Joa_Souza/iStock Unreleased via Getty Images Brazil's Petrobras ( PBR ) announced a set of leadership changes late Monday, including the election of board member Marcelo Weick Pogliese as its new chairman, replacing the previous leadership on an interim basis until the next general shareholders' meeting. Pogliese, formerly the special secretary for legal affairs in the Office of the Chief of Staff...
Joa_Souza/iStock Unreleased via Getty Images Brazil's Petrobras ( PBR ) announced a set of leadership changes late Monday, including the election of board member Marcelo Weick Pogliese as its new chairman, replacing the previous leadership on an interim basis until the next general shareholders' meeting. Pogliese, formerly the special secretary for legal affairs in the Office of the Chief of Staff to the President, will replace Bruno Moretti, who left the job last month to become Brazil's Planning and Budget Minister. At the executive level, the Petrobras ( PBR ) board dismissed Claudio Schlosser from his role as Executive Director of Logistics, Commercialization, and Markets, to be replaced by Angelica Laureano. Following Laureano's shift into her new role, William França, current Executive Director of Industrial Processes and Products, will temporarily assume additional responsibilities overseeing Energy Transition and Sustainability. Brazilian President Lula has expressed frustration with alleged fuel price gouging in Brazil since the start of the Iran war, and threatened last week to cancel a Petrobras ( PBR ) wholesale cooking gas auction because he thought prices were too high. More on Petrobras Petrobras: Compelling Valuation At Current Price Level Hard Assets Weekly: The Signal That Precedes Falls In Hard Assets Appeared In Oil Petrobras: Direct Proxy To Brent, But With Additional Variables (Rating Upgrade)
High-scoring Michigan had to get down and dirty to dig out the national title Monday, making only two 3-pointers all night but still muscling its way to a 69-63 victory over stingy, stubborn UConn. (Image credit: Michael Conroy)
High-scoring Michigan had to get down and dirty to dig out the national title Monday, making only two 3-pointers all night but still muscling its way to a 69-63 victory over stingy, stubborn UConn. (Image credit: Michael Conroy)
Getty Images Earlier this year I wrote an article about The Buckle ( BKE ), calling it one of the few firms that I find attractive in the consumer discretionary sector . I praised the firm for its impressive revenue growth - despite the weak consumer confidence in the U.S. -, for its attractive profitability metrics and its strong liquidity position, while highlighting the relatively high valuatio...
Getty Images Earlier this year I wrote an article about The Buckle ( BKE ), calling it one of the few firms that I find attractive in the consumer discretionary sector . I praised the firm for its impressive revenue growth - despite the weak consumer confidence in the U.S. -, for its attractive profitability metrics and its strong liquidity position, while highlighting the relatively high valuation. Since then, I do not believe that BKE fundamentally changed. In the most recent quarter , the firm still delivered impressive results top and bottom line, beating analyst estimates . But looking forward, I am becoming somewhat concerned because of the geopolitical tension in the Middle East and its potential consequences on businesses worldwide. For this reason, I believe that my previously established buy rating is no longer warranted; a more cautious hold is more suitable right now. Fundamentals and macro considerations In the most recent quarter, BKE managed to beat analyst estimates on the top and bottom lines. Revenue grew by 5.3% year-over-year, totaling $399.14 million. It is not simply the sales growth that impresses, but that comparable sales were driving much of this growth. Comparable sales rose by 3.9% compared to the prior year period. It is not only the most recent quarter that was strong, but the entire fiscal year 2025. Net sales grew by 6.6% YoY, from which comparable sales accounted for 5.6%. This growth was in general driven by a strong demand for BKE's products. The number of transactions increased by 4.2, and the average unit retail increased by 3.6%, partially offset by the 1.2% decrease in average units sold per transaction. Income statement (The Buckle) At the same time, the company also managed to improve its profitability metrics compared to the prior year. The firm's SG&A expenses decreased as a percentage of sales mainly because of three factors: non-recurring digital commerce investments made in 2024, store labor-related expenses, and e-comme...
YieldMax AI Option Income Strategy ETF (NYSEMKT: AIYY) sounds like a dividend dream come true, offering a 227% yield, according to major online quote services. The exchange-traded fund's website lists the yield at a more modest, but still shockingly high, 60% because it annualizes the most recent payment. Before you rush out to buy what looks like a dividend printing machine, you need to understan...
YieldMax AI Option Income Strategy ETF (NYSEMKT: AIYY) sounds like a dividend dream come true, offering a 227% yield, according to major online quote services. The exchange-traded fund's website lists the yield at a more modest, but still shockingly high, 60% because it annualizes the most recent payment. Before you rush out to buy what looks like a dividend printing machine, you need to understand the very big risks involved here. YieldMax AI Option Income Strategy ETF uses a complex options approach to generate income around C3.ai (NYSE: AI) . It does not actually own any shares of the artificial intelligence company , which provides enterprise application software services. There are two key takeaways here: You are not investing in C3.ai by buying this ETF, yet you are still dealing with material idiosyncratic risk because of the ETF's focus on just one stock. Continue reading
Thailand’s yearlong stretch of falling prices is nearing an end, as higher oil costs and Middle East supply disruptions begin feeding through to inflation. Consumer prices fell 0.08% in March from a year earlier, marking a 12th straight month declines but a quick acceleration from a 0.88% drop in February, Commerce Ministry data showed Tuesday. The reading was below the 0.2% median estimate in a B...
Thailand’s yearlong stretch of falling prices is nearing an end, as higher oil costs and Middle East supply disruptions begin feeding through to inflation. Consumer prices fell 0.08% in March from a year earlier, marking a 12th straight month declines but a quick acceleration from a 0.88% drop in February, Commerce Ministry data showed Tuesday. The reading was below the 0.2% median estimate in a Bloomberg survey of economists. The rapid narrowing of price declines highlights Thailand’s vulnerability to energy shocks. More than half of its oil imports come from the Middle East, much of it shipped through the Strait of Hormuz, leaving inflation highly exposed to geopolitical disruptions. On a monthly basis, the index rose 0.6% in March, accelerating from a 0.24% decline in February. Core inflation edged up 0.57%. Nantapong Chiralerspong, director general of the ministry’s Trade Policy and Strategy Office, said at a briefing that he expects consumer prices to rise “substantially” in the second quarter, with April’s reading likely turning positive. The Commerce Ministry has raised its inflation forecast for this year to 1.5%–2.5%, from a previous range of 0%–1%, citing higher oil prices. Under its base-case scenario, inflation is expected to jump to 3.67% in the second quarter from an average of -0.54% in the first quarter, assuming elevated oil prices persist for about two months. If prices remain high for three months, full-year inflation could rise further to 2.5%–3.5%. Monetary Policy The Bank of Thailand has said that headline inflation could return to its 1%–3% target range earlier than expected. Still, economists see inflation remaining contained. Standard Chartered Plc economist Tim Leelahaphan expects consumer prices to rise to 2.2% this quarter and 2.9% in the second half, remaining within the central bank’s target band. For policymakers, the acceleration is unlikely to trigger an immediate response. Officials have stressed that the current inflation pickup is...
Anthropic ( ANTHRO ) plans to invest $200M in a new venture with private-equity firms to sell AI tools to their portfolio companies, the Wall Street Journal reported. The new company would serve as a consulting arm for Anthropic that teaches businesses how to incorporate the startup's AI tools. General Atlantic, Blackstone ( BX ), and Hellman & Friedman are among the private-equity firms in discus...
Anthropic ( ANTHRO ) plans to invest $200M in a new venture with private-equity firms to sell AI tools to their portfolio companies, the Wall Street Journal reported. The new company would serve as a consulting arm for Anthropic that teaches businesses how to incorporate the startup's AI tools. General Atlantic, Blackstone ( BX ), and Hellman & Friedman are among the private-equity firms in discussions to back the project, people familiar with the matter said. The startup is in talks to raise $1 billion for the effort including Anthropic’s planned contribution, the report said. More on Anthropic Wall Street Lunch: Anthropic Tries To Contain Claude Code Instruction Leak Anthropic's IPO: What You Need To Know OpenClaw Is A Liability, Not The Breakthrough The AI Frenzy Suggests Anthropic, OpenAI's finances ahead of IPOs reveal computing cost challenges: report UK tries to woo Anthropic to expand in London amid US clash: report
Aldi Irvan Darmansyah/iStock via Getty Images Fellow Investors, The first quarter of 2026 demonstrated strong performance despite volatility in the broader market driven by ongoing conflict in the Middle East. We feel fortunate that we avoided the AI-driven wipeout in software and watched multiple anticipated catalysts for special situation investments come to fruition. Kingdom Capital Advisors (K...
Aldi Irvan Darmansyah/iStock via Getty Images Fellow Investors, The first quarter of 2026 demonstrated strong performance despite volatility in the broader market driven by ongoing conflict in the Middle East. We feel fortunate that we avoided the AI-driven wipeout in software and watched multiple anticipated catalysts for special situation investments come to fruition. Kingdom Capital Advisors (KCA Value Composite) returned 8.01 % (net of fees) in the first quarter, vs. 0.89% for the Russell 2000 TR, -4.33% for the S&P 500 TR, and -5.82% for the NASDAQ 100 TR. Since inception in January 2022, we have compounded at 22.81% net annualized versus 4.80% for the Russell 2000, representing cumulative outperformance of over 115%. Returns vary by account due to rounding, account size, and timing of deposits or withdrawals. Our top contributors this quarter were United Natural Foods ( UNFI ), Energous Corporation ( WATT ) and Alliance Entertainment ( AENT ). Our largest detractors were Magnera Corporation ( MAGN ), Mount Logan Capital, Inc. ( MLCI ) and WW International ( WW ). Active Management As discussed in prior letters, our special situation strategy can appear underwhelming in strong bull markets but tends to provide meaningful downside protection and uncorrelated returns during more volatile periods. The start of 2026 has reinforced this dynamic. The first half of 2025 marked our most challenging period since inception, with the composite declining by over 10%. Since that trough, we have rebounded nearly 40% over the subsequent nine months. We appreciate your continued trust and patience through periods of volatility. We were active during the quarter and exited several positions after achieving our targeted returns: TSS, Inc. ( TSSI ): Following a ~50% decline due to delayed rack integration volumes (highlighted in our Q4 letter), the company’s results in March confirmed a successful facility ramp. The stock doubled from its lows, and we exited the position with gai...
In this article ZE594-CN 1211-HK Follow your favorite stocks CREATE FREE ACCOUNT BYD vehicles in the production line at the company's new electric vehicle factory at the Industrial Complex in Camacari, in the state of Bahia, Brazil Oct. 9, 2025. Joa Souza | Reuters Brazil has put China's BYD on a registry of employers who have subjected workers to conditions similar to slavery, after a 2024 scanda...
In this article ZE594-CN 1211-HK Follow your favorite stocks CREATE FREE ACCOUNT BYD vehicles in the production line at the company's new electric vehicle factory at the Industrial Complex in Camacari, in the state of Bahia, Brazil Oct. 9, 2025. Joa Souza | Reuters Brazil has put China's BYD on a registry of employers who have subjected workers to conditions similar to slavery, after a 2024 scandal in which Chinese workers were said to have been victims of human trafficking and abusive contracts. The list, published by Brazil's Labor Ministry, carries further reputational risk for the automaker in its biggest market after China. It also bars BYD from obtaining certain types of loans from Brazilian banks, but does not affect the operation of its sole auto plant in the country that the workers were hired to build. BYD did not reply to a request for comment. Jinjiang Group, the contractor that BYD used to hire the 163 workers cited in the scandal, has denied the claims. BYD has previously said it had no knowledge of any violations until reports by Brazilian media in late November. Brazilian officials have argued that BYD is ultimately responsible for its workers' conditions as it should be supervising its contractors. Crammed lodgings, no mattresses Chinese workers hired by Jinjiang in Brazil had to hand over their passports to their new employer, let most of their wages be sent directly to China, and fork over an almost $900 deposit that they could only get back after six months' work, according to a labor contract seen by Reuters. A raid by labor inspectors also found the laborers living crammed in lodgings without mattresses. Thirty-one workers were crammed in a single house with only one bathroom and food piled up on the ground alongside personal belongings, in what inspectors said were "degrading conditions." The scandal caused international outrage, including in China, and led to a months-long delay in the construction of the plant. But BYD had appeared to have p...