Rasi Bhadramani/iStock via Getty Images The Thesis Palisade Bio, Inc. ( PALI ) is an early-stage biotechnology company focused on developing a new class of PDE4 inhibitor prodrugs. Their lead asset, PALI-2108, recently received IND clearance and is set to initiate a Global Phase 2 ASCENTRA-UC Study in Ulcerative Colitis (UC), with the trial expected to commence in Q3 2026. In the completed Phase 1a/b trial, Palisade reported positive data featuring a favorable safety and tolerability profile, evidence of target engagement in ileal and colon tissue, and early signals of clinical activity in Crohn’s disease (CD). Furthermore, their balance sheet is sufficient to fund operations through the Phase 2 primary efficacy readouts for PALI-2108: specifically, for UC in the second half of 2027, and for CD in early 2028. As of the first quarter, Palisade held cash and cash equivalents of $132.6 million. What makes Palisade worth analyzing is its unique addition to the standard Mechanism of Action (MoA). Compared to other UC drugs like mufemilast , PALI-2108 restricts the PDE4 inhibitor to the gut to enable localized action. Ideally, this targeted approach could lead to fewer systemic side effects and greater efficacy. Why Now Is The Right Time Palisade is initiating its Global Phase 2 UC study in the coming weeks. The company is currently valued at a market cap of around $365 million; with $132.6 million in cash and no debt, its Enterprise Value (EV) sits at roughly $232.4 million. Looking at recent history, other early-stage UC companies with a differentiated MoA have held massive valuations. For instance, MORF reached a ~$3.1 billion valuation on the back of just an open-label Phase 2a study with a small patient cohort. Palisade expects its Phase 2 primary efficacy readout in early 2028, which could place the company on the same trajectory MORF was at its peak valuation. Success is entirely dependent on Palisade proving its unique MoA in larger trials, but the early clinical ...

格隆汇7月10日｜Pepperstone研究策略师艾哈迈德·阿西里表示，短期内黄金可能受到地缘政治紧张局势和高利率的双重压制。他指出，美伊地缘政治紧张局势再度升级已打击市场整体信心，削弱了黄金近期的反弹势头。由于美国国债收益率保持高位且美联储政策路径不确定性持续，投资者仍不愿建立强劲的黄金多头头寸。他表示，紧张局势重燃导致能源价格上涨，可能推迟全球反通胀进程。不过，相较于近几周的大幅抛售压力，黄金中期前景仍具建设性。

前英国央行行长默文・金、加密货币投资人马克・安德森等人入选美联储主席凯文・沃什牵头组建的顾问团队，协助美国中央银行推进现代化改革。 凯文・沃什此前以改革现有运行体系为核心纲领参选美联储主席，他于当地时间周四公布五个专项工作小组名单，称这些团队将对这家全球最重要的金融机构进行职能优化。 除默文・金与硅谷风投机构安德森・霍洛维茨联合创始人马克・安德森之外，前印度储备银行行长拉古拉姆・拉詹、诺贝尔经济学奖得主托马斯・萨金特也一同进入名单。 凯文・沃什在周四表示：“过去数十年间，美国经济发生了巨大变化，当下变革势头前所未有。非常荣幸各领域顶尖专家愿意携手共事，提升美联储整体履职水平。” 默文・金在2003至2013年执掌英国央行，任期全程经历全球金融危机；马克・安德森是特朗普的合作盟友，也是数字货币领域极具影响力的拥护者。 凯文・沃什2006至2011年任职美联储理事，离开美联储后长期公开批评该行现行政策，之后获美国总统唐纳德・特朗普提名出任美联储主席。 沃什计划推动美联储优化面向投资者的信息沟通机制、缩减规模高达7万亿美元的资产负债表，同时升级数据采集模式、更新通胀研判思路。 他在参议院银行委员会听证会上提出，美联储应当采用截尾均值通胀指标核算物价水平，剔除部分商品价格的极端涨跌数据。 他还提出，美国即将迎来人工智能带动的生产力爆发期，这能让美联储在降息刺激信贷的同时，避免通胀升温。 美联储不少利率制定官员并不认同这一判断，他们认为数据中心建设投入与人工智能相关产品需求上涨，反而会推高物价。 美联储内部工作人员将配合各专项小组开展工作，五大工作组将分别从政策沟通、资产负债表管理、数据采集现代化、人工智能时代生产力研究、通胀分析框架五个维度，制定沃什任期内美联储的改革规划。 前纽约联邦储备银行官员、现任华盛顿大学研究员彼得・费舍尔，巴西央行前行长阿尔米尼奥・弗拉加，将与默文・金共同牵头政策沟通小组。 拉古拉姆・拉詹会同哈佛大学两位教授卡伦・戴南、杰里米・斯坦联合主持资产负债表专项工作组。 数据小组成员包括 沃尔玛 前首席执行官道格・麦克米伦、哈佛大学教授拉吉・切蒂以及芝加哥大学学者凯文・墨菲。 马克・安德森将与斯坦福大学学者查尔斯・琼斯、 微软 高管阿莎・夏尔马一同负责生产力专项小组。 哈佛大学教授格里高利・曼昆、前国际清算银行官员比尔・怀特，将与托马斯・萨金特一同复盘、修...

Vancouver, BC, Canada, July 10, 2026 (GLOBE NEWSWIRE) -- Global Power Solutions Corp. (TSX Venture Exchange: PWER; Frankfurt Stock Exchanges: NJA) (“Global Power” or the “Company”) is pleased to announce that the Company has registered and will be in attendance at the Data Centre West 2026 (“Data Centre West”) conference, taking place September 9, 2026 at the Hyatt Regency in downtown Calgary, Alberta. Figure 1. Data Centre West – Learn more here Data Centre West is one of Western Canada’s leadi

格隆汇7月10日｜尽管基本面仍然承压，但受必和必拓旗下黑德兰港终端即将面临的罢工行动引发市场对供应的担忧，铁矿石价格本周有望创下自5月初以来的最大单周涨幅。

记者从北京市密云水库管理处了解到，自7月9日9时起，密云水库加大总体出库流量，由135立方米每秒调增至205立方米每秒，通过预泄腾库容，给水库拦蓄暴雨洪水预留充足调蓄空间。其中，潮河输水洞出库流量从80立方米每秒调增至150立方米每秒，创建库以来潮河输水隧洞出库流量历史最高纪录。据悉，北京市水利工程运行安全平稳有序，全市大中型水库均在汛限水位以下运行，20座大中型水库较汛限水位多预留约5亿方库容，官厅、斋堂等市管水库及海子、白河堡、沙峪口等区管水库均已加大预泄流量。（央视新闻）

格隆汇7月10日｜国内商品期货收盘，互有涨跌。钯、纸浆涨超3%，工业硅、铂等涨超2%，沪铜、国际铜等涨超1%，白糖、花生等小幅上涨；焦煤、纯苯等跌逾2%，PX、燃料油等跌超1%，锰硅、沪铅等小幅下跌。

在周三接受脱口秀节目的采访时，马斯克表示，他希望在未来十年内将“数万人”运送到月球基地，他承认这是一个相当惊人的数字，“因为你知道，到目前为止只有大约十几个人去过月球”。 他说，公司希望在未来两到三年内将宇航员送上月球，然后“从那里迅速扩张”，直到“任何想去月球的公众成员都可以去月球和火星”。马斯克表示，公司的最终目标是在月球上建造一座“像真正的都市一样，完全自给自足的城市”，人们可以在那里永久居住或度假。 马斯克表示，由于到达火星需要很长时间，将人类运送到这颗红色星球将更加困难，但这位 SpaceX 首席执行官仍然预测，该公司将在未来五年内将第一批人类送上火星，然后“希望”在未来十到十二年内将数千人送上火星。 马斯克还承诺将扩大太空数据中心，这也是他公司提出的另一个目标。他声称 SpaceX 将于明年发射首批“人工智能卫星”，并在未来两年内大规模发射。 不过，此前马斯克的预测屡屡落空，包括多次过于乐观地承诺将人类送回月球或在火星建立殖民地。据一项调查显示，早在2011年，他就预测人类将在未来十年内登陆火星，多年来，他在采访和社交媒体上至少重复了19次类似的说法。2017年，他宣布SpaceX计划在2018年开始载着私人公民绕月飞行——但这一计划最终未能实现。 根据SpaceX提交的S-1文件，如果该公司市值达到7.5万亿美元，并在火星上建立一个至少拥有100万居民的殖民地，马斯克将获得10亿股SpaceX股票。分析师们已经对这笔丰厚的薪酬方案表示怀疑，其中一位分析师此前表示，维持火星殖民地的成本可能会侵蚀该公司星链互联网卫星的利润。 责任编辑：李安桐

India’s largest power producer is seeking to invest in overseas uranium mines to secure supplies needed to fuel 30 gigawatts of nuclear power capacity it plans to build over the next two decades. State-controlled NTPC Ltd. issued a tender to appoint consultants that will help identify potential assets in uranium-mining countries including Canada, Australia, Kazakhstan and South Africa, according to documents posted on its tender website. Bids are due July 16. The search for uranium marks the latest step in India’s ambition to grow atomic power capacity more than elevenfold by 2047, part of a broader push to decarbonize an economy that’s driven largely by coal and other fossil fuels. NTPC aims to build around 30% of the country’s 100-gigawatt target. In December, the Indian parliament passed a law that will end a decades-old state monopoly in atomic power generation and open the industry up to private firms. The new legislation also envisages sweeping changes to the country’s liability provisions that had spooked investors. Read More: India Overhauls Nuclear Law to Allow Private Investment “The scale of planned capacity addition necessitates securing a sustainable fuel supply of uranium,” NTPC said in the bid document. “Considering the limitations of domestic fuel and mining reserves, overseas exploration and the acquisition of uranium mines are required.” At present, India relies on another state-controlled company – Uranium Corp. of India – for domestic supplies of the metal. The country’s only producer mines mainly in the states of Jharkhand and Andhra Pradesh. New Delhi has already been diversifying its overseas supplies, agreeing during Prime Minister Narendra Modi’s visit to Melbourne this week to import uranium from Australia . India also buys the atomic mineral from Uzbekistan and Russia, while shipments from Canadian miner Cameco Corp. are due to begin next year. Global uranium mining is relatively concentrated, with the top five producers accounting for alm...

格隆汇7月10日｜卫星板块午后拉升，航天电子、中国卫通、中国卫星涨停，带动卫星ETF易方达(563530)涨7.85%，近5日资金净流入1.1亿元。 消息面上，长征十号乙运载火箭成功实现一子级可控回收。 据新华社报道，7月10日，长征十号乙运载火箭成功发射，火箭一二级分离约6分钟后，一子级垂直返回，在海上回收平台成功回收。这是我国首次成功实施火箭一子级可控回收，同时也是全球首次运载火箭网系回收。 可回收技术突破是商业航天从“技术验证”迈入“产业化落地”的重要拐点。随着可回收技术里程碑式的突破，成本瓶颈将被解决，星座组网将转向“批次化部署”，产业链盈利有望大幅提升，加速形成商业闭环。 机构认为，卫星产业当下兼具位置不高、催化密集、空间够大等多重投资逻辑；从位置看，商业航天板块自1月中旬以来已调整半年；从后续催化看，朱雀三号遥二等可回收火箭密集进入发射窗口；从空间看，可回收技术突破后，此前因运力不足而被压制的星座组网需求有望集中释放。 卫星ETF易方达(563530)跟踪中证卫星产业指数，覆盖卫星制造、发射、运营、应用全产业链，指数在应用端占比高符合产业发展长期趋势，龙头集中度高，产业发展初期龙头或更受益 ，产业链覆盖更全面，享受行业β，权重股囊括卫星制造（中国卫星、航天电子）、运营（中国卫通）、导航（北斗星通、华测导航）、遥感（中科星图）、核心器件（臻镭科技、国博电子）等。

格隆汇7月10日｜有投资者在互动平台向首都在线提问，请问公司有多少数据中心？多少机柜啊？算力涨价对公司业绩有积极影响吗？首都在线回复称，目前公司在全球范围内运营数据中心节点，覆盖美洲、欧洲、亚太三大核心区域，已形成全球化算力服务网络。自建数据中心方面，公司聚焦张家口、芜湖、文昌及海外达拉斯等 AI 算力枢纽节点，布局高功率自建 AIDC，支撑大规模智算集群部署。 随着 AI 应用加速落地，算力需求持续增长，算力市场供需格局持续改善。公司凭借规模化GPU算力储备与成熟的交付能力，将充分受益于行业红利，智算业务将成为公司业绩修复的重要支撑。

格隆汇7月10日｜A股市场半导体产业链全线下挫，科创50指数大跌超5%，创业板指跌超4%。个股中，中际旭创、胜宏科技跌超8%，寒武纪、华虹宏力、中微公司、沐曦股份、摩尔线程跌超7%，澜起科技跌超6%，中芯国际跌超5%。

Analysts Are Bullish on These Technology Stocks: Nvidia (NVDA), Shopify (SHOP) The Globe and Mail

截至目前，ETF两市成交额报5295.43亿元，较昨日此时缩量147.72亿元，分类型来看，股票型ETF成交额2403.0亿元，债券型ETF成交额1399.37亿元，货币型ETF成交额339.65亿元，商品型ETF成交额48.69亿元，QDII型ETF成交额1104.72亿元。

A股三大指数今日集体下跌，截至收盘，上证指数跌1%，深证成指跌2.29%，创业板指跌4.37%，北证50跌0.02%，科创50指数跌5.53%。全市场成交额34107亿元，较上日成交额放量4784亿元，全市场超3700只个股上涨。板块题材上，创新药、影视院线、白酒、猪肉、房地产、商业航天、零售板块涨幅居前；电子化学品、半导体、元件、能源金属、培育钻石、先进封装、氟化工、CPO、PCB概念股跌幅居前。盘面上，长征十号乙海上回收成功，商业航天、卫星导航板块午后直线拉升，海兰信、航天环宇、神剑股份、中国卫通、上海港湾等多股封板。创新药板块早盘爆发，常山药业、昭衍新药、双鹭药业等近10股涨停，报道称2026版基药目录创新药首次批量入围。此外，白酒、房地产、猪肉等传统经济板块表现积极。另一方面，临近尾盘半导体、元件、存储芯片等科技成长股大幅回落，胜宏科技、中际旭创、源杰科技、国瓷材料、兆易创新多股大跌。与科技相关的电子特气、电子化学品板块同样下挫，中船特气接近20cm跌停，中巨芯、华特气体、金宏气体跌幅居前。

ETF收盘涨跌不一，卫星ETF（512630）领涨8.29%，卫星ETF（563230）涨8.21%，通用航空ETF（159283）涨8.13%，科创半导体设备ETF（588710）领跌7.76%，科创半导体ETF（588170）跌7.52%，科创芯片ETF（589160）跌7.02%。

格隆汇7月10日｜浙商证券研报指出，北方华创作为国内半导体设备平台型龙头，关键词是确定性，公司全面布局刻蚀、薄膜、清洗、退火、离子注入、涂胶显影、混合键合等多个环节设备品类，推动本土晶圆制造企业最新工艺研发及扩产，是本土半导体设备投资的最大公约数，有望受益于扩产加速+国产化+盈利改善三者共振加速成长，预计公司2026-2028年的归母净利润分别为69.91/97.34/133.34亿，同比增长27%/39%/37%，基于2026年7月9日收盘价计算PE为91、65、48倍，维持“买入”评级。

The attacking players spent two years together at BVB, forming a friendship on their way to the very top This World Cup has been about the biggest names from the beginning but as Miami welcomes back its new favourite sporting pleasure on Saturday night, the man in with a shout of the Ballon d’Or probably won’t be the headline. With apologies to Harry Kane, in a football world moving past its two-decades-long domination by the Lionel Messi/Cristiano Ronaldo duopoly, a pair of younger world-class stars will be drawing the majority of the glare as England take on Norway. Jude Bellingham and Erling Haaland have met regularly in the Champions League for Real Madrid and Manchester City over the past three years, but this is different. Their first encounter at international level is news in the front pages of the tabloids and gossip mags alike, Hello! running a feature entitled “Inside Jude Bellingham and Erling Haaland’s unlikely friendship before fierce Fifa showdown” before Saturday’s World Cup quarter-final in Florida. If Bellingham and Haaland were the game’s next superstar rivalry in the years to come (again, with apologies to Kylian Mbappé and Lamine Yamal) they would define the competition in starkly different parameters to their Argentinian and Portuguese predecessors. Continue reading...

Jayèma on working with England stars, a new look for Raphinha and forging a friendship with Lamine Yamal’s family Jayèma has had a World Cup like no other. Who else but the London hair stylist has worked with footballers from England, Brazil, the United States and Canada, and hung out with Lamine Yamal and his family, while having no idea who Lionel Messi is until recently? Who else but Jayèma has been to her first game of men’s football and left before the end of a tumultuous match between Mexico and England at the Azteca Stadium because the atmosphere was too “rowdy”? Who else has made so many footballers feel especially good about their hair and themselves, but the hardest-working stylist and male groomer in elite sport? Continue reading...

Wildcard’s remarkable run to Wimbledon semi-finals has stunned the world and he will need to excel in specific areas to topple the French Open champion With the exception of his first‑round match against Damir Dzumhur, few people gave Arthur Fery much of a chance against any of his opponents en route to the semi-finals of Wimbledon. Certainly most expected him to lose to Grigor Dimitrov in the fourth round and most felt Flavio Cobolli would see him off in the quarters . But the 23-year-old has shown enormous resolve and no little skill to make it to the semi-finals and though Alexander Zverev is a massive step up, anything’s possible. Here are the areas he will need to excel in to reach the Wimbledon final. Continue reading...

Unesco report shows children lost out to servicing debt in 113 countries, with 18 spending five times more on loans Most developing countries spent less on education than they did repaying debt last year, according to the UN, at the same time as global aid to education is predicted to decline by up to 30%. More was spent on servicing foreign debt than on education in 113 developing countries in 2025, according to research by the UN’s culture and education agency, Unesco. In sub-Saharan Africa, countries spent 3.6 times more on debt than education . Continue reading...

Britain’s PM-in-waiting is right that the country has been failed by 40 years of neoliberalism. There will be obstacles, but he must embrace radicalism Of all the many prime ministers who have walked through the doors of 10 Downing Street in the past decade, the one Andy Burnham resembles most is Liz Truss. Both had a view of what was going wrong with the economy. Both wanted to break with the politics of managed decline. Both had ambitious ideas for what needed to be done. Truss, of course, came to grief within weeks of becoming prime minister, after her tax-cutting mini-budget was brutally rejected by the financial markets . The big question for Burnham is whether he can deliver on his agenda without suffering the same fate. He can, but it won’t be easy. Larry Elliott is a Guardian columnist Continue reading...

This week’s best wildlife photographs from around the world Continue reading...

After beating Leonard Cohen to Canada’s biggest music prize and splicing dembow with classical, the cross-cultural artist is now confronting Colombia’s new president When I speak to the Colombian Canadian musician Lido Pimienta , it’s in the run-up to Colombia’s presidential election, and she is worried. One of the two remaining candidates, Abelardo de la Espriella , “is so rightwing he wants to open up our beautiful country to fracking and the influence of the US,” she says – and at one point in his campaign, De la Espriella said he wanted to “disembowel” the left . He later waved that away as a mere figure of speech, but Pimienta fears that leftwing artists like her “would be target number one” for a De la Espriella presidency. He ended up winning in a narrow victory that brought praise from Donald Trump and a promise of “a new era, a change of order”. Despite the potential risks, the singer-songwriter has never shied away from speaking her mind. Since the release of her breakthrough second album, 2016’s La Papessa – which beat Leonard Cohen’s You Want It Darker, the last album released during his lifetime, to win Canada’s prestigious Polaris prize – 39-year-old Pimienta has made ebullient, genre-defying records that hiss with indignation at racism, colonialism, misogyny and music industry expectations. Continue reading...

Now based in London and gaining respite from relentless attention at home, Indian legend still has the form and aura that make him the main attraction In a sporting summer that is challenging even the most voracious appetites, the one-day international series between England and India that gets under way next Tuesday could be viewed as the wafer-thin mint that tips people over the edge. But for all that 50-over cricket is on the retreat, and its World Cup is still 15 months away, it is worth loosening the belt a further notch or two for this one. Virat Kohli will be back smouldering in blue for the tourists, in what will probably be the last chance to watch one of the all-time greats bat in this country. Continue reading...

England have been happy with their Kansas City base but it has led to them travelling more than the other quarter-finalists – here’s just how much more Much was made of the challenge England faced by playing Mexico at altitude in the Azteca Stadium. The greater concern might be the enormous cumulative distance the team has travelled at the World Cup. It is far greater than any of their rivals. The Football Association chose to base England in Kansas City , even though the team were not scheduled to play any of their matches there. They reasoned that a central location would limit the length of flights the players had to take for any of their fixtures. But it has also ensured they have made round trips of at least 670 miles for every game, if we keep things simple by measuring straight lines between the cities of their base camp and match venues. Continue reading...

The Frenchman is ranked world No 12, but that is a disappointment after he became the youngest ever 2800-rated player at 18 years and five months Alireza Firouzja is shaping up to be one of the nearly men of grandmaster chess. The Iran-born Frenchman, 23, has just won the St Louis-organised Croatia Super Rapid and Blitz in Zagreb. He was far ahead at the start of the last day, but had a poor run of 2/7 during the final rounds before a successful Armageddon tie-break. Firouzja’s career has been limited by his below-par performances in the Candidates. In 2022, he spoiled his chances by playing blitz into the small hours; in 2024, he did worse still, finishing seventh out of eight. He made a major effort to qualify again in 2025, hiring the late Daniel Naroditsky as his coach for the Grand Swiss in Samarkand, but finished third when only two qualified. At the victory ceremony, the bronze medal podium was conspicuously uninhabited. Continue reading...

Banks and finance firms should combine their buying power to avoid losing out in negotiations with US tech giants, according to raft of Dutch proposals aimed at tackling Europe’s over-dependence on foreign providers of critical services such as AI and cloud computing. In a report presented to the Dutch government Friday, watchdogs including the nation’s central bank and data protection agency warn that digital dependencies on overseas companies “continue to grow” in entities they supervise, despite Europe ’s policy push toward strategic autonomy. They say fears over antitrust law need not be a barrier to collective buying, provided its done in line with current exemptions. The Dutch grouping propose a series of measures to reverse the trend, including prioritizing the allocation of land for data centers that contribute to Europe’s “competitiveness, autonomy and resilience” over other projects, and guarding against the takeover of strategically important European tech companies. One idea pushed by the regulators is institutions, or public authorities, “pooling demand and setting joint requirements” when procuring technology services that would make it easier to move provider later. “As supervisory authorities, we often see that firms are reluctant to cooperate but the Competition Act permits cooperation in many cases,” the report says. “We expressly invite organizations to engage in early consultation and dialogue, for example if they are uncertain about interpretation of the rules,” the report adds. The efforts come as Europe doubles down on efforts to develop its own tech infrastructure, including through a newly-launched digital sovereignty push, amid fears that over-reliance on foreign tech giants have left the bloc vulnerable to cyber attacks, outages and predatory pricing. AI has been at the forefront of the most recent concerns, after US firms were given preferential access to models from San Francisco-based Anthropic so they could fight cyber attacks, and EU ...

Andrii Yalanskyi/iStock via Getty Images By Jason Hill Fund Performance and Positioning We manage CMNIX to provide stable performance regardless of interest rates. The fund has outperformed the bond market over the quarter and year to date, as it has over longer periods. CMNIX’s Recent Performance Extends a Longer Pattern of Consistent Outperformance Data as of 6/30/2026. Source: Morningstar. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. All performance shown assumes reinvestment of dividends and capital gains distributions. The fund’s gross expense ratio as of the prospectus dated 2/27/2026 is 1.01% for Class I shares. Hedged Equity Strategy The hedged equity strategy was the most significant contributor to returns for both the second quarter and year-to-date through June 30, 2026. Although our decision to run a heavier-than-average, more defensive hedge meant that we gave up some equity market upside participation, the increased income we earned from our hedge offset it. Higher interest rates make the calls we write more expensive and the puts we buy cheaper, and when combined with current moderate volatility levels, we believe that a more defensive, income-focused hedge remains ideal for our investors. We were also active at the margin during the quarter. The core of the hedge stayed in place, but we traded around a small piece of our end-of-June 7500 short calls as volatility moved, covering and re-selling that slice repeatedly to monetize the intra-quarter swings. We ultimately rolled a large portion of the hedge out to August. The structure of the book pays us to be hedged and patient—a posture we believe is most favorable as equities press higher and...

Your exchange-traded fund is flat. Remember that ETF you tucked away that invests in developed markets outside the U.S.—the one that looked cheap but has lagged behind the S&P 500 forever because it’s loaded with crusty old companies in Europe and Japan? By the way, both of these overseas funds, developed and emerging, beat the S&P 500 by a lot in 2025, too, but that was partly because the value of the dollar tanked last year as the Federal Reserve was cutting interest rates.