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Galaxy Digital Inc. (GLXY) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Galaxy Digital Inc. (GLXY) Q4 2025 Earnings Call February 12, 2026 1:30 PM EST

Company Participants

Michael Wursthorn
Michael Novogratz – Founder, CEO & Director
Jonathan Goldowsky – Head of Investor Relations
Anthony Paquette – Chief Financial Officer

Presentation

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Michael Wursthorn

All right. Sorry about that, guys. A little bit of a technical difficulty, but we finally got it going. I am the Head of Comms here at Galaxy, Mike Wursthorn. And I just want to start with a little bit of a disclaimer before we get going.

First of all, we’re really excited to be hosting our latest quarterly X Spaces following our Q4 earnings. It’s a great chance to connect with our retail investors and share more of what we’re working on with Galaxy. And today, I’m here joined by our CEO, Mike Novogratz; and our CFO, Tony Paquette. And as always, we’re going to try to answer as many questions as we can. But as usual, there are some that we won’t be able to answer. So we won’t be addressing nonpublic financials or other information that might be inappropriate or

[Technical Difficulty]

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Michael Novogratz
Founder, CEO & Director

All right, guys, can you hear us? Sorry about this. The last few times, we seemed to have gotten this thing right. And this time, we are striking out. I hope that doesn’t say a lot for the Bitcoin price action, which has also been pretty s*****. Listen, I’m going to talk to you a little bit about my macro view to start and a quick update on Galaxy, and then we’re going to open up to Q&A.

This is a bear market in crypto right now. We are below every moving average. We had expected better performance last year with gold up. The Bitcoin narratives were working, and we had a good administration, yet

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People on the move: North East appointments and promotions

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Business Live

Companies and organisations featuring in this week’s round-up include: Northumbrian Water, Bellway, James Burrell and Business Enterprise Fund

Jodie Stewart started as a digital technology solutions professional apprentice.

Jodie Stewart has been promoted to business analyst. (Image: Northumbrian Water)

Northumbrian Water has promoted University of Sunderland apprentice Jodie Stewart to the role of business analyst.

The move comes in the second year of Ms Stewart’s studies following her start as digital technology solutions apprentice. She joined the degree apprenticeship programme which offers six pathways including software engineering, IT consulting, business analysis, cybersecurity, data analysis and network engineering.

Ms Stewart said: “I had already attended a year of university to become a primary school teacher, and I decided that that wasn’t the right career for me. It was when I was working in a co-working space for tech companies and start-ups, I found what they were doing really interesting. So when I found this apprenticeship, I thought it was absolutely perfect because you get to see so many different teams and departments that cover so many aspects of digital solutions.”

Louise Patterson, head of IS operations and resource management at Northumbrian Water, said: “Jodie truly reflects what our apprenticeship scheme is all about, her drive, curiosity and willingness to immerse herself across different digital teams, which has not only accelerated her own development but also made a real impact here at Northumbrian Water. We’re incredibly proud of her progression and the positive impact she’s had across the region and excited to see where her talent and determination will take her next.”

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Lizzie Jowett joins BEF NE from Bradford BID.

Lizzie Jowett and Lee Vickers of Business Enterprise Fund North East.(Image: Business Enterprise Fund)

Not for profit finance provider Business Enterprise Fund (BEF) North East has appointed Lizzie Jowett to its Sunderland-based team.

Ms Jowett’s more than 13 year career has covered stints at Santander, Metro Bank and as director of Bradford BID. She is said to bring a deep commercial expertise and enthusiasm to the role, along with a talent for helping female-led organisations to thrive.

She said: “Joining BEF’s North East office is an exciting journey for me. This is one of the most dynamic regions in the UK to do business. People in a huge mix of sectors are being constantly inspired to do great things. It feels amazing to be the one who gets to help them along the road to success.”

Lee Vickers, BEF’s head of North East investments said: “We’re more than delighted to have Lizzie join us. Growing a team is always a positive sign, but being able to grow it with your ideal choice of candidates is particularly rewarding. We’re humbled that the very best talent wants to come and work with us. Lizzie’s track record places her firmly within that bracket. North East businesses have gained a fantastic advocate.”

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Bellway's Ciaran Wilson.

Ciaran Wilson, apprentice at Bellway.(Image: Neil Phillips Photo and Film Ltd)

Housebuilder Bellway says it has helped a 23 year-old apprentice quantity surveyor to get his career on the right track.

The Newcastle firm employed Ciaran Wilson from Swindon after he decided a law degree was not for him. He says his degree apprenticeship is the path he would have taken after leaving school had he known it was an option and believe the route should be more widely recognised.

The end result is a degree of the same value as one achieved on a full-time course. Mr Wilson’s degree apprenticeship with Bellway and Northumbria University will finish it in the summer of 2029.

He said: “I didn’t know about apprenticeships before but if I had been shown a degree apprenticeship before I’d have taken it. He added: “I can learn something in a lecture and then see it in reality. I can come to work and say I understand it. It means you get more overall knowledge. My uni work increases my understanding in my job, and my job informs what to write in my uni work. My essays are much stronger, and I feel better about them and have a greater understanding.”

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James Burrell has made a board level appointment.

From left: Mark Richardson, Rob Richardson and Nick Richardson.(Image: James Burrell Builders Merchants.)

James Burrell Builders Merchants has appointed Nick Richardson to its board of directors, joining fellow directors Mark Richardson and Rob Richardson.

Mr Richardson joined James Burrell in 2017, beginning his career within the accounts team, where he spent several years developing a detailed understanding of the company’s financial operations. He later broadened his experience within the purchasing team, gaining valuable insight into supplier relationships and stock management.

He has led the integration of a company-wide computer system, a transformational investment that has overhauled internal processes, improved efficiency, and laid strong foundations for future growth.

Mark Richardson said: “As a family-run business, we take great pride in our heritage and the values that have guided us for generations. We also remain committed to innovation and to meeting the evolving needs of the construction industry. Nick’s appointment is the natural next step on his journey, and we are confident that his expertise and leadership will be instrumental in shaping the future of the company.”

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Too Many Worries Exist To Get On Board With TFI International (NYSE:TFII)

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Too Many Worries Exist To Get On Board With TFI International (NYSE:TFII)

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Daniel is an avid and active professional investor.
He runs Crude Value Insights, a value-oriented newsletter aimed at analyzing the cash flows and assessing the value of companies in the oil and gas space. His primary focus is on finding businesses that are trading at a significant discount to their intrinsic value by employing a combination of Benjamin Graham’s investment philosophy and a contrarian approach to the market and the securities therein. Learn more.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Team Giannis Edges Team Anthony in Thrilling LA Showdown

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The NBA All-Star Game will be played March 7 in Atlanta, the league announced Thursday

The 2026 Ruffles NBA All-Star Celebrity Game delivered a slam-dunk spectacle Friday night at the Kia Forum, with Team Giannis Antetokounmpo rallying for a 65-58 victory over Team Anthony Anderson in a high-energy affair packed with viral moments, athletic feats and star power.

The NBA All-Star Game will be played March 7 in Atlanta, the league announced Thursday
The NBA All-Star Game
NBAE / Getty Images / Garrett Ellwood

Former NBA center Tacko Fall stole the show, posting a historic 20 points and 20 rebounds en route to MVP honors, while Jason “White Chocolate” Williams dazzled with vintage handles and GloRilla brought infectious energy. The win caps a star-studded All-Star Weekend kickoff, setting the stage for Saturday’s Skills Challenge and Sunday’s marquee game.

Epic comeback: Team Giannis overcomes halftime deficit

Trailing by 10 at halftime (42-32), Team Giannis flipped the script in the second half behind Fall’s paint dominance and Rome Flynn’s sharpshooting. A 20-5 third-quarter run tied it at 55, and clutch plays sealed the seven-point triumph.

Quarter scores:

Quarter Team Giannis Team Anthony
1st 14 16
2nd 18 26
3rd 19 7
4th 14 9
Final 65 58 ​

Special rules — including 4-point shots and halftime K-pop act — amped excitement at the Kia Forum.

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Tacko Fall’s 20-20 monster game cements MVP legacy

At 7-foot-6, Fall owned the glass with 20 rebounds, 20 points, 4 blocks and thunderous dunks, including a reverse alley-oop from Rome Flynn. “Tacko Time” chants echoed as he swatted shots and posterized defenders, earning unanimous MVP nods.​

Fall: “This crowd energy is unreal. Playing with these stars — dream come true.” His stat line echoes Wilt Chamberlain lore, fitting All-Star flair.​

Standout performers light up Kia Forum

Team Giannis (65):

  • Tacko Fall: 20 pts, 20 reb, 4 blk (MVP)​
  • Rome Flynn: 22 pts (multiple 3s)​
  • Shams Charania: 8 pts (deep 8-footer attempt viral)
  • Jeremy Lin: Veteran savvy, alley-oops
  • Keegan-Michael Key: Hustle, laughs

Team Anthony (58):

  • Keenan Allen: Defensive stops, 12 pts​
  • GloRilla: High-energy, rebounds​
  • Jason Williams: Flashy handles, assists
  • Simu Liu: Athletic dunks​
  • Mustard: Production flair

Coaches Giannis Antetokounmpo/Thanasis and Anthony Anderson/Mookie Betts added sideline antics.

Viral moments steal the show

  • Fall’s reverse alley-oop: Flynn-to-Fall poster electrified crowd.​
  • Shams’ deep bomb: ESPN insider’s 8-footer attempt meme gold.
  • Williams’ no-look passes: White Chocolate vintage delights.
  • GloRilla hustle: Rapper’s rebounds, energy ignite fans.​
  • Halftime K-pop: First-ever act hyped intermission.

7 p.m. ET tipoff streamed on ESPN, Disney+ (Philippines).

Rosters packed with NBA stars, celebs, influencers

Team Giannis:

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  • Keegan-Michael Key (actor)
  • Rome Flynn (actor/model)
  • Dylan Wang (actor/singer)
  • Shams Charania (ESPN)
  • Jenna Bandy (creator)
  • Rick Schnall (businessman)
  • Tacko Fall (CBA/NBA alum)
  • Jeremy Lin (NBA alum)

Team Anthony:

  • Simu Liu (actor)
  • Cody Jones (creator)
  • Badshah (rapper)
  • Andre de Grasse (sprinter)
  • Taylor Frankie Paul (TV star)
  • Mat Ishbia (Suns owner)
  • Jason Williams (NBA alum)
  • Nicolas Vansteenberghe (TV star)
  • Mustard (producer)
  • Adrien Nunez (influencer)
  • Keenan Allen (Chargers WR)

Coaches: Giannis/Thanasis Antetokounmpo vs. Anthony Anderson/Mookie Betts.

All-Star Weekend schedule heats up

Saturday, Feb. 14:

  • 4 p.m. ET: Adam Silver presser
  • Skills, 3-Point, Dunk contests

Sunday, Feb. 15:

  • Rising Stars, All-Star Game at Intuit Dome

Celebrity game sets festive tone for LA weekend.

Fan reactions: Tacko MVP, viral dunks dominate

Social exploded: #CelebrityGameMVP trended with 500K+ mentions; Fall’s dunks garnered 10M views. “Tacko owns LA!” trended; Williams’ handles nostalgic hit.

Game’s competitive edge — Fall’s blocks, Flynn’s 3s — elevated beyond exhibitions.​

Legacy: Tacko cements icon status

Fall’s double-double joins Chamberlain rarities in celeb lore; Lin/Williams add gravitas. Game’s new format, halftime K-pop innovates tradition.

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2026 Celebrity Game — Fall’s dominance, Giannis’ win — perfect All-Star appetizer, LA shining.

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Vertiv Stock: Robust Outlook Predicated On Strong AI Capital Deployment (NYSE:VRT)

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Vertiv Stock: Robust Outlook Predicated On Strong AI Capital Deployment (NYSE:VRT)

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Monte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent over a decade in professional services working across industries that include O&G, OFS, Midstream, Industrials, Information Technology, EPC Services, and consumer discretionary.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of VRT, NVDA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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EssilorLuxottica: Turning Positive On Market-Share Gain (Rating Upgrade)

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EssilorLuxottica: Turning Positive On Market-Share Gain (Rating Upgrade)

EssilorLuxottica: Turning Positive On Market-Share Gain (Rating Upgrade)

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Blue Bird: US-Based School Bus Manufacturer With Profitable Growth Prospects (NASDAQ:BLBD)

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Blue Bird: US-Based School Bus Manufacturer With Profitable Growth Prospects (NASDAQ:BLBD)

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I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The analysis is provided exclusively for informational purposes and should not be considered professional investment advice. Before investing, please conduct personal in-depth research and utmost due diligence, as there are many risks associated with the trade, including capital loss.

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Accelerant Holdings: An Insurance Marketplace Trading Like A Broken IPO

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Accelerant Holdings: An Insurance Marketplace Trading Like A Broken IPO

Accelerant Holdings: An Insurance Marketplace Trading Like A Broken IPO

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Xylem: Strong Fundamentals, More Conservative Outlook (NYSE:XYL)

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Xylem: Strong Fundamentals, More Conservative Outlook (NYSE:XYL)

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I am a freelancer with a business education who loves to discover new ideas for long and short term investments.”Stop hoping for a promotion that’s not coming. Instead, start a business at which you want to work.” Sallie Krawcheck

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Luxury Picks & Sweet Surprises for Perfect Romantic Gift

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Recchiuti Confections Black Box

With Valentine’s Day 2026 falling on a Saturday, expectations run high for thoughtful, indulgent gifts that capture romance and sweetness. Chocolate remains the timeless choice, blending luxury, nostalgia and pure pleasure. From heart-shaped boxes to innovative bonbons, 2026 offerings emphasize high-quality cacao, bold flavors and elegant packaging perfect for sharing or surprising a loved one.

Here are 10 standout chocolates to buy this Valentine’s season, drawn from expert recommendations, taste tests and trending collections as of mid-February 2026. These selections span budgets and tastes, ensuring something special whether you’re going classic, adventurous or ultra-premium.

Recchiuti Confections Black Box
Recchiuti Confections Black Box
  1. Recchiuti Confections Black Box Widely hailed as the top all-around boxed chocolate in 2026 reviews by Wirecutter and others, the 16-piece Black Box from San Francisco-based Recchiuti stands out for its sophisticated flavors, stunning shapes and textures. Tasters praise the perfectly executed ganaches, caramels and pralines, often calling it seductive and luxurious. Ideal for a romantic evening, the elegant black packaging adds a touch of mystery. Priced around $50–$60, it’s a step above everyday assortments and ships nationwide for last-minute orders.
  2. Godiva Gold Collection Heart Gift Box Godiva’s 2026 Valentine’s lineup features heart-shaped chocolates in classic flavors like dark ganache, milk praline and more. The Gold Collection box, with its signature red and gold ribbon, delivers reliable Belgian quality in an iconic heart design. At about $35 for 19 pieces, it’s accessible yet feels premium—perfect for partners who love traditional milk and dark mixes. Godiva’s widespread availability makes it easy to grab in stores or online.
  3. Compartés Truffle Collection or Heart Boxes Los Angeles chocolatier Compartés tops many 2026 lists for handmade luxury. Their truffle collections and heart-shaped boxes include champagne-infused varieties, exotic flavors and chocolate-dipped strawberries. Known for artistic presentation and rich, balanced cacao, Compartés offers gifts that feel personal and indulgent. Expect to spend $50+ for signature boxes—ideal for foodies seeking something beyond the ordinary.
  4. La Maison du Chocolat Heart Gift Boxes This Parisian brand brings French elegance to Valentine’s 2026 with heart-shaped boxes, strawberry-infused chocolates and truffle assortments. Their subtle, refined ganaches emphasize pure chocolate flavor with minimal sweetness. Luxury pricing (often $100+) suits those wanting sophisticated romance. The “From Faubourg with Love” theme ties into timeless Parisian charm.
  5. Dandelion Chocolate Origin Bonbon Collection For bean-to-bar enthusiasts, Dandelion’s 2026 delivery picks shine with single-origin bonbons highlighting terroir-driven flavors. WIRED named it best overall delivery chocolate, praising layered profiles and pure fun. Vegan-friendly and ethically sourced, it’s a thoughtful choice for sustainable sweet tooths, around $50–$80 for collections.
  6. Vosges Haut-Chocolat Exotic Collection Vosges continues to innovate with bold pairings like ginger-matcha, rose or exotic spices in 2026 assortments. Their Valentine’s boxes appeal to adventurous palates, blending global influences with high-end cacao. Featured in multiple guides, it’s great for couples who enjoy surprising each other with unique tastes.
  7. Knipschildt Salted Caramels or Signature Truffles Danish-American chocolatier Knipschildt earns praise for standout salted caramels and truffles. WIRED and Serious Eats highlight their layered flavors and pretty packaging. Affordable luxury (under $40 for some boxes), they offer creamy, addictive bites perfect for sharing.
  8. See’s Candies Valentine’s Day XOXO Box A nostalgic favorite, See’s 2026 XOXO box delivers classic American chocolates like buttercreams and nuts in festive wrapping. At around $32, it’s budget-friendly yet feels special—ideal for longtime sweethearts or family celebrations. Wide U.S. availability adds convenience.
  9. Richart Initiation Assortment French maison Richart’s Initiation box offers an array of ganaches and pralines in artistic designs. WIRED calls it best assorted gift box for its variety and subtlety. Great for introducing someone to gourmet chocolate without overwhelming sweetness.
  10. Stick With Me Sweets or Vesta Chocolate Truffles Artisanal standouts from Eater’s 2026 picks include Stick With Me’s creative bonbons and Vesta’s salted caramel truffles. These small-batch options feature innovative flavors like strawberry rosé or German chocolate cake. Perfect for trendsetters wanting Instagram-worthy, handcrafted treats.

Valentine’s Day 2026 trends lean toward personalized luxury: fruit-infused ganaches, vegan options, heart-themed packaging and ethical sourcing. Many brands offer limited-edition collections with champagne, rose or strawberry notes to heighten romance. For delivery, order early—popular sites like Godiva, Compartés and Recchiuti often sell out near February 14.

Whether opting for timeless Godiva hearts or bold Compartés truffles, these chocolates promise smiles and sweet memories. Pair with a card or flowers for the ultimate gesture. This Valentine’s, let chocolate speak the language of love.

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Goldilocks Data To Be Challenged Next Week: The Preview For GDP And PCE Inflation Reports

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Goldilocks Data To Be Challenged Next Week: The Preview For GDP And PCE Inflation Reports

This article was written by

Commodity Trading Adviser (CTA), member of National Futures Association. Professor of Finance, research on Global-macro issues. Editor-in-Chief, Journal of Corporate Accounting and Finance.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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