Sep 30, 2026 · 5 min listen · Last updated September 30, 2026
From storyflo. This is your daily audio brief. It's Mason, September 30th. Here's what I'd flag before the open. Let's get into it. First, from Bloomberg · Markets. FTSE 100 Live: UK Stocks Set for Rebound, Pound Reverses Decline. Next.
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Daily Finance & Markets Brief · September 30th
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Just a day before Oura was set to go public, the smart ring maker said it was going to hold off. Oura was eyeing a whopping $14.1 billion valuation, well above the $11 billion valuation it snagged after its funding round last year. And, up until a few weeks ago, it might have achieved that valuation. The company generated $1.4 billion in revenue and $59 million in net income from June 2025 to June 2026, according to a regulatory filing, positioning it to hit the Nasdaq running.
Biotech stocks in Hong Kong continue to rally amid hopes of AI-driven development. Bernstein senior analyst Rebecca Liang explains why investors are becoming more optimistic about biotech stocks than last year. She spoke on "Bloomberg: The China Show." (Source: Bloomberg)
Using an Autoregressive Model to Predict the Price-to-Earnings Ratio and Develop an Investment Strategy
In a previous post, we highlighted an article that showed how useful accounting numbers are. In this post, we will present a concrete example of an application of accounting numbers in portfolio management. Reference [1] showed that the Price-to-Earnings ratio is a mean-reverting process, and it can be accurately estimated by AR(1), an econometric model. Earnings, on the other hand, follow a trend process and can be modeled by a first-order integrated process with a constant factor that captures relative earnings growth.
Vale Mulls Raising Over $500 Million in Debut Panda Bond Sale
Brazilian iron ore giant Vale SA is considering to raise as much as 3.5 billion yuan ($522 million) in its debut issuance in China’s bond market, according to people familiar with the matter, joining a growing number of issuers diversifying funding sources and looking for cheaper options.
NOTE TO READERS: This column appeared in this week’s Trends Journal and is made available to our premium Substack subscribers. Please consider supporting us today. As we have been detailing, by the facts and data, there is no relationship between Wall Street and Main Street.
Does Smart Ring-Maker Oura’s Delayed Debut Mark an IPO Tipping Point?
Oura, the smart ring maker, has paused its IPO plans despite strong performance, selling 3.6 million rings and boasting 5.7 million subscribers. The company reported $61 million in net income for the first nine months of 2026 and is expecting 90% revenue growth. They were set to offer 50 million shares at a valuation of around $14 billion, citing “strong demand.”
However, growing macroeconomic risks, including high inflation and potential interest rate hikes, have made companies wary. Other firms like Holtec and Bamboo Insurance have also delayed their IPOs, highlighting concerns over rising energy costs and global trade tensions.
In contrast, AI firm Anthropic is still pushing forward, aiming for a $2 trillion valuation despite its own financial challenges. The market is in a cautious state, and Oura's decision reflects broader uncertainties affecting potential debuts.
For listeners who want low-fee crypto exposure, our markets partner Kraken supports Bitcoin — link in show notes.
Why the Treasury Is Cracking Down on 351 Conversion ETFs
The latest tax-management fad is getting a reality check. ETF investors have increasingly taken advantage of Section 351 of the US tax code over the past several years, allowing them to move appreciated assets into a new vehicle without immediately paying capital gains taxes (provided the new fund meets certain requirements). Now, the Treasury may finally be taking aim at certain so-called “351 conversions” that it says don’t jibe with tax law. The department on Monday limited one such transaction involving an ETF and flagged several others.
Michael Burry’s Protégé Warns of ‘Value Traps’ in Korean Stocks
I'm not seeing any crypto-related content in that article about Michael Burry’s protégé and Korean stocks. If you come across something that touches on Bitcoin or Ethereum, let me know! I’d be happy to help break it down for you. Just keep an eye out for those signals, and we’ll chat about it when you find them.
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