Only a few companies become the undisputed leaders of their particular industries. Those few that achieve such greatness do so only by working hard, creating innovative products and services and disrupting would-be competitors before they can become a threat. The financial rewards for investors who buy shares of these winners are often substantial. But one thing that often goes underappreciated by...
Only a few companies become the undisputed leaders of their particular industries. Those few that achieve such greatness do so only by working hard, creating innovative products and services and disrupting would-be competitors before they can become a threat. The financial rewards for investors who buy shares of these winners are often substantial. But one thing that often goes underappreciated by investors is just how difficult it is for these companies to maintain their leadership positions. Once the strength of their business models becomes apparent, these leaders inspire disruptors of their own that seek to tear them down. Moreover, once a company gets a taste of leadership in one area, it's natural to try to expand its business and extend that leadership to other areas, and that too invites competition. Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) has become one of the most important companies in the world. It's leading the way forward in artificial intelligence , and its efforts in streaming video, autonomous vehicles, and cloud computing have contributed to its overall success. Yet as inevitable as it might seem now that Alphabet would achieve its current heights, it actually wasn't long ago that many investors had given up on the parent company of Google as an example of a business that had lost its way. That makes Alphabet worth a closer look for the Voyager Portfolio , and this three-part series on the company starts out with how Alphabet grew into its current status and the challenges it faced to get there. Continue reading
Environmental groups warn that weakening air toxics and mercury standards will lead to higher health-related costs The Trump administration announced on Friday it will roll back air regulations for power plants limiting mercury and hazardous air toxics at an event in Kentucky, a move it says will boost baseload energy but that public health groups say will harm public health for the most vulnerabl...
Environmental groups warn that weakening air toxics and mercury standards will lead to higher health-related costs The Trump administration announced on Friday it will roll back air regulations for power plants limiting mercury and hazardous air toxics at an event in Kentucky, a move it says will boost baseload energy but that public health groups say will harm public health for the most vulnerable groups in the US. Donald Trump’s EPA has said that easing the pollution standards for coal plants would alleviate costs for utilities that run older coal plants at a time when demand for power is soaring amid the expansion of datacenters used for artificial intelligence. Continue reading...
Fans celebrate unmatched talent on screen, while those who met the actor in person remember his kindness Another one of the greats has passed. What a career. I sincerely believe Duvall was the best actor in a generation of best actors: De Niro, Pacino, Hoffman, Nicholson and more. What made Robert stand above these other figures was how he disappeared into a part. There was no Duvall persona. He w...
Fans celebrate unmatched talent on screen, while those who met the actor in person remember his kindness Another one of the greats has passed. What a career. I sincerely believe Duvall was the best actor in a generation of best actors: De Niro, Pacino, Hoffman, Nicholson and more. What made Robert stand above these other figures was how he disappeared into a part. There was no Duvall persona. He was invisible. There were just the characters he played. He could do loud and angry – see his sublime turns in The Great Santini or his seminal Colonel Kilgore in Apocalypse Now. Yet I loved his quieter performances more, which would slowly sneak up on you, pull you close and then blow you away with the brilliance of his choices and the risks he took. Continue reading...
The Jeffrey Epstein files are a trove of secrets. But just as important as what’s in them is what’s being held back. So why did the Trump administration bungle their release? (Source: Bloomberg)
The Jeffrey Epstein files are a trove of secrets. But just as important as what’s in them is what’s being held back. So why did the Trump administration bungle their release? (Source: Bloomberg)
Meta's AI Would Like To Keep You Posting After You're Dead Ever since social media became a fixture of daily life, an uncomfortable question has lingered: what should happen to someone’s account after they die? Leave it frozen in time? Hand it to family members as a memorial? Or quietly let it fade into the algorithm? A few years ago, Meta Platforms explored a far more ambitious possibility, accor...
Meta's AI Would Like To Keep You Posting After You're Dead Ever since social media became a fixture of daily life, an uncomfortable question has lingered: what should happen to someone’s account after they die? Leave it frozen in time? Hand it to family members as a memorial? Or quietly let it fade into the algorithm? A few years ago, Meta Platforms explored a far more ambitious possibility, according to Futurism . In 2023, the company received a patent describing how a large language model could be trained on a user’s past posts to simulate their voice and behavior — keeping an account active if the person were “absent,” including in the event of death. The filing, led by CTO Andrew Bosworth, outlined how such a system could generate posts, comments, likes, and even private messages in the user’s style. The idea was striking, and for many, unsettling. Meta has since said it has no plans to move forward with that example. But the patent offers a snapshot of a moment when tech companies were aggressively testing the limits of what generative AI might do — including extending a person’s digital presence beyond their lifetime. The Futurism piece says that the concept isn’t entirely theoretical. A small but growing “grief tech” sector has promoted AI tools that recreate voices or personalities of the deceased using photos, recordings, and written messages. Proponents argue that such tools could offer comfort. Critics worry they could complicate the grieving process. Even within Meta’s own public comments, there has been ambivalence. CEO Mark Zuckerberg has spoken about AI companions as a way to address loneliness and, in a 2023 interview with podcaster Lex Fridman, suggested that interacting with digital representations of loved ones might help some people cope with loss. He also acknowledged the psychological risks and the need for deeper study. The business logic behind such experiments is difficult to ignore. Platforms like Facebook are filled with dormant accounts —...
J Studios/DigitalVision via Getty Images AllianceBernstein Global High Income Fund ( AWF ) is a steady fixed-income fund. While not the highest yield, its strategy has proven effective in protecting principal across cycles and macro events. Concept of the Fund AWF is an actively managed, closed-end fund that invests in a very wide variety of fixed-income securities, in corporate and government bon...
J Studios/DigitalVision via Getty Images AllianceBernstein Global High Income Fund ( AWF ) is a steady fixed-income fund. While not the highest yield, its strategy has proven effective in protecting principal across cycles and macro events. Concept of the Fund AWF is an actively managed, closed-end fund that invests in a very wide variety of fixed-income securities, in corporate and government bonds around the world. Jan 2026 Portfolio Overview (AWF Official Web Page) In the table above, the portfolio consisted of 1,249 holdings, reflecting just how much they diversify with this approach. Top 5 Countries (AWF Official Web Page) Almost two-thirds of the portfolio is concentrated on issuers from the United States, with the remainder being spread variously in other countries. Security Types (AWF Official Web Page) Just as the US is the preferred geography, the preferred type of security is corporate issues, which make up 90% of the portfolio when counting all credit ratings. We do see that non-investment grade is still 75% on its own. Credit Quality (AWF Official Web Page) A look at the portfolio by quality reveals that the largest concentration is the BB rating. This may help to explain their high portfolio turnover; "junk" bonds that are upgraded into investment grade can receive capital gains and allow them to roll gains into newer issues. Balance Sheet (2025 Semi-Annual Report) The most recent balance sheet from their semi-annual report shows us that AWF differs from many CEFs in that it doesn't really use its structure to finance its acquisitions with leverage to enhance yield and returns. Nearly all the portfolio is held through the equity capital of AWF shareholders, making it less risky in light of its preference for non-investment-grade bonds. Overall, it's a fund that aims to be very opportunistic and diversified with its active approach. Historical Results and Performance As income is the primary goal of the fund, how has it fared in this mission over time? ...
Zephyr18/iStock via Getty Images Introduction Snap-on Incorporated ( SNA ) recently reported its Q4 earnings , which were quite mixed overall. I wanted to go over them in more detail and give some comments on the outlook. I don’t think 2026 will be the year of vast improvements, but it is a start; however, I think it is still too early to jump in just yet. By the Numbers Q4 revenues came in at aro...
Zephyr18/iStock via Getty Images Introduction Snap-on Incorporated ( SNA ) recently reported its Q4 earnings , which were quite mixed overall. I wanted to go over them in more detail and give some comments on the outlook. I don’t think 2026 will be the year of vast improvements, but it is a start; however, I think it is still too early to jump in just yet. By the Numbers Q4 revenues came in at around $1.23B, up 2.5% y/y, and slightly missed estimates by $10m. I would say the numbers are more or less in line. Looking at the revenue segments in more detail, the Commercial & industrial revenues came in at $398.1m, up 2.8% organically and 5% total. This one seems to be the strongest revenue segment, driven by improvements in critical industries such as aviation and defense, as well as power tool demand. Snap-on Tools segment sales came in at $505, which declined around 0.7%, due to lower activity in the US, which was partially offset by better performance internationally. The Repair & Systems segment sales came in at around $467.8m, up around 1% organically, fueled by higher sales with OEM dealerships and increased sales for its diagnostics and repair info products. Lastly, financial services saw growth of around 7.5% in sales to $108m, with total originations flat at $285.1m. Moving on to the company’s profitability by segment, Snap-on Tools saw its operating margins little changed (+10bps) to 21.2%. RS&I, unfortunately, took a beating of around 140bps compared to last year as its margins declined to 25.2% vs 26.6% in Q4 ’24. Commercial & Industrial is a bit of the same story, operating earnings declined around 150bps y/y to 15.2%. A very positive development in terms of operating performance came from its lowest revenue generator, but the one that could have tremendous scaling potential. The financial services segment already boasts remarkable operating margins, and this year it increased to 68.9%, up 250bps y/y. Although the smallest in terms of revenues, it makes mo...
Olivier Le Moal/iStock via Getty Images By Elior Manier Metals are slowly recovering after their high-paced deleveraging from late January trading. Establishing consolidative ranges and holding tight right around their 2026 opening levels, the precious commodities are facing key technical tests in their historic runs. Indeed, after their shocking up-and-down performances in the first two months of...
Olivier Le Moal/iStock via Getty Images By Elior Manier Metals are slowly recovering after their high-paced deleveraging from late January trading. Establishing consolidative ranges and holding tight right around their 2026 opening levels, the precious commodities are facing key technical tests in their historic runs. Indeed, after their shocking up-and-down performances in the first two months of the year, it is even more astonishing to see that they are mostly back to where they were before year-end, with gold leading the pack with more modest 16% gains (check out their yearly performance right here ). Metals performance in today's session - February 20, 2026 (Source: Finviz) As speculation tones down, up sessions have been much more contained, which bodes well for more stable price action ahead. Ranging between 2% and 3%, the daily rally in metals changes from the +10% ranges that almost became the new normal throughout January. Futures traders are now awaiting deliveries, and the COMEX has sent out notices. Concerns regarding the exchange’s low inventory levels are arising, but the market hasn’t reacted to such news, so take that with a pinch of salt. Overall, metals are still in a range-bound trajectory since their correction, providing non-directional trading opportunities. However, directional traders will have to wait for a further breakout. What may console gold ( XAUUSD:CUR ) and silver ( XAGUSD:CUR ) bulls is the heating tone regarding a military intervention in Iran, which would create a spike in safe haven demand. Nevertheless, gold would be more inclined to rally than the more volatile silver, and with heavy positioning, any rally could see its potential capped. Still, flight to quality may push silver higher. We will dive into a silver multi-time frame analysis to identify where the next breakout could occur and whether anything tilts the scales in favor of the commodity. Let's get right into it. Silver (XAG/USD) Multi-time Frame Technical Analysis Da...
The US Supreme Court during a rain storm in Washington, DC, US, on Friday, Feb. 20, 2026. Annabelle Gordon | Bloomberg | Getty Images The Supreme Court on Friday ruled that President Donald Trump's country-specific so-called "reciprocal" tariffs are unconstitutional , delivering a win for many consumer companies facing higher import costs. But the ruling doesn't cover all sectors. The Supreme Cour...
The US Supreme Court during a rain storm in Washington, DC, US, on Friday, Feb. 20, 2026. Annabelle Gordon | Bloomberg | Getty Images The Supreme Court on Friday ruled that President Donald Trump's country-specific so-called "reciprocal" tariffs are unconstitutional , delivering a win for many consumer companies facing higher import costs. But the ruling doesn't cover all sectors. The Supreme Court reviewed tariffs enacted under the International Emergency Economic Powers Act of 1977, or IEEPA, which the Trump administration used to justify the sweeping tariff agenda. The act had never before been used by a president to impose tariffs. In a 6-3 decision, the Supreme Court ruled that IEEPA "does not authorize the President to impose tariffs." Still, the Supreme Court's ruling does not cover tariffs enacted under Section 232 of the Trade Expansion Act of 1962. Those duties are intended to target specific products that threaten national security, and remain in effect after Friday's ruling. Separate from his country-specific rates, Trump has raised tariffs on imports of steel, semiconductors, aluminum and other products deemed to impair national security. Here are the sectors still facing higher levies even after the Supreme Court decision. Autos It's not immediately clear how much the decision will impact the U.S. and global automotive industry. The industry continues to face billions of dollars in tariff costs , depending on where an imported auto part or vehicle originates. The Trump administration last year broadly implemented 25% tariffs on vehicles and certain auto parts imported into the U.S., citing national security risks. It has since struck independent deals to lower the levies to 10% to 15% with countries such as the United Kingdom and Japan. Others, such as South Korea, have also struck deals for lower rates, but it's unclear if those changes have actually taken effect. America's largest automaker, General Motors , last month said it expects between $3 bill...
Senate Minority Leader Chuck Schumer (D-NY) speaks at a press conference with other members of Senate Democratic leadership following a policy luncheon at the U.S. Capitol in Washington, DC on January 28, 2026. Nathan Posner | Anadolu | Getty Images Congressional Democrats rejoiced on Friday and Republicans remained divided in the wake of a momentous Supreme Court decision striking down a large po...
Senate Minority Leader Chuck Schumer (D-NY) speaks at a press conference with other members of Senate Democratic leadership following a policy luncheon at the U.S. Capitol in Washington, DC on January 28, 2026. Nathan Posner | Anadolu | Getty Images Congressional Democrats rejoiced on Friday and Republicans remained divided in the wake of a momentous Supreme Court decision striking down a large portion of President Donald Trump 's tariff agenda. "Trump's chaotic and illegal tariff tax made life more expensive and our economy more unstable. Families paid more. Small businesses and farmers got squeezed. Markets swung wildly," Senate Minority Leader Chuck Schumer , D-N.Y., said in a statement following the decision. "We've said from day one: a president cannot ignore Congress and unilaterally slap tariffs on Americans. That overreach failed." The ruling is a major hit to Trump, who used a novel reading of the International Emergency Economic Powers Act, or IEEPA, to slap a barrage of tariffs on American trading partners. Tariffs and the economy more broadly will be a key messaging issue for Democrats on the campaign trail for this year's midterm elections . Primaries start next month leading up to the November general election. The Supreme Court decision sets up additional potential showdowns in Congress over how to handle Trump's trade war after the U.S. House voted last week to overturn tariffs on Canada. Read more CNBC coverage on tariffs Supreme Court strikes down Trump tariffs in rebuke of signature policy Trump tariffs: U.S. could owe $175 billion in refunds What the Supreme Court tariff ruling may mean for your money Small furniture retailers face existential tariff threat, despite Supreme Court ruling U.S. trade deficit totaled $901 billion in 2025, barely budging despite Trump’s tariffs For Republicans, Trump's tariffs, which have proven largely unpopular in a pivotal election year, are a more complicated issue. "SCOTUS's outrageous ruling handcuffs our fight ...
JHVEPhoto Celestica ( CLS ) shares have been hit hard recently amid the continued perceived artificial intelligence-induced disruption. However, BNP Paribas believes the company's growth and engineering prowess could be a buying opportunity for investors. “We believe Celestica's growing capacity and engineering capabilities widens the company's [Original Design Manufacturer] networking opportunity...
JHVEPhoto Celestica ( CLS ) shares have been hit hard recently amid the continued perceived artificial intelligence-induced disruption. However, BNP Paribas believes the company's growth and engineering prowess could be a buying opportunity for investors. “We believe Celestica's growing capacity and engineering capabilities widens the company's [Original Design Manufacturer] networking opportunity and margin expansion potential,” BNP analyst Karl Ackerman wrote in a note to clients after a meeting with the company's CFO and investor relations team. “CLS remains a top idea.” Delving deeper, Ackerman said the company's original design manufacturing capabilities likely helped it see customer orders in 2025 that were “multiples” ahead of where they have been in prior years. As such, there is the belief that 2026 could see a similar response. Additionally, Ackerman said that new orders typically take around three years to turn into material sales, so the $1B in capex spending this year should help boost growth in 2027, 2028, and 2029. He also said he believes Celestica has won two follow-on programs for Google's ( GOOG ) ( GOOGL ) tensor processing units, which should start to ramp up in 2027, notable given that Google could see external demand for its TPUs. Other potential catalysts include the 1.6T networking switch programs across the three major hyperscalers that will start to hit in the second-half of 2026 and throughout 2027; its ability to compete in co-packaged optics for switch opportunities; the company's Digital Native program, which is on track to ramp in the first-half of 2027; and the fact it is likely engaged with multiple Ethernet for Scale-Up Networking opportunities. “We see multiple tailwinds to support 40%+ revenue growth and margin expansion through CY28 for Celestica, such as ramping server and switch programs at hyperscalers, broadening opportunities with digital natives, a modest recovery in enterprise networking, and new semicap business,” Ackerm...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting ...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord , where you can hang out and talk with us and with other listeners 24/7. Here’s what Tracy’s thinking about Back in November, I tweeted that Blue Owl was my preferred proxy for the “AI/data center financing/private debt nexus,” in part because the firm had leaned so heavily into AI‑linked deals, and in part because a lot of those deals looked weirdly opaque. Since that tweet, Blue Owl shares have fallen about 16%, leaving the stock more than 50% below its early‑2025 peak in the mid‑$20s. The immediate trigger has been stress inside one of Blue Owl’s private credit vehicles, Blue Owl Capital Corp II (OBDC II), a non-traded business development company (BDC) aimed at US retail investors. This week Blue Owl said that several of its BDCs had agreed to sell about $1.4 billion of direct‑lending assets at 99.7% of par to a small group of big buyers, including three North American pension plans and its affiliated insurer Kuvare . OBDC II is using its share of the proceeds to fund redemptions and pay down debt, and will no longer offer regular quarterly liquidity (instead, investors will get periodic capital returns funded by asset sales, repayments and earnings). We’ve been writing a lot about how the boom in private credit is really an insurance story , and this week’s Blue Owl workaround just reinforces that idea. In selling loans to an affiliated insurer, the poster child for the AI/private‑credit nexus is showcasing just how intertwined those worlds really are. There is also a risk here that Blue Owl goes from poster child to blueprint . ...
Li Auto Inc. (NASDAQ:LI) is one of the best emerging market stocks to buy right now. On February 10, Li Auto Inc. (NASDAQ:LI) hit a significant milestone with the 4,000th supercharging station going live. The new 5C station in Linghai Service Area comes with 20 chargers, 12 offering 5C speeds and 8 capable of 4C […]
Li Auto Inc. (NASDAQ:LI) is one of the best emerging market stocks to buy right now. On February 10, Li Auto Inc. (NASDAQ:LI) hit a significant milestone with the 4,000th supercharging station going live. The new 5C station in Linghai Service Area comes with 20 chargers, 12 offering 5C speeds and 8 capable of 4C […]
hapabapa Lucid Motors ( LCID ) is reportedly cutting 12% of its workforce to improve profitability even as the company increases production of its Gravity SUV and plans to launch a $50K mid-sized EV later this year. According to an internal memo viewed by TechCrunch , California-based Lucid ( LCID ) said the job cuts aim to “improve operational effectiveness and optimize our resources as we contin...
hapabapa Lucid Motors ( LCID ) is reportedly cutting 12% of its workforce to improve profitability even as the company increases production of its Gravity SUV and plans to launch a $50K mid-sized EV later this year. According to an internal memo viewed by TechCrunch , California-based Lucid ( LCID ) said the job cuts aim to “improve operational effectiveness and optimize our resources as we continue on our path toward profitability.” While the cuts could impact more than 800 Lucid ( LCID ) employees, those working in manufacturing, logistics, and quality are reportedly not affected. The company said it will provide severance, bonuses, continued health benefits, and transition services to support those employees who will be laid off. Costs associated with the separations were not disclosed. Lucid ( LCID ) shares are down again on Friday, extending its losing streak to a fourth straight day and adding to its 70% year-over-year loss. More on Lucid Lucid: Not Yet A Buy, But Selling Options (For A High Yield) Makes Sense Lucid: Gravity Can't Lift Fundamentals Lucid Group: Big Questions For 2026 Mid-Cap Sell Streaks: 10 stocks trapped longest in bearish Quant ratings Rockwell Automation partners with Lucid to support Saudi Arabia EV plant - update