This article first appeared on GuruFocus. Exploring the Investment Strategies of John Hussman (Trades, Portfolio) in Q4 2025 John Hussman (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Dr. John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, ...
This article first appeared on GuruFocus. Exploring the Investment Strategies of John Hussman (Trades, Portfolio) in Q4 2025 John Hussman (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Dr. John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. He is also the president of the Hussman Investment Trust. Dr. Hussman manages the Hussman Strategic Growth Fund, which invests primarily in U.S. stocks, and the Hussman Strategic Total Return Fund, which invests primarily in U.S. Treasury and government agency securities. Prior to managing the Hussman Funds, Dr. Hussman was a professor of economics and international finance at the University of Michigan. His academic research centers on market efficiency and information economics. Dr. Hussman holds a Ph.D. in economics from Stanford University (1992) and two degrees from Northwestern University: a Master's degree in education and social policy (1985) and a Bachelor's degree in economics (1983). Dr. Hussman looks at two dimensions of information to adjust his willingness to take risk. The first is valuation. Favorable valuation means that stock prices appear reasonable in view of the stream of earnings, dividends, revenues and cash flows expected in the future. The second dimension is the quality of market action. Market action considers the behavior of a wide range of securities and industry groups in an attempt to assess the economic outlook of investors and their willingness to accept market risk. These two dimensions of information make up four basic "Market Climates" associated with various combinations of valuation and market action. In the most favorable Market Climates, Dr. Hussman will typically hold an aggressive allocation to market risk, while in the least favorable Market Climates, he will typically at...
This article first appeared on GuruFocus. Exploring the Investment Strategies of John Hussman (Trades, Portfolio) in Q4 2025 John Hussman (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Dr. John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, ...
This article first appeared on GuruFocus. Exploring the Investment Strategies of John Hussman (Trades, Portfolio) in Q4 2025 John Hussman (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Dr. John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. He is also the president of the Hussman Investment Trust. Dr. Hussman manages the Hussman Strategic Growth Fund, which invests primarily in U.S. stocks, and the Hussman Strategic Total Return Fund, which invests primarily in U.S. Treasury and government agency securities. Prior to managing the Hussman Funds, Dr. Hussman was a professor of economics and international finance at the University of Michigan. His academic research centers on market efficiency and information economics. Dr. Hussman holds a Ph.D. in economics from Stanford University (1992) and two degrees from Northwestern University: a Master's degree in education and social policy (1985) and a Bachelor's degree in economics (1983). Dr. Hussman looks at two dimensions of information to adjust his willingness to take risk. The first is valuation. Favorable valuation means that stock prices appear reasonable in view of the stream of earnings, dividends, revenues and cash flows expected in the future. The second dimension is the quality of market action. Market action considers the behavior of a wide range of securities and industry groups in an attempt to assess the economic outlook of investors and their willingness to accept market risk. These two dimensions of information make up four basic "Market Climates" associated with various combinations of valuation and market action. In the most favorable Market Climates, Dr. Hussman will typically hold an aggressive allocation to market risk, while in the least favorable Market Climates, he will typically at...
Imladris01/iStock Editorial via Getty Images Deutsche Bank upgraded ING Group ( ING ) shares to Buy from Hold in a Monday note, pointing to strong volume growth, structurally higher margins driven by portfolio repricing, and rising earnings estimates following above-consensus Q4 results. ING ( ING ) shares gained 3% in afternoon trading in the U.S., leaving it up 8.1% YTD and 86% Y/Y. Meanwhile, a...
Imladris01/iStock Editorial via Getty Images Deutsche Bank upgraded ING Group ( ING ) shares to Buy from Hold in a Monday note, pointing to strong volume growth, structurally higher margins driven by portfolio repricing, and rising earnings estimates following above-consensus Q4 results. ING ( ING ) shares gained 3% in afternoon trading in the U.S., leaving it up 8.1% YTD and 86% Y/Y. Meanwhile, analyst Benjamin Goy noted that the stock's discount to European banks recently widened to a new six-month high at -8%. The Dutch lender guided last week for higher volume growth of 5% for FY26. Goy believes that outlook "is well underpinned and the bank could overshoot modestly this year," driven by ING's ( ING ) "strong loan growth track record, Euro area growth already at +3%, the Dutch and Belgian markets growing well above the average, market share gains by ING's challenger banks and a Wholesale Bank operating in a large global market." Deutsche's Buy rating compares with the Quant system rate and the average Wall Street analyst rate, both at Hold, and the average Seeking Alpha analyst rating of Buy. More on ING Group ING Groep: Executing Well, But No Longer Undervalued (Rating Downgrade) ING Groep N.V. (ING) Q4 2025 Earnings Call Transcript ING Groep N.V. (ING) Q4 2025 Earnings Call Transcript ING Group GAAP EPS of €0.48, total income of €5.8B; gives strong outlook for 2026 and upgrades outlook for 2027 Seeking Alpha’s Quant Rating on ING Group
Bloomberg's Mandep Singh joins to discuss the biggest news in the tech sector on Bloomberg Intelligence. Oracle Corp. plans to raise $45 billion to $50 billion this year through a combination of debt and equity sales to build additional cloud infrastructure capacity, reflecting the scale of financing needed to feed AI’s growth. Elon Musk is in advanced talks to combine Space Exploration Technologi...
Bloomberg's Mandep Singh joins to discuss the biggest news in the tech sector on Bloomberg Intelligence. Oracle Corp. plans to raise $45 billion to $50 billion this year through a combination of debt and equity sales to build additional cloud infrastructure capacity, reflecting the scale of financing needed to feed AI’s growth. Elon Musk is in advanced talks to combine Space Exploration Technologies Corp. with xAI, according to people familiar with the matter, underscoring how the billionaire’s artificial intelligence ambitions have grown too costly for any one of his entities to shoulder alone. (Source: Bloomberg)
mohd izzuan/iStock via Getty Images Macro Commentary The US economy remains resilient. Growth continues to exceed expectations, but cracks are growing. Middle class consumers are beginning to spend less, lower end consumers have lowered their spending or taken on debt, while high end consumers continue to spend. The dollar weakened considerably over the course of 2025, boosting the competitiveness...
mohd izzuan/iStock via Getty Images Macro Commentary The US economy remains resilient. Growth continues to exceed expectations, but cracks are growing. Middle class consumers are beginning to spend less, lower end consumers have lowered their spending or taken on debt, while high end consumers continue to spend. The dollar weakened considerably over the course of 2025, boosting the competitiveness of US exports in foreign markets offset somewhat by the new global tariff regime. Due to the depreciation of the dollar, foreign investors’ returns (responsible for an estimated 18-20% of stock market ownership), were not meaningfully positive in 2025, and has caused foreign investors to more effortfully look away from US equities to other markets and to precious metals. The efficacy of AI expenditures started to be questioned during the fourth quarter and continues in January. Companies, like Microsoft, have and continue to spend aggressively to build cloud capacity, but the value of that spend is now considered in the context of the customer. Customers who are less likely to turn intent into cash have led to more uneven returns for the artificial intelligence infrastructure stocks. At the same time, the increasing competence of AI in performing some tasks has begun to impact the once high flying software as a service sector, creating at least temporary losers in what was once an all-winners environment. There is now gold to be found here, we think, while others have had their stretched valuations reset somewhat closer to reality. Labor markets are softening with layoff announcements reaching levels last seen in the pandemic. Wages are growing at slow rates. The latter is a welcome respite for labor intensive companies, like restaurants, that have experienced wage pressure since Covid, while inflation is a more complicated story. Inflation due to tariff increases have yet to reach the consumer, but studies suggest over 90% of those costs have been passed to the importer o...
Ares Capital ( ARCC ) shares fell 2.04% to $19.49 in the afternoon trade on Monday, extending losses for eight straight sessions. The business development company lost nearly 4.83% in the preceding seven sessions. ARCC closed 1.34% lower on Friday at $19.89. ARCC is down about 4.5% over the past month . Looking at Seeking Alpha's Quant Rating, ARCC has a Hold rating with a score of 3.06 out of 5. ...
Ares Capital ( ARCC ) shares fell 2.04% to $19.49 in the afternoon trade on Monday, extending losses for eight straight sessions. The business development company lost nearly 4.83% in the preceding seven sessions. ARCC closed 1.34% lower on Friday at $19.89. ARCC is down about 4.5% over the past month . Looking at Seeking Alpha's Quant Rating, ARCC has a Hold rating with a score of 3.06 out of 5. The company received an A in the prospect of valuation, while it got a D for momentum and an F for growth. However, Wall Street analysts and Seeking Alpha analysts are bullish, rating ARCC a Buy . Turning to the Wall Street community, 12 out of 14 analysts gave ARCC a Buy or above, and two analysts have given the stock a Hold recommendation. Seeking Alpha analyst Dmytro Lebid, rated ARCC a Buy , saying that Ares Capital is the BDC sector's gold standard. Lebid added that ARCC's highly diversified portfolio of 587 companies and lower non-accruals (1.0%) signal superior credit quality as well as its portfolio structure and credit policy provide greater resilience. Overall, the stock slipped nearly 15% in the past year, compared to around a 14.3% rise in the broader S&P 500 Index. More on Why Market Timing Feels Right - And Often Goes Wrong AI Capex At Unsustainable Levels Revvity, Inc. (RVTY) Q4 2025 Earnings Call Transcript January jobs report to be delayed by partial government shutdown Market Voices: U.S.-India trade deal, Iger on Disney, Devon-Coterra
This article first appeared on GuruFocus. Tesla Inc. (TSLA, Financials) got off to a good start in Denmark in 2026. According to data from Mobility Denmark, new car registrations grew 2.7% year-over-year in January, hitting 458 units.The slight rise is a bright spot in what has generally been a slow start for Tesla in Europe. Wider regional data suggest that performance is unequal. For example, gr...
This article first appeared on GuruFocus. Tesla Inc. (TSLA, Financials) got off to a good start in Denmark in 2026. According to data from Mobility Denmark, new car registrations grew 2.7% year-over-year in January, hitting 458 units.The slight rise is a bright spot in what has generally been a slow start for Tesla in Europe. Wider regional data suggest that performance is unequal. For example, growth in Nordic nations is partly offset by reduced demand in important markets like France and Norway.Tesla's gain in Denmark comes after a challenging year in 2025, when sales in Europe declined by 27% because Chinese manufacturers and local brands were making it harder to supply cars. The company's recent price changes and new variants of the Model 3 and Model Y are meant to help it get back some of its market share in a congested EV market.January is always a slow month for sales, but the numbers show that Tesla may be stabilizing in smaller European countries even as it tries to get things going again across the continent.
Today, OpenAI launched a macOS desktop app for Codex, its large language model-based coding tool that was previously used through a command line interface (CLI) on the web or inside an integrated development environment (IDE) via extensions. By launching a desktop app, OpenAI is catching up to Anthropic's popular Claude Code, which already offered a macOS version. Whether the desktop app makes sen...
Today, OpenAI launched a macOS desktop app for Codex, its large language model-based coding tool that was previously used through a command line interface (CLI) on the web or inside an integrated development environment (IDE) via extensions. By launching a desktop app, OpenAI is catching up to Anthropic's popular Claude Code, which already offered a macOS version. Whether the desktop app makes sense compared to the existing interfaces depends a little bit on who you are and how you intend to use it. The Codex macOS app aims to make it easier to manage multiple coding agents in tandem, sometimes with parallel tasks running over several hours—the company argues that neither the CLI nor the IDE extensions are ideal interfaces for that. Read full article Comments
The tennis pay row has escalated further with the world’s top 10 male and female players rejecting an offer from the grand slams to set up a player council that would give them a greater say in the running of the major championships. In correspondence sent to Wimbledon, the French Open and US Open last week, the players turned down the offer of a meeting with representatives of the three grand sla...
The tennis pay row has escalated further with the world’s top 10 male and female players rejecting an offer from the grand slams to set up a player council that would give them a greater say in the running of the major championships. In correspondence sent to Wimbledon, the French Open and US Open last week, the players turned down the offer of a meeting with representatives of the three grand slams at the Indian Wells Masters in March and accused the tournament organisers of ignoring their concerns about pay and player welfare. “Before committing to another meeting, it would be more productive for the grand slams to provide substantive responses, individually or collectively, to the specific proposals the players have put forward regarding prize money at a fair share of grand slam revenues, and player health, welfare, and benefits contributions,” the letter states. The players have been lobbying for a greater share of the money made by those organising the grand slam championships since last year’s French Open when a delegation, including Carlos Alcaraz, Jannik Sinner, Aryna Sabalenka and Coco Gauff, urged executives from all four tournaments to increase their prize funds to 22% of revenue by 2030, which would be in line with ATP and WTA Tour events. Alcaraz will receive AUS$2.8m (£1.43m) for completing the career grand slam by beating Novak Djokovic in Melbourne on Sunday as part of a record Australian Open prize fund of AUS$85m, the second highest of the majors after the US Open. Despite being a significant increase it remains about 16% of the tournament’s income. At Wimbledon last year, the total prize pot of £50m was 12.3% of the Championships’ £406.5m revenue. Three of the grand slams, minus the Australian Open, wrote to the players in December offering a meeting on setting up a grand slam player council, but ignored their demands on pay and welfare. In a further indication of the in-fighting, Tennis Australia is not involved in the dispute, as it has aligned ...
After more than a year of haggling, US President Donald Trump on Monday announced a major trade deal between Washington and New Delhi that significantly de-escalates economic tensions between the two nations. A White House official also confirmed to the South China Morning Post the deal will also remove the 25 per cent punitive Russia oil tariffs. Trump in a social media post earlier said that he ...
After more than a year of haggling, US President Donald Trump on Monday announced a major trade deal between Washington and New Delhi that significantly de-escalates economic tensions between the two nations. A White House official also confirmed to the South China Morning Post the deal will also remove the 25 per cent punitive Russia oil tariffs. Trump in a social media post earlier said that he held a phone call with Indian Prime Minister Narendra Modi. Advertisement “He [Modi] agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!” Trump added that “Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25 per cent to 18 per cent. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO.” Advertisement More to follow...
jetcityimage/iStock Editorial via Getty Images Investment Thesis In these times of high political uncertainty, it is particularly important to follow an investment approach that can help you to perform well across different macroeconomic and geopolitical scenarios. Portfolios that combine income and dividend growth while offering a broad sector and geographical diversification can bring many benef...
jetcityimage/iStock Editorial via Getty Images Investment Thesis In these times of high political uncertainty, it is particularly important to follow an investment approach that can help you to perform well across different macroeconomic and geopolitical scenarios. Portfolios that combine income and dividend growth while offering a broad sector and geographical diversification can bring many benefits at the same time for investors, such as: The constant generation of dividend income. Potential for both dividend growth and capital appreciation. Reduction of the downside risk of your portfolio to protect you against market downturns. In today's article, I will show you how to build a $75,000 dividend portfolio that holds the Schwab U.S. Dividend Equity ETF ( SCHD ) as a core position, enhanced by my top 10 high-yield dividend companies I have selected for 2026. Through the inclusion of companies such as Allianz ( ALIZF ) ( ALIZY ), Axa ( AXAHY ) ( AXAHF ) ( AXA:CA ), Nestlé ( NSRGY ) ( NSRGF ), and Petrobras ( PBR ), the portfolio also benefits from currency diversification, reducing the portfolio's dependence on the U.S. dollar alone. This allows investors to diversify currency exposure and receive dividend payments not only in U.S. dollars but also in euros, Swiss francs, and Brazilian reais, adding another layer of diversification to the portfolio while prioritizing income from U.S.-based companies. The portfolio is further complemented by the Vanguard Real Estate Index Fund ETF Shares ( VNQ ) to enhance the portfolio proportion allocated to the Real Estate Sector and the NEOS Nasdaq 100 High Income ETF ( QQQI ) to raise the portfolio's potential for dividend income. Additionally, Visa (NYSE: V ), Nike ( NKE ), Microsoft ( MSFT ), AbbVie ( ABBV ), and Enbridge ( ENB ) have been added to this portfolio to ensure an attractive portfolio mix of income and dividend growth, making it suitable for investors of different age groups and for those who would like to position...
OpenAI on Monday released a new desktop application for its Codex artificial intelligence coding system, a tool the company says transforms software development from a collaborative exercise with a single AI assistant into something more akin to managing a team of autonomous workers. The Codex app for macOS functions as what OpenAI executives describe as a "command center for agents," allowing dev...
OpenAI on Monday released a new desktop application for its Codex artificial intelligence coding system, a tool the company says transforms software development from a collaborative exercise with a single AI assistant into something more akin to managing a team of autonomous workers. The Codex app for macOS functions as what OpenAI executives describe as a "command center for agents," allowing developers to delegate multiple coding tasks simultaneously, automate repetitive work, and supervise AI systems that can run for up to 30 minutes independently before returning completed code. "This is the most loved internal product we've ever had," Sam Altman, OpenAI's chief executive, told VentureBeat in a press briefing ahead of Monday's launch. "It's been totally an amazing thing for us to be using recently at OpenAI." The release arrives at a pivotal moment for the enterprise AI market. According to a survey of 100 Global 2000 companies published last week by venture capital firm Andreessen Horowitz, 78% of enterprise CIOs now use OpenAI models in production , though competitors Anthropic and Google are gaining ground rapidly. Anthropic posted the largest share increase of any frontier lab since May 2025, growing 25% in enterprise penetration, with 44% of enterprises now using Anthropic in production. The timing of OpenAI's Codex app launch — with its focus on professional software engineering workflows — appears designed to defend the company's position in what has become the most contested segment of the AI market: coding tools. Why developers are abandoning their IDEs for AI agent management The Codex app introduces a fundamentally different approach to AI-assisted coding. While previous tools like GitHub Copilot focused on autocompleting lines of code in real-time, the new application enables developers to "effortlessly manage multiple agents at once, run work in parallel, and collaborate with agents over long-running tasks." Alexander Embiricos , the product lead fo...
In a stressful time, this could be a lifesaver. You're used to your Social Security payments coming like clockwork, maybe so much so that you don't even check your bank account to verify that the deposit came through each month. So when you get a letter from the Social Security Administration saying you've been overpaid and that the government will start withholding 50% of your checks, it's only n...
In a stressful time, this could be a lifesaver. You're used to your Social Security payments coming like clockwork, maybe so much so that you don't even check your bank account to verify that the deposit came through each month. So when you get a letter from the Social Security Administration saying you've been overpaid and that the government will start withholding 50% of your checks, it's only natural to be alarmed. Fortunately, there are steps you can take to minimize how much you lose from future checks, or maybe even avoid garnishment altogether. You can request a lower overpayment recovery rate You may be able to avoid Social Security garnishment altogether if you have the cash on hand to repay the excess in a lump sum. For many people, this isn't an option, so your next-best bet is to request a lower overpayment recovery rate. The standard overpayment recovery rate is 50%. So if you receive $2,000 monthly checks, you could lose up to $1,000 per month until you've repaid the excess. This high repayment rate means you'll pay back what you owe more quickly, but it can leave you struggling to get by on half the benefits you're used to. Fortunately, the Social Security Administration gives you the chance to request a lower overpayment recovery rate if losing half your checks would put you in a financial bind. Even if you only manage to drop the recovery rate to 40%, that would save you an extra $200 per month in our example above. How to request a lower overpayment recovery rate You'll need to fill out a Request for Change in Overpayment Recovery Rate form to kick off the process. You'll answer some basic questions about yourself. Then you'll need to provide a detailed picture of your finances, including the value of your assets (home, cars, etc.), monthly household income, and monthly household expenses. There's also a space where you can share any other relevant information the government might need to understand your financial situation. The Social Security Adm...
A major census test faces cutbacks — with postal workers tapped to help count toggle caption John Raoux/AP The Trump administration is scaling back plans for this year's field test of the 2030 census, raising concerns about the Census Bureau's ability to produce a reliable population tally for redistributing political representation and federal funding in the next decade. The 2026 test was designe...
A major census test faces cutbacks — with postal workers tapped to help count toggle caption John Raoux/AP The Trump administration is scaling back plans for this year's field test of the 2030 census, raising concerns about the Census Bureau's ability to produce a reliable population tally for redistributing political representation and federal funding in the next decade. The 2026 test was designed to help the bureau improve the accuracy of the country's upcoming once-a-decade head count. A mix of communities in six states, as well as a national sample of households, was expected to take part in the experiment. But the agency is now set to reduce the number of test sites to two — Spartanburg, S.C., and Huntsville, Ala. — while adding plans to try replacing temporary census workers with U.S. Postal Service staff, according to a Federal Register notice that was made available for public inspection Monday before its official publication. Sponsor Message The bureau is also cutting a plan to provide Spanish- and Chinese-language versions of the census test's online form, which is now set to only be available in English. Spokespeople for the bureau and its parent agency, the Commerce Department, did not immediately respond to NPR's questions, including about what prompted these changes and whether counting for the test is still scheduled to start in March. In a statement Monday announcing the "launch of the 2026 Census Test," the bureau said it "remains committed to conducting the most accurate count in history for the 2030 Census and looks forward to the continued partnership with local communities." Among the locations no longer part of the census test are rural communities in western Texas and Indigenous tribal lands within Arizona and North Carolina. Those include the Fort Apache Reservation, home to the White Mountain Apache Tribe; San Carlos Reservation, home to the San Carlos Apache Tribe; and the Qualla Boundary, home to the Eastern Band of Cherokee Indians. Terri...
Nikada/iStock Unreleased via Getty Images Apple Inc. ( AAPL ) entered the new fiscal year beating earnings expectations and guiding a strong Q2 , despite the limited upside of AI features in the iPhone 17 after the delayed Siri overhaul last year. It seems that consumers don't have AI high on their list when upgrading to a new phone. Therefore, this iPhone cycle is running hotter than anticipated,...
Nikada/iStock Unreleased via Getty Images Apple Inc. ( AAPL ) entered the new fiscal year beating earnings expectations and guiding a strong Q2 , despite the limited upside of AI features in the iPhone 17 after the delayed Siri overhaul last year. It seems that consumers don't have AI high on their list when upgrading to a new phone. Therefore, this iPhone cycle is running hotter than anticipated, pushing the company into supply chase mode, a dynamic that I haven't seen since the 5G transition. To be direct, I'm not bullish on Apple because the recent results confirmed the iPhone cycle momentum. This is a nice upside, but it's not the core pillar of my bull case. The main pillar of my bull case is the Gemini partnership, a topic I covered extensively in my pre-earnings coverage . For reference, the upside that I see comes mainly from an AI distribution model, where Apple could charge model providers for default assistant or large language model (“LLM”) placement, and from an iPhone upgrade perspective, given that Apple Intelligence is only available for iPhone 15 Pro models and iPhone 16 models or newer. That said, this article is focused on the Q1 earnings results and some of the risks that I see this year, particularly around gross margins. Q1 Highlights: iPhone Demand and Services on Fire Despite the skepticism last year due to the delay of big Siri upgrades, iPhone sales totaled $85.27B in the last quarter. To put that figure into perspective, please take a look below at the revenue growth of the iPhone product line for the last 3 years. Author Compilation The demand for the new iPhone 17 is so high that management said in the earnings call that the company is in supply chase mode and is currently constrained due to the availability of advanced nodes used for its SoCs. Here are some of the remarks from CEO Tim Cook during the last earnings call on the unprecedented demand: First of all, we were thrilled with the customer response on the latest iPhone lineup. It ...