Zerbor/iStock via Getty Images Dear friends, I am writing to give my year end update. Please view our evergreen disclaimer here , I may have positions in stocks mentioned here, and none of this is investing advice First as always, the returns. We unfortunately had a poor year, with returns basically flat at an .8% net return for the year. This compares to ~17.08% for the S&P, and 2.87% for the REI...
Zerbor/iStock via Getty Images Dear friends, I am writing to give my year end update. Please view our evergreen disclaimer here , I may have positions in stocks mentioned here, and none of this is investing advice First as always, the returns. We unfortunately had a poor year, with returns basically flat at an .8% net return for the year. This compares to ~17.08% for the S&P, and 2.87% for the REIT index. Longer term we are still outperforming, at 190.15% vs 61.27% for the REIT index and 155.29% for the S&P, although the S&P gap is narrowing 1 . 2026 has been off to a better start but the market is obviously volatile. The drivers of the weakness are broadly two fold. The first is we are very defensively positioned with a good sized short book - these positions obviously did not take off given the continued euphoria in the markets (although they are looking better today!). 2 The second is that my other investments are primarily value oriented, and these frankly performed quite poorly. The flip side of this is that I actually feel very good about our positioning currently, and think there is a lot of value & potential upside in the portfolio. Our new largest position, Vail Resorts ( MTN ), is probably the best example of this. Whistler, one of Vail’s major resorts. I started buying in February, when the stock was in the upper $150s. Unfortunately the stock is now trading at $133 (which I think is an incredible opportunity on the flip side) - I bought more as it fell, but our cost basis is around ~$148, so we are still down a decent bit here. Vail deserves its own write up entirely, but the quick thesis on it is that Vail owns irreplaceable assets with very limited new competition, and is cheap on almost any metric you want to use. For context the first new ski resort in 30 years opened adjacent to Deer Valley, and it took 10 years, usage of a government permitting loophole, and cost ~$1.5 billion to build 3 . Or you could buy Vail’s 15 major resorts (and a host of min...
Tippapatt/iStock via Getty Images The recent decline in the US dollar relative to foreign currencies may seem like an abstract concept for investors. But the ebb and flow of the greenback can be a crucial factor for risk and return in globally diversified portfolios. That alone is a reason to monitor the dollar’s trend for deciding if currency hedging looks reasonable. Foreign exchange risk doesn’...
Tippapatt/iStock via Getty Images The recent decline in the US dollar relative to foreign currencies may seem like an abstract concept for investors. But the ebb and flow of the greenback can be a crucial factor for risk and return in globally diversified portfolios. That alone is a reason to monitor the dollar’s trend for deciding if currency hedging looks reasonable. Foreign exchange risk doesn’t receive as much attention in the US compared with the rest of the world, which can be explained by the size and relative independence of the American economy and running the world’s reserve currency. But international investing levels the playing field for everyone, and so hedging forex risk, or not, can be a crucial aspect for portfolio strategies. Forex’s influence waxes and wanes across the years, depending on the macro backdrop. Theoretically, the expected return associated with forex risk is zero in the long run. But over shorter periods, currencies rise and fall, sometimes dramatically, and the US dollar isn’t immune. As a result, the forex factor can be a non-trivial influence on performance for anyone who ventures into foreign markets. For historical context, the chart below shows the US Dollar Index (a basket of major foreign currencies) since the early 1970s, with select events that coincided with peaks and troughs. The significance is that a rising (falling) dollar translates into a headwind (tailwind) for US investors holding offshore stocks and bonds. Like all risks factors, forex can help or hurt, depending on exposure, time period, and other variables. The main question for investors holding international assets: To hedge or not to hedge forex risk? There’s no right answer for everyone since every investor is different in terms of risk tolerance, investment objective, time horizon, etc. What’s clear is that whatever you decide, the results could be significant, for ill or good. As an example, consider the rolling one-year return spread for two iShares ETFs ...
This article first appeared on GuruFocus. U.S. stocks opened higher Monday, shrugging off last week's sharp declines in silver and bitcoin, as investors looked to start February on a positive note. The S&P 500 rose about 0.5%, the Nasdaq Composite climbed 0.6%, and the Dow Jones Industrial Average advanced 393 points, or roughly 0.8%. Oracle (NYSE:ORCL) shares surged after the company said it plan...
This article first appeared on GuruFocus. U.S. stocks opened higher Monday, shrugging off last week's sharp declines in silver and bitcoin, as investors looked to start February on a positive note. The S&P 500 rose about 0.5%, the Nasdaq Composite climbed 0.6%, and the Dow Jones Industrial Average advanced 393 points, or roughly 0.8%. Oracle (NYSE:ORCL) shares surged after the company said it plans to raise up to $50 billion to expand cloud capacity for enterprise customers. Bitcoin dipped below $80,000, while silver and gold remained under pressure after last Friday's steep sell-offs. Silver pared losses to trade around $80.68, and gold hovered near $4,720 an ounce. Nvidia (NVDA) shares edged down 1% as reports suggested the company's $100 billion investment in OpenAI had stalled, although CEO Jensen Huang confirmed plans for a large commitment remain. Investors also monitored earnings, with Disney (NYSE:DIS) shares rising more than 3% after beating Q1 revenue and EPS expectations. The focus now shifts to the January U.S. jobs report due Friday.
Key Points Nvidia has ridden its prowess in artificial intelligence to new heights. It wasn't always obvious that Nvidia would become the powerhouse it is today. Pigeonholing companies into particular niches can make you overlook other opportunities. 10 stocks we like better than Nvidia › Hindsight is perfect. It's easy now to look back and think that artificial intelligence chip pioneer Nvidia (N...
Key Points Nvidia has ridden its prowess in artificial intelligence to new heights. It wasn't always obvious that Nvidia would become the powerhouse it is today. Pigeonholing companies into particular niches can make you overlook other opportunities. 10 stocks we like better than Nvidia › Hindsight is perfect. It's easy now to look back and think that artificial intelligence chip pioneer Nvidia (NASDAQ: NVDA) was always destined for greatness, given that it now has the largest market capitalization of any company worldwide. Many analysts believe that Nvidia can do no wrong, and that its colossal past success warrants an unwavering belief that a prosperous future for Nvidia stock is assured. But to understand where Nvidia is now, it's valuable to look back to where it got its start and the path it took to get here. That's a core philosophy of my new Voyager Portfolio, which has been looking at a variety of different companies to assess their history, the current state of their businesses, and their prospects for the future. In this three-part series, you'll get a more complete picture of Nvidia's past, learning how it gradually evolved from being a niche player in a relatively small part of the technology sector to expand into the colossus it is today. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Painting a prettier picture Nvidia got its start in 1993, when current CEO Jensen Huang joined forces with a pair of fellow co-founders to create the company. At the time, artificial intelligence was the province of science fiction, and Huang's ambitions were of much more limited scope. Nvidia spent most of the time during the tech boom of the 1990s trying to create technology that would push the video gaming and multimedia industries beyond their two-dimensional roots and allow for realistic 3D graphics rendering. It took six years, but by 1999, Nvidia had achieved a key milestone in i...
As the Grammy winners took to the stage in Los Angeles on Sunday night, one common thread emerged: many had once walked the halls of a comprehensive school in Croydon, south London. British performers Olivia Dean, who won the prestigious gong for best new artist; Lola Young, who took home best pop solo performance for Messy; and FKA twigs, who won best dance/electronic album for Eusexua, all atten...
As the Grammy winners took to the stage in Los Angeles on Sunday night, one common thread emerged: many had once walked the halls of a comprehensive school in Croydon, south London. British performers Olivia Dean, who won the prestigious gong for best new artist; Lola Young, who took home best pop solo performance for Messy; and FKA twigs, who won best dance/electronic album for Eusexua, all attended the Brit school in Selhurst. As did Raye, who earlier in the week received the Harry Belafonte best song for social change award for Ice Cream Man. View image in fullscreen Lola Young accepts her award for best pop solo performance at the 68th Grammy awards. Photograph: Daniel Cole/Reuters Since it opened in the 90s with a focus on the performing and creative arts, the Brit school has become Britain’s most potent launchpad for global stardom. The list of alumni reads like a who’s who of British talent: Adele, Amy Winehouse, Jessie J, Tom Holland, Leona Lewis, and Loyle Carner are among those who honed their craft within its classrooms. Even artists who never attended the institution have referenced it, such as Ed Sheeran, who in his breakthrough track You Need Me, I Don’t Need You, cheekily rapped: “I will blast and I didn’t go to Brit school.” For Stuart Worden, a teacher at the Brit school since 1994 and its principal since 2012, this year’s Grammys were “a brilliant celebration” of free arts education. “Those women are fantastic role models of what’s achievable if you give young people access to the arts,” he said. While FKA twigs was only briefly at the school, Worden keenly remembers Dean, Young and Raye (real name Rachel Keen) who all joined as 14-year-olds. “They started in year 10, all pretty close together,” he said. “Lola and Olivia stayed for sixth form, Raye left after her GCSEs because she was already on her way and making money from her music.” Dean, who blends soul, jazz and pop styles, is the first British performer to win best new act at the Grammys sin...
Wheat fell as much as 2%, pressured by a firmer US dollar with agriculture commodities tracking a broad decline in Monday markets. The grain’s biggest intraday losses since Dec. 16 come as oil and metals were also falling with expectations the dollar could find more policy support following President Donald Trump’s pick Friday to lead the Federal Reserve. Recent declines in the dollar had raised h...
Wheat fell as much as 2%, pressured by a firmer US dollar with agriculture commodities tracking a broad decline in Monday markets. The grain’s biggest intraday losses since Dec. 16 come as oil and metals were also falling with expectations the dollar could find more policy support following President Donald Trump’s pick Friday to lead the Federal Reserve. Recent declines in the dollar had raised hopes for more demand for US goods such as wheat. “There are less expensive options for buyers within the world market, which may work to keep US prices somewhat rangebound,” Total Farm Marketing analyst Naomi Blohm said. US Department of Agriculture data Monday showed weekly export inspections of about 327,000 metric tons of wheat falling slightly from the previous week, although year-to-date shipments so far in 2026 are above last year. Wheat fell 1.9% to $5.2775 a bushel as of 11:05 a.m. in Chicago Corn was down 0.9% to $4.245 a bushel. Soybeans eased 0.5% to $10.5825 a bushel.
At Holdings Channel, we have reviewed the latest batch of the 29 most recent 13F filings for the 12/31/2025 reporting period, and noticed that CrowdStrike Holdings Inc (Symbol: CRWD) was held by 12 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look. Before we proceed, it is important to point out that 13F filings do not tell the wh...
At Holdings Channel, we have reviewed the latest batch of the 29 most recent 13F filings for the 12/31/2025 reporting period, and noticed that CrowdStrike Holdings Inc (Symbol: CRWD) was held by 12 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look. Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen. Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in CRWD positions, for this latest batch of 13F filers: In terms of shares owned, we count 8 of the above funds having increased existing CRWD positions from 09/30/2025 to 12/31/2025, with 2 having decreased their positions and 1 new position. Worth noting is that Gibraltar Capital Management Inc., included in this recent batch of 13F filers, exited CRWD common stock as of 12/31/2025. Looking beyond these particular funds in this one batch of most recent filers, we tallied up the CRWD share count in the aggregate among all of the funds which held CRWD at the 12/31/2025 reporting period (out of the 2,930 we looked at in total). We then compared that number to the sum total of CRWD shares those same funds held back at the 09/30/2025 period, to see how the aggregate share count held by hedge funds has moved for CRWD. We found that between these two periods, funds increased their holdin...
Advanced Micro Devices AMD is expected to have benefited from strong Data Center revenues in the fourth quarter of 2025. The company is set to release results on Feb. 3, 2026. The company continues to strengthen its footprint in the enterprise data center arena by leveraging EPYC processors and Instinct accelerators amid significant competition from NVIDIA NVDA and Broadcom AVGO. On a sequential b...
Advanced Micro Devices AMD is expected to have benefited from strong Data Center revenues in the fourth quarter of 2025. The company is set to release results on Feb. 3, 2026. The company continues to strengthen its footprint in the enterprise data center arena by leveraging EPYC processors and Instinct accelerators amid significant competition from NVIDIA NVDA and Broadcom AVGO. On a sequential basis, AMD’s topline is expected to benefit from double-digit growth in the Data Center segment with strong growth in server and the continued ramp of the company’s MI350 Series GPUs. Click here to know how AMD’s overall fourth-quarter performance is likely to be. AMD’s Data Center Revenues to Ride on Enterprise Adoption In the enterprise, AMD’s EPYC has been gaining traction with an expanding clientele in technology, automotive, manufacturing, financial services, and public sector domains. In the third quarter of 2025, the company reported record data center revenues of $4.3 billion, marking a 22% year-over-year increase. This growth was fueled by the rapid adoption of AMD’s 5th Generation EPYC Turin processors, which accounted for nearly half of the overall EPYC revenue during the third quarter. Advanced Micro Devices, Inc. Revenue (TTM) Advanced Micro Devices, Inc. Revenue (TTM) Advanced Micro Devices, Inc. revenue-ttm | Advanced Micro Devices, Inc. Quote The adoption of EPYC by the largest cloud hyperscalers has been increasing significantly. In the third quarter of 2025, the adoption of AMD’s EPYC processors in the cloud has surged, with large businesses tripling their usage year over year. Hyperscalers such as Google, Microsoft Azure, and Alibaba have expanded their EPYC-powered offerings, launching more than 160 new instances in the third quarter of 2025 alone. AMD now boasts over 1,350 public EPYC cloud instances globally, a nearly 50% increase from the previous year. AMD’s to-be-reported quarter’s Data Center results are also expected to benefit from a rich partner ...
00:00 Speaker A about this. Maribel, we heard the cloud growth from Microsoft recently that kind of disappointed investors, right? So, what are you expecting to hear from from Amazon and Alphabet this week? 00:22 Maribel Well, we've been looking at double digit cloud growth for many quarters right now, and I think the desire is always to have that in the high 20s, high 30s. It's getting hard at th...
00:00 Speaker A about this. Maribel, we heard the cloud growth from Microsoft recently that kind of disappointed investors, right? So, what are you expecting to hear from from Amazon and Alphabet this week? 00:22 Maribel Well, we've been looking at double digit cloud growth for many quarters right now, and I think the desire is always to have that in the high 20s, high 30s. It's getting hard at this point. Uh what we're looking at is that pace of like can AI drive more cloud revenue growth and it just doesn't seem to be hitting it at the expectations that we had anticipated, say three, four quarters ago. So I think it's very tenuous right now. 00:55 Speaker A And and how should we be thinking about AI, the relationship between AI and that cloud revenue growth at this point? 01:07 Maribel So for the past several years, what we've really seen is investment, investment, investment, and the investment has always outpaced the revenue. That does have to happen, but I think there is uh limited investor willingness to continue to just see billions and billions of dollars put in but nothing coming back out. So the question becomes is this like a 10-year game before we see real AI cloud growth revenue, or is this something that we see in the next coming year or two years? Now, every hyperscaler tells you that they have AI cloud revenue growth. The question is not do they have it. The question is whether it's enough to justify the investment that they're putting into it. 01:47 Speaker A And do you think are these companies doing a good enough job at communicating that to investors, what that potential return on investment could be? Or is it just that like they don't really know and it's tough to to predict it? 02:00 Maribel I think the reality is we don't really know. It's starting to get embedded into so many applications and services that it's hard to parse out like what is going to be specifically the hyperscaler's part of that. You know, how much investment we're seeing in...
DKosig The Department of Transportation issued guidance that limits how cities can use a key federal safety grant program to fund speed cameras, although the guidelines did not eliminate all funding for speed cameras nationwide. Under new guidance for the Safe Streets and Roads for All grants, projects generally cannot use those funds for automated enforcement cameras outside school or work zones....
DKosig The Department of Transportation issued guidance that limits how cities can use a key federal safety grant program to fund speed cameras, although the guidelines did not eliminate all funding for speed cameras nationwide. Under new guidance for the Safe Streets and Roads for All grants, projects generally cannot use those funds for automated enforcement cameras outside school or work zones. The Department of Transportation also signaled that projects reducing motor vehicle lane capacity or including an equity analysis could be disfavored or disqualified. Cities can still run and expand camera programs using local ticket revenue or other unrestricted funds. The expectation is that some planned safety projects that depended on the federal grants will need to be redesigned or find alternative funding. Shares of Verra Mobility ( VRRM ) swung 5.5% lower in reaction to the development. The smart mobility company has a government solutions segment that runs over 9,000 speed, red-light, and school-bus cameras for governments and school districts. More on Verra Mobility Verra Mobility Corporation (VRRM) Presents at CJS Securities 26th Annual "New Ideas for the New Year" Investor Conference - Slideshow Verra Mobility Corporation (VRRM) Presents at UBS Global Technology and AI Conference 2025 Transcript Seeking Alpha’s Quant Rating on Verra Mobility Historical earnings data for Verra Mobility Financial information for Verra Mobility
Key Points Capital Management Corp sold 29,799 shares of Nexstar Media in the fourth quarter; the estimated transaction value was $5.82 million based on average pricing in the period. Meanwhile, the quarter-end position value decreased by $5.21 million, reflecting both share sales and stock price movement. As of December 31, the fund reported holding 127,651 NXST shares valued at $25.92 million. T...
Key Points Capital Management Corp sold 29,799 shares of Nexstar Media in the fourth quarter; the estimated transaction value was $5.82 million based on average pricing in the period. Meanwhile, the quarter-end position value decreased by $5.21 million, reflecting both share sales and stock price movement. As of December 31, the fund reported holding 127,651 NXST shares valued at $25.92 million. These 10 stocks could mint the next wave of millionaires › On February 2, Capital Management Corp disclosed in a U.S. Securities and Exchange Commission filing that it sold 29,799 shares of Nexstar Media Group (NASDAQ:NXST), an estimated $5.82 million trade based on quarterly average pricing. What happened According to a U.S. Securities and Exchange Commission filing dated February 2, Capital Management Corp reduced its position in Nexstar Media Group by 29,799 shares during the fourth quarter. The estimated transaction value is $5.82 million, calculated using the average closing price over the quarter. The fund ended the period with 127,651 shares, with the position value changing by $5.21 million, a figure that includes both trading and price performance effects. What else to know The NXST stake now represents 4.25% of the fund’s $610.07 million in reportable U.S. equity assets. Top holdings after the filing: NASDAQ:IDCC: $37.12 million (6.1% of AUM) NYSE: PBI: $30.97 million (5.1% of AUM) NYSE: GTN: $29.76 million (4.9% of AUM) NASDAQ: NXST: $25.92 million (4.2% of AUM) NYSE: AEM: $22.72 million (3.7% of AUM) As of January 30, Nexstar shares were priced at $212.38, up 41.1% over the past year and well outperforming the S&P 500’s 15% gain in the same period. Company overview Metric Value Revenue (TTM) $5.15 billion Net Income (TTM) $517.00 million Dividend Yield 3.50% Price (as of 2/1/26) $212.38 Company snapshot Nexstar Media Group operates a portfolio of television stations, digital media properties, and a national cable network, generating revenue primarily from adverti...
is a senior reporter who’s been covering and reviewing the latest gadgets and tech since 2006, but has loved all things electronic since he was a kid. Posts from this author will be added to your daily email digest and your homepage feed. Abxylute, the company behind the M4 magnetic mobile gamepad, has announced a new pair of controllers for the Nintendo Switch 2 designed to replace the stock Joy-...
is a senior reporter who’s been covering and reviewing the latest gadgets and tech since 2006, but has loved all things electronic since he was a kid. Posts from this author will be added to your daily email digest and your homepage feed. Abxylute, the company behind the M4 magnetic mobile gamepad, has announced a new pair of controllers for the Nintendo Switch 2 designed to replace the stock Joy-Cons while playing in handheld mode. Both are “launching soon” on Kickstarter and feature a design where the Switch 2 docks to the controllers so they can connect to and draw power from the console’s bottom USB-C port. The Abxylute N6 is similar to existing accessories like the CRKD Nitro Deck, but the N9C looks like someone sliced a GameCube controller in half and stuck either side to the console. The N9C’s right joystick can be upgraded with a swappable gate limiting its movements to eight directions. Image: Abxylute Pricing details aren’t known for either controller, but the N9C will feature capacitive joysticks, ABXY buttons and triggers that use mechanical micro-switches, and a dedicated C button for accessing GameChat. Its button layout mirrors the original GameCube controller, so the N9C may only appeal to nostalgic gamers who regularly play the small lineup of GC titles added to Nintendo Switch Online last year, or Super Smash Bros. Ultimate fans who still prefer Nintendo’s 25-year-old controller. For the latter group, the right joystick on the N9C has a swappable gate that limits its movement to eight directions, providing more precision when inputting moves in fighting games. The N6 features a more modern asymmetrical controller design but will be available in two color options including a GameCube version. Image: Abxylute The N6 offers a more traditional asymmetrical controller design, and some key upgrades over the N9C. It features drift-resistant Hall effect joysticks, thicker grips than the standard Joy-Cons, digital triggers, and ABXY buttons that use a rubbe...