JHVEPhoto/iStock Editorial via Getty Images The following segment was excerpted from the Nomura Value Fund Q4 2025 Commentary. Proceeds from the sale of Kenvue ( KVUE ) were used to purchase a position in Zoetis Inc. ( ZTS ), a leading global provider of animal health products that was spun out of pharmaceutical maker Pfizer Inc. ( PFE ) in 2013. Approximately two-thirds of Zoetis's revenue is gen...
JHVEPhoto/iStock Editorial via Getty Images The following segment was excerpted from the Nomura Value Fund Q4 2025 Commentary. Proceeds from the sale of Kenvue ( KVUE ) were used to purchase a position in Zoetis Inc. ( ZTS ), a leading global provider of animal health products that was spun out of pharmaceutical maker Pfizer Inc. ( PFE ) in 2013. Approximately two-thirds of Zoetis's revenue is generated by products for companion animals while the remainder comes from products for livestock. Zoetis produces a diversified range of products that are sold primarily to veterinarians, veterinary distributors, retail and ecommerce outlets, and livestock producers. Approximately 55% of the company's revenue is sourced in the US; its non-US revenue is sourced from many different countries around the world. The animal health industry is largely insulated from several drawbacks associated with the human pharmaceutical industry, such as product concentration, shorter brand lifecycles compared to human drugs, large revenue declines following patent expirations, sizable generics penetration, costly and unpredictable drug commercialization outcomes, the significant presence of third-party payors, and risks associated with product liability and government policy. Zoetis maintained consistently positive operational revenue growth over the past 16 years, largely in the mid- to high-single-digit range, even during the global financial crisis and the COVID-19 pandemic. Furthermore, the company had faster organic growth than the animal health market, which is expected to continue growing at a mid-single-digit pace. At the time of our initial purchase, Zoetis's shares were down 30% from their 2024 high, owing to concerns about the launch of a competing product in the dermatology segment, negative press around the alleged side effects of an osteoarthritis drug for dogs (along with an Food and Drug Administration (FDA) letter recommending a labeling update on potential adverse effects), an...
wdstock/iStock Editorial via Getty Images This year, growth stocks have fallen hard. Investors have taken any and all reasons as a signal to sell, with mounting worries on the state of the economy, the impact of AI, and rising geopolitical tensions. The depth of the recent crash, in my view, creates many compelling buying opportunities. Recent IPOs have been especially hard hit, and StubHub ( STUB...
wdstock/iStock Editorial via Getty Images This year, growth stocks have fallen hard. Investors have taken any and all reasons as a signal to sell, with mounting worries on the state of the economy, the impact of AI, and rising geopolitical tensions. The depth of the recent crash, in my view, creates many compelling buying opportunities. Recent IPOs have been especially hard hit, and StubHub ( STUB ), the ticketing platform, is no exception. Shares of StubHub went public last September at $23.50 per share; today, after falling more than 30% since the start of January alone, the stock trades at less than half of that price. The question for investors now is when will the bleeding in StubHub end? Data by YCharts I last wrote a sell article on StubHub in November, when the stock was trading around $19 per share. Since then, StubHub has fallen to less than half of that level, which absolutely warrants me to take a second look at the stock with fresh eyes. I still see many issues in this name: a competitive market, thin margins, and slowing growth. But at the same time, StubHub's valuation has also become more compelling after the crash, while the company also has clear business drivers that can propel the company into its next chapter. With all of these factors in mind, I'm upgrading the stock back to neutral. To me, at current share prices, StubHub has become a mixed bag of positive and negative catalysts. On the positive side for the company: StubHub is building a technology platform for Direct Issuance. Shifting away from its B2C and C2C roots, the company is planning to position its Direct Issuance (giving rights holders the ability to sell tickets directly on the StubHub platform) as a technology offering, which gives StubHub a capital-light means of expanding into a new market for fee-based income. Secular tailwinds for live events. The economy may be hurting, but the market for live events and experiences appears to continue growing, as more and more young consume...
US military investigators believe it is likely that US forces were responsible for an apparent strike on an Iranian girls’ school that killed scores of children on Saturday but have not yet reached a final conclusion or completed their investigation, two US officials told Reuters. Reuters was unable to determine more details about the investigation, including what evidence contributed to the te...
US military investigators believe it is likely that US forces were responsible for an apparent strike on an Iranian girls’ school that killed scores of children on Saturday but have not yet reached a final conclusion or completed their investigation, two US officials told Reuters. Reuters was unable to determine more details about the investigation, including what evidence contributed to the tentative assessment, what type of munition was used, who was responsible or why the US might have struck the school. US Defence Secretary Pete Hegseth on Wednesday acknowledged the US military was investigating the incident. Advertisement The officials, who spoke on condition of anonymity to discuss sensitive military matters, did not rule out the possibility that new evidence could emerge that absolves the US of responsibility and points to another responsible party in the incident. 01:36 Thousands attend funeral for victims of Iranian school bombing, the deadliest incident in Iran war Thousands attend funeral for victims of Iranian school bombing, the deadliest incident in Iran war Reuters could not determine how much longer the investigation would last or what evidence US investigators are seeking before the assessment can be completed.
"When you meet him at the beginning of the Second World War, he's retreated from society," Murphy explained. "He's on his own, rattling around in his big house with all these demons and ghosts, and the consequences of his deeds come rushing back in."
"When you meet him at the beginning of the Second World War, he's retreated from society," Murphy explained. "He's on his own, rattling around in his big house with all these demons and ghosts, and the consequences of his deeds come rushing back in."
Australia and Taiwan sit at different ends of the Indo-Pacific, but they confront the same underlying problem: deep digitisation has converted efficiency into exposure. Supply-chain cyberattacks in the Indo-Pacific are no longer isolated incidents. They are increasingly ecosystems of compromise, often AI-enabled, that move through trusted vendors and cascade across borders. For countries that rely...
Australia and Taiwan sit at different ends of the Indo-Pacific, but they confront the same underlying problem: deep digitisation has converted efficiency into exposure. Supply-chain cyberattacks in the Indo-Pacific are no longer isolated incidents. They are increasingly ecosystems of compromise, often AI-enabled, that move through trusted vendors and cascade across borders. For countries that rely on dense digital networks to sustain trade, energy and advanced manufacturing, this is a structural issue. Taiwan’s semiconductor ecosystem underpins global manufacturing, producing nearly 90 percent of the world’s most advanced chips. Australia’s energy systems, logistics networks and critical infrastructure are equally dependent on industrial control systems, cloud services and globally sourced components. In both economies, cyber disruption is persistent and normalised. Australia and Taiwan share a strategic challenge: cybersecurity is inseparable from economic stability and sovereign credibility. There is growing consensus that cyber threats are persistent, geopolitically shaped and structurally embedded in economic security. Availability attacks—ransomware, distributed denial-of-service, service degradation—are increasingly disruptive to daily life and business continuity. For Taiwan, sustained pressure from state-linked cyber activity and hybrid tactics has made resilience a national discipline. For Australia, escalating attack volumes, expanding attack surfaces and AI-enabled threat automation have driven similar conclusions. Both economies depend on infrastructure that was never designed to resist automated intrusion or AI-driven reconnaissance. Both rely on third-party vendors embedded deep within critical systems and on globally concentrated technology supply chains that create systemic chokepoints. When a vulnerability appears in a widely deployed platform or protocol, the exposure is not local but networked. That means the most persistent vulnerability in both ...
With the escalating tensions in the Middle East, there have been flight cancellations, closures of several airports and an increasing fear of flying abroad. Malaysia ’s tourism industry, however, is confident the country’s diversified visitor base will help cushion any potential impact on the Visit Malaysia 2026 campaign. The conflict has disrupted thousands of flights, prompting travellers to ado...
With the escalating tensions in the Middle East, there have been flight cancellations, closures of several airports and an increasing fear of flying abroad. Malaysia ’s tourism industry, however, is confident the country’s diversified visitor base will help cushion any potential impact on the Visit Malaysia 2026 campaign. The conflict has disrupted thousands of flights, prompting travellers to adopt a “wait-and-see” approach, said Malaysian Association of Tour and Travel Agents president Nigel Wong. Advertisement “Malaysia, however, continues to be seen as a safe and welcoming destination for Muslim travellers, which helps sustain confidence,” he said on Thursday. He noted that the Middle East remains an important niche market, particularly for Muslim-friendly travel, with visitors staying longer and spending more on family holidays, shopping and medical tourism. Advertisement “This segment is important, especially during peak travel seasons such as the summer holidays and school breaks in Gulf countries,” he said.
Central Banks Can't Stop Wars Authored by Alexander Salter via TheDailyEconomy.org, Every time conflict erupts in the Middle East and oil prices jump, the same anxiety follows: will central banks respond with tighter money? It’s an understandable fear. Households dislike inflation, and policymakers are tasked with maintaining price stability. But when inflation is driven by geopolitical crises — s...
Central Banks Can't Stop Wars Authored by Alexander Salter via TheDailyEconomy.org, Every time conflict erupts in the Middle East and oil prices jump, the same anxiety follows: will central banks respond with tighter money? It’s an understandable fear. Households dislike inflation, and policymakers are tasked with maintaining price stability. But when inflation is driven by geopolitical crises — such as war in Iran or disruptions to global shipping lanes — the source is not excessive demand. It is a supply shock. And monetary policy is impotent before such disruptions. When oil supply tightens or transport costs surge, the economy becomes poorer. Energy becomes more expensive to extract and move. No interest rate decision in Washington, Frankfurt, or London can produce more oil from the Persian Gulf or reopen a blocked trade route. In these moments, central banks face a difficult but crucial choice. They can tighten monetary policy in an attempt to suppress inflation by weakening demand, slowing hiring, curbing investment, and cooling total dollar spending. Or they can allow a temporary period of elevated prices to absorb part of the shock while keeping the broader economy intact. The instinct to “do something” about supply-side price hikes is powerful. But tightening monetary conditions to combat a supply shock risks compounding the damage. Slower money growth and higher rate targets do not solve the underlying scarcity . They merely redistribute the burden — often toward workers. If energy prices spike because of war, households will pay more at the pump and businesses will face higher costs. That pain is unavoidable. But if central banks respond aggressively by tightening policy, they risk turning an external supply shock into a domestic demand slump. Unemployment rises, investment stalls, and wage growth falters. For the vast majority of workers, having a job amidst 4 percent price growth is preferable to unemployment amidst 2 percent price growth. There is a lo...
For as dominant a run as Nvidia (NVDA 2.94%) has been on over the past few years, the last few months have been rather boring. Since Aug. 1, 2025, the stock has risen a relatively slim 5%. Over that same time frame, the S&P 500 is up around 10%. This is disappointing for many investors (myself included) because Nvidia has been posting unbelievable results along the way. In fact, Nvidia's stock has...
For as dominant a run as Nvidia (NVDA 2.94%) has been on over the past few years, the last few months have been rather boring. Since Aug. 1, 2025, the stock has risen a relatively slim 5%. Over that same time frame, the S&P 500 is up around 10%. This is disappointing for many investors (myself included) because Nvidia has been posting unbelievable results along the way. In fact, Nvidia's stock hasn't been this cheap in some time. I think Nvidia's stock being this cheap is a clear buying sign, and investors should consider loading up on the stock now because history has taught us over the past few years that now is the time to load up on Nvidia stock. Nvidia's stock isn't as expensive as you may think The big question is: How should I value Nvidia stock? There are several valuation techniques investors can use, including using trailing or forward earnings. Trailing earnings are usually a solid way to price a stock, but can be affected by one-time charges (like when Nvidia had to write down chip inventory that was slated to be sold to China in Q1 last year). You can also use the forward earnings metric, which uses analyst estimates. Those are projections, and a company could miss (or exceed) them. Both of these metrics clearly have flaws, but I think using them in tandem is a great way to assess where a stock is currently valued. From the price-to-earnings standpoint, Nvidia's stock trades at nearly the same lows it traded at during the tariff sell-off in April 2025. If you bought the stock on April 1, you made a quick 57% return in four months. That's not a bad setup, and if Nvidia could duplicate a run like that, investors would be thrilled. On another note, 37 times earnings may sound expensive, but when you compare it to some other popular investments, it really isn't. Costco trades for 54 times trailing earnings. Walmart is almost identical at 37.2 times earnings. On the tech side, Apple and Amazon trade for 33 and 31 times trailing earnings, respectively. None o...