Shouldn't the "largest Bent oil price increase ever on record" be inflation adjusted? +$20 a barrel isn't what it used to be.

Stacking Relentless stacking

Gold and BTC now moving together for the week...?

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Maple AI: Lloyd’s of London – a quick primer What it is: Lloyd’s is not a single insurance company. It is a marketplace where syndicates of capital‑backed underwriting firms (the “members”) come together to write insurance and reinsurance contracts. How it makes money: Each syndicate earns underwriting profit (premiums received minus claims and expenses) and investment income on the pool of capital it holds to back those policies. The overall Lloyd’s market reports a combined result, but the underlying economics are the same for each syndicate. Bottom‑line summary Revenue streams: Underwriting premiums for war, terrorism, political‑risk, and related liability policies. Investment income on the capital that backs those policies. Reinsurance commissions for ceding and assuming war‑risk layers. Profit drivers in a conflict scenario: Accurate pricing of low‑probability, high‑severity risk. Layered structures that protect any single syndicate from catastrophic loss. Diversified portfolio and strong investment returns that cushion underwriting volatility. Risk of loss: If a war or terrorist event triggers claims that exceed the premiums collected on a given layer, that syndicate can incur a negative underwriting result. The market as a whole, however, tends to smooth such shocks because of its multi‑line diversification and the availability of excess reinsurance. Overall: Lloyd’s does not “make money on wars” in the sense of directly benefiting from the conflict itself; rather, it offers a financial safety net that allows global trade, travel, and investment to continue despite geopolitical turmoil. When the premiums it charges exceed the claims it ends up paying (plus expenses), the difference—augmented by investment returns—constitutes profit for the syndicates and, by extension, for the Lloyd’s market.