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$EXFY Expensify is deep value with insider buying, positive FCF, and tangible assets: Price = .77, EV per share = .89, 52 week price change = -76% FCF is consistently positive, EV/GP = .77, Cash per share = .68, P/TB = .60, EV/Rev = .12,  Market cap = 72.01M, Enterprise value = 17.02M,  EXFY owns its corporate headquarters in Seattle. The property is mortgage free and has a fair value of approximately $20 million. This compares favorably to its current enterprise value of $17 million. Further, there was material insider buying during March 2026, as 10% owner Steven J. McLaughlin purchased 2,263,444 shares at an average price of .94 per share, totaling $2,134,309. McLaughlin, who owns 13,987,003 shares, is the Founder and CEO of Financial Technology Partners, a boutique investment bank focused on fintech.

Lots of people scratching their heads over why gold/silver and miners are getting torched (we’ve been short the miners, albeit not the best execution to be fair). The above goes against everything we’ve been told about gold.

EUR 1y HICP now trading just shy of 4%

The $35B is Apollo consolidated equity. Athene standalone is ~$13-14B against ~$315B in assets. That's 23x. "It's IG assets" is a credit quality argument. Ok. multiply throughout insurance. The funding side (capital calls x surrenders), is the bear case.