Today, the opening bell rang on the B3 level of the Brazilian Stock Exchange… Brazil's ETF market is still in its early stages, but has enormous growth potential.

Vanguard Group has lowered fees on 53 funds… Investors have saved approximately $250 million this year alone. “Vanguard Group is an investor-owned company. We have no outside shareholders or private owners who profit from our clients.” Given this structure, few asset management firms can compete with us on fees.

Buyers of the spot Bitcoin ETF paid an average of $84,100 per Bitcoin… Current price = $78,500 I suspect the vast majority of spot Bitcoin ETF assets will continue to be held regardless. Tweets like “Spot Bitcoin ETF holders are losing money” sound sensational, but I believe most holders refer to long-term investors. via @VildanaHajric

Some of the smartest people on Earth have tried to exploit any loopholes or risk factors associated with Bitcoin… But it still exists. It's been 17 years. Regardless of how it started, the code is public and *anyone* can see it. You guys are insane.

This week's ETF highlights... (Chart from @biancoresearch)

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Year-to-date total returns… GLD (Gold) +13% PDBC (Commodities) +10% IEMG (Emerging Markets) +8% IWM (US Small Cap) +6% IEFA (Developing Countries) +5% VNQ (Real Estate Investment Trusts) +3% SPY (S&P 500) +1% QQQ (Nasdaq 100) +1% AGG (US Bonds) 0% SHY (1-3 Year Treasury Bonds) 0% TLT (20+ Year Treasury Bonds) 0% IBIT (Bitcoin) -4% Other ETFs… IWD (Russia 1000 Value Index) +5% DBMF (Managed Futures) +4% MDY (Mid-Cap) +4% SPLV (Low Volatility Index) +3% MTUM (Momentum Index) +2% MUB Municipal Bonds +1% High-Yield Bonds +1% MAGS (Mag 7) 0% IEF (7-10 Year Government Bonds) 0% Russian 1000 Index Growth Bonds -2% ARKK (Disruptive Technology) -3% ETHA (Ethereum) -10%

The Coinbase Clarity Act… Or, the Crypto Industry Clarity Act. Or are they actually the same thing? This will determine the fate of the crypto asset regulatory framework.

Two years ago, everyone said decentralized prediction markets were a complete joke… Now, the same people (and almost all mainstream media) are talking about Polymarket's odds prediction of the Federal Reserve Chairman. It's quite something. "Cryptocurrencies are useless."

Trump… “I want to push up homeownership prices. They can rest assured, it will happen.” “Homeowners, we will keep them wealthy.” Baby Boomers… Seriously, housing affordability may be the biggest economic and social challenge we need to address… When people, especially our children and grandchildren, feel that homeownership is out of reach, it severely damages their morale. This affects *everything*, including how they view politics.