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Jonathan Assia
Co-founder, Chairman of the Board & CEO

Hi, everyone. Welcome to our event of unveiling a huge amount of work that our team has been working on for the past six months. It’s amazing to see so many people, so many familiar faces eTorians from across the globe. Thank you, everyone, for coming here. Our Pro investors that have joined us here to showcase their apps upstairs after the speech. Our partners are here, everywhere from SpaceX AI to Alpine to many other partners or investors. And of course, thank you to my family joining me here as well. And also welcome to the audience on X on YouTube, on our live stream across the globe.

We’ve started eToro with a vision of opening the markets for everyone to trade and invest in a simple and transparent way. But always, there has been a gap between the people who really have access to everything in the market and those who don’t. Initially, at eToro, it was really about lowering the friction, fractional shares in dollar amounts, enabling commission-free stock trading in U.S. shares, bringing crypto to retail and then bringing in a lot of the knowledge that we have in eToro through social, through connecting everybody in eToro to one another.

Today is really about how AI completely levels the playing field between retail investors and the most sophisticated investors across the globe. If I look at the past almost 20 years since me and my brother founded eToro, the first 10 years was really about lowering the barriers to entry. The next 10 years about how

The Tourism Authority of Thailand reminds visitors to have proof of sufficient funds for entry. This has been an existing requirement since 1980, varying by visa category, and excludes children under 12.

Entry Requirements for Thailand

As of July 6, 2026, the Tourism Authority of Thailand (TAT) advises visitors to prepare evidence of sufficient funds for entry screening. This is a reminder rather than a new measure. The proof-of-funds requirement has been in effect since 1980 under the Ministry of Interior, with updates in 2000. This rule is supported by the Ministry of Foreign Affairs and enforced by the Immigration Bureau.

Proof of Funds and Entry Guidance

Depending on their entry category, visitors may need to provide evidence of funds in Thai Baht or equivalent foreign currency. Categories and required amounts are as follows: Transit Visa and certain visa-exempt cases require 10,000 Baht per person; Visa on Arrival and Tourist Visa require 20,000 Baht per person. Non-Immigrant Visas also require similar amounts. Children under 12 are exempt. Visitors using the Tourist Visa Exemption Scheme should verify specific requirements based on nationality.

Additional Entry Information

Visitors are urged to verify the latest entry requirements by consulting with relevant authorities such as the Immigration Bureau or Royal Thai Embassies. The Immigration Bureau officers have the final say on entry eligibility, assessing based on current laws and regulations. For further details, travelers can access the Immigration Bureau’s website or contact their call center, which offers English-language support at 1178.

Source : Thailand entry reminder on proof of funds for foreign visitors

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Every SME owner has made a call that turned out badly despite being the right decision at the time, and a call that worked out despite being reckless.

Confusing the two is one of the quietest ways good judgement erodes in a growing business. There’s a surprisingly clean illustration of this problem in, of all places, a simple card game. In FreeCell Solitaire, the overwhelming majority of deals are mathematically solvable — so a loss is rarely bad luck and almost always a process failure. That distinction between outcome and process is worth borrowing for any business that makes decisions under uncertainty, which is to say every business.

The Trap of “Resulting”

Poker players have a word for the mistake of judging a decision purely by how it turned out: resulting. It’s an easy trap to fall into, because outcomes are visible and immediate, while the quality of the reasoning behind a decision is much harder to inspect after the fact. A leadership team that hires a strong candidate who later underperforms, or backs a sound pricing strategy that gets undercut by an unforeseen competitor move, can end up punishing good process because the scoreboard says “loss.”

The trouble compounds over time. Teams that get rewarded and punished purely on outcomes learn, quite rationally, to optimise for outcomes rather than sound reasoning — which often means avoiding well-judged risks and gravitating toward safe, low-variance choices that look better on a quarterly report but compound worse over years.

This isn’t just a psychological quirk to note and move past. It shapes real incentive structures inside a business. A sales director who gets criticised for a well-reasoned bet that didn’t land, while a colleague gets praised for a reckless call that happened to pay off, is watching the organisation teach the wrong lesson in real time. Left uncorrected, that dynamic quietly trains a team to prefer comfortable mediocrity over calculated risk.

Why FreeCell Makes the Point So Cleanly

Most games that involve cards or dice let players blame the shuffle when things go wrong, and plenty of business decisions get the same excuse: market conditions, timing, forces beyond anyone’s control. FreeCell removes that excuse almost entirely. The entire board is dealt face-up from the first move, and independent analysis of the game’s standard deals has found that well over 99% are winnable with correct play. Only a small handful of deals have ever been confirmed unsolvable.

That means a lost game of FreeCell is close to a controlled experiment in decision quality. The deal wasn’t the obstacle; the sequence of choices was. It’s a rare case where the gap between “bad outcome” and “bad process” nearly disappears, because the puzzle was solvable and the player simply didn’t find the solution. Business decisions are messier and rarely offer that kind of clarity, but the underlying question is identical: was this a good decision that ran into bad variance, or a decision that deserved to fail?

Building the Distinction Into How a Team Reviews Decisions

A few practical habits help separate process quality from outcome quality when reviewing how a business decision played out:

• Write the reasoning down before the outcome is known: A brief note on why a decision was made, made before the result comes in, is the only reliable way to later judge process rather than hindsight.
• Ask what information was available at the time: Judging a past decision against information that only emerged afterward is judging a different decision than the one that was actually made.
• Separate “wrong call” from “bad luck” explicitly: Teams that build this distinction into post-mortems tend to make better decisions over time, because they’re rewarding the right behaviour rather than the right dice roll.
• Revisit losing decisions the same way you’d revisit winning ones: A good process that happened to lose deserves the same scrutiny, and often the same praise, as a good process that happened to win.

None of this eliminates bad luck from business, and it shouldn’t try to. It simply stops bad luck from being mistaken for bad judgement, or good luck from being mistaken for skill.

The Takeaway for Growing Businesses

Uncertainty isn’t a flaw in decision-making; it’s the entire environment decisions get made in, whether the stakes are a card game or a hiring choice. The businesses that improve fastest tend to be the ones that get comfortable evaluating the reasoning behind a call independently of how it turned out, rather than treating every result as a verdict on the decision itself. FreeCell happens to make that lesson unusually visible, because it strips away nearly every excuse. Most business decisions won’t offer that clarity. The discipline of asking the question anyway is what separates teams that genuinely improve from teams that just get lucky or unlucky on repeat.

Cramer, a former hedge fund manager and the host of CNBC’s Mad Money, said Monday’s market action was linked to last week’s June jobs report, which showed hiring had slowed from the previous month. That data appeared to push large money managers to adjust their portfolios.

According to Cramer, institutional investors often trade baskets of stocks based on a broader economic theme. When that happens, even strong companies can fall along with weaker names, despite no major change in their business.

“These rotations create dislocations that seem to come out of nowhere. And sometimes those dislocations can give you incredible opportunities to buy high-quality companies at a discount,” Cramer said. “Today we got a bunch of them.”

Cramer pointed to PepsiCo as one such opportunity. He said the recent fall in the stock has given back much of the rally that followed the company’s strong earnings last quarter. With PepsiCo set to report results on July 9, Cramer said the pullback could offer investors a better entry point.

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He also highlighted Starbucks, saying investors are finally getting a chance to buy the stock after its recent decline. Cramer said CEO Brian Niccol is still working on the company’s turnaround, and the fall in the stock has made the risk-reward more attractive. Starbucks is also held by Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club.
For investors willing to take more risk, Cramer mentioned Constellation Brands. He said the alcohol company’s latest results showed signs that its beer business may be stabilising, even though concerns remain around its spirits segment.Cramer was also positive on TJX Companies, another CNBC Investing Club holding. He said a weaker consumer can help off-price retailers as shoppers look for cheaper options. At the same time, excess inventory at traditional retailers gives TJX more discounted products to sell in its stores.

Outside consumer stocks, Cramer said Monday’s market also showed another pattern. Some artificial intelligence-linked winners rebounded, while healthcare stocks that had recently performed well came under pressure.

One of those healthcare names was Johnson & Johnson, also held by the CNBC Investing Club. Cramer said the company has become more focused after spinning off Kenvue, its consumer health business. He also noted that Johnson & Johnson is planning to move away from orthopedics, which could make the company more attractive as a pure-play pharmaceutical business.

Johnson & Johnson is scheduled to report earnings on July 15. Cramer said the recent weakness could give investors a chance to look at the stock before the results.

The exchange said India remains one of the world’s largest producers, consumers and processors of black pepper, but has lacked an active regulated derivatives contract despite the commodity’s significance. With no active global derivatives benchmark for black pepper currently in existence, the relaunch is expected to provide farmers, traders, exporters and processors with a transparent platform for hedging price risks and discovering market-driven prices.

The contract will be traded in lots of one tonne, quoted in rupees per kilogram, with compulsory delivery at warehouses in Kochi, India’s principal pepper trading and processing hub. Kochi has been designated as the sole delivery centre, with deliveries permitted within a 60-km radius of the city’s municipal limits.

Historically, black pepper futures on NCDEX witnessed strong participation from market participants across the value chain, with delivery at contract expiry consistently touching or nearing 100%, reflecting the contract’s close linkage with the physical market.

The relaunch comes at a time when commodity markets are witnessing heightened price volatility amid changing global supply chains and weather-related production risks. Industry participants believe a regulated domestic benchmark could improve price transparency and offer an effective risk-management tool for the spice trade.

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“India is one of the world’s largest producers and consumers of black pepper, yet we have gradually ceded our role in global price discovery for the commodity,” said Arun Raste, managing director and CEO of NCDEX. “The relaunch of Black Pepper Futures is an effort to bring that benchmark home by creating a transparent, credible and India-centric reference price for the trade. A robust derivatives market will help farmers, processors, exporters and traders manage volatility more effectively while strengthening India’s position in the global spice ecosystem.”
Kedar Deshpande, Chief Business Officer at NCDEX, said the absence of an active global derivatives benchmark had left a significant gap in the market. “The relaunch provides the entire pepper value chain—from growers to exporters—with a regulated platform for pricing and risk management, while reinforcing India’s position in global spice trade,” he said.

The launch is also part of NCDEX’s strategy to deepen its presence in southern India and expand its commodity offerings linked to regional agricultural value chains.