Tim Robberts Equities are beginning to price in an end to the Middle East conflict, though persistent sector dispersion suggests markets are not yet fully aligned on the outlook, Pepperstone's senior research strategist Michael Brown said. Brown said recent price action indicates investors are moving to discount a de-escalation in tensions, with risk assets stabilizing as the probability of a prol...
Tim Robberts Equities are beginning to price in an end to the Middle East conflict, though persistent sector dispersion suggests markets are not yet fully aligned on the outlook, Pepperstone's senior research strategist Michael Brown said. Brown said recent price action indicates investors are moving to discount a de-escalation in tensions, with risk assets stabilizing as the probability of a prolonged disruption is reassessed. However, the adjustment has not been uniform across equities. Sector performance remains uneven, reflecting differing sensitivities to energy prices and the broader macro implications of the conflict. Energy-related stocks have lagged as oil prices ease and the geopolitical risk premium begins to unwind, while other sectors have shown relative strength, pointing to a rotation rather than a broad-based rally. Pepperstone said this divergence highlights a gap between markets pricing the end of active conflict and fully accounting for the economic consequences that follow. Even as investors lean toward de-escalation, uncertainties remain around energy supply dynamics and the longer-term impact on inflation and growth. The result is a market that is partially pricing resolution but still adjusting to the after-effects of the earlier shock, leaving sector dispersion elevated. More on markets One Streak Ends, Others Make History Prices Are Going Higher 1999 Vs. 2026: No Contest US and Iran mull second meeting in bid to revive ceasefire talks: report 3 things to look out for on Tuesday
Our cartoonist on the Gunners’ latest wobble and who could be brought in to get final push back on track Buy a cartoon here | His favourites from 2025 And his latest book, Chaos in the Box: get it now Continue reading...
Our cartoonist on the Gunners’ latest wobble and who could be brought in to get final push back on track Buy a cartoon here | His favourites from 2025 And his latest book, Chaos in the Box: get it now Continue reading...
Win McNamee/Getty Images News Securities and Exchange Commission Chair Paul Atkins said private credit is not a systemic risk "at least as of now." Atkins said he has seen the good, bad and ugly while being an active investor in the private markets for years. "But you have to be willing to take a loss. These are dynamic markets," he noted during a fireside chat at the IMF spring meetings in Washin...
Win McNamee/Getty Images News Securities and Exchange Commission Chair Paul Atkins said private credit is not a systemic risk "at least as of now." Atkins said he has seen the good, bad and ugly while being an active investor in the private markets for years. "But you have to be willing to take a loss. These are dynamic markets," he noted during a fireside chat at the IMF spring meetings in Washington. "If you cannot take the heat, get out of the kitchen," Atkins said. "It is taking a risk. The risk should be fully disclosed." The SEC chair pointed out that the economy would not be where it is now without private markets stepping in, "taking risks in a long leveraged way." "Just like anything else with Wall Street or whatnot, when a good thing gets going, money piles in, quality starts to go down because there's too much money chasing fewer good deals," Atkins added. "That is when you have to watch out. As long as the banks are not overextended in this area." More on financial sector S&P 500 Earnings: Financial Sector Looking At 'Average' Quarter; A Quick Look At Goldman's Numbers XLF: Strong Buy For U.S. Financials During A Multi-Year Earnings Reset XLF: The Financial Sector At Crossroads Goldman Sachs earnings preview: Traders flag volatility, IPOs, and uncertainty Howard Marks outlines growing concerns about private credit in new memo
mohd izzuan David Einhorn's Greenlight Capital funds gave a return of 6.5% in Q1 vs. a broader market drop of 4.4% in the S&P 500 index. The significant winners in the quarter were gold, Acadia Healthcare ( ACHC ), DHT Holdings ( DHT ) and Core Natural Resources ( CNR ) and the biggest losers were SOFR futures, Kyndryl ( KD ), and Graphic Packaging ( GPK ). Taking a Quant ratings snapshot of its c...
mohd izzuan David Einhorn's Greenlight Capital funds gave a return of 6.5% in Q1 vs. a broader market drop of 4.4% in the S&P 500 index. The significant winners in the quarter were gold, Acadia Healthcare ( ACHC ), DHT Holdings ( DHT ) and Core Natural Resources ( CNR ) and the biggest losers were SOFR futures, Kyndryl ( KD ), and Graphic Packaging ( GPK ). Taking a Quant ratings snapshot of its core holding companies after the Q1 assessment, arranged from top-rated quant scores to bottom. These ratings range from Strong Buy to Strong Sell, with the quant scores based on indicators like valuation, growth, profitability, momentum, and earnings revisions. DHT Holdings ( DHT ) , Quant Rating: Strong Buy - 4.85 Fluor Corp ( FLR ) , Quant Rating: Strong Buy - 4.51 AerCap Holdings ( AER ) , Quant Rating: Buy - 4.01 Kenvue ( KVUE ) , Quant Rating: Buy - 3.98 Newly added — Crocs ( CROX ) , Quant Rating: Hold - 3.39 Tenet Healthcare ( THC ) , Quant Rating: Hold - 3.28 Viatris ( VTRS ) , Quant Rating: Hold - 3.20 Teva Pharmaceutical Industries ( TEVA ) , Quant Rating: Hold - 3.13 Acadia Healthcare ( ACHC ) , Quant Rating: Hold - 3.05 Brighthouse Financial ( BHF ) , Quant Rating: Hold - 2.97 Green Brick Partners ( GRBK ) , Quant Rating: Hold - 2.77 SLM Corp ( SLM ) , Quant Rating: Sell - 2.20 Core Natural Resources ( CNR ) , Quant Rating: Sell - 1.95 Alight ( ALIT ) , Quant Rating: Strong Sell - 1.49 Graphic Packaging ( GPK ) , Quant Rating: Strong Sell - 1.45 More on markets Q2 2026 Outlook: The Reset Is Your Entry Point Ferrari: Why 'Luxuryflation' Is Still Eroding The Bull Case Greenlight Capital Q4 2025 Letter PetroTal reports robust Q1 production of 14,907 bopd; sets Q3 drilling restart Digital Realty Trust to invest over $2B in Italy data centers
Gregory Valle/iStock via Getty Images Sibanye Stillwater Limited ( SBSW ) is a major PGM and gold miner based in South Africa. On multiple valuation metrics, SBSW sounds cheap. However, SBSW is being discounted for a reason. More than 80% of its operations are concentrated in one geography—South Africa. Jurisdictional risks associated with this particular geography overwhelmingly drive SBSW's busi...
Gregory Valle/iStock via Getty Images Sibanye Stillwater Limited ( SBSW ) is a major PGM and gold miner based in South Africa. On multiple valuation metrics, SBSW sounds cheap. However, SBSW is being discounted for a reason. More than 80% of its operations are concentrated in one geography—South Africa. Jurisdictional risks associated with this particular geography overwhelmingly drive SBSW's business and bottom line. While management is actively diversifying , it will take time, and even then, it may not be possible to divest more than 50% of their business from South Africa. That indicates that the discounted valuation is less of an opportunity and more of a risk assessment. Therefore, I rate SBSW a Sell/Avoid and may change my rating if there is meaningful geographical diversification. Business and Geography Sibanye Stillwater Limited is a diversified miner with the most exposure to platinum group metals (PGMs) and gold. They have a number of deep-level underground mines as well as surface operations. They mainly operate in South Africa, with a smaller footprint in the United States and Europe. For FY2024, SBSW generated approximately ZAR 112 billion (~$6.7 billion) in revenue. Here's a breakdown from 2024, where revenue breakdown by segment is available: AUTHOR In 2024, PGM accounted for ~53% of revenue, followed by gold at ~33%. In 2025, we can derive total PGM from geographical breakdown values published, which tells us that PGM was slightly higher at ~56% of total EBITDA. If you include recycling, that goes up to ~67%. Gold remained at 33% of EBITDA. PGM and gold together account for the bulk of the revenue. As for geographic footprint, in 2024, revenue-based calculations show 73% of operations were concentrated in South Africa alone. In 2025, EBITDA-based numbers show this is now 77%. While this may not be an exact apples-to-apples comparison, it is not wrong to say that South African operations consist of a disproportionately large part of the company. Core...
RiverNorthPhotography/iStock Unreleased via Getty Images Schwab U.S. Large-Cap Value ETF ( SCHV ) is a passive index fund tracking the returns of the Dow Jones U.S. Large-Cap Value Total Stock Market Index . At present, the said index, and as a result SCHV, despite having a meaningful run-up over the previous few years, still trades at a meaningful valuation discount vs. broad-based stock market i...
RiverNorthPhotography/iStock Unreleased via Getty Images Schwab U.S. Large-Cap Value ETF ( SCHV ) is a passive index fund tracking the returns of the Dow Jones U.S. Large-Cap Value Total Stock Market Index . At present, the said index, and as a result SCHV, despite having a meaningful run-up over the previous few years, still trades at a meaningful valuation discount vs. broad-based stock market indices. While the S&P 500, etc., are dominated by mega-cap tech stocks trading at premium valuations with emphasis on growth prospects rather than current earnings power, SCHV holds stakes in companies like Berkshire Hathaway ( BRK.B ), Exxon Mobil ( XOM ), Johnson & Johnson ( JNJ ), Walmart ( WMT ), Chevron ( CVX ), etc.—many of which are not only trading at meaningfully lower valuations but are also relatively better positioned in terms of current geopolitical events. SCHV at present has a modest trailing dividend yield of ~1.9% and therefore should not be considered as an income-oriented fund but rather an index that would tend to benefit from companies that can invest incremental earnings at above-market rates and are trading at comparatively lower valuations. However, not all constituents can be said to possess these characteristics, but nevertheless, at least major holdings of the index to an extent reflect this. Kindly note that while describing the valuations of SCHV, I have constantly used the term 'relative,' which was deliberate to avoid misunderstanding by investors that it is cheap on an absolute basis. On an absolute basis, SCHV appears moderate, and its investment proposition is largely attributed to it being better positioned in comparison with broader stock markets for investors who want to be allocated to equities. This is not to suggest that on a standalone basis SCHV is not suitable but to highlight that its attractiveness is primarily relative to the S&P 500 and other broad indices. Portfolio, Performances, and Valuations At present, the top ten holding...
imaginima/E+ via Getty Images Oil prices could come under pressure as investors gather in Washington with a growing consensus that the Iran conflict is effectively over, a shift that could strip out the geopolitical risk premium embedded in crude, according to economist Robin Brooks. Brooks said the IMF and World Bank spring meetings, while typically low-key, can become important inflection points...
imaginima/E+ via Getty Images Oil prices could come under pressure as investors gather in Washington with a growing consensus that the Iran conflict is effectively over, a shift that could strip out the geopolitical risk premium embedded in crude, according to economist Robin Brooks. Brooks said the IMF and World Bank spring meetings, while typically low-key, can become important inflection points when a dominant market narrative emerges among policymakers and investors. This week, that narrative is increasingly centered on the view that the war is “essentially over,” he said, arguing that oil is now the asset most exposed to a reassessment of geopolitical risk. Crude has been supported in recent weeks by fears of prolonged disruption tied to the conflict. But if discussions in Washington reinforce expectations of de-escalation, positioning built on a sustained supply shock could begin to unwind. Brooks noted that similar moments at past IMF gatherings have triggered reversals across asset classes, as consensus forms that prevailing price moves are out of line with fundamentals. He pointed to episodes such as the surge in U.S. yields in 2023 and the rally in gold last year, where sentiment shifts at these meetings helped catalyze moves in the opposite direction in subsequent weeks. The mechanism, he argued, is less about formal policy signals and more about narrative formation, as the concentration of global investors and officials accelerates the coalescing of market views. If that process plays out again, oil’s recent strength may prove vulnerable, with prices adjusting lower as the perception of ongoing conflict gives way to expectations of a faster resolution. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on oil Oil Dynamics And Intraday Analysis: WTI Drops Back Below $100 After US-Iran Talks Set To Resume Trump's Hormuz Siege: Starving ...
onimate/iStock via Getty Images Fuchs SE ( FUPEF ) is one of those companies that continue to perform solidly (although without being able to grow at a high pace), but the stock price is not really moving, which makes the situation difficult for investors. In previous articles, I often argued that the little-known specialty chemical company from Germany is a good long-term investment with a wide e...
onimate/iStock via Getty Images Fuchs SE ( FUPEF ) is one of those companies that continue to perform solidly (although without being able to grow at a high pace), but the stock price is not really moving, which makes the situation difficult for investors. In previous articles, I often argued that the little-known specialty chemical company from Germany is a good long-term investment with a wide economic moat around its business. Nevertheless, the stock clearly underperformed the broader market (in this case, the S&P 500) over the last 5 years (alpha of 0.04, meaning the stock increased only 4% of the S&P 500’s gain in the same timeframe) and the last 10 years (alpha of 0.11). A little over a year ago, I published my last article about the stock, and I was arguing once again that the stock was undervalued and a good long-term investment. In the conclusion, I wrote: Without much doubt, Fuchs is a solid business with a wide economic moat around the company, and it is also one of the very few German companies increased its dividend annually for a long time. And I also think that Fuchs is still undervalued, a good long-term investment. Even when assuming reasonable growth rates for the years to come (mid-single digits), the stock is already undervalued, and there is also the chance of Fuchs growing at a higher pace. Fuchs remains a “Buy,” and over the long run, we can probably expect at least 10% annual return from the stock. Despite my optimism, the stock declined again and is still trading closer to the 2022 lows than to the previous all-time high of €48 set in 2018. The stock, which has been in a corrective pattern for almost 8 years, remains a terrible investment. By the way, Fuchs has issued two different types of shares—the ordinary and the preferred shares—and unless otherwise noted, I am talking about the ordinary shares, which are the better investment in my opinion. Fuchs Monthly Chart (TradingView) In the following article, I will argue once again that Fuchs ...
Hot brushes promise bouncy blow-dries and voluminous curls – without the salon price tag. We put 14 to the test to reveal the best, from budget buys to multistylers • The best hair straighteners – tested Few things put a spring in your step quite like a beautiful, bouncy blow-dry from your favourite hair salon. However, if you don’t want to spend your days – or your money – at the salon, then a ho...
Hot brushes promise bouncy blow-dries and voluminous curls – without the salon price tag. We put 14 to the test to reveal the best, from budget buys to multistylers • The best hair straighteners – tested Few things put a spring in your step quite like a beautiful, bouncy blow-dry from your favourite hair salon. However, if you don’t want to spend your days – or your money – at the salon, then a hot brush could be just the styling tool you need. As the name suggests, a hot brush is a round or paddle-shaped hair-styling tool that either heats up like a straightening iron or uses warm airflow like a hair dryer to dry and style your hair. Depending on the shape and size of the brush, a hot brush can give you anything from a straight, sleek style to volume and lift, or even red-carpet curls. Best hot brush overall: GHD Duet Blowdry Best budget hot brush: Revlon One-Step Volumiser Continue reading...