ismael san jose/iStock via Getty Images Facing Ample Uncertainty, Small-Caps Maintain Leadership Most of the world’s equity indexes began 2026 on a positive note—which went sour when the U.S. and Israel went to war with Iran, creating concerns for investors beyond the human costs and geopolitical instability. Prior to the onset of the conflict—which spurred a shock to global energy supplies when I...
ismael san jose/iStock via Getty Images Facing Ample Uncertainty, Small-Caps Maintain Leadership Most of the world’s equity indexes began 2026 on a positive note—which went sour when the U.S. and Israel went to war with Iran, creating concerns for investors beyond the human costs and geopolitical instability. Prior to the onset of the conflict—which spurred a shock to global energy supplies when Iran closed off the logistically vital Strait of Hormuz—investors were facing an already lengthy and weighty set of worries, including sticky inflation, increased unemployment, fear of a market bubble (mostly limited to large-cap stocks), a sluggish housing market, and declining consumer confidence. To this list we can add unease about private credit potentially having a bubble of its own—with ripple effects that are impossible to predict. In light of these issues, we were pleased to see 1Q26 conclude with the small-cap Russell 2000 and Russell Microcap Indexes each surviving the wild swings that have characterized the U.S. equity markets since the beginning of the war by eking out positive returns. 2026’s first quarter marked the fourth consecutive quarter in which the micro-cap index beat the major domestic large-cap indexes, helping solidify the market leadership for both small- and micro-cap stocks that began off the April 2025 market low. For 1Q26, both the Russell Microcap and Russell 2000 were positive, with the Russell 2000 gaining 0.9% and the Russell Microcap advancing 1.5%. By comparison, the large-cap Russell 1000 Index declined -4.2% while the mega-cap Russell Top 50 Index fell -7.9% as the ‘Mag 7’ turned into the ‘Lag 7.’ The Russell 1000 has experienced 26 down quarters over the last 25 years—and the Russell 2000 has beaten its large-cap sibling only eight times (including 1Q26). Small-caps had a positive return in only one other previous down quarter for large-cap, which occurred in 2Q08 during the Great Financial Crisis. Amid High Volatility, Small- and Micr...
The Debt Spiral Ends In Dollar Destruction: 6 Hard Truths America Can No Longer Ignore Authored by Nick Giambruno via Doug Casey's International Man , “Whenever governments are granted power to purchase their own debt, they never fail to do so, eventually destroying the value of the currency.” – Ron Paul Let’s take a step back and look at the big picture so we can assess the US government’s financ...
The Debt Spiral Ends In Dollar Destruction: 6 Hard Truths America Can No Longer Ignore Authored by Nick Giambruno via Doug Casey's International Man , “Whenever governments are granted power to purchase their own debt, they never fail to do so, eventually destroying the value of the currency.” – Ron Paul Let’s take a step back and look at the big picture so we can assess the US government’s financial situation, where it’s likely headed, and what these trends could mean. Observation #1: It’s Politically Impossible To Cut Spending Among the biggest expenditures for the US government are so-called entitlements like Social Security and Medicare. It’s unlikely any politician will cut entitlement s. On the contrary, I expect them to continue growing. That’s because tens of millions of Baby Boomers - about 22% of the population - will enter retirement in the coming years. Cutting Social Security and Medicare is a sure way to lose an election. The interest on the federal debt is already the second-largest federal expenditure. In a matter of months, it’s set to exceed Social Security and become the biggest expenditure. With the most precarious geopolitical situation since World War 2, National Defense—another large expenditure—is unlikely to be cut. Instead, defense spending is all but certain to increase . President Trump has proposed increasing it from $917 billion to $1.5 trillion. The ongoing war with Iran guarantees military spending has nowhere to go but up, way up. The Pentagon has requested an additional $200 billion for starters for the Iran war. Different types of healthcare and welfare programs also make up a considerable part of the federal budget and are unlikely to be cut. In short, efforts to reduce expenditures will be meaningless unless it becomes politically acceptable to make chainsaw-like cuts to entitlements, national defense, and welfare while reducing the national debt to lower the interest cost. In other words, the US would need a leader who—at a mini...
(RTTNews) - After coming under pressure early in the session on Monday, treasuries regained some ground as the day progressed but remain in negative territory.
(RTTNews) - After coming under pressure early in the session on Monday, treasuries regained some ground as the day progressed but remain in negative territory.
Mininyx Doodle/iStock via Getty Images In the current AI environment, I am certainly not the most optimistic when it comes to SaaS stocks. In fact, I recently analyzed UiPath ( PATH ), and as much as I don't think it's a bad company, I think there is a very large uncertainty in the business model and also much more attractive alternatives to ride the same trend. But I'm also not that guy who think...
Mininyx Doodle/iStock via Getty Images In the current AI environment, I am certainly not the most optimistic when it comes to SaaS stocks. In fact, I recently analyzed UiPath ( PATH ), and as much as I don't think it's a bad company, I think there is a very large uncertainty in the business model and also much more attractive alternatives to ride the same trend. But I'm also not that guy who thinks that absolutely all SaaS companies are dying businesses and have no moat. I know that there are some good companies that will use AI as something to boost growth and the moat. And one of them is Cellebrite DI Ltd. ( CLBT ). A company that is in a very interesting niche, and the financials are in great shape, all of this for a very reasonable valuation. Why Cellebrite Is A Good Company I believe that common sense, or first-level thinking, is that Cellebrite is a company that “unlocks” smartphones. Because of this, perhaps the moat and the real opportunity go unnoticed many times. It's not that this is a wrong view, especially because one of the products really is the “Universal Forensic Extraction Device,” that is, a service to extract physical data from devices like an iPhone. This in itself would already be a small moat, since the police and similar agents could not use pirated software or an “unofficial” alternative; it needs to be something serious, secure, approved, and all that. But Cellebrite is far from being a company that only unlocks cell phones, discovers passwords, and all that. There is a whole platform, a management behind it. Guardian, for example, is a Cellebrite cloud system. After extracting hundreds of gigabytes from a device of someone who is being investigated, this needs to be stored somewhere. Guardian is the place where everyone involved can access it securely and with various “features” so that everyone has access but only with permissions that are necessary. And in this context these things matter a lot; it's not like a company like Anthropic cou...
Noko LTD/E+ via Getty Images DFAX Strategy DFA Dimensional World ex US Core Equity 2 ETF ( DFAX ) is an actively managed fund launched on 03/06/2008 and listed as an ETF on 9/13/2021. Historical prices are reported by data providers from the latter date. DFAX has over 10,000 holdings, a 12-month distribution yield of 2.44%, and an expense ratio of 0.28%. Distributions are paid quarterly. As descri...
Noko LTD/E+ via Getty Images DFAX Strategy DFA Dimensional World ex US Core Equity 2 ETF ( DFAX ) is an actively managed fund launched on 03/06/2008 and listed as an ETF on 9/13/2021. Historical prices are reported by data providers from the latter date. DFAX has over 10,000 holdings, a 12-month distribution yield of 2.44%, and an expense ratio of 0.28%. Distributions are paid quarterly. As described in the prospectus by Dimensional , the fund essentially selects stocks based on size, valuation, and profitability. Value is primarily measured by the price-to-book value ratio, with secondary metrics such as price-to-cash flow and price-to-earnings. Profitability is primarily measured by earnings or profits from operations in relation to book value or assets. Nonetheless, metrics used to assess value and profitability may change over time. The portfolio turnover rate is very low: 5% in the most recent fiscal year. In this article, I will use the iShares Core MSCI Total International Stock ETF ( IXUS ) as a benchmark, which tracks the MSCI ACWI ex USA IMI Index. Portfolio About 61% of asset value is invested in large- and mega-cap companies. The fund is geographically diversified, with 67.4% in developed markets, 32.6% in emerging markets, and a focus on Asia (about 50% of asset value). Japan is in first position with 15.4% of assets, and all other countries are below 9%. The geographical allocation is very close to that of the benchmark, even though DFAX slightly downplays the U.K. DFAX top countries (chart: author: data: Dimensional, iShares) The fund is diversified across sectors, with significant exposure in financials (19.1%) and industrials (17.2%). Compared to IXUS, DFAX notably overweights materials and downplays financials, but the two funds’ sector breakdowns are not much different. Sector breakdown (chart: author: data: Dimensional, iShares) Company-specific risk is low. The top 10 issuers, listed in the next table, represent 7.5% of asset value, and the heav...
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Soleno Therapeutics Inc (Symbol: SLNO), where a total volume of 55,784 contracts has been traded thus far today, a contract volume which is representative of app
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Soleno Therapeutics Inc (Symbol: SLNO), where a total volume of 55,784 contracts has been traded thus far today, a contract volume which is representative of app
In trading on Monday, shares of Costamare Inc's 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (Symbol: CMRE.PRD) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.1875), with shares changing hands as low as $27.06 on the day. T
In trading on Monday, shares of Costamare Inc's 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (Symbol: CMRE.PRD) were yielding above the 8% mark based on its quarterly dividend (annualized to $2.1875), with shares changing hands as low as $27.06 on the day. T
alvarez/iStock via Getty Images Of the American LNG industry, Cheniere Energy, Inc. ( NYSE: LNG ) is, most likely, the acknowledged leader and one of the most massive operators in the world, providing—probably—more than 50% of the entire export of liquefied natural gas from the USA. Possessing a unique infrastructure on the coast of the Gulf of Mexico, the company acts as a key linking element bet...
alvarez/iStock via Getty Images Of the American LNG industry, Cheniere Energy, Inc. ( NYSE: LNG ) is, most likely, the acknowledged leader and one of the most massive operators in the world, providing—probably—more than 50% of the entire export of liquefied natural gas from the USA. Possessing a unique infrastructure on the coast of the Gulf of Mexico, the company acts as a key linking element between the surplus reserves of shale gas in America and the deficit markets of Europe and Asia. At the current quote of around $281 per share and a market capitalization in the area of $59 billion , it may seem that Cheniere is already priced for perfection. The company's shares demonstrated an impressive rally, having risen from levels of $238 in the middle of 2025 on the wave of global energy anxiety. To many investors right now, it appears that the geopolitical premium by its nature carries a temporary character, and the purchase of the asset at such maximums no longer looks attractive. Among the analysts on Wall Street, there is an opinion that the conflict in the Middle East will finally end, after which prices for oil and gas, possibly, will return to their average values. For LNG, this logic does not consider the critical factor—the recent physical destruction of production capacities and LNG terminals in Qatar and Iran. This volume of supply, most likely, is extremely difficult to return to the market by a simple signing of a peace agreement—on the restoration of the most complex technical infrastructure, probably, it will take years. In this new reality, Cheniere no longer appears simply as a large player—the company de facto became, perhaps, one of the most reliable and, possibly, key providers of energy security in the world. The market still values the company with a forward P/E multiplier at the level of 19 , perceiving it as a traditional cyclical manufacturer having passed its peak. And here we have a picture: in actual fact, before us is a stable infrastructur...
In trading on Monday, shares of Cherry Hill Mortgage Investment Corp's 8.20% Series A Cumulative Redeemable Preferred Stock (Symbol: CHMI.PRA) were yielding above the 10% mark based on its quarterly dividend (annualized to $2.05), with shares changing hands as low as $20.41 on t
In trading on Monday, shares of Cherry Hill Mortgage Investment Corp's 8.20% Series A Cumulative Redeemable Preferred Stock (Symbol: CHMI.PRA) were yielding above the 10% mark based on its quarterly dividend (annualized to $2.05), with shares changing hands as low as $20.41 on t
Bayern Munich are waiting on the fitness of "very special" Harry Kane to see if he can lead their challenge to overcome Real Madrid in the Champions League quarter-final.
Bayern Munich are waiting on the fitness of "very special" Harry Kane to see if he can lead their challenge to overcome Real Madrid in the Champions League quarter-final.
Alexander Shapovalov/iStock Editorial via Getty Images Much has gone down with cruise operator Carnival Corporation & plc ( CCL ) ( CUK ) since I last checked on it in December. From then until early February, its price rose by no less than 30%. Cut to now, however, and it's back to where I last left it. So here, I discuss why CCL has nosedived and move on to why there's now even more upside to it...
Alexander Shapovalov/iStock Editorial via Getty Images Much has gone down with cruise operator Carnival Corporation & plc ( CCL ) ( CUK ) since I last checked on it in December. From then until early February, its price rose by no less than 30%. Cut to now, however, and it's back to where I last left it. So here, I discuss why CCL has nosedived and move on to why there's now even more upside to it now. Why the Carnival Stock Nosedived While the stock had already started gently coming off after touching multi-year highs in early February, likely on profit taking, it truly slumped following the start of the US-Iran war. It has lost some 20% of its value since the end of February, as a result, making its decline the second biggest after Norwegian Cruise Line Holdings Ltd. ( NCLH ) (see chart below). The outsized impact on cruises was to be anticipated for the following four reasons: Price Returns (Feb 27-Present): Cruise Stocks (CCL, NCLH, RCL, VIK) and S&P 500 (Source: Seeking Alpha) #1. Inflation Risk Can Dent Consumer Demand The most apparent macroeconomic impact of the war is, of course, the oil price shock that has tipped crude prices to over $100/bbl. Even though the Fed's latest economic projections indicate that inflation risk is contained so far, consumers are beginning to feel uncertain. This is evident in the latest consumer confidence survey results. For example, the University of Michigan Consumer Sentiment Index dropped for the first time in three months. While the Conference Board Consumer Confidence Index did better, even in this case, consumers optimism about the future is waning. If a spending pullback occurs, consumer discretionary services like cruises could well be impacted. #2. Carnival Brands Cancel Some Cruises The war impacts supply-side dynamics too. Two of Carnival's brands, Costa Cruises and Aida Cruises, have cancelled trips to the Middle East, citing unpredictability in the region. While these trips have been redirected elsewhere, indicati...