PIF Dividend Portfolio over the past year: +155% VT (total world stock): +29%. The interesting part isn't the gap. It's how few trades it took to get there.

Allah, who knows us better than we know ourselves, tells us that humankind was created of haste. Not that we sometimes act in haste. That it is woven into how we were made. In its original context, this ayah was addressed to people demanding that Allah’s signs and promised outcomes arrive on their timeline. Show us now. Prove it now. And the response is gentle but firm: they will come. Do not ask Me to hurry them. We think about this verse a lot as investors. Almost every costly mistake we have seen or made, in our own decisions, comes back to the same root. Selling a good company because it went nowhere for sometime. Buying something because everyone else already made money on it. Checking prices five times a day and calling it research. Wanting the result before the process has had time to work. The markets did not create this impulse. They just expose it. What we find beautiful about this ayah is that it does not shame us for being hasty. It names it, and then asks us to trust anyway. The signs are coming. The outcome is in Allah’s hands. Our job is to do what is right, consistently, and let time do what only time can do. That is what building wealth the halal way actually looks like. Not a lack of ambition, but ambition with patience attached to it. Know your nature. Then build habits that protect you from it.

The biggest surprise in $TSLA's earnings wasn't EPS. It was CASH. Wall Street expected Tesla to burn nearly $5 BILLION. Instead, Tesla generated $1.53 BILLION in free cash flow. That's a $6.5 BILLION surprise. But there's another number investors shouldn't overlook: 1.74 MILLION FSD subscriptions. Tesla isn't just selling cars anymore. It's building a recurring software revenue stream on top of its installed vehicle base. And unlike selling another car, selling another software subscription doesn't require building another factory. Here's what stood out: • Adjusted EPS beat expectations: $0.48 vs. $0.44. • Gross margins reached 19.6%, beating estimates. • FSD subscriptions surged to 1.74 million. • Free cash flow dramatically exceeded expectations. The catch? Operating income fell 56%, and lower capital spending contributed to the cash flow beat. My takeaway: The real Tesla bull case isn't selling more cars. It's making every car worth more after it's sold. This is playing out before our eyes.

The most dangerous thing that can happen to an investor is making money on a bad decision. One investor buys a trending stock. It doubles. He thinks he's a genius. Another studies the business, estimates its fair value, and buys at a discount. The stock falls 30%. Who made the better decision? A good outcome doesn't prove good judgment. A bad outcome doesn't prove bad judgment. Surah Al-Asr reminds us to hold firmly to truth and patience. 𝗧𝗿𝘂𝘁𝗵 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝘀 𝗽𝗮𝘁𝗶𝗲𝗻𝗰𝗲 𝗽𝗿𝗲𝗰𝗶𝘀𝗲𝗹𝘆 𝗯𝗲𝗰𝗮𝘂𝘀𝗲 𝗶𝘁 𝗶𝘀𝗻'𝘁 𝗮𝗹𝘄𝗮𝘆𝘀 𝗿𝗲𝘄𝗮𝗿𝗱𝗲𝗱 𝗶𝗺𝗺𝗲𝗱𝗶𝗮𝘁𝗲𝗹𝘆. Investing tests the same discipline. Markets can reward recklessness and punish sound reasoning in the short term. But if you abandon sound reasoning whenever it fails to pay off immediately, you're no longer following principles. You're following immediate outcomes which leads to disaster. Judge your decisions by the quality of your reasoning, not the next move in a stock's price. Because the greatest danger of making money on a bad decision is that you'll keep making it.

Common sense is the starting point for any good process. Blindly accepting something because "the scholars approved it" is how we ended up with some highly questionable "halal mortgages" and now Palantir being labeled Sharia compliant. Scholars deserve respect, but their judgments and the methodologies they endorse are not infallible. At some point, we need to ask ourselves whether we're honoring the spirit of Islamic finance or just finding technical ways around its principles.

The S&P 500 has NEVER posted a negative return in the 12 months following a US midterm election since 1950. 19 elections. 19 positive outcomes. The average return? +15.4%. The next midterm election is November 3rd, just two weeks away. My interpretation: Elections create uncertainty. Once they're behind us, one source of uncertainty disappears. Of course, 19 historical observations don't guarantee a 20th. But with investors worried about inflation, interest rates, and geopolitical tensions, this historical pattern is worth paying attention to.

Microsoft just walked away from a 50 MW AI data center deal with Nscale. Why? The UK electricity grid couldn't guarantee power until the 2030s. I think this is bullish for three stocks I've been following closely: $KEEL, $DRK and $BE. Here's why: Microsoft didn't stop needing AI compute. It just couldn't afford to wait years for electricity. This is becoming the defining bottleneck of the AI boom. And three companies stand to benefit in different ways: $KEEL : Already has hundreds of megawatts of energized capacity and a much larger development pipeline. Power availability is its competitive advantage. $DRK : Recently doubled its contracted power capacity to approximately 100 MW in the TVA region. A much smaller, speculative company positioning itself to convert power access into AI infrastructure. $BE : Offers an entirely different solution. Its fuel cells allow data centers to generate electricity onsite, reducing dependence on delayed grid connections. Three different business models. One enormous opportunity. Of course, power access alone doesn't guarantee profits. These companies still need customers, financing and successful execution. But here's my takeaway: For years, investors focused on who could supply the most advanced AI chips. Increasingly, the question is becoming: Who can actually power those chips? And I suspect the market is still underestimating the value of having electricity available TODAY.

The main reason you should be bullish is simple: The United States cannot afford a prolonged bear market. Think about it: AI investment is becoming a major driver of economic growth. With over $40 trillion in federal debt and rising interest expenses, America desperately needs that growth. Can stocks fall further? Absolutely. But I suspect this administration will do almost everything in its power to prevent a prolonged market collapse. Not because it cares about your portfolio. Because the American economy is becoming increasingly dependent on the very investments a bear market would threaten.

The FDA approval of $IRD's presbyopia treatment is a major de-risking event that I don't think the market fully appreciates. Here's why: 1- Regulatory risk has been eliminated for this indication. 2- Approval triggers a milestone payment from Viatris. 3- $IRD stands to earn royalties ranging from the low double digits to the low 20s on US sales, without having to fund commercialization itself. 4- Presbyopia affects roughly 90% of Americans over 45. The addressable market is enormous. The question is no longer "Will the FDA approve it?" but "How much can Viatris actually sell?" Commercial execution remains a risk, but the potential royalty stream could become a meaningful asset for a company of IRD's size. Our base-case valuation remains $6.65/share, with a bull case of $10 to $12 , assuming successful commercialization and continued pipeline progress. At $3.84, we see attractive risk/reward. We're maintaining our current position size and may add more if decline continues. pif.finance/reports/stocks/I…

Jumma’a Mubaraka In Surat Al Kahf, Musa AS travels with Al Khidr, and three things happen that make no sense to him. Al Khidr damages a boat belonging to poor fishermen. He takes the life of a young boy. Then he rebuilds a falling wall for free, in a town that refused to feed them. Each time, Musa AS objects. Each time, it looks wrong. Then the hidden reasons come out: The boat: a tyrant king was seizing every sound ship. A damaged boat was a saved boat. The boy: he would have grown up to burden his righteous parents with rebellion and disbelief, and Allah would replace him with a better child. The wall: under it was a treasure belonging to two orphans, kept safe until they came of age because their father was righteous. What looked like loss was protection from something far worse. The market works the same way. The trade you missed. The stock you sold too early. The position that failed the halal screen and had to go. It stings in the moment. Sometimes Allah gives you a small pain to save you from a bigger one. Trust the process. Trust the One who sees what you can’t. 🤲

Some people worship Allah on the edge. When life is good, they're content. When hardship strikes, they turn away, losing both this world and the Hereafter. (Surah Al-Hajj 22:11) Conviction that disappears when tested was never conviction. It's a useful reminder when investing. An even more important one when worshiping Allah.

This is what happens when halal screening focuses on financial ratios while ignoring broader ethical considerations. At PIF, we've consistently argued that halal investing must go beyond debt ratios, interest income, and conventional business activity screens. HOW a company makes its money matters. WHO it does business with matters. WHAT our investments enable matters. We've published individual halal reports covering all five companies mentioned in this investigation: 🔎 Palantir ($PLTR) pif.finance/reports/stocks/P… 🔎 RTX / Raytheon ($RTX) pif.finance/reports/stocks/R… 🔎 Analog Devices ($ADI) pif.finance/reports/stocks/A… 🔎 Honeywell ($HON) pif.finance/reports/stocks/H… 🔎 Rolls-Royce ($RYCEY) pif.finance/reports/stocks/R… I encourage every Muslim investor, Islamic ETF provider, pension fund, and Islamic financial institution to read these reports when discussing the halal status of these companies. Our reports are publicly accessible. FREE. We welcome scrutiny, disagreement, and corrections. If we've missed something, tell us. If you disagree with our conclusions, challenge them. Our goal isn't to monopolize the definition of halal investing. It's to raise the standard of transparency and accountability across the industry. And if you'd rather have your investments professionally managed according to our stricter halal-conscious standards, we've built Halal Alpha: halalalpha.com Every holding in our managed portfolios undergoes our strict screening process, including financial, business activity, and ethical considerations. Muslims should not have to sacrifice their principles to grow their wealth. Halal should mean more than passing a spreadsheet test.

I think the market is making a MASSIVE mistake about bitcoin:native and AI. And OpenAI's latest mathematical breakthroughs have only strengthened my conviction. On October 6, OpenAI published hundreds of AI-generated mathematical results tackling problems that had challenged mathematicians for decades. Here's the question crypto investors should be asking: If AI can make breakthroughs in mathematics that humans couldn't, what makes you so confident the cryptography securing your Bitcoin is safe? Everyone is worried about quantum computing breaking Bitcoin. I think they're potentially looking in the wrong direction. AI could make breakthroughs in cryptanalysis that undermine today's cryptographic assumptions long before quantum computing becomes practical. Has that happened? No. But markets don't wait for a threat to materialize before repricing risk. And here's the bigger problem: AI can help develop stronger cryptography, too. But which moves faster? AI's ability to discover vulnerabilities, or Bitcoin's ability to coordinate and implement solutions? Bitcoin's decentralized governance is a strength, until rapid adaptation becomes essential. Now consider something even more fundamental. We've been told for years that Bitcoin is the digital store of value. I increasingly disagree. I think the defining digital economic resource of the future will be USEFUL COMPUTE. Compute that trains AI. Discovers drugs. Solves engineering problems. Generates economic value. Not trillions of calculations whose primary purpose is securing a ledger. Bitcoin is scarce by design. Useful AI compute is scarce because the world actually needs it. One derives value from monetary consensus. The other can generate cash flows from productive demand. And I increasingly favor the latter. My bet is that the next decade rewards productive compute more than speculative scarcity. I think AI may eventually force us to reconsider what a valuable digital asset actually is.

PTJ is wrong. Far more money will be made being long AI than betting against it. Experience can be an asset. It can also become a prison. Look at Michael Burry. His legendary 2008 call made him famous. But it also seems to have made him perpetually short and wrong. The danger of being right in a big way is spending the rest of your career trying to be right the same way again.

The AI opportunity is still in its infancy. Only 2.2% of US households pay for AI subscriptions. Compare that with: 📻 SiriusXM: ~25% ☁️ Cloud storage: ~55% 📺 Streaming: ~91% Meanwhile, roughly half of American adults have already used AI chatbots. People are discovering AI's value long before most are willing to pay for it. That's a potentially enormous monetization opportunity. Paid AI adoption has climbed from almost nothing in 2023 to 2.2% today. Smartphones took roughly eight years to reach 10% US adoption, then less than three years to reach 40%. AI subscriptions won't necessarily follow the same path, but the potential is hard to ignore. AI bubble folks risk being caught on the wrong side of this trade for a really long time.

“When my portfolio hits X figures, I’ll start giving more.” “Once this trade works out, I’ll pay my zakat properly.” “After I make it, I’ll switch everything to halal.” Sound familiar? These ayat describe people who made exactly that kind of promise to Allah. And when He gave them from His bounty, they held on to it and turned away. The lesson for every investor: wealth rarely makes you more generous. It reveals who you already were. If you can’t give from $1,000, it won’t get easier at $1,000,000. The attachment only grows with the balance. So don’t wait for the big win. Give from what you have today. Pay your zakat on time, every year. Clean up your portfolio now, not “after this run.” Keep your promises to Allah while they’re still small and easy to keep.

Most investors overlook this about $TSLA: Tesla is increasingly making money from its competitors. Tesla's charging connector is now the North American standard, and it runs the world's largest fast-charging network, with 85,000+ stalls. When a Ford, GM, or Hyundai driver needs a fast charge, there's a good chance they're paying Tesla. Tesla doesn't have to sell you a car to make money from you.