Bloomberg Surveillance 6/5/2025
TV Shows
Bloomberg Surveillance
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
4 minutes ago
- Forbes
Why We're Dodging These 3 Gold CEFs (Even With Gold Soaring)
A lump of gold on a stone floor getty Here's a surprise from a die-hard closed-end fund (CEF) fan like me: Sometimes CEFs aren't your best bet. I'll admit, that's tough for me to say—especially when the average CEF yields a historically high 9.1%. (CEF yields are usually around 8.5%). That high yield partly reflects the fact that many CEFs are trading at steep discounts to their net asset value (NAV). Translation: The fund is trading for less than what its underlying portfolio is worth. That, in turn, has resulted in lower prices among some CEFs, along with higher yields (as yields and prices move in opposite directions). All of this simply means that CEFs are generally out of favor right now, which is an opportunity for us. But not every CEF is ripe for buying. We especially want to avoid the three top performers among CEFs with market caps over $200 million: ASA Gold and Precious Metals (ASA), the Sprott Physical Gold Trust (PHYS) and the Sprott Physical Gold and Silver Trust (CEF). The fact that these funds have booked strong runs this year shouldn't come as a surprise: They're all gold funds, and gold has taken off due to rising economic uncertainty (the usual fuel for the yellow metal). Even so, as you can see, there are some clear differences in performance here, and those are worth unpacking. Gold Funds Ycharts Above we see that the Sprott Physical Gold and Silver Trust—with the somewhat confusing 'CEF' ticker, not to be confused with CEFs in general (in purple)—and PHYS (in blue) have similar returns to the benchmark SPDR Gold Shares (GLD) ETF (in green), at around 25%. Then there's ASA (in orange), which has more than doubled even the best of these three other funds. There is some logic at work here. For starters, PHYS and GLD really should track each other, since they both devote almost 100% of their portfolios to physical gold (both own gold bars that are locked up in vaults), and both have similar expense ratios (0.4% for GLD, 0.41% for PHYS). The lower performance of 'CEF' is also not surprising, given that the fund also holds silver, and the 'poor man's gold' hasn't done as well as its yellow counterpart this year. ASA, however, is the clear outperformer. That's thanks in part to its ownership of several gold-mining stocks. Its largest position, G Mining Ventures Inc., a Canadian firm that explores for precious metals, has nearly doubled year to date. ASA's fast short-term gain is, of course, great, but it's unlikely to last. Here's why. Note that, if we go back to 2010, the year the last of these funds, PHYS, launched, we see that GLD (again in green) outran all three of the CEFs. This shows that CEFs were poor options in the case of gold. Moreover, ASA (again in orange) was actually the worst performer, returning just 53% over 15 years, and being in the red for most of that time. ASA Underperforms Ycharts In terms of key takeaways, there are a few here. First, if you want to hold gold, this is a rare case where an ETF, not a CEF, is the better choice. Second, gold is not a great play for income, given that the highest yielder among these funds is ASA, with a puny 0.2%. Third, gold itself is a poor play for the long term, no matter how you invest in it. To see why, all we need to do is splice the S&P 500's performance (in pink below) into that last chart. Gold Underperforms Ycharts It doesn't get much clearer than that! This, however, is where the good news ends for ETF investors. Because when it comes to investing in stocks (or pretty well any other asset class, for that matter), you're far better off with CEFs. Let's take a look at the Adams Diversified Equity Fund (ADX), a CEF we've held in my CEF Insider service since its earliest days: We bought ADX in July 2017, just a few months after CEF Insider's launch. Here's how the fund—current yield: 9% (and in orange below)—has done since, as compared to the S&P 500 index fund SPDR S&P 500 ETF Trust (SPY), in purple, with dividends reinvested: ADX Outperforms Ycharts This chart says it all: CEFs like ADX can crush the S&P 500 and pay us generously while doing so. Plus they give us access to top-notch management and upside-generating discounts to NAV, too. Those are strengths no index fund can match. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.' Disclosure: none
Gizmodo
14 minutes ago
- Gizmodo
This Market Slimmest 10000mAh USB-C Power Bank Is Almost Free, Now Cheaper Than a Movie Ticket
This charger is super compact and costs almost nothing compared to other models just like it. Having a good power bank is essential if you're an on-the-go person but not all portable chargers are created equal. Most of them are bulky and heavy, so it's a hassle to carry them around in your bag or pocket. That's why the INIU power bank is a must-have accessory: This ridiculously thin 10000mAh power bank is the thinnest available at a mere 0.5 inches thin and slips into any pocket or bag perfectly without wasting any space. Amazon is now offering this great gadget at a low price of just $15, which is 27% lower than its regular $21 price. At this cost, it's nearly a theft. See at Amazon 2 USB-A And 1 USB-C ports The INIU portable charger features a massive 10000mAh capacity and it fills up an iPhone up to 3.6 times, a Samsung Galaxy up to 1.8 times and AirPods Pro a huge 13.2 times. This means your devices will be charged throughout the day or even longer wherever your journey takes you. The thin design of the power bank is perfect for the user who values mobility and the fact that it is incredibly light means it is easily transportable to wherever you go. This power bank contains a USB-C in and out port which is a feature found in under 5% of current power banks. This is made achievable by charging the power bank itself and also your devices, from one USB-C cable and without requiring separate cables and adapters. The device comes with 3A fast charging which is capable of charging an iPhone to 78% in just one hour or half the time compared to standard 2.1A chargers. INIU's in-house developed 15-Layer SmartProtect system regulates and monitors charging to prevent overcharging, overheating, and short circuits. With multi-layer protection, you can be confident that your devices are protected from battery harm when charging. Each purchase includes the power bank itself, a 1-foot USB-C to USB-A cable, travel pouch, user guide, and access to INIU's customer support. This tiny device is a great choice for any user looking for a thin, high-capacity, and safe power bank. Don't let this limited supply slip away as it might run out of stock quickly. See at Amazon
Entrepreneur
15 minutes ago
- Entrepreneur
8 Smart Ways to Save on Your Summer Business Travel (and Have Fun, Too!)
Discover savvy strategies for an efficient, enjoyable summer travel experience, whether for business or pleasure. Opinions expressed by Entrepreneur contributors are their own. Business travel during summer doesn't have to mean stretching your budget to the breaking point. Over the years, I've learned that with a bit of strategy, you can cut costs and add a touch of enjoyment to those work-related getaways. Whether you're sealing deals or prepping presentations, these tips will help you save smart while enjoying a little extra along the way. Here are eight practical ways to make the most of your summer business travel. 1. Score big on hotels with members-only platforms Hotel costs tend to eat up a large part of any travel budget, especially during summer. That's why I created Tonia in Vegas. You can save hundreds on top hotel bookings without compromising on comfort or location. From luxury stays in Las Vegas (and anywhere else in the world) to budget-friendly accommodations near business hubs, members-only discount clubs offer the best of both worlds. Plus, they throw in perks like discounts on dining, entertainment and even experiences to make your business trips more enjoyable. Related: 8 Easy Ways to Save Money on Your Next Business Trip 2. Book flights early (and stay flexible) Flight prices often soar in summer, so early booking is a must. Aim to secure tickets at least 6-8 weeks in advance for the best prices. Being flexible with your travel dates can also save you big bucks. Did you know that Tuesdays and Wednesdays are usually the cheapest days to fly? Midweek flights are often less crowded, too. If you're not picky about departure times, consider red-eye or early morning flights, which tend to be cheaper. And even if you're tempted by business class, economy seating can save you a pretty penny. 3. Make the most of credit card rewards Your business expenses should be earning you something in return. Travel-focused credit cards come with perks like free travel insurance, airport lounge access and points on your purchases. Rack up these points while you book your flights, hotel stays or meals and you might find yourself redeeming a free flight or hotel sooner than you think. If your company is footing the bill, make sure you're still using your rewards card for those bookings. Just remember to review your usage policy or reimbursement procedures to stay compliant. 4. Pack light to avoid fees Nothing stings like a surprise baggage fee at the airport check-in counter. Avoid extra costs by sticking to just a carry-on for your trip. Choose versatile clothing that works for both professional and casual settings, like a light blazer that can transition from client meetings to dinner outings. If you're headed somewhere sunny, pack lighter fabrics and neutral basics you can mix and match. Don't forget to check the airline's baggage policy beforehand to avoid unexpected fees. Pro tip: Rolling your clothes instead of folding saves space in your suitcase. Packing organizers can also help keep everything compact and accessible. Related: Ease Your Summer Business Travel in 5 Steps 5. Combine work and play Traveling for work doesn't mean it has to feel monotonous. Blend work with leisure to make your trips more enjoyable. For instance, if you're heading to Las Vegas, use discount platforms to snag discounts on theme parks, live shows and fine dining. Scheduling a personal day at the end of your business trip can help you relax, recharge, and experience the destination more fully. Example: Traveling to a city with cultural sites? Visit museums, local attractions or nature parks during your downtime to get the most out of your trip. Not only will these experiences make your trip feel more balanced, but they'll also boost your energy when it's time to get back to work. 6. Skip pricey restaurants Dining out is often one of the sneakiest ways to drain your travel budget. Avoid high-end restaurants for every meal by finding affordable local gems instead. Try to uncover hidden spots offering great food at reasonable prices. If your hotel includes a kitchenette or even just a mini-fridge, consider grabbing groceries or pre-made meals to save even more. Breakfast, in particular, can be simplified with store-bought yogurt, granola bars, or fresh fruit. Budget bonus: Some hotels offer free breakfast, coffee or evening snacks. Take full advantage of these perks! 7. Choose hotels close to attractions Location matters. Staying near conference venues or your other main destinations can help you save on transportation costs like rental cars or rideshares. Look for accommodations within walking distance of key attractions, restaurants or meeting sites. Not only will this help your budget, but it can also reduce overall travel stress. No one enjoys being stuck in traffic trying to make it to a critical client pitch. If you have extra time, don't forget to have some fun and check out some local attractions. Pro tip: Many central hotels offer special business traveler rates or shuttle services to airports or conference centers. 8. Stay connected with Wi-Fi and free tools Roaming and data costs add up quickly when traveling, especially internationally. Avoid costly cellular bills by making use of free Wi-Fi spots in cafes, hotels and co-working spaces. If your business regularly requires calling or video conferencing, use free tools like Zoom, Slack or WhatsApp to stay connected. Pro tip: Invest in a portable Wi-Fi hotspot if you often find yourself needing reliable connectivity on the go. Related: I Sold My House to Work Remotely on a Cruise Ship for 3 Years — and I May Stay Aboard Even Longer. Here's What My Life Will Look Like. Final sip of advice Smart saving during summer business travel is all about planning and flexibility. From accessing exclusive hotel rates to using credit card perks and packing light, small changes to your travel routine can make a big difference to your budget. Buy blending work and play, staying mindful of expenses and keeping an eye on perks, you'll not only save money but also make the most of every trip. Safe summer travels and happy saving!
