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Tariffs are a good thing if everyone else is 30% while we sit at 10%, puts UK in pole position competition wise.

Week today for EU deadline.

SMS is a shrewd cookie, has also sat through many boom and bust cycles, my bet is that he knows Ai will lose much of its hype and fall back to being a useful tool, cracks are already starting to appear especially with Facebook.

Senate hearings

https://www.youtube.com/watch?v=UE0A71JzizI

US holding firm on EU talks but China, not so much...

Bessent says Aug. 12 China tariff deadline likely to be extended, talks planned in Stockholm

https://www.cnbc.com/2025/07/22/bessent-china-tariffs-trade-stockholm.html

Is anyone following the Senate hearings on Ai, Facebook engineers comments are revealing to say the least...

Meanwhile Facebook refuses to sign EU code of Ai practice..

Meta says it won’t sign Europe AI agreement, calling it an overreach that will stunt growth

https://www.cnbc.com/2025/07/18/meta-europe-ai-code.html

Markets are awaiting outcome of EU v USA standoff on tariffs, once known trackers and ETF's can adjust accordingly and start moving the chess pieces, hopefully in our direction ..

HK crossed 25k, Biotech also up again..

Brexit made businesses abandon the UK. Trump’s hefty EU tariffs could bring them back

Published Mon, Jul 21 20251

https://www.cnbc.com/2025/07/21/brexit-made-firms-leave-the-uk-trumps-tariffs-could-bring-them-back.html

I guess Myprotein became a victim of its own success in a way, market exploded for protein related products pushing up whey prices to multi year highs.

The report also notes the strong rise in non whey protein such as chicken, again Myprotein moving into that slot with Iceland & Co with ready meals.

Margins should improve as more whey processing comes online over next 6-12 months.

Puts into context partnerships such a Muller, range really makes sense being on trend ..

https://www.muller.co.uk/our-brands/muller-x-myprotein

Why Companies Like General Mills And PepsiCo Are Betting On Protein

https://www.youtube.com/watch?v=7XcU3cN-EeE

Going the right way albeit slowly, using the Euro quote as more realistic for THG purchasing.

https://www.clal.it/en/index.php?section=whey

US is still quite volatile, but a fair bit off the highs

That video might not seem much on the surface, but if correct and these code writing Ai platforms are adding blocks of unnecessary code we could be storing up huge, (really huge) problems for the future.

Two main issues here are; code badly written with errors and then corrected with further bad practices lets in all manner of security flaws and vulnerabilities - are banks, financial institutions (look whats happened recently with brand names M & S) prepared to take that risk, it would be a PR disaster:

'AYZ bank gets compromised after laying off 150 security professionals in favour of Ai'

Second major issue it becomes almost impossible to fix, with potentially error on top of error hence the need to re-write the whole lot over.

This is a real game changer imo as it shows severe limitations in Ai, this is backed up by other articles even by Ai evangelists who acknowledge there are fixed barriers on what it can/cant do well.

Synthetic Options

A synthetic option is a portfolio that emulates a trading position

https://corporatefinanceinstitute.com/resources/derivatives/synthetic-options/

Excellent video on the shortcomings of Ai, highly recommend watching as to just why he stopped using Ai to code, this is very real and growing problem.

Why I stopped using AI (as a Senior Software Engineer)

https://www.youtube.com/watch?v=w3EZpcTZ4ZA

Thirty‑five percent of companies said artificial intelligence cannot effectively replace human customer service, rising to 49% in consumer goods and services and falling to 30% in energy, utilities, transport and automotive.

Another 33% view team management as irreplaceable—54% in IT but only 12% in communications services—while 31% highlight strategic thinking, led again by IT employers at 49% versus 14% in health and life sciences.

https://www.polskieradio.pl/395/7786/Artykul/3552463

Morning bud, 'fraid not.

This info used to be available on Fintel but has since moved to behind a paywall, the graph however still remains.

https://fintel.io/so/gb/sfor/third-avenue-trust

Alternatively, check the NPORT filings which is the source for Fintel data, it gives a ball park range for the period covered.

https://www.sec.gov/cgi-bin/browse-edgar?action=getcurrent

Re-posted from an earlier post, looks like Third Ave have increased again then small amount of dilution taking them back down under 7% threshold.

From this afternoons TR1

'Third Avenue Management (TAM) beneficially owns 42,756,897 shares in the aggregate, or 6.97%'

------------------------------------------------------------

On June 25, 2025 - TAVFX - THIRD AVENUE VALUE FUND Institutional Class filed a NPORT-P form disclosing ownership of 41,318,808 shares of S4 Capital plc (GB:SFOR) valued at $1,111,475,935 USD as of April 30, 2025.

The entity filed a previous NPORT-P on March 25, 2025 disclosing 32,614,660 shares of S4 Capital plc. This represents a change in shares of 26.69% during the quarter.

https://fintel.io/so/gb/sfor/third-avenue-trust

Jan 25

Deezer deploys cutting-edge AI detection tool for music streaming

- Deezer aims to tag AI generated content to increase transparency for users and safeguard the rights of creators.

- Two patent applications were filed in December 2024 to protect the tech

- The new tool detected that over 10 % of all tracks delivered daily to the platform are AI generated – this content will be removed from algorithmic recommendations

https://newsroom-deezer.com/2025/01/deezer-deploys-cutting-edge-ai-detection-tool-for-music-streaming/

Yep, agreed Jatw, the ATTC platform is where its at for Hutchmed.

ATTC platform presentation does read well with multiple benefits over traditional methods, it would be interesting to hear if Ai is going to assist (speed up) discovery of proteins and such, its the sort of thing Ai is really good at..

There seems to be a renewed interest in China following the tariff framework agreement, it sounds like this marked a ratcheting down of tensions between the two countries.

What's that a three year high ?

https://www.hsi.com.hk/eng/indexes/all-indexes/hshkbio

Hey - eye is good, very good but at the moment you have half a dozen companies doing essentially the same thing, just how do they differentiate themselves and make money ?

Subscription to these LLM's is already cheap with hey-eye still sparkly and new, history says its only likely to get lower and more ubiquitous..

Creatives have already found significant flaws in Ai generated content, it cannot infill some detail for example on designs or artwork.

This is what Ai had to say about the Metaverse:

'In Conclusion:

While the Metaverse concept is not entirely dead, the initial vision of a fully immersive and ubiquitous virtual world has not materialized.

High costs, technical limitations, a lack of engaging experiences, and the rise of other technologies like generative AI have all contributed to the perception that the Metaverse is a flop.

The future of the Metaverse likely lies in incremental improvements and targeted applications rather than a complete replacement of the real world.'

..oh the irony..