In this article PSKY WBD Follow your favorite stocks CREATE FREE ACCOUNT Paramount+ and HBO Max signage. Reuters | Getty Images Paramount+ and HBO Max will be combined into one streaming service if regulators approve Paramount Skydance's acquisition of Warner Bros. Discovery, Paramount CEO David Ellison said on a conference call Monday. A combined service would have about 200 million subscribers g...
In this article PSKY WBD Follow your favorite stocks CREATE FREE ACCOUNT Paramount+ and HBO Max signage. Reuters | Getty Images Paramount+ and HBO Max will be combined into one streaming service if regulators approve Paramount Skydance's acquisition of Warner Bros. Discovery, Paramount CEO David Ellison said on a conference call Monday. A combined service would have about 200 million subscribers given existing totals, Ellison said during his company's investor call about the WBD transaction. Paramount and Warner Bros. Discovery said last week they had struck an agreement to sell WBD for $31 per share after Netflix backed out of the prolonged bidding war. Paramount executives didn't offer any details Monday on how the company may price a combined service or what it would be called. Still, Ellison said he wouldn't disrupt the HBO brand. "HBO should stay HBO," he said, citing its long history of quality programming. HBO is likely to be a sub-brand within the larger service, according to a person familiar with Paramount's plans. HBO is currently run by Casey Bloys, whose contract runs out in 2027, another person said. Bloys declined to comment. Paramount also touted the strength of its sports offering on a combined service, bringing together TNT Sports with CBS Sports. Paramount executives said they haven't heard anything from regulators to signal that the breadth of their sports offerings — which would include March Madness, NFL, MLB, NHL, Nascar, French Open, The Masters, college football and more — would trigger any antitrust concerns.
On February 17, 2026, Progeny 3, Inc. disclosed it sold 819,433 shares of Peabody Energy (NYSE:BTU) , an estimated $24.08 million trade based on quarterly average pricing. According to a U.S. Securities and Exchange Commission (SEC) filing dated February 17, 2026, Progeny 3, Inc. sold 819,433 shares of Peabody Energy. The estimated value of the shares sold was $24.08 million, calculated using the ...
On February 17, 2026, Progeny 3, Inc. disclosed it sold 819,433 shares of Peabody Energy (NYSE:BTU) , an estimated $24.08 million trade based on quarterly average pricing. According to a U.S. Securities and Exchange Commission (SEC) filing dated February 17, 2026, Progeny 3, Inc. sold 819,433 shares of Peabody Energy. The estimated value of the shares sold was $24.08 million, calculated using the average closing price over the quarter. The fund’s remaining position at quarter’s end was 89,160 shares, valued at $2.65 million. Peabody Energy is a leading coal producer with a diversified portfolio of mining operations in the United States and Australia. The company leverages a large reserve base and integrated logistics to supply thermal and metallurgical coal to utility and industrial customers worldwide. Its scale and global reach support its competitive position in both seaborne and domestic coal markets. Continue reading
According to the average brokerage recommendation (ABR), one should invest in Palantir Technologies (PLTR). It is debatable whether this highly sought-after metric is effective because Wall Street analysts' recommendations tend to be overly optimistic. Would it be worth investing in the stock?
According to the average brokerage recommendation (ABR), one should invest in Palantir Technologies (PLTR). It is debatable whether this highly sought-after metric is effective because Wall Street analysts' recommendations tend to be overly optimistic. Would it be worth investing in the stock?
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what thes...
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Palantir Technologies Inc. (PLTR). Palantir Technologies currently has an average brokerage recommendation (ABR) of 2.00, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 27 brokerage firms. An ABR of 2.00 indicates Buy. Of the 27 recommendations that derive the current ABR, 16 are Strong Buy, representing 59.3% of all recommendations. Brokerage Recommendation Trends for PLTR Broker Rating Breakdown Chart for PLTR Check price target & stock forecast for Palantir Technologies here>>> The ABR suggests buying Palantir Technologies, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation. Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation. This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements. With an impressive externally audited track record...
Makhbubakhon Ismatova/iStock via Getty Images It pays to own hard assets, especially as the market gets increasingly jittery over software stocks. Unlike software, hard assets can’t be replaced by AI. This can result in " drama-free" income for conservative income investors who prize durable cash flow above all else. This brings me to Kite Realty Group ( KRG ), which I last covered in October 2025...
Makhbubakhon Ismatova/iStock via Getty Images It pays to own hard assets, especially as the market gets increasingly jittery over software stocks. Unlike software, hard assets can’t be replaced by AI. This can result in " drama-free" income for conservative income investors who prize durable cash flow above all else. This brings me to Kite Realty Group ( KRG ), which I last covered in October 2025, highlighting its record-high rents, significant leasing pipeline, and Sunbelt expansion. KRG has since gone on to produce a 20% total return, far surpassing the 2% rise in the S&P 500 ( SPY ) over the same timeframe. Who says only Mag 7 stocks can produce stellar returns? In this article, I revisit KRG, including recent business results , and discuss why it remains a solid long-term value and income stock for investors, so let’s get started! Why KRG? Kite Realty Group is a self-managed REIT focused on owning and developing high-quality shopping centers and vibrant mixed-use retail destinations across the United States. Its portfolio is primarily anchored by grocery and necessity-based tenants in high-growth Sun Belt and select gateway markets. KRG’s strategy emphasizes neighborhood and community centers with strong tenant fundamentals and embedded rent growth potential. This includes growing the mixed-use potential of its properties, which now have 2,187 multifamily units. Unlike apartment REITs in the Sunbelt, shopping centers in the region haven’t seen the same pressure from new supply. This has resulted in the company benefiting from resilient demand drivers. In recent years, KRG has grown its exposure to grocery-anchored properties, which now represent 79% of ABR (annual base rent). As shown below, KRG’s ABR per square foot has grown every year over the past decade to reach $22.63. Investor Presentation KRG continued to demonstrate solid leasing momentum in 2025 with 5 million square feet of leasing during the year. This represents the highest annual leasing volume in...
Thank you for your assistant/iStock via Getty Images DMC Global - Strong Balance Sheet, Mixed Operating Signals I expect DMC Global ( BOOM ) to stabilize at a lower level than the current level, despite the 31% drop over the past month. I see quite a few challenges that BOOM faces. These include project deferrals, which led to pressure on its construction business revenue and margin. The frac spre...
Thank you for your assistant/iStock via Getty Images DMC Global - Strong Balance Sheet, Mixed Operating Signals I expect DMC Global ( BOOM ) to stabilize at a lower level than the current level, despite the 31% drop over the past month. I see quite a few challenges that BOOM faces. These include project deferrals, which led to pressure on its construction business revenue and margin. The frac spread contraction adversely affected its energy business. It also appears that the aluminum and steel cost hike, related to higher tariffs, led to margin compression. Steel Connect, an activist investor, has recently reduced its stake, indicating investors’ concerns over the company’s outlook. Investors may note that BOOM, through its three operating segments, deals in diversified businesses, including perforating systems, clad metal plates for LNG equipment, and the architectural building products business. While these challenges are in play, I see silver linings, too. International geothermal and shale expansion is creating incremental long-cycle growth. A counter-cyclical demand from the country’s naval defense can augment its NobelClad segment performance. I think the company’s long-term outlook remains intact. The company’s robust liquidity can protect it from capital market downside risks. Its relative valuation, however, appears stretched. Given the various crosscurrents, I recommend a “Hold” call, unchanged from my previous iteration . Challenges and Opportunities Seeking Alpha In the current environment, I see the tariff as a significant risk factor for BOOM. The steel and aluminum duty hike in the recent past pressured DynaEnergetics’ input costs in 2025. The challenge is limited to the cost itself. The repeated policy shifts and court rulings unfold a complex scenario for imports. The recent responses from the White House are creating a persistent uncertainty. This lack of policy stability makes pricing and margin planning difficult for the company’s management. As ...
CoreDesignKEY/iStock via Getty Images By Parshwa Turakhiya Oil prices ( CL1:COM ) are taking a significant turn, surging above $73 following the joint U.S.-Israeli strikes on Iran. This geopolitical tension has injected a risk premium into the crude market, causing West Texas Intermediate futures to jump over 9%, reaching their highest point in more than eight months. Traders are quickly adjustin...
CoreDesignKEY/iStock via Getty Images By Parshwa Turakhiya Oil prices ( CL1:COM ) are taking a significant turn, surging above $73 following the joint U.S.-Israeli strikes on Iran. This geopolitical tension has injected a risk premium into the crude market, causing West Texas Intermediate futures to jump over 9%, reaching their highest point in more than eight months. Traders are quickly adjusting their expectations regarding potential disruptions in the Strait of Hormuz. This price movement indicates more than just typical market fluctuations. Approximately 20% of global oil shipments transit through the Strait of Hormuz, meaning any escalation involving Iran poses a direct threat to global supply chains. Iran's recent missile activities have heightened uncertainty, leading refiners and shipping companies to prepare for possible transit disruptions . Although OPEC+ plans to raise production by 206,000 barrels per day in April, this increase seems minimal when considering the magnitude of possible chokepoint risks. Markets are responding less to the gradual changes in production policy and more to the likelihood, however unlikely, of disrupted supply flows. In effect, crude is trading a geopolitical premium rather than a conventional supply-demand balance. Even absent physical disruption, the mere threat of constrained passage through Hormuz forces traders to hedge exposure . Technical breakout confirms bullish shift The daily chart confirms the shift in trend. WTI settled near $72.95 after touching an intraday high above $75. The rally pushed decisively through the February swing high in the $67-68 zone and advanced well beyond the 20-day EMA at $65.36, the 50-day at $62.95, and the 200-day near $63. Crude now trades roughly $10 above its long-term average, reflecting strong upside momentum and firm bullish control in the near term. WTI price dynamics (Source: TradingView) Since bottoming near $55 in January, crude has formed a sequence of higher lows and higher h...
Trump's Strategy Is A High Risk-High Reward Gamble By Rabobank The New Age Of Empires The U.S. and Israel attacked Iran on Saturday morning, and not a ‘one-and-done’ strike aimed at more negotiations. Rather, it's an operation to destroy Iran’s nuclear program remnants, its ballistic missile production and stockpiles, its navy, and to back *regime change*. Both the U.S. and Israel are calling on t...
Trump's Strategy Is A High Risk-High Reward Gamble By Rabobank The New Age Of Empires The U.S. and Israel attacked Iran on Saturday morning, and not a ‘one-and-done’ strike aimed at more negotiations. Rather, it's an operation to destroy Iran’s nuclear program remnants, its ballistic missile production and stockpiles, its navy, and to back *regime change*. Both the U.S. and Israel are calling on the Iranian people to rise up as they physically remove the Iranian Revolutionary Guards Council (IRGC) and Basij religious police. That said, it’s up to the Iranians and them alone. Iran has already been decapitated, politically: Supreme Leader Khamenei is dead, as is much of the government and IRGC leadership - though new leaders are already emerging. The Islamic Republic has been smashed militarily: Israel and the U.S. have near total control of its skies to strike targets at will. Nobody is stepping in to help Iran militarily now that the shooting has started. Once again, BRICS as an anti-US force is shown to have no mortars supporting it. Needless to say, it is risk-off in markets this morning. The dollar is surging, high-beta currencies are offered, spot gold is up ~2%, bond yields are tumbling, US equity futures are pointing toward losses of 1% or more, and Brent crude has surged by ~9.2% to $79.60/bbl (and rising). ICE gasoil prices are up ~13% and fertilizer flows are likely to be disrupted both directly and through natural gas’s role as a feedstock in production. While yields are falling on risk-off sentiment this morning, all of the above is inflationary, just as it was when Russia invaded Ukraine. As we have also warned – a fanatical regime fearing itself on the way out tries to burn everything down as it goes . Iranian drones have killed three US soldiers in Jordan and its missiles have hit Saudi Arabia and the Gulf States despite none having allowed the U.S. to use their territory to attack (even if it appears the Saudis were secretly lobbying for it). A number...
Anne Mehlman, Executive Vice President & Crocs Brand President at Crocs (NASDAQ:CROX) , reported the sale of 12,145 shares of common stock for a transaction value of approximately $1.22 million on Feb. 20, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($100.06); post-transaction value based on Feb. 20, 2026 market close ($100.06). Co...
Anne Mehlman, Executive Vice President & Crocs Brand President at Crocs (NASDAQ:CROX) , reported the sale of 12,145 shares of common stock for a transaction value of approximately $1.22 million on Feb. 20, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($100.06); post-transaction value based on Feb. 20, 2026 market close ($100.06). Continue reading
Funtay/iStock via Getty Images Alcoa ( AA ) +2.7% and Century Aluminum (CNEX) +2.8% pre-market Monday as aluminum prices jumped more than 3% on the London Metal Exchange on concerns that the Strait of Hormuz, a critical supply route for Middle Eastern aluminum producers, will be disrupted by U.S.-Israel conflict with Iran. Emirates Global Aluminium, the United Arab Emirates' top producer, operates...
Funtay/iStock via Getty Images Alcoa ( AA ) +2.7% and Century Aluminum (CNEX) +2.8% pre-market Monday as aluminum prices jumped more than 3% on the London Metal Exchange on concerns that the Strait of Hormuz, a critical supply route for Middle Eastern aluminum producers, will be disrupted by U.S.-Israel conflict with Iran. Emirates Global Aluminium, the United Arab Emirates' top producer, operates smelters in Dubai and Abu Dhabi, while Aluminium Bahrain runs one of the world's largest single-site smelters; the U.A.E. confirmed that debris from an aerial interception caused a fire at one of the berths at Jebel Ali port in Dubai, located not far from Emirates Global Aluminium's facility, Bloomberg reported. Potential disruptions to bauxite or alumina flows that feed smelters in the Middle East present a "very significant risk," Chaos Ternary Futures head of research Li Xuezhi told Bloomberg, adding that aluminum prices likely will move higher. Shipping disruptions could drive up regional aluminum premia and reshape inter-regional trade flows, even without any immediate disruption to Middle Eastern aluminum production, Citi analysts said in a note. "A meaningful portion of global primary aluminum trade transits the Gulf," Citi said, estimating the region accounts for ~9% of primary aluminum output globally, and is a major supplier of P1020 aluminum and unwrought alloys into Europe; producers include the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Iran and Oman. More on Alcoa and Century Aluminum Alcoa Presents at 35th BMO Global Metals, Mining & Critical Minerals Conference - Slideshow Alcoa: Valuation Concern Overshadows Aluminum Strength Century Aluminum: Don't Count On Tariffs, But On Its Market Position
IBM stock has tumbled 20.6% in three months after Anthropic's Claude Code threatened its legacy COBOL moat - can hybrid cloud and watsonx offset the risk?
IBM stock has tumbled 20.6% in three months after Anthropic's Claude Code threatened its legacy COBOL moat - can hybrid cloud and watsonx offset the risk?
Shortly after the opening bell, we will initiate a position in Cardinal Health , buying 170 shares at roughly $229. Following the trade, Jim Cramer's Charitable Trust will own about 1% of Cardinal Health. Stocks are expected to open sharply lower on Monday as markets react to weekend strikes on Iran, with crude oil climbing above $70 per barrel and fueling worries about geopolitical risk and risin...
Shortly after the opening bell, we will initiate a position in Cardinal Health , buying 170 shares at roughly $229. Following the trade, Jim Cramer's Charitable Trust will own about 1% of Cardinal Health. Stocks are expected to open sharply lower on Monday as markets react to weekend strikes on Iran, with crude oil climbing above $70 per barrel and fueling worries about geopolitical risk and rising inflation. The pullback adds complexity to a market already struggling with the perceived future risks AI poses to the labor market and enterprise software companies. In his Sunday column, Jim outlined how investors are trying to navigate this period of uncertainty, and appropriately, our cash position is unusually high, providing us with a buffer in this decline. Thanks to a number of profit-taking moves and portfolio exits, our cash position is at about 15% of the portfolio. This gives us the firepower to pick up stocks that are being irrationally dragged down in the broader market sell-off and, later on, pick up other high-quality names that have come down too far. One such company is our most recent addition to the Bullpen: Cardinal Health. This backbone of the U.S. health-care industry generates about 99% of its revenue domestically, insulating it from overseas pressure. We laid out our case for Cardinal Health on Friday. It plays a major role in the health-care supply chain by supplying and distributing medicines and medical products to hospitals, retail pharmacies, and clinics. It operates effectively as an oligopoly dominated by three players, including McKesson and Cencora . It buys prescription drugs from manufacturers and distributes them to hospitals, retail pharmacies, and clinics. It manufactures and distributes items such as surgical products, examination gloves, and other medical products and supplies. It provides health-care services and solutions, including inventory management and supply chain support. A significant long-term tailwind for Cardinal Healt...
hapabapa Dutch Bros ( BROS ) landed an upgrade from Goldman Sachs on Monday as the analyst team pointed to the chain's continued unit growth and same-store sales growth stories. Notably, Dutch Bros ( BROS ) is seen as having a durable competitive moat amid the intense competition in the coffee chain industry. "We see the recent pullback as an attractive entry into the best-in-class growth story in...
hapabapa Dutch Bros ( BROS ) landed an upgrade from Goldman Sachs on Monday as the analyst team pointed to the chain's continued unit growth and same-store sales growth stories. Notably, Dutch Bros ( BROS ) is seen as having a durable competitive moat amid the intense competition in the coffee chain industry. "We see the recent pullback as an attractive entry into the best-in-class growth story in all of the U.S. restaurant space, driven by solid SSSG (roughly 2/3 from transaction growth) and strong unit economics supporting mid-teens store growth," wrote analyst Christine Cho. Dutch Bros ( BROS ) stands out to the Goldman analyst team as a leader in customized energy drinks and is expected to defend its market share from incumbents and generate continued excitement from younger consumers. Despite the strong results, Goldman Sachs sees even more upside. "We think food and mobile order could unlock frequency opportunity, and we believe increasing penetration of mobile order pay/Dutch Rewards activation as well as introduction of expanded food offerings could drive more frequent, habitual use occasions—especially in the morning daypart," highlighted Cho. Goldman Sachs assigned a price target of $75 to Dutch Bros ( BROS ). Dutch Bros ( BROS ) was down 0.8% in premarket trading amid broad declines across the market. BROS is down more than 12% on a year-to-date basis, and short interest stands at 10.2% of the total float. More on Dutch Bros Dutch Bros Is Still One Of The Best Growth Stocks In The Restaurant Sector Dutch Bros Is Boiling After Strong Earnings Dutch Bros Inc. 2025 Q4 - Results - Earnings Call Presentation CosMc's afterlife: McDonald's secret weapon to take on Starbucks and Dutch Bros Dutch Bros soars as analysts back the growth story
Pascal Le Segretain/Getty Images News J.P. Morgan has assigned streaming giant Netflix ( NFLX ) an investment rating of “overweight” following a period of restriction. Analysts at the research firm believe the company remains a healthy organic growth story, driven by a combination of strong content, global subscriber growth, continued pricing power, and an early-stage/under-monetized ad tier. They...
Pascal Le Segretain/Getty Images News J.P. Morgan has assigned streaming giant Netflix ( NFLX ) an investment rating of “overweight” following a period of restriction. Analysts at the research firm believe the company remains a healthy organic growth story, driven by a combination of strong content, global subscriber growth, continued pricing power, and an early-stage/under-monetized ad tier. They think the company's ad-supported tier should further expand its subscriber base while driving high-margin incremental revenue. "NFLX’s ad revenue grew more than 150% in 2025 & is expected to double to ~$3B in 2026, and we believe the business has continued momentum led by improvements in targeting & measurement," the research firm said in its March 2 note. They also expect continued strong FCF generation and anticipate elevated share buybacks in 2026, driven by the $2.8B termination fee from Warner Bros. ( WBD ) and a currently opportunistic share price. For Netflix, AI should drive improved content discovery and personalization and better advertising solutions and measurement, which would ultimately reduce content production costs, JPM said. "We believe storytelling and talent will remain critical moats, ultimately better insulating NFLX from AI disruption risk compared to transactional business models," JPM said Monday. NFLX has a price target of $120, implying an upside of nearly 42%. More on Netflix Netflix: Moving Along On Its Own The Long Netflix, Short Paramount Trade: Sounds Great, Trades Terribly Netflix: The Pullback Creates A Great Entry Point Netflix’s Sarandos says Warner exit was preplanned, not political 'Scream 7' slashes franchise record with $64M opening
The post Best Crypto Prop Trading Firms by Sarah Edwards appeared first on Benzinga . Visit Benzinga to get more great content like this. Cryptocurrency markets operate around the clock with high volatility and significant capital requirements. For traders seeking to access institutional-level capital without risking personal funds, crypto proprietary trading firms offer an alternative model. Thes...
The post Best Crypto Prop Trading Firms by Sarah Edwards appeared first on Benzinga . Visit Benzinga to get more great content like this. Cryptocurrency markets operate around the clock with high volatility and significant capital requirements. For traders seeking to access institutional-level capital without risking personal funds, crypto proprietary trading firms offer an alternative model. These firms provide funding, infrastructure, and risk parameters in exchange for a share of trading profits. Unlike traditional brokerage accounts, prop firms evaluate traders through structured challenges before allocating capital, creating a merit-based system for accessing larger position sizes. The crypto prop trading sector has expanded considerably since 2020, with firms now offering dedicated cryptocurrency pairs, faster payout cycles, and evaluation structures designed specifically for digital asset volatility. Account sizes typically range from $5,000 to $400,000, with profit splits between 50% and 95% depending on the firm and account type. Selection criteria include asset availability, payout speed, evaluation structure, platform compatibility, and regulatory transparency. This analysis examines firms operating in 2025 that maintain consistent payout records and transparent operational frameworks. Best Crypto Proprietary Trading Firms Firm Max Account Size Profit Split Crypto Pairs Payout Speed Evaluation Phases For Traders Up to 90% 48-hour guarantee BrightFunded $400,000 Up to 100% 40+ 4 hours (weekly) Two-phase FXIFY $400,000 50–90% 30+ 24–48 hours One/Two/Three-phase The Trading Pit $100,000 Up to 80% 20+ 3–5 days One/Two-phase FundedNext $300,000 Up to 95% 25+ 24 hours Multiple options City Traders Imperium $100,000 50–100% 15+ 5–7 days Step-based FTUK $5,760,000 (scaled) Up to 80% 35+ 2–4 days One-phase/Instant Best for Fastest Payouts: For Traders For Traders operates as a multi-asset proprietary trading firm with a dedicated crypto prop offering designed for ...
JHVEPhoto/iStock Editorial via Getty Images Marsh Inc. ( MRSH ) is an American professional services firm which operates globally. Founded in 1871, Marsh, which used to be known as Marsh & McLennan before its early 2026 rebranding, is now an $87 billion (by market cap) major solutions provider which employs almost 100,000 people. Marsh has clients in 130 countries. The company operates across two ...
JHVEPhoto/iStock Editorial via Getty Images Marsh Inc. ( MRSH ) is an American professional services firm which operates globally. Founded in 1871, Marsh, which used to be known as Marsh & McLennan before its early 2026 rebranding, is now an $87 billion (by market cap) major solutions provider which employs almost 100,000 people. Marsh has clients in 130 countries. The company operates across two segments: Risk & Insurance Services, 64% of FY 2025 operating revenue; and Consulting, 36%. Its main segment, Risk & Insurance Services, is anchored by the company’s position as the world’s largest insurance broker. This is Marsh’s crown jewel, featuring “tollbooth” characteristics. An insurance broker is an intermediary between clients (such as individuals or even businesses) and insurance companies, and this intermediary status takes on none of the direct financial risk associated with insurance. The brokerage maintains “sticky” customers and feeds off of recurring insurance transactions (taking a percentage of insurance premiums via a commission charge). This fee-based business has highly visible and recurring revenue, and it sports extremely high returns on capital and margins. To say that it’s excellent is understating it. On the other hand, the other business under the Marsh umbrella is no slouch. The consultancy side of the house is a capital-light, asset-light business model with loyal clientele of its own, and it has the ability to scale and generate higher revenue with little incremental increases in costs. Similarly to insurance, its consultancy work has a lot to do with risk management for its clients (and insurance, as we already know, is all about risk management). This “one-two punch” across different elements of risk management has led to a success story more than 150 years in the making. Yet, recent results suggest its best days may be yet ahead, signaling even more revenue, profit, and dividend growth to come. Dividend Growth, Growth Rate, Payout Ratio and...