mohd izzuan/iStock via Getty Images Dear Investor: During the First Quarter, Third Point returned -0.6% in the flagship Offshore Fund. Q1 1 ANNUALIZED NETRETURN 2 TP OFFSHORE FUND, LTD. -0.6% 13.0% CS HF EVENT-DRIVEN INDEX 2.1% 7.0% S&P 500 INDEX (TR) -4.3% 9.6% MSCI WORLD INDEX (TR) -3.5% 8.1% Click to enlarge 1 Through March 31, 2026. Please note there is a one-month lag in performance reflected...
mohd izzuan/iStock via Getty Images Dear Investor: During the First Quarter, Third Point returned -0.6% in the flagship Offshore Fund. Q1 1 ANNUALIZED NETRETURN 2 TP OFFSHORE FUND, LTD. -0.6% 13.0% CS HF EVENT-DRIVEN INDEX 2.1% 7.0% S&P 500 INDEX (TR) -4.3% 9.6% MSCI WORLD INDEX (TR) -3.5% 8.1% Click to enlarge 1 Through March 31, 2026. Please note there is a one-month lag in performance reflected for the CS HF Event-Driven Index. 2 Annualized Return from inception (December 1996 for TP Offshore and quoted indices). PLEASE SEE THE NEW SERIES RETURNS AT THE END OF THIS DOCUMENT. The top five winners for the quarter were MasTec Inc. ( MTZ ), Siemens Energy AG ( SMEGF ), Keysight Technologies Inc. ( KEYS ), Carpenter Technology Inc ( CRS ), and Casey's General Stores Inc. ( CASY ) The top five losers for the quarter, excluding hedges, were CoStar Group Inc. ( CSGP ), Capital One Financial Corp. ( COF ), Somnigroup International Inc. ( SGI ), Amazon.com Inc ( AMZN ), and CRH PLC ( CRH ). Portfolio Updates 1 We had a strong start to the First Quarter with diversified gains in semiconductors, memory, semicap equipment, power infrastructure, aerospace and defense positions. Despite taking profits on numerous positions and significantly reducing both net and gross exposures well before the start of the war in Iran, we ended the quarter slightly down, outperforming the S&P by approximately 400bps for the period. The turmoil began later in Q1 when a seemingly contained unwind in private credit seeped into public markets, first through software financing channels and also more broadly via financials, and the Iran War drove nearly a 70% upward move in oil prices. Leadership broke down, correlations rose, and crowding in winning AI trades became a liability rather than a tailwind. Despite weak labor data, benign CPI, and a steady Fed, new oil-driven inflationary fears pushed yields higher and reset the prevailing expectations of further Fed easing. Our exposure reduction began i...
Berkshire Hathaway rarely adds to a position unless management sees meaningful upside ahead, which is why investors tend to closely watch every move the conglomerate makes. Recent filings show Berkshire increasing positions in the New York Times, Chevron, Chubb, and Domino’s Pizza, signaling growing conviction in four very different businesses across media, energy, insurance, and ... Berkshire Hat...
Berkshire Hathaway rarely adds to a position unless management sees meaningful upside ahead, which is why investors tend to closely watch every move the conglomerate makes. Recent filings show Berkshire increasing positions in the New York Times, Chevron, Chubb, and Domino’s Pizza, signaling growing conviction in four very different businesses across media, energy, insurance, and ... Berkshire Hathaway Is Loading Up on These 4 Stocks. Here’s Why
Luis Alvarez/DigitalVision via Getty Images The Invesco S&P 500 Eql Wght Technology ETF ( RSPT ) printed a record-high weekly close last week. It comes as bifurcation strikes the largest S&P 500 sector. Semiconductors are flying, while software equities are plunging . The HALO trade (heavy-asset, low-obsolescence), unwavering chip demand (despite higher energy prices, key for semiconductor manufac...
Luis Alvarez/DigitalVision via Getty Images The Invesco S&P 500 Eql Wght Technology ETF ( RSPT ) printed a record-high weekly close last week. It comes as bifurcation strikes the largest S&P 500 sector. Semiconductors are flying, while software equities are plunging . The HALO trade (heavy-asset, low-obsolescence), unwavering chip demand (despite higher energy prices, key for semiconductor manufacturers), and an underlying risk appetite for SMID tech endure as the Q1 earnings season gets underway. I have a buy rating on RSPT. With an attractive valuation and solid chart, I see this high-momentum area as likely to continue gaining ground in the months ahead. RSPT Leads Tech & The S&P 500 YoY Stockcharts.com According to the issuer , RSPT is based on the S&P 500® Equal Weight Information Technology Index. The fund will invest at least 90% of its total assets in securities that comprise the index. It equally weights stocks in the S&P 500's information technology sector. The fund and the index are rebalanced quarterly. RSPT is a medium-sized ETF, with $4.2 billion in assets under management as of April 10, 2026. Its annual expense ratio is moderate at 40 basis points, while the trailing 12-month dividend yield is low at only 36 basis points, about a full percentage point below that of the S&P 500. Share-price momentum has indeed been stellar lately, earning the product an A ETF Grade in that category by Seeking Alpha’s quantitative scoring system. As for risk , RSPT scores better than investors might think. A somewhat muted historical realized standard deviation and not-top-heavy allocation help keep risk in check. Finally, as far as liquidity goes, RSPT appears strong. Its average daily volume is near 900,000 shares, while its 30-day median bid/ask spread is tight at only 4 basis points. Looking closer at the portfolio, the 3-star, Neutral-rated ETF by Morningstar plots across the style box, but there is a clear lean to the growth style. Just 20% of the fund is classif...
Trump’s blockade of the Strait of Hormuz is likely to drag the US deeper into war, instead of toward diplomacy, explains Bloomberg Opinion columnist Marc Champion. (Source: Bloomberg)
Trump’s blockade of the Strait of Hormuz is likely to drag the US deeper into war, instead of toward diplomacy, explains Bloomberg Opinion columnist Marc Champion. (Source: Bloomberg)
Bank Lobby Fires Back At White House, Saying Stablecoin Study Ignores Community Bank Threat Authored by Micah Zimmerman via BitcoinMagazine.com, The American Bankers Association is warning that the White House’s latest stablecoin study is asking the wrong question and underestimating the threat to community banks. On April 8, the Council of Economic Advisers released a 21‑page paper modeling what ...
Bank Lobby Fires Back At White House, Saying Stablecoin Study Ignores Community Bank Threat Authored by Micah Zimmerman via BitcoinMagazine.com, The American Bankers Association is warning that the White House’s latest stablecoin study is asking the wrong question and underestimating the threat to community banks. On April 8, the Council of Economic Advisers released a 21‑page paper modeling what happens if payment stablecoin issuers are barred from paying yield. The analysis, tied to the 2025 GENIUS Act’s prohibition on interest for payment stablecoins, finds that banning yield would raise bank lending by only about 2.1 billion dollars, or roughly 0.02% of a 12 trillion dollar loan book. The report also estimates that consumers would forgo around 800 million dollars in returns, producing a cost‑benefit ratio of 6.6 in which lost yield outweighs gains from slightly lower borrowing costs. In short, White House economists concluded that stablecoin yield, under current conditions, is unlikely to trigger the sweeping deposit flight some academic studies had projected. ABA: the real risk is yield‑paying coins at scale The American Bankers Association fired back today , arguing the CEA framed “the wrong question” by focusing on the effect of a prohibition rather than the impact of allowing yield as the market grows. ABA chief economist Sayee Srinivasan and banking research VP Yikai Wang warned that yield‑paying payment stablecoins could accelerate deposit migration out of insured accounts, especially at community banks. Their analysis points to a future market of 1 to 2 trillion dollars in payment stablecoins, where competitive yields on tokens backed by Treasuries and other safe assets become a direct rival to local deposits. In that scenario, they say, even single states could see multi‑billion‑dollar contractions in bank lending as cheap funding drains away. Deposit stablecoin reshuffling vs. community bank pressure The White House paper stresses that when consumers mo...
For the past 90 years, Social Security has been one of the top social programs in the U.S. There are flaws in the program, yes, but it's hard to look down on how many retirees it has helped keep financially afloat. Some retirees will be able to treat their Social Security checks as "good-to-have" income to cover travel or other extracurricular activities. Some retirees will be able to combine thei...
For the past 90 years, Social Security has been one of the top social programs in the U.S. There are flaws in the program, yes, but it's hard to look down on how many retirees it has helped keep financially afloat. Some retirees will be able to treat their Social Security checks as "good-to-have" income to cover travel or other extracurricular activities. Some retirees will be able to combine their Social Security checks with their 401(k) to fund their retirement lifestyle. Then, there's the group of retirees whose only retirement income will be Social Security. Part of knowing what group you're in is having an idea of how much to expect from Social Security. The amounts will vary, but it's helpful to get a gist of the average benefit at different ages. Continue reading
Panorama Images/iStock via Getty Images The iShares Copper and Metals Mining ETF ( ICOP ) is a passively managed strategy designed to provide global exposure to companies that participate in copper production and mining. With global demand for increased data centers and electrical infrastructure, copper demand may remain elevated, supporting strong cash generation among the copper mining operators...
Panorama Images/iStock via Getty Images The iShares Copper and Metals Mining ETF ( ICOP ) is a passively managed strategy designed to provide global exposure to companies that participate in copper production and mining. With global demand for increased data centers and electrical infrastructure, copper demand may remain elevated, supporting strong cash generation among the copper mining operators. Until data centers broadly transition to photonics for communications, I believe facilities will continue to rely on copper cabling that can continue to support the market for the coming years. Given the robust outlook and supportive market environment, I am recommending ICOP with a Buy rating. Investment Thesis The copper market is positioned to remain durable over the coming years as hundreds of billions of dollars are invested in power transmission and distribution and data center infrastructure, requiring a substantial amount of copper in a trend that I expect to continue over the next decade. In power infrastructure, it is expected that utilities will invest $1.1T through 2030 to modernize and expand grid operations. This is roughly equivalent to the amount invested between 2015-2024, essentially compressing 10 years of investments into half the time. Demand is largely driven by the need for grid stability, reliability, and affordability, as well as for reindustrialization and data center power requirements. Data center developments are becoming increasingly intricate as grid capacity may no longer support additional data center sites, particularly given that some are scaling beyond 1GW in capacity. With 97GW of data center capacity expected to come online between 2025-2030, power requirements for this segment of the market will double, reaching 200GW in total capacity. Given the sheer size of these newer sites, onsite infrastructure is being deployed to ensure stable power distribution and reliability, requiring everything from battery storage to onsite transformers...
John Kartsonas, founder and managing partner at Breakwave Advisors, joins Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ." Every twist in the Iran conflict shows up almost instantly in the Breakwave Tanker Shipping ETF (ticker: BWET) that has become the best-performing ETF of 2026. The fund has gained over 1400% over the past year. (Source: Bloomberg)
John Kartsonas, founder and managing partner at Breakwave Advisors, joins Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ." Every twist in the Iran conflict shows up almost instantly in the Breakwave Tanker Shipping ETF (ticker: BWET) that has become the best-performing ETF of 2026. The fund has gained over 1400% over the past year. (Source: Bloomberg)
In trading on Monday, shares of Morgan Stanley's 4.875% NON-CUMULATIVE PREFERRED STOCK, SERIES L (Symbol: MS.PRL) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.2188), with shares changing hands as low as $20.25 on the day. This compares to
In trading on Monday, shares of Morgan Stanley's 4.875% NON-CUMULATIVE PREFERRED STOCK, SERIES L (Symbol: MS.PRL) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.2188), with shares changing hands as low as $20.25 on the day. This compares to
In trading on Monday, shares of TRTN's 7.375% Series C Cumul Red Perp Preference Shares (Symbol: TRTN.PRD) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.7188), with shares changing hands as low as $22.85 on the day. This compares to an av
In trading on Monday, shares of TRTN's 7.375% Series C Cumul Red Perp Preference Shares (Symbol: TRTN.PRD) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.7188), with shares changing hands as low as $22.85 on the day. This compares to an av
Review of original train order is meant to prevent service problems north of Birmingham, but it may do the opposite Plans to change the size of HS2 trains to maximise capacity are likely to inflate costs and mean fewer seats and slower services north of Birmingham, a senior government and rail industry figure has warned. The £2bn order for 54 high-speed trains, to be built in Britain by a joint ve...
Review of original train order is meant to prevent service problems north of Birmingham, but it may do the opposite Plans to change the size of HS2 trains to maximise capacity are likely to inflate costs and mean fewer seats and slower services north of Birmingham, a senior government and rail industry figure has warned. The £2bn order for 54 high-speed trains, to be built in Britain by a joint venture of Alstom and Hitachi, is under review as HS2 Ltd seeks to cut costs and renegotiate contracts. Continue reading...