending important rotation signals.In our view, both tech and growth equities outperformance run is over and the rotation to value and commodity exposed equities has begun.\"\nAsBloomberg notes, while recent single-day rallies (4% on Tuesday and 2.4% on Thursday) lifted the Nasdaq 100 to its first gain in four weeks, they’re not calming nerves. After all, big up days are not uncommon during a downtrend.In 2000, when the market started a three-year crash, the index had 27 sessions where it rose at least 4%. That compared with six such days in 1999, when prices doubled.\n“The early stages of a bear market is typically punctuated by ferocious rallies, and what matters in the end is how far the rallies extend and not how quickly they move within a single session,” said Michael Shaoul, chief executive officer at Marketfield Asset Management LLC. “Evidence continues to mount that the technology sector has finally relinquished its position as key global leadership.\"\nThat’s raising alarms for anyone who lived through the dot-com crash. Back then, when the Nasdaq 100 started falling in March 2000, the equal-weighted S&P 500 kept marching forward and didn’t peak until 14 months later -- a sign that money was being shifted away from the tech behemoths that soared in the internet bubble.Ultimately, the Nasdaq 100 lost half of its value.\n\n“People should not take solace in the fact that almost everything else besides the tech group is acting well,” said Matt Maley, chief market strategist at Miller Tabak + Co.\n “If the tech group continues to underperform, it’s going to weigh on the rest of the stock market eventually.”\n\nA rotation out of growth and tech will only accelerate depending on what Powell says on Thursday, especially if he doesn't sound sufficient dovish and spooks markets again, triggering another bond rout, which by extension means a selloff in growth stocks which - as we have noted on many previous occasions -have near record high duration and are thus merely bond proxies to which hedge funds have never been more exposed.\nHowever, while all eyes were on the 10-Year during the late February \"reflation panic\" selloff which was sparked by a liquidation cascade in bonds once the 10Y breached 1.50%, the place on the Treasury curve where the next liquidation cascade could begin is now the belly, because asBloomberg writeswhereas back in December the thought was that the Federal Reserve might tamp down long-term Treasury yields, the issue now lies with shorter-dated ones, and specifically5-year rates.\nYields on that maturity have become unanchored in recent weeks, surging above the previous \"red line\" of 0.75% amid speculation that theFed will need to start a cycle of rate hikes perhaps a full year earlier than officials have indicated.That shift has also roiled the outlook for a classic iteration of the reflation wager, a widening gap between 5- and 30-year yields, even as the narrative of a stimulus-fueled recovery has only gained momentum.\n\"The Fed next week will have to walk a fine line between either pushing back against market expectations or allowing them to stand,\"said Kevin Walter, co-head of global Treasuries trading for Barclays. Without Fed pushback \"there might be more pressure on the belly of the curve,\" in which case the best steepeners would be the spreads between 2-year yields versus 5- and 7-year rates that have room to rise as traders price in tightening.\nAnd while most investment bank research divisions, and certainly the Fed, do not expect any liftoff until at least 2023,the swaps market has been reflecting a roughly 75% chance the Fed lifts rates from near zero by around the end of 2022.Indeed, Walter expects no major policy changes next week and anticipates that officials will continue to project rates on hold through 2023, however even doing nothing may force another round of selling amid the recent bout of soaring inflation, one seen as a push by the market to force Powell into some form of Yield Curve Control.\nOn the remote chance that the Fed does signal some 2023 hikes next week,the market will probably bring expectations for rate increases into the first half of 2022 and the 1-year-forward 5-year rate could increase 50 basis points, Peter Chatwell, head of multi-asset strategy for Mizuho International Plc,said in an emailed note. It would also lead to renewed rotation out of growth and into value, further depressing the Nasdaq to SPX chart shown above.\nThat said, most don't expect Powell to address the continued selling in either the long-end or more recently, the belly - the Fed chair gave only a minor reference to the bond-market slump that drove 10-year yields above 1.6%. He emphasized the importance of financial conditions, which remain accommodative, although tech stocks did sink on Friday as yields surged.\nNone of this will help ease inflation fears as the market fears the Fed is rapidly falling behind the curve. As we noted last week, 5Y inflation expectations at the highest since 2008 and robust jobs data have only reinforced bets that the Fed will need to tighten more quickly than it’s been forecasting. The speculation has squeezed wagers on a steeper curve from 5 to 30 years, shrinking that spread to a bit above 150 basis points, from a more than 6-year high of 167 in February. The 5-year yield at 0.84% isn’t far below its highest level since last year. But at the same time, the 2-year has remained near historic lows on the view that the Fed will hold rates near zero for the immediate future. That’s kept bets on the widely watched spread to the 10-year rate in play, as well as versus other maturities, such as the 5- and 7-year.\nAnd with the front-end anchored for a long, long time, the question then becomes what is the most lucrative steepener trade. “Some steepeners are better than others,” said Patrick Leary, senior trader and chief market strategist for Incapital. He expects the 2s10s to keep widening, but has taken profits on steepeners and is looking for a better point to re-enter. Other see potential in the 5- to 30-year steepener. TD Securities has recommended entering that bet at 146.5 basis points, targeting 170, based on what it said was a high bar for hikes and the prospect of elevated coupon supply.\nTaking a step back, the reason why traders have been so focused on the 5-year part of the curve, i.e., \"the belly\", is because it’s seen as one place that may bear the brunt of any subsequent selloff should rate-hike speculation mount further, since the bulk of the liftoff regime is expected to take place within the maturity of a 5 Year note issued now.\nFurthermore, as Bloomberg notes already certain corners of the market are turning their attention to the potential for multiple rate hikes.In swaptions,a position has emerged targeting the Fed to hike seven to eight times by March 2025, according to a Barclays analysis.\nThere is, of course, the risk that markets have gotten ahead of themselves - the whole point of a recent RIC report from BofA, which does not see anywhere nearly enough sustained inflation to justify a 2022 rate hike, let alone 7 by 2025: “it’s possible the market may have gotten a little ahead of itself in the belly,” causing the 5-year rate to rise too much, said Jamie Anderson, head of U.S. trading for Insight Investment. If the data come in weak or the Fed is on hold for longer than expected, “the belly should rally and the curve re-steepen,” he said.\nFor Incapital’s Leary, the narrowing in the 5s30s gap came on the view that officials may discuss - or even announce - a twist next week. Such an operation, involving the sale of shorter-dated holdings and purchase of longer maturities to control yields, would put more pressure on the belly, he says. That would follow the European Central Bank’s decision to ramp up its bond-buying pace.\n“All these trades are highly dependent on the Fed being on the sidelines and not changing its policy stance,” Leary said.“The market is definitely playing a game of chicken with the Fed, by testing how high yields can get before tightening financial conditions and forcing the Fed to step in.\"\nMeanwhile, even as some strategists have brushed aside the yield risk for growth stocks, claiming that tech has shown a fickle relationship with Treasuries over time, Joe Kalish, chief global macro strategist at Ned Davis Research,found that since 2014, the Nasdaq 100’s forward earnings yield - the inverse of its price-earnings ratio where the higher it is, the cheaper stocks are - has moved almost in lockstep with forecast corporate bond rates.\nIn his model, if 10-year Treasury yields rise to 2% this year, that in turn could drive long-term Baa-rated bond rates to 4.5%, a scenario wherethe Nasdaq 100 would have to drop as much as 20% to stay attractive, all else equal.If yields climbed but the Nasdaq didn’t move, this would indicate over-valuation, Kalish said, adding his model correctly flashed warnings in 1987 and 2000.\nAlso keep in mind that even after the recent drop, the price-earnings ratio of the Nasdaq 100 - at 28 - is nowhere near cheap relative to other stocks, and is a 7% premium over the S&P 500.\nFinally, the growth advantage that has sustained tech’s outperformance in all but one year since 2009 is poised to disappear - at least for the next two years - as pandemic-beaten firms like airlines and automakers roar back. Profits from software and internet companies are expected to expand 22% this year and 12% in 2022. Both lag behind the broad S&P 500, where earnings are forecast to increase 24% and 15%, respectively.\nSo going back to the top chart, and with Nasdaq 100 knocking on the door of its relative peak, it’d be a mistake not to consider the downside risk, according to Jim Paulsen, chief investment strategist at Leuthold Group.\n“New-era investments are at a significant crossroads,” he said.“After a prolonged period of extensive outperformance by the Nasdaq and tech stocks, it is not unreasonable to foresee a phase of underperformance, consolidation or even an outright collapse.”\nIf all this sounds unnecessarily convoluted, we remind you of what Rabobank's Michael Everysaid overnight, in what may be the best summary of the Fed's options:\n\n \"If Powell does nothing, we could perhaps be on the verge of a 2013-style Taper Tantrum. That would send Godzilla-sized shockwaves through markets everywhere, including Tokyo. (And I now think of 1970/80’s British TV ads where a Mock-zilla would eat famous global landmarks before deciding he preferred a certain candy “even chewier than a Barrow-in-Furness bus depot.”) \"\"Of course, Powell could say something or do something: Operation Twist and Shout; or YCC. First of all, this would then show that there is a disconnect between the Treasury and the Fed, which is hardly ideal. Moreover, such steps would prompt a major market flattening, but of two different kinds (short end up and long end down; or just long end down).\n As I keep repeating here, YCC would also open the door for some seriously new epic adventures, like opening the mysterious giant gate behind which King Kong is found on his remote island.\"\n\nIn short, brace for a burst of volatility on Thursday when Powell (and tech stock bulls) will be damned if the Fed Chairdoesn'tdo anything, and damned if he does...","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}