Pope Leo celebrated his first Easter Mass as pontiff with a call on Sunday to lay down arms and seek peace to global conflicts through dialogue, but he departed from a tradition of listing the world’s woes by name in the Urbi et Orbi blessing from the loggia of St. Peter’s Basilica. Leo, the first US-born pope, emphasised Easter’s message of hope as a celebration of Jesus’ resurrection after being...
Pope Leo celebrated his first Easter Mass as pontiff with a call on Sunday to lay down arms and seek peace to global conflicts through dialogue, but he departed from a tradition of listing the world’s woes by name in the Urbi et Orbi blessing from the loggia of St. Peter’s Basilica. Leo, the first US-born pope, emphasised Easter’s message of hope as a celebration of Jesus’ resurrection after being crucified, in both the blessing and his homily. “Let us allow our hearts to be transformed by his...
Warren Buffett, the former CEO of Berkshire Hathaway , is known as one of the greatest value investors of all time. The portfolio he built at Berkshire Hathaway has changed over the past several decades, but it has always included stocks that Buffett targeted as great values. Buffett is no longer running Berkshire, but the portfolio is filled with the stocks that were picked during his tenure as C...
Warren Buffett, the former CEO of Berkshire Hathaway , is known as one of the greatest value investors of all time. The portfolio he built at Berkshire Hathaway has changed over the past several decades, but it has always included stocks that Buffett targeted as great values. Buffett is no longer running Berkshire, but the portfolio is filled with the stocks that were picked during his tenure as CEO -- and many of them are great values, especially now with the recent market pullback. The absolute cheapest stock in the Buffett portfolio right now is Charter Communications. The cable TV and internet provider is trading at just 6x earnings and 5x forward earnings. But the best value stock in the Buffett portfolio right now is Bank of America (NYSE: BAC) . Continue reading
All German Men Aged 17-45 Must Now Obtain Army Approval For Trips Abroad Lasting Over 3 Months All German men aged between 17 and 45 now need approval from the Bundeswehr - i.e., the German army - for longer stays abroad. Under the new Military Service Act, this applies to trips abroad lasting more than three months, the Defence Ministry has announced. The daily Frankfurter Rundschau was the first...
All German Men Aged 17-45 Must Now Obtain Army Approval For Trips Abroad Lasting Over 3 Months All German men aged between 17 and 45 now need approval from the Bundeswehr - i.e., the German army - for longer stays abroad. Under the new Military Service Act, this applies to trips abroad lasting more than three months, the Defence Ministry has announced. The daily Frankfurter Rundschau was the first to report on the change. The rule is part of what is known as the Military Service Modernisation Act, which came into force on 1 January 2026. The law is intended to ensure that the Bundeswehr is fit for the future in terms of personnel and organization. Plans include, among other things, a more attractive form of voluntary military service, broader registration of young men and new legal instruments to enable faster action if needed. What the new law says Specifically, this concerns paragraph 3 of the Conscription Act, which governs the scope and duration of compulsory military service in Germany. Paragraph 1 states: " Compulsory military service is fulfilled by military service or [...] by civilian service ." The provision applies to all men of conscription age between 18 and 45. The newly worded paragraph 2 now says: " Male persons who have reached the age of 17 must obtain approval from the competent Bundeswehr careers centre if they intend to leave the Federal Republic of Germany for longer than three months [...]." As long as military service remains voluntary, this approval is deemed to have been granted, a ministry spokesman said. The aim, he added, was to find a straightforward arrangement for people travelling abroad. For as long as military service is voluntary, approval is in principle regarded as granted. 🇩🇪BREAKING | Starting January 1, 2026, all men aged 17 to 45 must obtain permission from a Bundeswehr career center if they plan to leave Germany for more than three months — whether for studying abroad, work, or extended travel — Berliner Zeitung. This requi...
Watermill theatre, Newbury Screenwriter Daisy Goodwin imagines the old queen revisiting her diaries and reveals a tale of control and coercion behind Albert’s dutiful devotion When screenwriter Daisy Goodwin read that Prince Albert liked to choose Victoria’s bonnets, she wondered: was this an act of domestic devotion, or of something darker? She explored the heady early years of their relationship...
Watermill theatre, Newbury Screenwriter Daisy Goodwin imagines the old queen revisiting her diaries and reveals a tale of control and coercion behind Albert’s dutiful devotion When screenwriter Daisy Goodwin read that Prince Albert liked to choose Victoria’s bonnets, she wondered: was this an act of domestic devotion, or of something darker? She explored the heady early years of their relationship in a TV drama – but this new play finds a tale of coercive control within the revered model marriage. We open at Windsor, in the dank tail of Victoria’s long reign. Amanda Boxer’s queen is a fretful owl in black bombazine, withering and imperious, if no stranger to self pity (“a poor widow with no one to support me through all my tribulations”). An inveterate diary-keeper, her children worry that the candid volumes will be published after her death. Continue reading...
AntonioSolano/iStock via Getty Images Weekend oil trading and trading on prediction markets of contracts about the Iran war looked hesitant about what President Donald Trump's latest threat will mean for the conflict. Trump posted Saturday morning that “all hell” will rain down on Iran if Tehran fails to reach a deal and reopen the Strait of Hormuz within 48 hours . Odds on Kalshi of traffic in th...
AntonioSolano/iStock via Getty Images Weekend oil trading and trading on prediction markets of contracts about the Iran war looked hesitant about what President Donald Trump's latest threat will mean for the conflict. Trump posted Saturday morning that “all hell” will rain down on Iran if Tehran fails to reach a deal and reopen the Strait of Hormuz within 48 hours . Odds on Kalshi of traffic in the Strait returning to normal by May 15 now remain around where they were before Trump's post at 14%. But odds of opening by June 1 have risen to 30%, up 7 percentage points. Polymarket showed a mixed reaction. Odds of the conflict ending by May 15 increased to 28% from 25%, while the probability of a resolution by June 30 slipped to 55% from 60%. Oil outlook The odds of Brent crude futures ( CO1:COM ) ( BNO ) opening above $113.50/bbl Sunday evening after finishing just above $109 Thursday jumped up 21 percentage points to 60%. IG weekend trading pointed to gains in U.S. oil prices, with WTI moving to just below $108/bbl from around $105 on Thursday. However, a pricing gap remains, with CME WTI futures ( CL1:COM ) ( USO ) settling at $111.54/bbl. There's also a disconnect between the futures contract and the physical price being paid for a barrel of oil. Dated Brent, or the price on barrels bought and sold in the North Sea, topped $140/bbl this past week. That's the highest level since 2008. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on the markets Finding The Opportunities After The Selloff And End Of The War Macro Insights: The Hormuz Crisis Says No, But The Market Says Yes Commodities: Oil Jumps Amid Trump's Escalation Warning Trump says “all hell” will rain down on Iran if no deal within 48 hours Catalyst Watch: OPEC meeting, FedEx talks freight, inflation reads, and SpaceX IPO buzz
Mlenny/E+ via Getty Images Introduction Earlier this year, I remember saying that this is one of the most challenging market environments in years. Not because I struggled financially, but because we were dealing with so many forces, including a very early (super fragile) economic rebound, massive AI disruption that caused almost daily headlines about new industries that could be on the chopping b...
Mlenny/E+ via Getty Images Introduction Earlier this year, I remember saying that this is one of the most challenging market environments in years. Not because I struggled financially, but because we were dealing with so many forces, including a very early (super fragile) economic rebound, massive AI disruption that caused almost daily headlines about new industries that could be on the chopping block, inflation uncertainty, and issues in areas like housing. Then, the Iran War happened, and everything became even trickier, as it seems we get multiple escalation and de-escalation headlines every day, as the market is trying to figure out how long this war will take. And, to make matters worse, because the war involves major supply risks like the Strait of Hormuz, I have made the case that we’re in a binary market. Either the war will be solved soon, and we can go back to the growth acceleration thesis that worked so well in January and February. Or this war takes long enough that inflation spikes and causes the very fragile recovery to break, potentially triggering a recession that the market, which trades at 20x forward earnings, may not like (to put it mildly). That’s basically the current market environment in a nutshell. It’s either a very good outcome or a very bad outcome, and every day, we’re trying to figure out what the actual outcome will be. As I started writing this article after President Trump’s press conference, where he made clear he would hit Iran “extremely hard,” we’re once again dealing with a very weak market, as investors know the risks of something breaking in the economy are rising. Trump signaled a potential escalation in military action, saying the U.S. could intensify strikes over the next two to three weeks and warning Iran would be pushed “back to the stone ages.” At the same time, he left the door open to diplomacy, saying talks are ongoing. However, he cautioned that if no deal is reached, the U.S. could “hit each and every one of their...
Coming out of retirement was never part of your original plan. But unexpected expenses came up, your investments didn't grow as fast as you'd hoped, and financially, it's the only way to make ends meet. It can be a stressful transition, but a solid financial plan can make it a little easier to handle. Here's how to get started. Image source: Getty Images. Continue reading
Coming out of retirement was never part of your original plan. But unexpected expenses came up, your investments didn't grow as fast as you'd hoped, and financially, it's the only way to make ends meet. It can be a stressful transition, but a solid financial plan can make it a little easier to handle. Here's how to get started. Image source: Getty Images. Continue reading
Igor Suka/E+ via Getty Images Shares of Element Solutions ( ESI ) have seen healthy gains as of late, with investors approving of the acquisition streak that the company is undergoing. The company recently closed on two acquisitions, set to drive meaningful growth this year, warranting an update on the situation here. Recent dealmaking takes place at very reasonable valuation multiples and strongl...
Igor Suka/E+ via Getty Images Shares of Element Solutions ( ESI ) have seen healthy gains as of late, with investors approving of the acquisition streak that the company is undergoing. The company recently closed on two acquisitions, set to drive meaningful growth this year, warranting an update on the situation here. Recent dealmaking takes place at very reasonable valuation multiples and strongly adds to the growth profile of Element, both of which get my thumbs up. Moreover, the deal-making efforts come at a time when Element itself is seeing stronger growth, as this good news show has rightfully sent shares (and multiples) higher here. Following these gains, most of the immediate attraction to the risk-reward proposition seems to have been gone. However, I am happy to provide continued coverage on Element here and actively willing to consider buying on dips. Other, higher conviction ideas, including recent M&A efforts, can be found at Value In Corporate Events . Adding to the Business In January, Element Solutions closed on the acquisition of EFC Gases & Advanced Materials, a deal that was announced in November of last year. The company acquired the high-purity specialty gases and other advanced materials provider at 12 times anticipated adjusted EBITDA in 2026. Its solutions are supplied to high-end industries such as semiconductor manufacturing, aerospace, and electrical infrastructure. With the deal seen adding $30 million in EBITDA next year, the implied purchase price comes in at $360 million. As EBITDA margins are seen exceeding 30%, the implied sales contribution approaches $100 million, with revenues having grown at a compounded annual growth rate of about 15% over the past 17 years. Given a 40% exposure to semiconductor markets and 30% exposure to defense/aerospace, all of this looks quite appealing. This deal was followed by the closing of the deal for Micromax, which took place early in February. That $500 million transaction was announced in October,...
Key PointsAmazon leads the way in e-commerce and cloud computing, but massive artificial intelligence (AI) and cloud-related investments may have worried some investors.
Key PointsAmazon leads the way in e-commerce and cloud computing, but massive artificial intelligence (AI) and cloud-related investments may have worried some investors.
An oil tanker carrying crude from Iraq appeared to be transiting the Strait of Hormuz chokepoint, a day after Iran said its neighbor had special exemption to use the waterway. The Suezmax Ocean Thunder picked up its cargo from Iraq’s Basrah terminal in early March and is now bound for Malaysia, according to tanker-tracking data compiled by Bloomberg. Such vessels can carry about 1 million barrels ...
An oil tanker carrying crude from Iraq appeared to be transiting the Strait of Hormuz chokepoint, a day after Iran said its neighbor had special exemption to use the waterway. The Suezmax Ocean Thunder picked up its cargo from Iraq’s Basrah terminal in early March and is now bound for Malaysia, according to tanker-tracking data compiled by Bloomberg. Such vessels can carry about 1 million barrels of crude. The Asian nation has also received dispensation to use the strait, which is blocked for most other countries. The Iranian military said Saturday it had granted an exemption on shipping restrictions to “ brotherly Iraq ,” though it remained unclear how this would be implemented in practice. At the end of March, Malaysia said its tankers had been given permission to cross the vital sea corridor. Tracking data show the Ocean Thunder traversing the strait via a narrow northerly route that takes ships between the Iranian islands of Larak and Qeshm. Recent recorded transits have taken that passage apparently approved by Tehran. Tracking vessel movements can be an inexact science because of the potential for electronic interference with ships’ signals and the intentional disablement of transponders by pilots sailing through risky zones. Oil traders have been closely watching the strait since it was effectively shuttered shortly after the US and Israel launched attacks on the Islamic Republic on Feb. 28. The closure has bolstered prices of crude oil and products such as jet fuel and diesel, threatening financial pain for consumers everywhere.
Getty Images I used to cover Bank OZK ( OZK ) when it still held what I view to be a far superior name, Bank of the Ozarks. I cannot think why they abandoned this name, though a name, of course, isn't enough for me to "mark a company down" as such. I had been out of the bank for quite some time when I sold it above $50/share. I have not had cause to regret my course of action when doing so, given ...
Getty Images I used to cover Bank OZK ( OZK ) when it still held what I view to be a far superior name, Bank of the Ozarks. I cannot think why they abandoned this name, though a name, of course, isn't enough for me to "mark a company down" as such. I had been out of the bank for quite some time when I sold it above $50/share. I have not had cause to regret my course of action when doing so, given that for the last 4-5 years, the bank has failed to materialize any higher sort of upside. While of course it would be the height of hubris for me to suggest that I foresaw this anemia, I will say that at the time I divested, there was a risk that there was going to be a "flatter" sort of performance from the company's fundamentals and potentials. However, recently I have "gotten into" US regional banks again, and started investing. If you know me and my investment style, you know that there is only one reason why I move into banks like this again , especially during what I believe to be an economic downturn - and that is, dear readers, value for my money. I'm a value-oriented investor. That means I only buy things that I get cheaply relative to what I believe to be their fair value. So, what about OZK? Has the time come to give this company a PT that would suggest an upside here? I believe this is the case, though I also believe the upside is not as high as some analysts would suggest here. When it comes to banks, we always need to look at what makes up their assets and where they get their outperformance potential from. I recently covered Huntington ( HBAN ) which I consider to be a stellar regional bank with a lot of potential. I have also invested in the bank. OZK is not as good as HBAN, as I see things, but I still believe it to have upside. So let's see what we have here. Bank OZK - Upside from regional banking So, the bullish thesis for OZK is pretty well-established by SA analysts other than me, at the time of publishing. The average here is a "STRONG BUY". But this...