Adobe Kenneth Cheung/iStock Unreleased via Getty Images Adobe ( ADBE ) is a company that I have quite a bit of personal experience with, both as a user and as an investor. As a full-time content creator, I’ve been using Adobe products for years, most frequently Photoshop occasionally the full Creative Cloud suite. As an investor, I bought the stock in 2020 and held it until mid-2021, realizing abo...
Adobe Kenneth Cheung/iStock Unreleased via Getty Images Adobe ( ADBE ) is a company that I have quite a bit of personal experience with, both as a user and as an investor. As a full-time content creator, I’ve been using Adobe products for years, most frequently Photoshop occasionally the full Creative Cloud suite. As an investor, I bought the stock in 2020 and held it until mid-2021, realizing about a 25% return. Given my extensive experience with Adobe, I naturally took an interest when the stock started selling off last year as part of a broader selloff in SaaS stocks. The SaaS selloff happened when investors saw how quickly and easily generative AI models could build web applications similar to those sold by SaaS companies. The rise of such models led to fears that many software applications would be made obsolete by companies quickly building their own proprietary versions in-house. Prior to this, the SaaS space was known for wide margins and even wider economic moats. Similar fears arose about creative software, whose output could seemingly be replicated by generative AI models. Before AI, making creative productions took hours in Illustrator, Photoshop, or Premiere Pro. After AI, it became possible to create short videos in apps like ChatGPT. Investors feared a lessening need for Adobe licenses (‘seats’) at creative businesses and sold ADBE stock on fears of lower revenue. The Adobe selloff was part of a wider SaaS selloff. Adobe is itself a SaaS company, selling most of its products on a monthly subscription model. Part of the selling was probably due to Adobe’s perceived similarity to companies like Salesforce ( CRM ), Constellation Software ( CSU:CA ), and Docusign ( DOCU ). However, there was another factor at play in Adobe’s case. In addition to being under threat from generative AI, the company also faced threats from competitors. Figma ( FIG ) and Canva had long been eating into Adobe’s consumer market share. In January, the competitive fray got even mo...
JPMorgan CEO Jamie Dimon, asked about fierce competition across the financial industry, said he’s starting to see parallels to the era before the 2008 financial crisis, when a rush to make loans ended disastrously. He also spoke about navigating the era of AI in an investor event. (Source: Bloomberg)
JPMorgan CEO Jamie Dimon, asked about fierce competition across the financial industry, said he’s starting to see parallels to the era before the 2008 financial crisis, when a rush to make loans ended disastrously. He also spoke about navigating the era of AI in an investor event. (Source: Bloomberg)
Tennant (TNC) delivered earnings and revenue surprises of -17.02% and -8.70%, respectively, for the quarter ended December 2025. Do the numbers hold clues to what lies ahead for the stock?
Tennant (TNC) delivered earnings and revenue surprises of -17.02% and -8.70%, respectively, for the quarter ended December 2025. Do the numbers hold clues to what lies ahead for the stock?
Alex Cristi /iStock via Getty Images Dear Shareholder: FPA Short Duration Government ETF (the "Fund") returned 1.05% in fourth quarter of 2025 and 6.84% for the year ended December 31, 2025. 12/31/2025 Yield-to-worst 1 3.66% Effective Duration 4.20 years Spread Duration N/A High Quality Exposure 2 100% Credit Exposure 3 0% Click to enlarge 4Q 2025 Top and Bottom Contributors 4 ▲ Top contributors N...
Alex Cristi /iStock via Getty Images Dear Shareholder: FPA Short Duration Government ETF (the "Fund") returned 1.05% in fourth quarter of 2025 and 6.84% for the year ended December 31, 2025. 12/31/2025 Yield-to-worst 1 3.66% Effective Duration 4.20 years Spread Duration N/A High Quality Exposure 2 100% Credit Exposure 3 0% Click to enlarge 4Q 2025 Top and Bottom Contributors 4 ▲ Top contributors Notable drivers of performance Treasuries Interest income and price increase due to lower benchmark yields Click to enlarge ▼ Bottom contributors There were no detractors. Calendar Year 2025 Top and Bottom Contributors 4 ▲ Top contributors Notable drivers of performance Treasuries Interest income and price increase due to lower benchmark yields Click to enlarge ▼ Bottom contributors There were no detractors. Portfolio Activity 5 The table below shows the portfolio's exposures as of December 31, 2025 and September 30, 2025: 12/31/2025 9/30/2025 Sector Exposure (% of portfolio) U.S. Treasury 98.7 98.9 Cash and equivalents 1.3 1.1 Total 100.0 100.0 Characteristics Yield-to-worst 6 3.66% 3.69% Effective Duration 4.20 years 4.41 years Average Life 4.66 years 4.87 years Click to enlarge In general, the Fund's holdings will be repositioned each quarter such that the effective duration is in line with our 100 bps Stress Test (described below), subject to the following conditions: Treasury holdings will be repositioned if the duration identified by the 100 bps Stress Test is at least 0.25 years greater than or less than the duration of the holdings prior to the reposition. Holdings other than Treasuries may or may not be adjusted each quarter and may be adjusted more frequently. In addition to considering the 100 bps Stress Test, adjustments will consider other factors such as spread, convexity, credit risk, etc. with the objective of maximizing long-term returns. The Fund's duration will be managed to remain in compliance with the Morningstar Short Government category which limits t...
If the circumstances of those from Roj camp become even more perilous, the Albanese government may be forced to intervene Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Ever since news broke that 34 Australians were leaving Roj camp in north-east Syria to travel to Australia, their status and travel plans have been at the centre ...
If the circumstances of those from Roj camp become even more perilous, the Albanese government may be forced to intervene Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Ever since news broke that 34 Australians were leaving Roj camp in north-east Syria to travel to Australia, their status and travel plans have been at the centre of a political maelstrom. The Albanese government has insisted there would be no repatriation of the 11 Australian women and their 23 children, whose journey was halted on 16 February when they were sent back to the detention camp. The newly minted opposition under Angus Taylor has demanded answers to the level of assistance the Albanese government has provided to the group, including the issuing of passports, and the Coalition has now proposed new Australian laws to criminalise non-government financial and logistical support that helps the families return to Australia. Continue reading...
Sundry Photography/iStock Editorial via Getty Images Investment Thesis Zscaler ( ZS ) is a cloud security platform that acts as a switchboard between users and the internet. Instead of routing traffic through an on-premises firewall or VPN for remote employees, Zscaler operates on the principle of zero trust, where even traffic that would otherwise be authorized is inspected anyway. Already in 202...
Sundry Photography/iStock Editorial via Getty Images Investment Thesis Zscaler ( ZS ) is a cloud security platform that acts as a switchboard between users and the internet. Instead of routing traffic through an on-premises firewall or VPN for remote employees, Zscaler operates on the principle of zero trust, where even traffic that would otherwise be authorized is inspected anyway. Already in 2026, Zscaler has seen a 29% drop in its stock price connected to the adoption of these AI tools, trading at a historically compressed multiple. Market sentiment has been harsh on the software bucket, with the bear case being that ‘vibe coding’ and the rapid adoption of AI-based programming tools will allow companies to build internal tools much more efficiently and at a lower cost than paying a vendor. While we are overall skeptical of this view, we are more skeptical on the view that security providers can be replaced by AI tooling. Overall, we believe that the network effect of updating databases with new threats as they appear and its high gross retention coupled with emerging fields like providing security for AI agents conducting autonomous functions on enterprise networks, make Zscaler a compelling buy in a sector beaten down by sentiment. Estimated Fair Value EFV (Estimated Fair Value) = EFY27 EPS (Earnings Per Share) times P/E (Price/EPS) EFV = E27 EPS X P/E = $4.49 X 41.8 = $187.68 Zscaler is trading at a compressed multiple compared to its typical level, along with the rest of the software sector. While we do believe there are short-term margin headwinds at ZS, we do not believe that there is a broad threat to cybersecurity originating from AI software development tools. E2026 E2027 E2028 Price-to-Sales 7.7 6.5 5.4 Price-to-Earnings 41.8 35.6 29.1 Click to enlarge SeekingAlpha Analyst Consensus Operations In a traditional enterprise network, employees are filtered through a firewall and are typically connected to the network via a VPN. A common analogy in the indust...
HJBC/iStock Editorial via Getty Images Following Nestlé’s ( NSRGY ) ( NSRGF ) ( NEST:CA ) Q4 and Fiscal Year 2025 release, we are back to comment on the Swiss Food Giant. The company needs a limited introduction. Nestlé is the world's largest food & beverage company, but the Q3 disclosure does not include detailed P&L information. In numbers, the company only provided sales trends and its forward ...
HJBC/iStock Editorial via Getty Images Following Nestlé’s ( NSRGY ) ( NSRGF ) ( NEST:CA ) Q4 and Fiscal Year 2025 release, we are back to comment on the Swiss Food Giant. The company needs a limited introduction. Nestlé is the world's largest food & beverage company, but the Q3 disclosure does not include detailed P&L information. In numbers, the company only provided sales trends and its forward outlook; therefore, a close follow-up on the most recent results remains essential. In addition, the business was affected by a recent infant formula recall (Fig. 1). The issue emerged in January 2026. Still, the management reiterated its confidence in the company’s rigorous quality and safety standards. In early February, the EU authorities issued updated guidance on the nanogram-per-gram limit for powdered formula. The limit has been set at 0.43 of powdered formula, while the recalled products exceeded the internal threshold of 0.2 nanograms. This development has clearly weighed on Nestlé’s stock price. Nestlé infant formula recall Fig. 1 In addition to providing our standard update with the latest information, we will also outline our current assessment of the infant formula recall. Since our last update, the company's shares have remained flat (Fig. 2), and we still see upside ahead. Mare Ev. Lab Rating Update Fig. 2 Nestlé Results and Our Positive Take The past year proved challenging for the global food group. In numbers, Nestlé’s top-line sales were down 2%, with operating profit margin at 16.1% (in line with guidance) but down 110 basis points from 2024. The primary challenge was profitability. This was the result of several factors: 1) cost inflation: higher prices for coffee and cocoa significantly impacted the gross profit margin, and 2) strategic reinvestment. Indeed, as part of its new strategy under the new CEO, Nestlé increased its advertising and marketing expenses to 8.6% of sales, a 50 basis-point increase, to strengthen brand communication and regain mark...
(RTTNews) - The Australian stock market is slipping to modest losses in mid-market trading on Tuesday after opening in the green, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is fallin
(RTTNews) - The Australian stock market is slipping to modest losses in mid-market trading on Tuesday after opening in the green, extending the losses in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is fallin