If you're under 59 1/2 and have ever felt the need to withdraw money from your retirement fund, you might have wrestled with the idea of paying a 10% penalty plus taxes on the funds withdrawn. While there are exceptions to the early withdrawal penalty -- including death or disability of the account owner, medical expenses that exceed a specific threshold, qualified higher education expenses, and a...
If you're under 59 1/2 and have ever felt the need to withdraw money from your retirement fund, you might have wrestled with the idea of paying a 10% penalty plus taxes on the funds withdrawn. While there are exceptions to the early withdrawal penalty -- including death or disability of the account owner, medical expenses that exceed a specific threshold, qualified higher education expenses, and a few less-common reasons -- the threat of a 10% penalty is enough to keep most people away from their retirement plans, at least until they turn 59 1/2. Image source: Getty Images. Continue reading
As the conflict in Iran continues, there's growing concern about oil volatility and whether this is the beginning of a true supply disruption. Market Intelligence Founder & Director Amrita Sen joins Christina Ruffini and Tim Stenovec on Bloomberg This Weekend to discuss. (Source: Bloomberg)
As the conflict in Iran continues, there's growing concern about oil volatility and whether this is the beginning of a true supply disruption. Market Intelligence Founder & Director Amrita Sen joins Christina Ruffini and Tim Stenovec on Bloomberg This Weekend to discuss. (Source: Bloomberg)
⚽️ Premier League updates from 4.30pm BST ⚽️ Jonathan Wilson on Chelsea | Follow us on Bluesky Enzo Fernández and Rodri would quite like to move to Madrid; many people would. They both said as much in the international break, those special parts of the season when players join up with their national teams and give interviews while apparently unaware that media are global these days: a whisper on L...
⚽️ Premier League updates from 4.30pm BST ⚽️ Jonathan Wilson on Chelsea | Follow us on Bluesky Enzo Fernández and Rodri would quite like to move to Madrid; many people would. They both said as much in the international break, those special parts of the season when players join up with their national teams and give interviews while apparently unaware that media are global these days: a whisper on Luzo TV can soon become a hurricane in London. But Rodri will line up for Manchester City at Chelsea on Sunday, while Fernández will not, suspended by the club for “crossing a line”. It’s worth, perhaps, looking at exactly what was said. Fernández expressed disappointment at Enzo Maresca’s departure on New Year’s Day. “It … hurt a lot,” he told Luzo, “because we had a lot of identity, he gave us order, but it’s the way that football is, sometimes it’s good, sometimes it’s bad. But we always had a clear identity when it came to training, playing and obviously his departure hurt us especially in the middle of the season – it cuts everything short.” Sadness that a manager has gone surely isn’t a crime; it could even be supportive of Liam Rosenior and the difficulty of taking over a club mid-season. Crystal Palace 0-1 Newcastle Nottm Forest 1-1 Aston Villa Sunderland 0-0 Tottenham Hotspur Continue reading...
Shipping flows through the Strait of Hormuz continued to operate at reduced levels on Sunday, before President Donald Trump announced an immediate blockade of the critical maritime chokepoint by the US Navy. Trump’s comments in a Truth Social post come after US-Iran peace negotiations in Pakistan ended without an agreement, putting a fragile ceasefire at risk. Tehran’s control over Hormuz emerged ...
Shipping flows through the Strait of Hormuz continued to operate at reduced levels on Sunday, before President Donald Trump announced an immediate blockade of the critical maritime chokepoint by the US Navy. Trump’s comments in a Truth Social post come after US-Iran peace negotiations in Pakistan ended without an agreement, putting a fragile ceasefire at risk. Tehran’s control over Hormuz emerged as a sticking point in the talks, with Trump lashing out at Iran charging vessels to transit the strait. “The Blockade will begin shortly,” Trump said. “Iran will not be allowed to profit off this Illegal Act of EXTORTION.” Following the successful entry of two supertankers into the Persian Gulf, the Iraq-bound VLCC Agios Fanourios I executed an abrupt U-turn on Sunday morning, just before entering the corridor between the Iranian islands of Larak and Qeshm, according to vessel-tracking data compiled by Bloomberg. That about-turn was initially mirrored by two Pakistan-flagged tankers, but the Khairpur later pivoted a second time and resumed its course through Hormuz. The second vessel, the Shalamar , also appears to have followed suit, resuming its inbound journey, according to data from intelligence firm Kpler. Earlier on Sunday, the supertanker Mombasa B — which recently switched its name from Front Forth — managed to successfully enter the Persian Gulf, according to vessel-tracking data compiled by Bloomberg. Another seven ships, including the Iranian VLCC Hilda I , have entered the region since Saturday morning, while 11 vessels were observed exiting during the same window. Most of them have ties to Iran or China. Tanker tracking is hampered by electronic interference with ships’ signals. Some vessels disable their AIS transponders in high-risk waters, further reducing the timeliness and reliability of tracking data. Vessels entering Hormuz during the past day were confined to a narrow northern lane between the Iranian islands of Larak and Qeshm, while some outbound tra...
A Chinese company has tried to use AI analysis to track US aerial refuelling missions to detect the strike patterns of bombers over Iran. MizarVision, a private geospatial intelligence firm, published a report earlier this month analysing the activities of US KC-135 and KC-46 tanker aircraft during Operation Epic Fury. The report detailed critical links between known tanker movements and strikes a...
A Chinese company has tried to use AI analysis to track US aerial refuelling missions to detect the strike patterns of bombers over Iran. MizarVision, a private geospatial intelligence firm, published a report earlier this month analysing the activities of US KC-135 and KC-46 tanker aircraft during Operation Epic Fury. The report detailed critical links between known tanker movements and strikes against Iranian targets. Analysts said the tankers could be tracked through Automatic Dependent...
Apple is working on several frame styles and a unique camera design for its first smart glasses. Also: The foldable iPhone is on track for a September debut despite fears of production delays, and Apple’s former AI chief is leaving. Last time in Power On : Apple pivots its AI strategy to an App Store-like platform approach . The Starters Apple Inc.’s next major product category is shaping up to be...
Apple is working on several frame styles and a unique camera design for its first smart glasses. Also: The foldable iPhone is on track for a September debut despite fears of production delays, and Apple’s former AI chief is leaving. Last time in Power On : Apple pivots its AI strategy to an App Store-like platform approach . The Starters Apple Inc.’s next major product category is shaping up to be display-free smart glasses — but that wasn’t always the plan. Roughly a decade ago, when Apple formed what is now known as the Vision Products Group to explore head-worn devices, the road map looked very different. The company was pursuing three distinct products: an iPhone-tethered augmented reality headset with a wireless controller; a high-end mixed-reality headset; and standalone AR glasses. The first device would have vaulted Apple into augmented reality, which superimposes data and graphics on top of real-world views. The mixed-reality headset, meanwhile, would meld AR and virtual reality. And the final item would be true AR glasses, a lightweight device that could provide context about the world without a lot of extra bulk. The timeline was ambitious. Apple aimed to ship the iPhone-dependent device in early 2020, follow up with the mixed-reality headset by late 2021, and then deliver true AR glasses by mid-2022. In the end, only one of those products materialized: the mixed-reality headset, which eventually launched as the Vision Pro in 2024. The tethered device was scrapped, and AR glasses remain years away. But there was another type of device that wasn’t on Apple’s list until around 2022: a simpler form of smart glasses without a display. Meta Platforms Inc. pioneered this category with its camera-equipped Ray-Bans, showing that there was demand for such an item. And now Apple is currently developing its own version, internally code-named N50. The idea is to unveil the product at the end of 2026 or early the following year, with the actual release coming in 2027....
Harvepino/iStock via Getty Images Australia and the United States have signaled support for a major rare earths processing project, offering potential financing of roughly A$849 million (about $600 million) for a refinery being developed by Tronox Holdings ( TROX ). According to a joint statement on Sunday, Export Finance Australia and the U.S. Export-Import Bank each issued preliminary letters in...
Harvepino/iStock via Getty Images Australia and the United States have signaled support for a major rare earths processing project, offering potential financing of roughly A$849 million (about $600 million) for a refinery being developed by Tronox Holdings ( TROX ). According to a joint statement on Sunday, Export Finance Australia and the U.S. Export-Import Bank each issued preliminary letters indicating they could provide up to A$424 million toward the project. The planned refinery would operate across sites in Western Australia and the United States. The facility is expected to leverage existing mining and processing infrastructure to produce mixed rare earth carbonate, including both light and heavy elements. These materials are essential for applications ranging from defense systems to advanced manufacturing and clean energy technologies. In a parallel move, the two agencies also expressed potential support of up to A$500 million each for the Kalgoorlie Nickel Project being advanced by Ardea Resources Ltd. in Western Australia. The development is described as holding the country’s largest known nickel-cobalt resource. The financing signals come as Washington and Canberra deepen cooperation to secure access to critical minerals, building on a partnership framework agreed at the White House last year. More on VanEck Rare Earth and Strategic Metals ETF, Global X Rare Earth & Critical Materials ETF, etc. REMX: The Geopolitics Of A US REE Stockpile Depletion REMX: Don't Overestimate The Size Of The Rare Earths Market And Strength Of Geopolitical Tailwinds Why I'm Increasing My Exposure To Critical Minerals Now Commodities to lead 'anything but bonds' trade through 2020s - BofA’s Hartnett EU and Australia strike free trade deal, including critical mineral access
Imgorthand/E+ via Getty Images The stock and credit markets decided that the conflict in the Middle East had ended this week. Whether that was right or wrong, we simply do not know yet. Certainly, the headlines do not suggest it has ended, nor does the price of oil. Stocks had a strong week, with the S&P 500 rising by more than 3.5%, while oil prices fell by more than 14%. This led to financial co...
Imgorthand/E+ via Getty Images The stock and credit markets decided that the conflict in the Middle East had ended this week. Whether that was right or wrong, we simply do not know yet. Certainly, the headlines do not suggest it has ended, nor does the price of oil. Stocks had a strong week, with the S&P 500 rising by more than 3.5%, while oil prices fell by more than 14%. This led to financial conditions easing. At least on the surface, it appeared as if the problems and fears of the Middle East conflict were behind us. Oil's Impact on Markets The one remaining issue is the price of oil itself, which is still trading at nearly $100 per barrel, and the longer it persists, the more likely it is to inflict more damage on markets and the global economy as financial conditions actually tighten. Financial conditions are the mechanism that transfers higher oil prices into the market and the global economy. Markets automatically adjust to higher oil by pricing in higher future inflation rates, which cause interest rates to rise, credit spreads to widen, dollar funding to grow more costly, reducing market liquidity, and causing stocks to sink. This past week, that trend reversed as oil was modestly lower. We saw this same thing happen in 2022 pretty often, with oil prices surging and spreads such as the Italian and German 10-year rates widening, but they often lagged the movement in oil prices. TradingView This time around, we have seen oil prices move higher much more quickly than in 2022, while credit spread movements have been delayed and have not moved nearly as far or as fast. There could be a few reasons for this, with the most obvious being that the credit and rates markets still believe there will be a quick resolution to the conflict in the Middle East, and that oil prices will fall fast, inflicting minimal damage on the economy. But one would think that the longer the conflict continues, the more likely credit spreads are to widen. TradingView Inflation Not Likely...
J Studios/DigitalVision via Getty Images Introduction & Investment Thesis Since I downgraded The Trade Desk ( TTD ) in February, the stock has since lost yet another 20% of its market cap, hugely underperforming the -1.22% decline in the S&P 500. In my previous post, I made it clear that the stock won’t be rerated higher until management proves meaningful signs of revenue reacceleration. Plus, upo...
J Studios/DigitalVision via Getty Images Introduction & Investment Thesis Since I downgraded The Trade Desk ( TTD ) in February, the stock has since lost yet another 20% of its market cap, hugely underperforming the -1.22% decline in the S&P 500. In my previous post, I made it clear that the stock won’t be rerated higher until management proves meaningful signs of revenue reacceleration. Plus, upon the abrupt termination of its CFO on January 26, I lost confidence in the stock and decided to exit my position. Since then, the company reported its Q4 FY25 earnings , where forward guidance came in lower than analyst estimates, showcasing no end in sight to the revenue slowdown as competition from “walled gardens” intensifies. Alongside this, we have seen several executives and board members abandon The Trade Desk ship over the last several weeks. Since the time of my previous coverage of The Trade Desk, I have instead started building a small position in another ad-tech company, AppLovin ( APP ), which I believe is much better positioned than The Trade Desk, where it continues to demonstrate superior fundamentals despite intensifying competitive pressures. While sentiment in both stocks is gloomy in 2026 so far, AppLovin has delivered outsized gains compared to The Trade Desk over the last three years, while forward growth estimates are much more robust, along with an upward trend in positive revisions to revenue and earnings, making it a more investable candidate than The Trade Desk. No End To The Trade Desk’s Revenue Slowdown The Trade Desk reported its Q4 earnings at the end of February, where the company managed to beat its revenue and earnings guidance as their AI-fueled Kokai platform reached 100% penetration among their clients, while JBPs (joint business plans) now account for over half of their business. Unfortunately, their forward guidance pointed to no signs of slowdown in their revenue trajectory, where management now projects Q1 FY26 revenue growth of jus...
John Cleese Blasts BBC Over 'Whiteness' Claims; Pushes Back Against Islamist Tide In Britain Authored by Steve Watson via Modernity.news, John Cleese has fired off a fresh round of unfiltered truth bombs, exposing the cultural erosion underway in the UK as mass immigration and Islamist influence accelerate. The Monty Python star is zeroing in on the BBC’s latest woke assault and the realities of I...
John Cleese Blasts BBC Over 'Whiteness' Claims; Pushes Back Against Islamist Tide In Britain Authored by Steve Watson via Modernity.news, John Cleese has fired off a fresh round of unfiltered truth bombs, exposing the cultural erosion underway in the UK as mass immigration and Islamist influence accelerate. The Monty Python star is zeroing in on the BBC’s latest woke assault and the realities of Islamist culture that open borders have imported. Responding to a BBC claim that the UK education system “wasn’t built for black children” and was instead designed for “whiteness,” Cleese cut through the nonsense with characteristic clarity: It was built for British children, because it was in Britain At that time most British children were white To claim that was some kind of racist conspiracy is insane The BBC has a hidden agenda which is against the beliefs of the majority of British people https://t.co/NFabZBHvHx — John Cleese (@JohnCleese) April 11, 2026 Cleese hit back: “It was built for British children, because it was in Britain. At that time most British children were white. To claim that was some kind of racist conspiracy is insane.” He added, “The BBC has a hidden agenda which is against the beliefs of the majority of British people.” No pandering to identity politics. Just facts about a nation educating its own people—before decades of mass immigration turned basic institutions into battlegrounds for grievance narratives. Cleese’s comments come fresh off demanding a new election over the epidemic of crimes against churches—more than 10 every single day—continues his stand against the forces dismantling British identity. Cleese slammed Prime Minister Keir Starmer for becoming “so dependent on Muslim votes that he now does not even pretend to be evenhanded,” highlighting how unchecked migration has left historic Christian sites vulnerable while authorities prioritize other communities. Cleese didn’t stop there in his latest tirade. He highlighted a video of an Isla...
Peter Blottman Photography/iStock Unreleased via Getty Images Introduction When I was in middle school, the drama club put on The Music Man. Ever since then, the famous song "Oh oh the Wells Fargo Wagon is a-coming" has been stuck in my head, certainly playing a role in making me consider Wells Fargo positively. Not everything went smoothly with the bank, as we know, but Wells Fargo ( WFC ) is the...
Peter Blottman Photography/iStock Unreleased via Getty Images Introduction When I was in middle school, the drama club put on The Music Man. Ever since then, the famous song "Oh oh the Wells Fargo Wagon is a-coming" has been stuck in my head, certainly playing a role in making me consider Wells Fargo positively. Not everything went smoothly with the bank, as we know, but Wells Fargo ( WFC ) is the only big bank that benefits now from a unique catalyst: the June 2025 lifting of the asset cap limitation. The ceiling for the business changed, and this explains why WFC's Q1 2026 earnings report will be one-of-a-kind, as it should show whether the bank's management can show what this means through real numbers. After all, at the end of Q4 FY25, on the earnings call, we learned that Wells Fargo had already started growing its balance sheet, with 11% YoY asset growth. This is my first coverage of the bank. To be fully transparent, Wells Fargo was one of the first stocks I picked during the 2020 bear market. I then sold it as the 2022 bear market started, locking in a 50% gain. In hindsight, the opportunity cost was meaningful, as I would be sitting on a 200% right now, not counting dividends. However, I deployed the money well enough to earn over 60% on that reinvestment. Wells Fargo At A Glance Wells Fargo is a universal bank with $2.1T in assets. It has four segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Given this broad structure, it is no surprise that net interest income accounts for around 58% of total revenues, with the remaining 42% being noninterest income. The bank is heavily concentrated in the U.S., which means that it is the American macroeconomic environment that affects it the most. At the end of FY25, WFC reported $47.5B in NII, up 4% YoY, and total revenues of $83.7B, up 5% YoY. The bank's net income increased 6% YoY to $3.7B. Now, net interest margin is gradually contract...
President Donald Trump said the US would blockade the Strait of Hormuz following the collapse of peace talks with Iran in Islamabad. Axios National Security Editor Dave Lawler, Bloomberg News White House Reporter Jeff Mason and Congressional Reporter Alicia Diaz join Christina Ruffini and Tim Stenovec on Bloomberg This Weekend to discuss. (Source: Bloomberg)
President Donald Trump said the US would blockade the Strait of Hormuz following the collapse of peace talks with Iran in Islamabad. Axios National Security Editor Dave Lawler, Bloomberg News White House Reporter Jeff Mason and Congressional Reporter Alicia Diaz join Christina Ruffini and Tim Stenovec on Bloomberg This Weekend to discuss. (Source: Bloomberg)
The Vanguard Short-Term Bond ETF (NYSEMKT:BSV) charges half the expense ratio of the iShares Core 1-5 Year USD Bond ETF (NASDAQ:ISTB) and has much higher assets under management (AUM), while ISTB beats BSV in terms of dividend yield and one-year performance. Both BSV and ISTB aim to provide diversified exposure to short-term bonds, appealing to investors seeking stability and modest income. This c...
The Vanguard Short-Term Bond ETF (NYSEMKT:BSV) charges half the expense ratio of the iShares Core 1-5 Year USD Bond ETF (NASDAQ:ISTB) and has much higher assets under management (AUM), while ISTB beats BSV in terms of dividend yield and one-year performance. Both BSV and ISTB aim to provide diversified exposure to short-term bonds, appealing to investors seeking stability and modest income. This comparison looks at their costs, returns, risk levels, portfolio makeup, and trading profiles to help clarify which fund may better fit different fixed-income strategies. The 1-yr return represents total return over the trailing 12 months. Continue reading
NguyenDucQuang/iStock Editorial via Getty Images As we navigate a choppy stock market in 2026, stock selection remains of the utmost importance. With the S&P 500 roughly flat again since the start of the year, we can no longer count on a rising tide to lift all boats. And what we have to be particularly careful of are stocks that are sitting at premium multiples, in spite of potential macro headwi...
NguyenDucQuang/iStock Editorial via Getty Images As we navigate a choppy stock market in 2026, stock selection remains of the utmost importance. With the S&P 500 roughly flat again since the start of the year, we can no longer count on a rising tide to lift all boats. And what we have to be particularly careful of are stocks that are sitting at premium multiples, in spite of potential macro headwinds. To me, Garmin ( GRMN ) is one of these stocks. The maker of fitness smartwatches, navigational equipment, and GPS products has seen its share price surge ~30% since the start of this year, ignoring weakness elsewhere in the market. The question for investors now is, can the rally really keep going? Data by YCharts There’s no denying that Garmin is picking up market share and achieving very strong sales, especially in fitness watches. At the same time, the company is up against rising product costs (tariffs plus memory prices) and a potentially shaky macro. That would be fine if Garmin were trading at average market multiples. But after the sharp run-up over the past year, the stock’s premium is undeniably fragile. I’m initiating Garmin with a sell rating. Broad Lineup of Active Products Before we dig into why Garmin’s valuation makes the recent rally vulnerable, let’s first dig through a bird’s-eye overview of the company and its products. Garmin has five primary product segments: fitness, outdoor, marine, aviation, and auto. The scale of these segments and their revenue in FY25 is shown in the snapshot below: Garmin division breakdown (Garmin IR site) For those of us who haven’t caught up with recent trends, it’s easy to still think of the Garmin of the past, which was primarily known for its navigational GPS systems. While the company still retains its heritage products, the primary growth engine for Garmin now is fitness. Alongside Apple Watch ( AAPL ) and Fitbit, Garmin is one of the leading smartwatch manufacturers in the U.S. and is increasingly boosting its shar...
Key PointsOlivier Bron exercised 13,146 options and sold 7,228 common shares for a transaction value of approximately $130,000, based on a weighted average sale price of $17.92 per share on April 6, 2026.
Key PointsOlivier Bron exercised 13,146 options and sold 7,228 common shares for a transaction value of approximately $130,000, based on a weighted average sale price of $17.92 per share on April 6, 2026.
Royal Festival Hall, London Young performers brought tremendous quality and personal touches to a concert of works from Wagner to pop star Jacob Collier, under the focused guidance of new principal conductor Alpesh Chauhan There’s always more at an NYO concert. More players: 160 this time, crammed on to a platform that seems full with half that number. More of the energy that comes with the fact t...
Royal Festival Hall, London Young performers brought tremendous quality and personal touches to a concert of works from Wagner to pop star Jacob Collier, under the focused guidance of new principal conductor Alpesh Chauhan There’s always more at an NYO concert. More players: 160 this time, crammed on to a platform that seems full with half that number. More of the energy that comes with the fact that, for every player, this is a very special occasion. And, in recent seasons, more stuff to remind us that these are teenagers, not hard-bitten professionals. This time there was a semi-choreographed walk-on to a mashup of Raye and Chaka Khan, with the percussion taking the lead and the assembled orchestra eventually joining in. There was a short speech from one of the players before each work – somewhere between pointing out a personal connection with the music and giving superfluous justification for its inclusion. And as an encore – sung, not played – there was Jacob Collier’s Something Heavy, with a bit more choreography. Continue reading...