📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

CHUBB $CB Q3’26 EARNINGS HIGHLIGHTS 🔹 P&C Premiums Written: $13.18B (Est. $13.45B) 🔴 🔹 Adj. EPS: $7.66 (Est. $6.81) 🟢; +0.8% YoY 🔹 Core Operating Income: $2.98B; -2.2% YoY 🔹 P&C Combined Ratio: 84.1%; vs 81.8% LY P&C Net Premiums Written by Segment: 🔹 North America Commercial: $5.51B; -2.7% YoY 🔹 North America Personal: $1.91B; +5.3% YoY 🔹 North America Agricultural: $1.53B; +5.1% YoY 🔹 Overseas General: $3.94B; +6.7% YoY 🔹 Global Reinsurance: $287M; -5.6% YoY Other Q3 Metrics: 🔹 P&C Underwriting Income: $2.06B; -8.8% YoY 🔹 CAY Combined Ratio ex-Cat: 82.6%; vs 82.5% LY 🔹 Catastrophe Losses: $705M; vs $285M LY 🔹 Adj. Net Investment Income: $1.89B; +6.3% YoY 🔹 Life Net Premiums Written: $1.96B; +1.4% YoY 🔹 Life Segment Income: $369M; +11.4% YoY 🔹 Core Operating ROE: 14.9% 🔹 Core Operating ROTE: 21.6% 🔹 Net Income: $2.84B; +1.5% YoY 🔹 GAAP EPS: $7.30; +4.4% YoY Capital Return: 🔹 Total Capital Returned: $1.57B 🔹 Buybacks: $1.18B 🔹 Dividends: $393M Key Updates: 🔹 Total pre-tax net catastrophe losses: $705M; vs $285M LY 🔹 Net income to core operating income, net of tax: adjusted net realized (gains) losses, net of tax $94M; integration expenses and severance, net of tax $8M; market risk benefits (gains) losses, net of tax $55M; amortization of deferred tax asset from Bermuda law ($60M); amortization of fair value adjustments, net of tax $39M 🔹 Favorable prior period development: $511M pre-tax, vs $361M LY 🔹 Book value per share: $191.43, +5.1% YoY; tangible book value per share $126.96, +5.7% YoY Comments: 🔸 “I fully expect North America commercial growth to improve in future quarters.”

CHOOSE YOUR FIGHTER Warren Buffett vs Stanley Druckenmiller Buffett stepped down as Charman of Berkshire Hathaway $BRK.B today. Druckenmiller has never had a losing year in more than 30 years. Here are their full portfolios as of Q2 2026. BERKSHIRE HATHAWAY - Apple $AAPL: 22% - American Express $AXP: 17% - Google $GOOGL: about 12.6% across both share classes - Coca-Cola $KO: 11% - Bank of America $BAC: 9.2% - Chevron $CVX: 4.7% - Occidental $OXY: 4.3% - Chubb $CB: 3.9% - Moody's $MCO: 3.7% - Kraft Heinz $KHC: 2.6% - DaVita $DVA: 2.1% - Delta $DAL: 1.8% - SiriusXM $SIRI: 1.2% - VeriSign $VRSN: 0.8% - Kroger $KR: 0.7% - Liberty Live $LLYVA: about 0.6% across both share classes - Ally $ALLY: 0.4% - Lennar $LEN: 0.4% - New York Times $NYT: 0.4% - Capital One $COF: 0.2% - Louisiana-Pacific $LPX: 0.1% - Nucor $NUE: 0.1% - Macy's $M: 0.1% - NVR $NVR - Jefferies $JEF - D.R. Horton $DHI DUQUESNE FAMILY OFFICE - Natera $NTRA: 17% - Insmed $INSM: about 5.7% in shares and calls - Taiwan Semi $TSM: 5.4% - Brazil ETF $EWZ: about 5.1% in shares and calls - Amazon $AMZN: about 4.6% in shares and calls - STMicro $STM: 4.5% - S&P 500 Equal Weight $RSP: about 3.7% in calls and shares - Fox $FOXA: about 2.8% across both share classes - YPF $REPYY: 2.7% - CDW $CDW: about 2.7% in shares and calls - BBB Foods $TBBB: 2.3% - Google $GOOGL: 2.3% - Seagate blockstack:native: 2.3% - United Airlines $UAL: 2.1% - Sea $SE: 2.0% - NewAmsterdam Pharma $NAMS: 2.0% - Russell 2000 ETF $IWM: 1.9% in calls - Sandisk $SNDK: 1.5% - Revolution Medicines $RVMD: 1.4% - S&P 500 ETF: 1.3% in calls - Bitdeer: 1.2% - CRH: 1.1% - Delta: 1.1% - Tesla $TSLA: 1.0% in calls - Fluor: 1.0% - D.R. Horton: 0.9% - Coupang: 0.9% - AMD: 0.8% - Palo Alto Networks: 0.8% - Cleveland-Cliffs: 0.8% - Hut 8: 0.7% - Caris Life Sciences: 0.6% - Argentina ETF: 0.6% - Woodward: 0.5% - Meta: 0.5% in calls - Nuvation Bio: 0.5% - Protagonist Therapeutics: 0.5% - Roku: 0.5% - Cavco: 0.5% - ADMA Biologics: 0.4% - Hyperliquid Strategies: 0.4% - Rambus: 0.4% - Rhythm Pharmaceuticals: 0.4% - Champion Homes: 0.4% - Daktronics: 0.4% - PureCycle: 0.4% - Southern Copper: 0.4% - Linde: 0.4% - Entegris: 0.4% - Teva: 0.4% - Unity: 0.4% - Aeva: 0.4% - Riot Platforms: 0.4% - Qnity Electronics: 0.4% - Equinix: 0.4% - Lam Research: 0.4% - Definium Therapeutics: 0.3% - Belite Bio: 0.3% - 10x Genomics: 0.3% - Wabtec: 0.3% - Eli Lilly: 0.3% - Xenon Pharmaceuticals: 0.3% - Olema Pharmaceuticals: 0.2% - Repligen: 0.2% - Rocket Companies: 0.2% - Baidu: 0.2% - Arm: 0.2% - Carvana: 0.2% - Reddit: 0.2% - Alcoa: 0.2% - Thermo Fisher: 0.2% - Danaher: 0.2% - F5: 0.2% - Vista Energy: 0.2% - Skeena Resources: 0.2% - JBS: 0.1% - Monte Rosa Therapeutics: 0.1% - Relay Therapeutics: 0.1% - DBV Technologies: 0.1% - CCC Intelligent Solutions: 0.1% - UWM Holdings: 0.1% - Navitas Semiconductor: 0.1% - Solstice Advanced Materials: 0.1% - FTAI Aviation: 0.1% - Beam Therapeutics: 0.1% - Aurora Innovation: 0.1% - IREN: 0.1% - Grupo Financiero Galicia: 0.1% - Wave Life Sciences: under 0.1% Both own Google, Delta and D.R. Horton. Neither owns Nvidia $NVDA.

China macro is turning into an extreme dispersion trade. Headline GDP is becoming almost useless.. Japanification, but with geographic arbitrage both domestically and internationally is my closest mental model for what comes next Maybe this is what the last inning of industrial and geopolitical catch-up looks like: hyper-competitiveness abroad, household retrenchment at home. Export strength no longer translates cleanly into household income or confidence; youth unemployment remains elevated at ~16%, even after excluding students. China may be entering a long cycle of Japanification, but with much more room for geographic arbitrage, both within China and across its supply chains. Externally, China looks almost unstoppable: June exports +27% YoY, H1 high-tech manufacturing +13.3%, IC manufacturing +67.3%. Manufacturing PMI crawled back above 50. AI-linked demand and high-end exports are doing the heavy lifting. But some of this demand is borrowed from the future. AI capex is partly a game of musical chairs and future capacity lock-in, while the export surge contains tariff front-loading. Neither is a durable substitute for domestic consumption. Inside China, the picture is almost inverted. Retail sales fell 0.6% YoY in May and grew only 1.0% in June. H1 fixed-asset investment fell 5.7%, property investment fell 18%, and new-home sales value fell 13.6%. The price chain does not look good either: producer input prices +6.4%, factory-gate prices +4.1%, CPI only +1.0%. Costs are moving downstream much faster than consumer pricing power. Many downstream firms have to absorb the gap through thinner margins, intensifying the rat race. Even consumption itself is dispersing. Urban retail was -0.9% in May vs rural +1.5%; in June, +0.8% vs +2.1%. But rural outlets are only ~14% of total retail, and the rural print is policy-sensitive, wont be able to carry the entire economy Japan after the 1980s bubble offers a strong parallel: stagnation from the early 1990s, then persistent deflation from the late 1990s into the early 2010s. But China has a continental shock absorber Japan never had at this scale: a vast interior homeland where housing and daily life are far cheaper, while infra and digital services have narrowed the quality of life gap with tier 1 cities. The option to leave tier 1 cities and return home has become a popular choices for many, this can lower household burn rates and may soften the social transmission of stagnation Writing this, NF’s Hope started playing in my head: Thirty years of running, thirty years of searching Thirty years of hurting, thirty years of pain For China, make it almost fifty. Almost fifty years of running from scarcity since Reform and Opening, searching for modernity, and avg citizens absorbing the pain of remaking an entire society at impossible speed Maybe that is the eternal paradox of industrial catch-up: a country can arrive frontier before its people feel they have.

A famous formula for π: π/4 = 1 − 1/3 + 1/5 − 1/7 + … This comes from a trigonometry formula: arctan(x) = x − x³/3 + x⁵/5 − x⁷/7 + … Putting x = 1 gives the series for π/4. This result was discovered independently by: Gottfried Wilhelm Leibniz (1673), James Gregory (1671), Nilakantha Somayaji (around 1500, in Tantrasangraha).

Noteworthy flow from yesterday (OI Confirmed) $IBIT 42.5 Call (9/25) - $1.2M @ 3.46 $NVDA 250 Call (10/2) - $3.6M @ 1.60 $DPRO 7.5 Call (10/16) - $6.8M @ 0.60 $CBIO 20 Call (2/19/27) - $1M @ 6.60 $CHGG 1.5 Call (4/16/27) - $708K @ 0.30

AI MODELS RUMORED TO BE RELEASING NEXT MONTH: * Gemini 3.8 Flash * Gemini 3.5 Pro * Qwen 4 * GPT-5.7 “Zinc” * GPT-5.7 “Magnesium” * OpenAI Astra * Claude Fable 5.1 * Claude Opus 6 * Grok 4.7 * Kimi K3.1 * Mistral next sparse open-weight model * MiniMax M3.x Strap in. It’s going to be a crazy month.

🏜️ Top 10 driest major US cities (300,000+ people) by average annual rainfall: 1. Henderson, NV — 5.1 in 2. Las Vegas, NV — 5.7 in 3. Bakersfield, CA — 7.1 in 4. Phoenix, AZ — 7.9 in 5. Riverside, CA — 7.9 in 6. Mesa, AZ — 8.3 in 7. Albuquerque, NM — 9.0 in 8. El Paso, TX — 9.2 in 9. Fresno, CA — 9.9 in 10. San Diego, CA — 10.7 in