Bronny James, the eldest son of NBA star LeBron James, has been drafted by the Los Angeles Lakers with the 55th pick in the NBA Draft. This marks the culmination of years of speculation and anticipation surrounding his entry into professional basketball. Bronny, one of the most closely watched amateur players, joins his father’s team, potentially setting the stage for an unprecedented father-son duo in the NBA.
Bronny’s journey to the NBA has been marked by scrutiny and challenges. After one year at the University of Southern California, where he averaged 4.8 points and 19.3 minutes in 25 games, questions about his professional prospects emerged, especially following a cardiac arrest last year due to a congenital heart defect. Despite this, Bronny expressed his long-held dream of making a name for himself in the NBA and creating his own legacy.
The Lakers, coming off a 47-35 season and a first-round playoff exit, are a fitting backdrop for Bronny's debut. His father, LeBron, had previously stated his desire to play alongside his son, a sentiment that has fueled much of the speculation about Bronny’s draft position. LeBron, entering his 22nd season, has until Saturday to decide whether to extend his contract with the Lakers or explore free agency.
Bronny's selection follows a notable pre-draft process where he worked out for only two teams, the Lakers and the Phoenix Suns. His agent, Rich Paul, confirmed that Bronny would not sign a two-way contract, emphasizing his readiness to compete at the NBA level based on his own merits.
Despite his challenges and an underwhelming college season, Bronny has shown flashes of potential. His health scare last July, when he collapsed during a USC practice, was a significant hurdle. However, his recovery and return to the court renewed discussions about his NBA prospects.
Experts have debated Bronny’s draft stock, considering both his performances and the influence of his father’s legacy. Some believed teams might draft Bronny to attract LeBron, but Bronny has maintained that his selection would be based on his own abilities and character.
Bronny's entry into the NBA is also a testament to the broader trend of second-generation players excelling beyond expectations. Historically, sons of NBA players have often outperformed their draft positions, and Bronny’s journey will be closely watched to see if he follows this trend.
LeBron's dream of playing with his son has been a significant narrative in Bronny’s career. While LeBron's agent, Rich Paul, has downplayed the certainty of this happening, the possibility remains an intriguing prospect for the basketball world.
Bronny finished his high school career at Sierra Canyon as a four-star recruit and a McDonald’s All-American, averaging 14.1 points, 5.6 rebounds, 2.4 assists, and 1.7 steals in his senior year. His draft selection by the Lakers not only fulfills a personal dream but also sets the stage for a unique chapter in NBA history.
As Bronny steps onto the professional stage, he carries the weight of his father’s legacy while carving out his own path. The coming seasons will reveal how this young athlete, bearing one of the most famous names in sports, will shape his career and potentially share the court with his legendary father.
This milestone in Bronny’s career is more than just a draft pick; it’s the beginning of a new narrative in the James family legacy and the NBA. Fans and analysts alike will be watching closely as Bronny embarks on his professional journey with the Lakers, aiming to prove his worth and live up to the expectations set by his father's illustrious career.
Researchers have discovered that the brainstem, a part of the brain responsible for controlling basic functions like breathing and heart rate, also plays a crucial role in regulating the immune system. This finding, published in Nature on May 1, shows that brainstem cells can sense inflammatory molecules in response to injury and adjust their levels to prevent infections from damaging healthy tissues. This adds to the known functions of the brainstem and suggests new potential targets for treating inflammatory disorders such as arthritis and inflammatory bowel disease.
Homeostasis is the body's ability to maintain stable internal conditions despite external changes. The brain’s involvement in homeostasis is well-known, as it controls heart rate and blood pressure during stress. Now, this concept extends to the immune system, where brainstem neurons act as regulators. Using genetic techniques in mice, researchers identified brainstem cells that adjust immune responses to pathogens. These neurons function as a "volume controller" for inflammation. Experiments showed that the vagus nerve, which connects the body and brain, plays a central role in this immune control. Cutting the vagus nerve deactivated brainstem neurons, confirming this connection. By altering the activity of brainstem neurons, researchers could control inflammation levels. Increasing activity reduced inflammation, while decreasing it led to excessive inflammatory responses.
This study reveals that the brainstem’s regulation of inflammation could be leveraged to treat immune disorders. By targeting these neural circuits, new treatments for conditions such as rheumatoid arthritis and inflammatory bowel disease may be developed. Historically, the brain was viewed mainly as the center of higher functions like memory and emotion. However, this study highlights its significant role in monitoring and regulating the body's physiological states, including the immune system.
Further research could explore additional brain circuits involved in immune regulation. Understanding these pathways may lead to innovative therapies for managing inflammation in various diseases. This discovery adds a new dimension to our understanding of the brain-body connection. By identifying the brainstem's role in controlling inflammation, researchers have opened new avenues for treating immune-related disorders, potentially transforming medical approaches to managing inflammation and maintaining overall health.
The implications of this study are far-reaching. For instance, conditions like rheumatoid arthritis, inflammatory bowel disease, and other inflammatory disorders could see new treatment strategies that specifically target these neural circuits. The ability to control these circuits could also help manage inflammation in a more precise manner, reducing the side effects often associated with broad-spectrum anti-inflammatory drugs.
The study also prompts a reevaluation of the brain’s role in overall health. Previously, the brain was primarily considered the seat of memory, emotion, and other higher-order functions. However, this research underscores the brain’s integral role in monitoring and regulating vital physiological processes. This broader understanding of the brain’s functions could lead to new insights into how various diseases develop and how they can be treated.
Further exploration into the brainstem's role in immune regulation could reveal more about how the nervous system interacts with the immune system. This could uncover additional therapeutic targets and improve our ability to treat a wide range of inflammatory and autoimmune conditions. The discovery of this brain-body connection represents a significant advance in neuroscience and immunology, highlighting the importance of interdisciplinary research in uncovering complex biological systems.
In summary, the identification of brainstem neurons that regulate inflammation adds a crucial piece to the puzzle of how the body maintains balance and responds to threats. This research opens new pathways for developing targeted treatments for inflammatory diseases and enhances our understanding of the intricate connections between the brain and the immune system. For more details, the full study can be found on Nature.
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In Gilbert, Arizona, a town known for its safety and affluence, the existence of a teen gang called the Gilbert Goons went largely unnoticed by authorities until a tragic event unfolded. It wasn't until one boy was dead and seven others were charged with murder that the community began to grapple with the reality of youth violence within its borders.
Gilbert, a town with a reputation for being a prime place for early retirement, raising a family, and trick-or-treating, prided itself on its low crime rate. According to FBI statistics, it had one of the lowest crime rates for a town of its size in 2022. The town, with a population larger than Boise or Salt Lake City, maintained its status as a town rather than a city, preserving its image of a close-knit community. However, this image was shattered late last October.
On a Saturday evening, teenagers in Gilbert were looking for a party. Disappointed with one party, a flyer on Snapchat led them to another in Queen Creek, an upscale neighborhood adjacent to Gilbert. The flyer promised a wild "Halloween costume rager," and soon, teenagers started arriving in various vehicles, dressed in costumes ranging from cowgirls and ballerinas to soldiers and mobsters. The party featured alcohol, beer pong, and marijuana.
Among the attendees was Preston Lord, a sophomore known for his school spirit. He and his friends from the basketball team felt out of place at the wild party and mostly stayed in the garage. As the night progressed, tension escalated when a teenager filmed two partygoers arguing, prompting Treston Billey, dressed in a white pin-striped suit, to demand the video be deleted. The atmosphere became charged with anticipation of a fight.
Lord and his friends decided to leave, followed by a group of older boys dressed as gangsters. The confrontation escalated when the older boys taunted the younger group and began a physical assault on Lord, who was eventually knocked to the ground and brutally beaten. Despite attempts by partygoers to revive him, Lord never regained consciousness and died two days later. The coroner ruled his death a homicide.
The incident led to a series of shocking revelations. A video of Lord's body circulated among teenagers, and messages discussing the assault appeared in group chats. The Queen Creek police, handling their first homicide case since the department's formation in 2022, began an investigation.
Gilbert, once a small town with about five thousand inhabitants in 1980, had grown rapidly due to suburban developments, becoming the fastest-growing municipality in the country during the 1990s. Despite its growth, the town maintained an image of safety and affluence. However, this image concealed a darker reality of escalating teen violence and gang activity.
The Arizona Republic reported that Lord's death was not an isolated incident but part of a troubling trend involving the Gilbert Goons, a group of upper-middle-class teenagers responsible for violent attacks in the area. Despite high school students being aware of the Goons, the Gilbert police had no documented incidents associated with the group name. The newspaper detailed numerous violent attacks by the Goons, with many incidents captured on video and shared online.
In January, a mother of three gave a tour of Gilbert, highlighting its rapid development and the proliferation of shopping centers. She and other parents had become deeply concerned about the rising violence, participating in online discussions and community meetings to address the issue. The community's frustration grew as weeks passed without arrests, leading to public calls for justice and accountability.
The Gilbert Goons, a loosely organized group of about two dozen teenagers, mostly white and wealthy, had been involved in numerous assaults. Their actions were often recorded and shared online, contributing to a sense of invincibility. Despite this, police initially treated the beatings as isolated incidents, with little coordination or recognition of the broader pattern of violence.
The death of Preston Lord marked a turning point. Police investigations intensified, and public pressure mounted. The Goons were eventually designated as a criminal street gang, and law enforcement made several arrests. Seven teenagers faced first-degree murder charges, along with additional charges for aggravated robbery and kidnapping. If convicted, they could face life in prison.
The community of Gilbert, once known for its safety and affluence, was forced to confront the reality of youth violence within its borders. The image of a close-knit, safe town was irrevocably altered, revealing underlying issues of parental neglect, rapid development, and a lack of effective law enforcement. As the community grapples with the aftermath of Lord's death, the need for comprehensive solutions to address youth violence and restore a sense of safety remains paramount.
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ModRetro has announced the launch of the Chromatic, a device that aims to revolutionize the retro gaming experience. The Chromatic is the only device that offers pixel-accurate compatibility with Game Boy® cartridges, blending nostalgic design with modern technology.
The Chromatic device, unveiled in a film directed by Michael Squier, promises to be a significant addition to the retro gaming market. Founder Palmer Luckey, who has spent nearly seventeen years perfecting this device, describes it as the ultimate tribute to the Game Boy®. The device includes features such as a sapphire screen cover, a custom LCD that replicates the Game Boy® Color display, and a magnesium-aluminum alloy shell. Additionally, the buttons and d-pad are made from PBT semi-crystalline polymer, ensuring durability and a premium feel.
The Chromatic supports all Game Boy® titles and includes full link cable and IR transceiver implementation. These features aim to provide an authentic gaming experience, reminiscent of the original console. According to Luckey, the Chromatic is more than just another clone; it is designed to be the definitive way to play Game Boy® games.
The Chromatic features a 2.56-inch display with a resolution of 160x144 pixels, protected by a sapphire screen cover. This display ensures that game art is shown as originally intended, providing a nostalgic yet high-quality visual experience.
CEO Torin Herndon reflects on the transformation of media over the past few decades. He notes that the Chromatic brings back the unique charm of older technologies, offering an engaging and memorable experience. The device aims to bridge the gap between past and future gaming.
The Chromatic appeals to both retro gamers and a new generation seeking a simplified gaming experience. It harkens back to an era without microtransactions and frequent updates. ModRetro supports indie developers by allowing them to create and sell cartridge-based games, ensuring fair profit distribution.
The Chromatic will be exclusively launched at the Classic Tetris World Championship, held at the Pasadena Convention Center. The event will feature a Tetris tournament and a mystery celebrity. Tickets are limited and available online, with the event also being live-streamed on YouTube and Twitch.
Attendees of the SoCal Gaming Expo on June 8th and 9th can experience the Chromatic firsthand. Visitors can preorder the device at the booth and receive a limited-edition shirt. The expo offers a chance to rediscover retro gaming with the Chromatic.
ModRetro aims to blend nostalgic experiences with modern enhancements, creating high-quality electronic devices. The company focuses on rekindling cherished memories while providing superior products.
Before founding Oculus and later Anduril, Palmer Luckey was a Nintendo Game Boy modder. His passion for the Game Boy led to the creation of the Chromatic. Priced at $199, the device is set to ship this holiday season. It features a magnesium alloy case, sapphire crystal cover glass, PBT buttons, and a pixel-perfect IPS screen.
The Chromatic includes an FPGA for accurate gameplay and comes with a new, fully licensed Tetris game developed by Luckey’s team. The device supports Link Cable multiplayer, has a 3.5mm headphone jack, and offers USB-C for lagless video output. It runs on three AA batteries, with an optional lithium-ion pack available. The device even supports recharging NiMH AA batteries over USB-C.
The Chromatic features mono speaker audio with a custom ultra-loud speaker module. ModRetro has partnered with Koss to provide color-matched retro Porta Pro headphones. The design and components of the Chromatic are all custom-made, reflecting a commitment to quality.
Luckey claims that the Chromatic is more authentic than other devices like the Analogue Pocket. The color temperatures, clock rate, and pixel structure are designed to replicate the original Game Boy experience accurately.
ModRetro will also sell original "Chromatic" cartridges with new games. These include re-releases of classic Game Boy titles, new IPs from indie developers, and previously canceled games.
Luckey indicates that the Chromatic will be produced in limited quantities. GameStop will carry some units, but the focus will be on fulfilling preorders. The Chromatic is presented as a tribute to the Game Boy, designed to be a lasting legacy rather than a profit-driven product.
The ModRetro Chromatic represents a blend of nostalgia and innovation, offering a unique gaming experience. With its high-quality construction and authentic gameplay, the Chromatic is set to become a cherished device for retro gaming enthusiasts.
Ever since Russia's full-scale invasion of Ukraine, Moscow has engaged in nuclear threats, implying that challenging a nuclear power like Russia could have dire consequences. Today, President Putin claimed that Russia wouldn’t need to use nuclear weapons to achieve victory in Ukraine. This statement came during a panel discussion at the St. Petersburg International Economic Forum, often referred to as 'Russia’s Davos.'
Putin's interviewer was Sergei Karaganov, a hawkish Russian foreign policy expert who last year called for a pre-emptive nuclear strike. Today, Karaganov suggested using a “nuclear pistol” to threaten the West over Ukraine. Although Putin’s language was less extreme, he did not rule out changes to Russia’s nuclear doctrine. He stated, “This doctrine is a living tool and we are carefully watching what is happening in the world around us and do not exclude making changes to this doctrine. This is also related to the testing of nuclear weapons.”
Putin warned European countries supporting Ukraine that Russia has “many more [tactical nuclear weapons] than there are on the European continent, even if the United States brings theirs over.” He added, “Europe does not have a developed [early warning system]. In this sense they are more or less defenceless.” Tactical nuclear weapons are smaller warheads designed to destroy targets without widespread radioactive fallout.
This week in St. Petersburg has been surreal. On one hand, an international economic forum has been taking place, signaling that Russia is open for business. On the other hand, Russia is in its third year of war in Ukraine and is the most heavily sanctioned country in the world. Tensions between Russia and the West are high.
Earlier this week, at a meeting with international news agency chiefs in St. Petersburg, Putin suggested that Russia might supply advanced conventional long-range weapons to others to strike Western targets. This was in response to NATO allies allowing Ukraine to strike Russian territory with Western-supplied weapons. He repeated this idea again today, saying, “We are not supplying those weapons yet, but we reserve the right to do so to those states or legal entities which are under certain pressure, including military pressure, from the countries that supply weapons to Ukraine and encourage their use on Russian territory.” He did not provide details or names.
Vladimir Solovyov, a prominent Russian state TV host, commented on the possibility of Russia deploying missiles to other parts of the world, saying, “Wherever we think it is necessary, we’re definitely going to put them. As President Putin made clear, we’ll investigate this question.”
In the West, some view this as mere sabre-rattling. Solovyov responded, “It’s always a bluff. Until the time when it is not. You can keep thinking that Russia is bluffing and then, one day, there is no more Great Britain to laugh at. Don’t you ever try to push the Russian bear thinking that ‘Oh, it’s a kitten, we can play with it.’”
CEOs from Europe and America used to attend the St. Petersburg International Economic Forum, but not anymore. This year, delegations from Asia, Africa, the Middle East, and South America were present. Russia is using this event to show that despite Western sanctions, there are many countries willing to do business with Russia.
In St. Petersburg, we learned that Vladimir Putin is increasingly confident and determined not to back down. He appears to believe that in the current standoff between Russia and the West, the West will blink first. On Friday, he again threatened to send weapons to Western adversaries without naming specific countries or groups. This threat follows the U.S. giving Ukraine permission to strike within a limited area of Russia with American-made weapons.
Putin reaffirmed his readiness to use nuclear weapons if he perceives a threat to Russian sovereignty, even though he said the current threat level does not warrant such use under Moscow’s nuclear doctrine. However, he noted that this could change.
Russia's saber-rattling has intensified amid new U.S. aid packages to Ukraine and the recent permission for Ukraine to strike Russian targets. Russia has also sent three navy ships and a nuclear-powered submarine to Cuba for an official visit next week, according to the Cuban armed forces. U.S. officials expect the two countries to engage in exercises involving both Russian aircraft and combat naval vessels near the United States, the first such exercise in five years.
In late May, Mark Wendell walked through Loch Haven Park in Orlando, Florida, encountering People Power for Florida's voter registration booth. Wendell, having recently moved to Florida, registered to vote with the help of Roxanne Perret, an organizer at the booth. Perret informed him of the new legal requirements: delivering the form to the county supervisor within ten days and providing an official receipt with her group's state registration number. Failure to comply could result in significant fines under a law passed last year.
Over the past four years, states like Florida, Alabama, Georgia, Kansas, Missouri, Montana, and Texas have implemented stringent voter registration laws. These laws aim to prevent fraud but have sparked debate, with some arguing they suppress voter participation, particularly among likely Democratic voters.
Jonathan Diaz, from the Campaign Legal Center, highlights the impact on organizations and voters, noting these measures seem to target the heightened registration efforts seen during the COVID-19 pandemic, which led to high voter turnout. Historically, third-party voter registration groups have played a crucial role in American democracy, dating back to the women's suffrage movement and the Civil Rights Movement.
In Florida, over 350 groups have registered as third-party voter registration organizations. However, many groups focusing on young or marginalized communities have had to adjust their operations or cease registration drives due to the new laws. Barbara Casanova's group, Citizens First, has adapted despite the challenges, reflecting her belief in civic duty.
Under Florida's law, groups employing noncitizen volunteers face fines of $50,000 per volunteer. They are also barred from using volunteers with certain felony convictions and must submit voter registration applications promptly to avoid fines that could total up to $250,000 annually. Additionally, retaining registrants' personal information for future use is now a felony.
A federal judge recently ruled against the ban on noncitizen voter registration workers, deeming it discriminatory against Latino outreach. However, groups still face immense pressure. Democratic state Rep. Anna V. Eskamani, founder of People Power for Florida, reported fines for missed deadlines and incorrect county filings, adding financial strain to her organization.
The League of Women Voters of Florida, to avoid liability, has shifted from using paper applications to encouraging voters to register online using QR codes. Despite these adaptations, the financial burden remains significant, with new caps on fines threatening the viability of many organizations.
Jamil Davis of Black Voters Matter notes that for 70% of the small organizations his group supports, the new law has led to the cessation of voter registration drives. A 2021 report by University of Florida's Daniel Smith indicated that Black and Latino Floridians are disproportionately likely to register through third-party groups, highlighting the potential impact of these laws on minority voters.
Republican lawmakers defend these measures as necessary for voter protection. State Sen. Danny Burgess and Secretary of State Cord Byrd cite issues like altered registration forms and forged application dates as justification. Recent fines and criminal charges against Hard Knocks Strategies for violations underscore their commitment to enforcement.
In Alabama, similar restrictions include penalties for assisting voters with absentee ballot applications. Missouri's legislation faces legal challenges, with parts of the law on hold pending a trial. These state-level efforts reflect broader Republican concerns about voter fraud.
At Orlando's Loch Haven Park, People Power for Florida continues its registration efforts despite the challenges. Volunteers engage festival attendees, ensuring their voter information is up-to-date and assisting with registration. The new legal landscape has made volunteer recruitment and training more complex, adding to the operational burdens faced by civic groups.
The evolving voter registration laws highlight a contentious intersection of election integrity and voter accessibility. As these laws take effect, their impact on voter participation and civic engagement remains a critical issue for American democracy.
This year marks the centenary of Vladimir Lenin's death, a significant moment in history that warrants reflection on his legacy. Lenin, the architect of the Soviet state, passed away in January 1924 at the age of 53, after a brief but impactful reign. His tenure was marked by the brutal implementation of communist ideology, which laid the foundation for the horrors of the Stalinist era.
Aleksandr Solzhenitsyn's "The Gulag Archipelago" details the dehumanizing brutality of Stalin's regime, but it is crucial to recognize that these atrocities had their origins in Lenin's rule. Lenin's governance was characterized by widespread terror, arbitrary enforcement, and a complete disregard for human dignity. Estimates of the people tortured, maimed, and murdered under his regime reach well into the millions. However, beyond the sheer number of victims, Lenin's methods of governance were chilling in their systematic and impersonal nature.
Lenin's model of government embraced terror as a means of control. Unlike warnings against bureaucratic overreach, such as President Reagan's famous remark about the dangers of government intervention, Lenin viewed the terrifying power of unlimited government as essential. This approach mirrored that of previous totalitarians like Maximilien de Robespierre, who also employed terror in the pursuit of an ideological utopia.
Lenin, inspired by Karl Marx, translated theoretical ideals into brutal acts. Winston Churchill, in his historical work "The World Crisis," aptly compared Lenin to Marx, highlighting Lenin's ruthless pragmatism in implementing Marxist theories. Lenin's revenge was notably impersonal—while he showed reluctance in killing individuals, he had no qualms about causing mass suffering to entire classes and nations.
Lenin's vision of "true democracy" involved the abolition of traditional democratic institutions. He dismissed freedom of the press as a bourgeois deceit, believing that the state alone should determine the people's interests. This proto-totalitarian idea of the "general will," borrowed from Rousseau, justified the subjugation of individual freedoms for the supposed greater good.
Central to Lenin's ideology was the belief that freedom ultimately belonged to the state, not the individual. He saw people as mere cogs in a vast political machine, a view that stripped away personal agency and autonomy. Although quoting Lenin is now politically unpalatable, his ideas linger in various forms of bureaucratic control and authoritarian impulses.
Today, the resurgence of authoritarian ideologies and the erosion of individual freedoms echo Lenin's legacy. Recent political and social movements have shown an unsettling willingness to rehabilitate figures and ideas once deemed toxic. This includes a troubling trend among some young activists who glorify past tyrannies or embrace radical, anti-democratic rhetoric.
The specter of Leninism manifests in modern efforts to expand state control over various aspects of life, from healthcare and finance to personal freedoms and environmental policies. This growing bureaucratic control, often justified as benevolent oversight, risks replicating the very authoritarian structures Lenin championed.
As we remember Lenin's death a century ago, it is vital to reject his monstrous legacy. The early years of the Bolshevik Revolution brought immense human suffering and societal barbarization. While America has not reached such extremes, the warning signs are evident. Vigilance is necessary to prevent the encroachment of soft tyrannies and to preserve the democratic values that safeguard individual freedom.
The centenary of Lenin's death is a poignant reminder of the dangers of unchecked state power and the importance of maintaining democratic principles. By understanding and rejecting Lenin's legacy, we can strive to prevent the repetition of history's darkest chapters.
The Janus Henderson AAA CLO exchange-traded fund (ticker JAAA) has reached a significant milestone, amassing over $10 billion in assets. This achievement underscores Janus Henderson's leading position in the growing niche of collateralized loan obligation (CLO) ETFs. According to a Monday press release, JAAA now controls roughly 90% of the market share for top-rated CLO ETFs.
Janus Henderson's closest competitor in the CLO ETF space is its own Janus Henderson B-BBB CLO ETF (JBBB), which has gathered about $666 million in assets. This contrast highlights the substantial lead that JAAA maintains within this investment category.
CLOs are bonds backed by leveraged loans that pay floating rates, making them attractive as yields rise. JAAA, although not the first mover in the market, was the second fund of its kind, launched in October 2020. It offers actively managed exposure to CLOs for a fee of 21 basis points, positioning it as one of the more cost-effective options available.
Despite new entries from major players like BlackRock Inc., Janus Henderson has maintained its dominance. JAAA is noted for its institutional use case, such as hedging, as highlighted in a recent Citigroup report. This feature distinguishes it from other CLO ETFs, although Citigroup strategists suggest that the category is still evolving and may eventually support multiple products with institutional applications.
“The CLO category is still in its early innings,” Citi strategists, including Drew Pettit, wrote. “There is a possibility that more than one product can have an institutional use case, which is common in other credit ETF categories.”
The current high-interest rate environment has benefited JAAA significantly. The fund has nearly doubled in size in the first half of the year, ending 2023 with approximately $5.3 billion in assets. Over the past year, JAAA has delivered a total return of about 9%, compared to roughly 2% for the iShares Core US Aggregate Bond ETF (AGG).
John Kerschner, head of US securitized products at Janus Henderson, emphasized the benefits of AAA CLOs, stating, “We believe AAA CLOs are an attractive addition to portfolios due to their diversification benefits, low interest rate volatility, attractive returns, and strong credit ratings.”
JAAA's investment strategy focuses on capital preservation and current income, aiming to provide floating-rate exposure to high-quality AAA-rated CLOs. The fund invests at least 90% of its net assets in CLOs rated AAA at the time of purchase or deemed of comparable quality by the adviser if unrated. The remaining assets may be invested in other high-quality CLOs with a minimum rating of A- or similarly assessed by the adviser.
In conclusion, Janus Henderson's JAAA ETF has solidified its position as a leader in the CLO ETF market. Its growth reflects both the fund's strong performance and the broader appeal of CLOs in a rising interest rate environment. As the market for CLO ETFs continues to expand, Janus Henderson's strategic positioning and product offerings are likely to remain influential.
Keith Gill, widely known as Roaring Kitty, made his first on-camera appearance in over three years in a livestream on Friday. This event led to significant volatility in GameStop’s stock price, which fell over 40% from the morning's peak. The trading was halted eight times within an hour as the stock price fluctuated during Gill's nearly hour-long stream.
Gill, a central figure in the 2021 meme-stock surge, reiterated his confidence in GameStop’s strategy and new CEO, Ryan Cohen, during the livestream. He confirmed that screenshots posted on his Reddit account earlier in the week, showing a brokerage account with over five million GameStop call options, were authentic. "GameStop becomes a bet on the veterans, you know—in particular, of course, [CEO] Ryan Cohen,” Gill stated. “I think we’ve seen enough from him to think he’s got a good head on his shoulders.”
Gill's influence on GameStop began in January 2021 when his Reddit posts and livestreams fueled interest among meme-stock traders, pushing the retailer’s stock price up by over 1,000%. After a three-year hiatus, Gill's return was marked by cryptic posts on Twitter that ignited another rally, doubling GameStop's share price at its peak.
When Gill announced his livestream, GameStop’s share price surged nearly 30%, making him a billionaire on paper based on his call options' value. However, the stock dropped by 25% before the stream and fell another 12% during it, erasing his earlier gains. Gill addressed reports that E*Trade might ban him from the platform, showcasing his continued monitoring of his account.
On May 12, Gill posted a meme on his Twitter account that seemed to signal a call to action. The following day, GameStop’s stock rose by more than 50%, reflecting his considerable influence. Gill, known for leading the meme-stock movement on Reddit, became a key figure for amateur investors. His May 12 tweet, his first in nearly three years, spurred a stream of posts that many interpreted as endorsements of GameStop.
Gill’s holdings, revealed in a June 2 Reddit post, included $115.7 million in GameStop stock and $65.7 million in call options. Despite the stock's volatility, Gill remains significantly invested. His livestream, though bizarre with a fake head bandage and arm sling, confirmed his ongoing commitment to his positions.
While promoting stock is not illegal, Gill’s public disclosure of his holdings invites regulatory scrutiny. "You can’t trade and tweet," warned Lisa Bragança, a former SEC branch chief. In 2021, Gill testified before Congress, denying any intention to manipulate GameStop’s stock for personal gain.
The Massachusetts securities regulator is now investigating Gill's recent conduct. The SEC has not commented on the investigation, but a former chair suggested Gill's actions might not be tolerated. Gill’s livestream included a disclaimer advising viewers not to treat his opinions as investment advice, yet his influence on GameStop’s stock price is evident.
Legal experts note that determining whether Gill violated securities laws depends on his trading history and intentions. His actions, like posting about his positions and influencing stock prices, will be scrutinized. When his call options expire on June 21, Gill faces a decision that could impact his legal standing and financial outcome. Securities law requires advance disclosure of stock sales by individuals in his position.
Gill's case raises questions about the boundaries of market manipulation in the age of social media influencers. The SEC may use this opportunity to set a precedent, aiming to deter similar conduct. Former SEC chair Jay Clayton suggested that the agency seeks to prevent further market volatility caused by influential individuals like Gill.
Gill’s story highlights the evolving challenges regulators face in managing modern market dynamics influenced by social media. The outcome of his case could shape future enforcement and the behavior of market influencers.
Scottie Scheffler won the Memorial Tournament for his fifth victory of 2024, joining Tiger Woods in history. The win did not come easily and was decided on the 72nd hole. Scheffler secured the victory by one stroke over Collin Morikawa, despite shooting a 2-over 74 on a challenging day at Muirfield Village. Only 11 players finished under-par for the week, with Sunday’s final round averaging a score of 74.93.
The drama unfolded on the 18th hole, where Scheffler’s 8-iron shot from the fairway went over the green due to firm conditions that made it difficult for players to reach the putting surfaces. Morikawa, trailing by one, also missed the green from a fairway bunker, turning the competition into a chipping contest. Morikawa’s third shot nearly went in for a birdie. Scheffler, focused on his own play, noted, “I was just trying to stay in my own little world and focus on getting my ball up and down.”
Morikawa admitted his misread, saying, “I thought it was breaking right, but it broke left. It’s a tough chip shot.” Scheffler then left his chip about five feet short, setting up a winning putt. He holed it to secure his fifth win of the season.
Scheffler’s first victory of the year came at Bay Hill for the Arnold Palmer Invitational, followed by wins at The Players, Augusta National, and Hilton Head for the RBC Heritage. The Memorial win marks his first career PGA Tour win after April, coming just a week before the U.S. Open.
Reflecting on his victories, Scheffler said, “It’s hard to rate the difficulty of wins, but this one is up there. Being at Mr. [Jack] Nicklaus’s golf course and winning here is very satisfying.” He recalled a conversation with Nicklaus, who once told him, “One day, you’ll make the putt on 18, and you’ll be walking off to shake my hand.” That moment came true for Scheffler this year.
In the final round, Scheffler didn’t always look like the top player in the world. He had bogeys at the 4th and 8th holes but made a birdie at the 6th. His only par-breaker of the day, he managed several crucial pars, including a significant 25-foot par save on the 16th, maintaining his two-shot lead.
Despite missed birdie opportunities on the 12th and 13th holes, Scheffler’s steady play on the 17th and 18th holes secured his win. Tournament host Jack Nicklaus noted, “Scottie didn’t have his A-game today, but he put enough together to win the tournament, and that’s what it’s all about.”
Scheffler’s victory at the Memorial also carries historical significance. Only one other golfer, Tiger Woods in 2001, has won the Arnold Palmer Invitational, The Players, the Masters, and the Memorial in the same year. Woods’ victory at Muirfield Village that year marked his fourth win of the season.
Scheffler’s final round saw him struggle at times, but his composure under pressure ensured his victory. His win was also his first as a father, with his wife Meredith and son Bennett there to witness it. Scheffler expressed pride in his wife, saying, “Watching her be a mom the last month or so has been really special. I couldn’t do what I do without her support.”
This win adds to Scheffler’s impressive 2024 season and sets the stage for his next challenge at the U.S. Open.
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