Very Quiet Post-Christmas Edition

Plus “Pokémon as an asset class.”

Author

Bruce Carton
December 26, 2025

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Good morning! Here’s what’s up.

Rocket Docket

I keep waiting for the SEC to announce its “Enforcement Results for Fiscal Year 2025” (which ended September 30, 2025). Looking back at the last five years:

2025: ???

People

William Ryan, former Chief Counsel of the PCAOB’s Enforcement Division, has been named Acting Director of the PCAOB’s Division of Enforcement and Investigations.

Clips ✂️

Can Elon Musk Buy ‘SPCX’ From Matt Tuttle for SpaceX?

There’s also been tittering about what the rocket company’s ticker might be as a public company. Bloomberg Intelligence points out that SPCX currently belongs to the $7.8 million SPAC and New Issue ETF, helmed by Matthew Tuttle. It’s an open secret that there’s a shadow market for ETF tickers. But would Musk be able to buy the ticker off of Tuttle?….

by Bloomberg

👉 On his LinkedIn, Matt Tuttle says the “phone lines are open” if the richest man in the world wants to buy that ticker from him.

Elon, phone lines are open. | Matthew Tuttle

Elon, phone lines are open.

www.linkedin.com/posts/matthew-tuttle-2139091_i-asked-nasdaqs-jeff-thomas-if-elon-musk-activity-7409285402894737408-B8sC?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAFBs98B3Epz-XDNVBAX0FLjliDS4CslEGg

YouTuber Logan Paul to auction pristine $5.3M Pokémon card

Provocateur Logan Paul, who rose to fame through divisive appearances on YouTube and in the WWE, announced his plans to auction off a pristine Pokémon card he originally bought for $5.3 million in 2022 — as he touted investing in collectibles over the stock market.

Paul, 30, appeared in a segment on Fox Business’ “The Big Money Show” on Tuesday afternoon and touted the rising relevance of nontraditional investments beyond the stock market — including smart purchases in franchises like Pokémon. […]

Paul flaunted his multi-million dollar investment on the show. He wore the card in a diamond-encrusted case around his neck, which he said cost $75,000 alone.

“It’s the rarest and most valuable Pokémon card in the world. Pokémon as an asset class has outperformed the stock market by upwards of 3,000% in the last 20 years,” Paul said.

by New York Post

👉 “Pokémon as an asset class.”

Video

Braeden Anderson of Gesmer Updegrove asks, “What happens when material non-public information no longer lives in a data room or in an analyst's inbox, but inside an AI model itself?”

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