Luis Alvarez/DigitalVision via Getty Images The following segment was excerpted from the Heartland Opportunistic Value Equity Strategy Q4 2025 Commentary . During the quarter, our Strategy returned 0.79%, trailing the Russell 3000® Value Index, which was up 3.78%. Stock selection was mixed with 8 of the 11 underperforming, most notably Information Technology and Healthcare. Portfolio Activity One ...
Luis Alvarez/DigitalVision via Getty Images The following segment was excerpted from the Heartland Opportunistic Value Equity Strategy Q4 2025 Commentary . During the quarter, our Strategy returned 0.79%, trailing the Russell 3000® Value Index, which was up 3.78%. Stock selection was mixed with 8 of the 11 underperforming, most notably Information Technology and Healthcare. Portfolio Activity One profitable company whose shares we’ve held for years, and that demonstrates why a focus on shareholder value creation matters in the long run, is Old Republic International ( ORI ) , a specialty property & casualty commercial insurance underwriter. Old Republic is a classic self-help story. We initiated the position in 2019 and added to it in 2020, as the shares took a hit due to the start of the pandemic. Shortly after, ORI was transformed from an insular insurance underwriter with disparate assets to a well-run company with a management team that uses capital allocation as a lever for value creation. That was after current CEO Craig Smiddy took over the company. Prior management made a bad decision in the early 2000s by entering the mortgage insurance market. Smiddy unwound the mortgage insurance portfolio, extracted excess capital, and returned that capital to shareholders. He and his team have proven to be admirable capital allocators. When the stock was highly discounted relative to intrinsic value, from 2022 to 2024, 20% of the company was repurchased. When the shares were more fairly valued, management authorized five special dividends over our ownership period. Cumulatively, all the dividends that ORI has issued through this time, including ordinary quarterly payouts, have totaled more than $15 a share, which is remarkable for a stock that was trading in the low-to-mid $20 range in 2019. Looking ahead, the company should continue to grow organically by investing in new short-tail lines of business by recruiting best-in-class talent to add niche exposures with sustai...
Airfares in the U.S. rose 2.2% in January compared to a year ago on an unadjusted basis, according to data compiled by the Bureau of Transportation Statistics. Airfares were up 6.5% compared to the level in December after rising 3.8% in November. Overall, core inflation was up 2.5% year-over-year during the month. Forecasts for 2026 expect a modest rise in U.S. airfares of between 1% and 2%, altho...
Airfares in the U.S. rose 2.2% in January compared to a year ago on an unadjusted basis, according to data compiled by the Bureau of Transportation Statistics. Airfares were up 6.5% compared to the level in December after rising 3.8% in November. Overall, core inflation was up 2.5% year-over-year during the month. Forecasts for 2026 expect a modest rise in U.S. airfares of between 1% and 2%, although an economic downturn could shake up the airline sector. In general, airline capacity in the U.S. is expanding, helping to restrain sharp price spikes, despite ongoing aircraft delivery delays. The hosting of the World Cup in the U.S. during the summer of 2026 is anticipated to be a factor with airfares for some major routes. The U.S. airline sector is having a strong start to the year despite being jolted by the major winter storm in January. Most carriers reported strong booking demand, particularly from the corporate part of the business. Both JetBlue Airways ( JBLU ) and Southwest Airlines ( LUV ) are up more than 20% for the year already. Airline stocks: American Airlines ( AAL ), Delta Air Lines ( DAL ), Southwest Airlines ( LUV ), United Airlines ( UAL ), JetBlue Airways ( JBLU ), Alaska Air Group ( ALK ), Allegiant Travel ( ALGT ), Spirit Airlines ( SAVEQ ) ( FLYYQ ), Mesa Airlines (MESA), SkyWest ( SKYW ), Sun Country Airlines ( SNCY ), Republic Airways ( RJET ), and Frontier Group ( ULCC ). More on the airline sector Airline Stocks Hit By Record Cancellations: Why This Isn't As Bad As It Looks JETS: Don't Underestimate The Long Term Risks Associated With Owning Airline Stocks Airlines urge Congress to pay air traffic controllers if there is a government shutdown Why DAL and UAL are the top airline picks for this Barclays analyst Seeking Alpha’s Quant Rating on U.S. Global Jets ETF
Covering the first week of events at Milano Cortina 2026 has been enlightening but not straightforward It’s a seven-hour trip from one end of the opening ceremony to the other. I leave Milan at midday and arrive in Cortina just as the athletes are making their parade around the town square. Cortina’s a one-street town, and it’s been closed down, but everyone’s hanging off the balconies. I see thre...
Covering the first week of events at Milano Cortina 2026 has been enlightening but not straightforward It’s a seven-hour trip from one end of the opening ceremony to the other. I leave Milan at midday and arrive in Cortina just as the athletes are making their parade around the town square. Cortina’s a one-street town, and it’s been closed down, but everyone’s hanging off the balconies. I see three men in lederhosen, five in identical Wayne Gretzky jerseys, and more people than I can count in luxurious furs. The first person I talk to is a member of the Qatari police force, who is working here as part of a security agreement between the two countries. This is the sixth Olympics I’ve worked on, but the others all took place in summer. I’m pleased to see he looks even more out of place than me. Continue reading...
Olga Yastremska/iStock via Getty Images I have closely observed the market sentiments underlining the recovery and advance of the stock of Viking Therapeutics, Inc. ( VKTX ) for some time. And I've come away confident that the wave of selling that throttled the GLP-1 related stocks in 2025 has subsided decisively. Nevertheless, the recent volatility that engulfed Novo Nordisk ( NVO ) serves as a t...
Olga Yastremska/iStock via Getty Images I have closely observed the market sentiments underlining the recovery and advance of the stock of Viking Therapeutics, Inc. ( VKTX ) for some time. And I've come away confident that the wave of selling that throttled the GLP-1 related stocks in 2025 has subsided decisively. Nevertheless, the recent volatility that engulfed Novo Nordisk ( NVO ) serves as a timely reminder that things could still evolve/devolve pretty quickly in this space. And it’s also something that Viking Therapeutics management has acknowledged, when asked about how the pre-revenue firm intends to respond to the fast-changing environment that has already seen Novo lose their luster since its peak in 2024. Notably, management appears to be shaping up for its go-to-market, highlighting that all options are on the table to spur its commercial strategy. I assess it as implying that it could still confidently pursue independent strategies even if they didn’t get “bought out” by a bigger biopharma leader looking to spruce up their obesity drugs franchise. Importantly, I believe it assures investors that while the space continues to morph quickly as the competition heats up intensely, VKTX can still translate its clinical trials success into a viable commercialization strategy as it progresses in its pipeline plans. Therefore, I thought the appointment of Neil Aubuchon to lead the company’s commercial strategy has been received warmly by the investor class: What I always say on (our go to market) is that there are some disadvantages of being a small company, but there are also some advantages. And as you point out, things are changing very, very rapidly. And we're starting here really from a blank slate. And so that we can take a look at the market with a blank slate mentality and think about where it's heading not just today, but where it's going to be a couple of years from now and optimize our commercial strategy accordingly. So as Brian said, we wouldn't disc...
Judge rejects argument that advice is legally flawed and excludes trans people from services they have long used The Good Law Project (GLP) has lost its legal challenge to interim advice released by the UK equalities watchdog that in effect said transgender people should be banned from using bathroom and changing facilities according to their lived gender. The advice from the Equality and Human Ri...
Judge rejects argument that advice is legally flawed and excludes trans people from services they have long used The Good Law Project (GLP) has lost its legal challenge to interim advice released by the UK equalities watchdog that in effect said transgender people should be banned from using bathroom and changing facilities according to their lived gender. The advice from the Equality and Human Rights Commission (EHRC), which has since been withdrawn from its website, was published soon after the landmark supreme court ruling on biological sex last April. Continue reading...
An AI clip featuring Tom Cruise and Brad Pitt fighting has caused concern among industry figures A leading Hollywood figure has warned “it’s likely over for us”, after watching a widely disseminated AI-generated clip featuring Tom Cruise and Brad Pitt fighting. Rhett Reese, co-writer of Deadpool & Wolverine, Zombieland and Now You See Me: Now You Don’t was reacting to a 15-second video showing Cru...
An AI clip featuring Tom Cruise and Brad Pitt fighting has caused concern among industry figures A leading Hollywood figure has warned “it’s likely over for us”, after watching a widely disseminated AI-generated clip featuring Tom Cruise and Brad Pitt fighting. Rhett Reese, co-writer of Deadpool & Wolverine, Zombieland and Now You See Me: Now You Don’t was reacting to a 15-second video showing Cruise and Pitt trading punches on a rubble-strewn bridge, posted by Irish film-maker Ruairí Robinson, director of 2013 sci-fi horror The Last Days on Mars . Reposting the clip on social media, Reese wrote: “I hate to say it. It’s likely over for us.” Continue reading...
Andrzej Rostek/iStock via Getty Images The U.S. Consumer Price Index crept up 0.2 % M/M in January, a cooler pace than the +0.3% consensus and slowing from +0.3% in December, according to data released by the Bureau of Labor Statistics on Friday. On a Y/Y basis, that amounts to a 2.4% increase in January, also lower than the +2.5% consensus and +2.7% in December. Excluding volatile food and energy...
Andrzej Rostek/iStock via Getty Images The U.S. Consumer Price Index crept up 0.2 % M/M in January, a cooler pace than the +0.3% consensus and slowing from +0.3% in December, according to data released by the Bureau of Labor Statistics on Friday. On a Y/Y basis, that amounts to a 2.4% increase in January, also lower than the +2.5% consensus and +2.7% in December. Excluding volatile food and energy prices, core CPI increased 0.3% M/M, in line with the +0.3% consensus and slightly hotter than the +0.2% pace in December. On a Y/Y basis, that comes to 2.5%, in line with consensus and down from 2.6% in December. Overall, the numbers indicate that inflation appears to be edging closer to the Federal Reserve's 2% inflation target. "Headline CPI inflation for January is better than expected, driven by lower energy prices," said Seeking Alpha analyst Damir Tokic . "Overall, a very mild CPI report, with shelter inflation rising at only 0.2% M/M, and no evidence of tariffs related inflation from apparel prices. Core CPI comes in at 0.3% M/M as expected, pushed higher by transportation prices. Bond market is now starting to price a third Fed cut for 2026, which should be positive for the stock market." The index for shelter, the largest factor in the index, rose 0.2% in January. The food index increased 0.2% M/M, and the energy index fell 1.5% during the month. Components of the core CPI that increased during the month included airline fares (+6.5%), personal care (+1.2%), recreation (+0.5%), medical care (+0.3%), and communication (+0.5%). The ones that declined included used cars and trucks (-1.8%), household furnishings and operations (-0.1%), and motor vehicle insurance (-0.4%), the BLS said. Developing… check back for updates. More on the US Economy Supply Side Strong The Dollar Is Firm Ahead Of January CPI Financial stress accelerates to record highs, says the National Foundation for Credit Counseling Nonfarm payrolls growth shocks to the upside in January; unemployment s...
As big tech ramps up what could total nearly $700 billion in artificial intelligence-driven capital expenditures, a top analyst believes Nvidia Corp. (NASDAQ:NVDA) stands to capture as much as half of that spending. Analyst Says Nvidia Is ‘Hard To Bet Against' On Wednesday, Futurum Group CEO Daniel Newman took to X and said that Nvidia could see 40% to 50% of the magnificent seven's committed AI c...
As big tech ramps up what could total nearly $700 billion in artificial intelligence-driven capital expenditures, a top analyst believes Nvidia Corp. (NASDAQ:NVDA) stands to capture as much as half of that spending. Analyst Says Nvidia Is ‘Hard To Bet Against' On Wednesday, Futurum Group CEO Daniel Newman took to X and said that Nvidia could see 40% to 50% of the magnificent seven's committed AI capital expenditures flow its way. "$NVDA should see 40-50% of the ~$700 Billion in Mag 7 committed A