Nicolas Jooris-Ancion/iStock via Getty Images Introduction Over the past several months, I have published two long articles on Novo Nordisk ( NVO ). The first piece explained why I sold Pfizer and redeployed that capital into Novo Nordisk. The second piece explained why Novo, at around $49 per share, was underpriced relative to its archrival Eli Lilly ( LLY ) as well as their industry peers based ...
Nicolas Jooris-Ancion/iStock via Getty Images Introduction Over the past several months, I have published two long articles on Novo Nordisk ( NVO ). The first piece explained why I sold Pfizer and redeployed that capital into Novo Nordisk. The second piece explained why Novo, at around $49 per share, was underpriced relative to its archrival Eli Lilly ( LLY ) as well as their industry peers based upon my extensive comparisons among them across valuation, growth, and profitability metrics. In essence, I argued that Lilly was being priced for perfection, while Novo was being priced as if its last five years of operational outperformance had suddenly become irrelevant, and as if its hundred-plus years of expertise in chronic metabolic diseases no longer provided any enduring competitive advantages. The draft of my second article was cut from over 5,000 words to about 3,000 words at the editor’s request. Through this follow-up, which is more qualitative and deliberative in nature, I want to elaborate several points that were compressed. I will also review developments since then. With the benefit of hindsight, we now know Novo’s drop below $50 reflected market participants' collective overreaction to Novo's short-term setbacks more than sober valuation of its business fundamentals. I will then offer my view as to what a rational investor can do from here. A brief recap Over the last 100 years or so, Novo has built an enduring portfolio of endocrinology assets spanning the globe with expanding labels and patient pools. Its revenues, EBIT, and EPS were compounding at 20–30% annually recently. Gross margins exceeded 80%. Returns on capital were industry-leading. It generated net margins comparable to Lilly’s and superior to the rest. Its revenue growth over three to five years rivaled Lilly’s and far exceeded that of the remaining peers. Yet it traded at one of the lowest P/E ratios in the entire group. The market had effectively concluded that Novo’s recent U.S. execution...
Key Points Although stocks are the premier long-term wealth creator, they don't move from Point A to B in a straight line. Investors are leaning on margin at an extraordinary rate -- and that's historically bad news for stocks. Another metric with a perfect track record of forecasting the future, dating back to 1871, suggests the S&P 500's bull market rally is running on borrowed time. 10 stocks w...
Key Points Although stocks are the premier long-term wealth creator, they don't move from Point A to B in a straight line. Investors are leaning on margin at an extraordinary rate -- and that's historically bad news for stocks. Another metric with a perfect track record of forecasting the future, dating back to 1871, suggests the S&P 500's bull market rally is running on borrowed time. 10 stocks we like better than S&P 500 Index › For more than a century, no asset class has been able to hold a candle to the return potential that stocks bring to the table. While bonds, commodities, and real estate have been effective at increasing investors' nominal wealth, Wall Street's major stock indexes -- the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) -- have delivered a higher long-term annualized return. Though Wall Street's major indexes rising in value over multidecade periods is the norm, getting from Point A to B is rarely, if ever, a straight line. Short-term directional moves in stocks can be influenced by news events and investor emotions, which is what makes forecasting these moves with any accuracy so challenging. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Although no data point or previous event can guarantee short-term directional moves for the Dow, S&P 500, and Nasdaq Composite, certain events have strongly or even flawlessly correlated with significant swings in these indexes throughout history. One such flawless forecasting tool for the S&P 500 is currently flashing an unmistakable warning for Wall Street. This has consistently spelled trouble for the S&P 500 since 1957 At any given moment, there are always one or more headwinds threatening to pull the rug out from beneath Wall Street's benchmark index, the S&P 500. Perhaps the one headwind investors should be payin...
“Who wouldn’t want a robot to watch over your kids?” Elon Musk asked Davos delegates last week, as he looked forward with enthusiasm to a world with “more robots than people”. Not me, thanks: children need the human connection – the love – that gives life meaning. As he works towards launching SpaceX on to the stock market, in perhaps the biggest ever such share sale, the world’s richest man has e...
“Who wouldn’t want a robot to watch over your kids?” Elon Musk asked Davos delegates last week, as he looked forward with enthusiasm to a world with “more robots than people”. Not me, thanks: children need the human connection – the love – that gives life meaning. As he works towards launching SpaceX on to the stock market, in perhaps the biggest ever such share sale, the world’s richest man has every incentive to talk big. Yet as Musk waxed eccentrically about this robotic utopia, it was a reminder that major decisions about the direction of technological progress are being taken by a small number of very powerful men (and they are mainly men). In the cosy onstage chat, the World Economic Forum’s interim co-chair, Larry Fink, failed to ask Musk about whichever tweak of internal plumbing allowed his Grok chatbot to produce and broadcast what a New York Times investigation estimated was 1.8m sexualised images of women in just nine days. Meta boss Mark Zuckerberg wasn’t in the Swiss mountains, perhaps because he didn’t fancy facing questions about the $70bn he has fruitlessly poured into the metaverse, his plan for us all to hang out in a virtual world with imaginary mates. Even if he had put in an appearance, it seems unlikely he would have been pressed on the next big thing: Meta’s smart glasses, which are already, entirely predictably, being used to film women covertly. The International Monetary Fund’s managing director, Kristalina Georgieva, told Davos delegates that the failure to regulate tech was one of her greatest concerns, saying: “Wake up: AI is for real, and it is transforming our world faster than we are getting ahead of it.” Rather than childcare robots, though, the way most people are likely to encounter AI in the near term, is in the labour market, where Georgieva warned of a coming “tsunami” as jobs are transformed or eliminated. The IMF is calling on governments to invest in education and reskilling to prepare populations for the changing jobs marke...
A hiker in his forties was airlifted to hospital and later pronounced dead after passing out on a trail on Hong Kong Island on Sunday. Police said they received a report at 2.16pm that the man had collapsed on the Hong Kong Trail, near Parker Avenue on Siu Ma Shan. A government helicopter airlifted the hiker to Pamela Youde Nethersole Eastern Hospital in Chai Wan, where he was later certified dead...
A hiker in his forties was airlifted to hospital and later pronounced dead after passing out on a trail on Hong Kong Island on Sunday. Police said they received a report at 2.16pm that the man had collapsed on the Hong Kong Trail, near Parker Avenue on Siu Ma Shan. A government helicopter airlifted the hiker to Pamela Youde Nethersole Eastern Hospital in Chai Wan, where he was later certified dead. Advertisement Police are investigating the cause of his death. The 50km trail runs from Victoria Peak to Big Wave Bay on Hong Kong Island and has eight sections of varying difficulty. Siu Ma Shan, a 424-metre (1,391 feet) hill, is located in Tai Tam Country Park. Advertisement Last Sunday, a 63-year-old man died after collapsing during a hike on Robin’s Nest Country Trail near the border with mainland China.
Supatman/iStock via Getty Images Introduction Shares in CBL & Associates Properties ( CBL ) are marginally down since the start of 2026, underperforming the small gain delivered by the Vanguard Real Estate Index Fund ETF ( VNQ ). I think this can be seen as profit-taking after a very strong 2025 for CBL, with CBL stock still up 26% Y/Y, notably outperforming the VNQ. Proposals for a 10% cap on cre...
Supatman/iStock via Getty Images Introduction Shares in CBL & Associates Properties ( CBL ) are marginally down since the start of 2026, underperforming the small gain delivered by the Vanguard Real Estate Index Fund ETF ( VNQ ). I think this can be seen as profit-taking after a very strong 2025 for CBL, with CBL stock still up 26% Y/Y, notably outperforming the VNQ. Proposals for a 10% cap on credit card interest rates, seen as limiting consumer spending, have also likely contributed to the pullback. The caveat is that further regulation may ultimately be beneficial for consumers as it will leave more money in their pockets (at the expense of bank shareholders), hence the long-term effect on CBL may not be as bad as currently anticipated. Near-term consumer spending uncertainty aside, I believe the pullback in CBL shares presents a buying opportunity, thus confirming my Buy rating. My positive outlook is underpinned by: A very low 4.6x multiple relative to my 2026 AFFO outlook of >$7.70/share. Significant retained earnings allowing for gradual debt principal paydowns, thus reducing leverage and a key risk in the CBL investment case. A positive macroeconomic backdrop for retail spending, with U.S. GDP seen above the 1.8% long-term average in both 2026 and 2027. There have been no major portfolio transactions since I last covered CBL. As such, the Company Overview section in my previous article provides an up-to-date snapshot of CBL for readers not familiar with the company. The only change I would highlight is that net debt now accounts for only 67% of the company's $3.3 billion enterprise value, with the proportion of equity financing increasing thanks to share price strength in late 2025. CBL's latest company presentation for November 2025 is available here . Q4 2025 Earnings Preview CBL is set to report Q4 2025 earnings on February 13, 2026. I see five key moving parts going into CBL's earnings report: The impact of the government shutdown, which lasted 43 days, ...
Key Points Ares Capital is offering a huge 8.5% dividend yield today. Ares Capital is a large and well respected business development company, or BDC. If you are looking for a reliable income stock you'll want to tread carefully with Ares Capital. 10 stocks we like better than Ares Capital › The single most important thing to understand about Ares Capital (NASDAQ: ARCC) is that it is a business de...
Key Points Ares Capital is offering a huge 8.5% dividend yield today. Ares Capital is a large and well respected business development company, or BDC. If you are looking for a reliable income stock you'll want to tread carefully with Ares Capital. 10 stocks we like better than Ares Capital › The single most important thing to understand about Ares Capital (NASDAQ: ARCC) is that it is a business development company (BDC). That's even more important than the huge 8.5% dividend yield it is offering today. Here's a look at the key facts here, before you add this high-yield stock to your dividend portfolio. What does Ares Capital do? As noted, Ares Capital is a business development company. That's a unique business model, with the company effectively acting as a lender to small businesses. There are some rules around BDCs that are important. For example, they are supposed to provide guidance to the companies to which they are lending. And there are limits on the amount of leverage a BDC can take on at the corporate level, which helps to limit risk. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Ares Capital is a well-respected BDC. If you have your heart set on owning a business development company it's not a bad choice. But there are notable idiosyncratic risks you have to consider first. One of the most important is the fact that BDCs are largely lending to companies that don't have other attractive funding options. The yields that BDCs charge on their loans tend to be rather high, often as much as 10% (more on this below). If a BDC's client could get better interest rates from a bank, or issue stock or sell debt on the open market at better terms, it would almost certainly do so. Part of the issue is that BDCs often work with smaller businesses. A smaller business just doesn't have the same access to capital as a larger business. There is a very real risk that a small business may ...
shells1/E+ via Getty Images S&P Global Energy reports on the world's top copper producers in 2024 and their reserves replacement strategies over the 2015–24 period, following the previous Copper Reserves Replacement Strategies (RRS) articles published in 2021. These studies examine the relationships between each company's production, reserves, costs, exploration budgets, acquisitions, divestitures...
shells1/E+ via Getty Images S&P Global Energy reports on the world's top copper producers in 2024 and their reserves replacement strategies over the 2015–24 period, following the previous Copper Reserves Replacement Strategies (RRS) articles published in 2021. These studies examine the relationships between each company's production, reserves, costs, exploration budgets, acquisitions, divestitures and copper discoveries during the decade-long period. The strategies of the top 10 producers across various RRS metrics are examined, while strategies for the top five producers were presented individually. Key Findings From 2015 to 2024, the leading 10 copper producers added 130.9 million metric tons of copper reserves to cover 134% of their production over the period. By end-2024, the group held 363.5 MMt of copper reserves. The group collectively produced 88.8 MMt copper during the period, with a compound annual growth rate (CAGR) of 1%. Exploration activities accounted for 85% of reserves growth, while asset acquisitions contributed 15%. Copper exploration budgets for the group totaled $6.97 billion, with some producers increasingly prioritizing brownfield exploration and development. Grassroots copper exploration budgets in 2010–24 comprised 38% of the total copper budgets over the same period. Collectively, the group invested $14.43 billion in acquiring new reserves at an average cost of 33 cents/lb and realized $9.16 billion from divesting 15 MMt at 28 cents/lb. New copper discoveries have been limited, with only five of the top 10 producers having major finds between 2010 and 2024, totaling 7 MMt copper in attributable reserves, resources and past production. Persistent supply constraints and robust demand are expected to keep the copper concentrate market tight, intensifying the challenge of replacing reserves and sustaining output for the industry's largest players. Access the top copper producer metrics RRS databook. In 2015–24, the copper industry shifted from ...
With asset tokenization ready to skyrocket in popularity, a major beneficiary could be Chainlink. In any given year, it's almost impossible to predict which cryptocurrencies will take off in value. Last year, for example, Bitcoin (BTC 1.17%) and cryptocurrencies tied to artificial intelligence were supposed to soar in value. They didn't. So which cryptocurrencies are poised for lift-off in 2026? M...
With asset tokenization ready to skyrocket in popularity, a major beneficiary could be Chainlink. In any given year, it's almost impossible to predict which cryptocurrencies will take off in value. Last year, for example, Bitcoin (BTC 1.17%) and cryptocurrencies tied to artificial intelligence were supposed to soar in value. They didn't. So which cryptocurrencies are poised for lift-off in 2026? My prediction is that the top-performing cryptocurrencies will be those tied to the future of real-world asset (RWA) tokenization, which has emerged as one of the hottest trends in the crypto and blockchain space. The best of these is Chainlink (LINK 0.88%), which routinely ranks among the top 15 cryptocurrencies in the world according to market cap. A repeat of 2019-2021? Long-time crypto investors are probably familiar with Chainlink. During the last great crypto bull market rally, Chainlink absolutely exploded in value. It skyrocketed in price from $0.50 in May 2019 to hit a new all-time high of $52 in May 2021. Expand CRYPTO : LINK Chainlink Today's Change ( -0.88 %) $ -0.11 Current Price $ 12.09 Key Data Points Market Cap $8.6B Day's Range $ 12.01 - $ 12.23 52wk Range $ 10.21 - $ 27.70 Volume 175M At the time, the biggest trend in the blockchain and crypto world was decentralized finance (DeFi), and Chainlink was smack-dab in the middle of it. As a blockchain oracle network, Chainlink was able to provide accurate pricing data for blockchain smart contracts. Chainlink became one of the poster children of decentralized finance at a time when many thought blockchain-powered finance was about to take over Wall Street. Five years later, it might be time for a Chainlink bull market sequel. Just as Chainlink exploded in price five years ago, it might explode in price again. This time, Chainlink is smack-dab in the middle of another important trend: real-world asset (RWA) tokenization. This refers to the transformation of traditional financial assets (such as stocks and bonds) ...
格隆汇1月25日｜由于日本首相高市早苗对汇率异常波动发出行动警告，交易员在本周伊始将处于高度戒备状态，严防日本政府干预以阻止近期日元的下滑——此次行动甚至可能得到美国的罕见协助。Pepperstone集团高级研究策略师Michael Brown表示：“汇率检查通常是采取干预行动前的最后警告。高市政府对外汇投机行为的容忍度似乎远低于其前任。”有关汇率检查的报道可能会让市场不敢进一步做空日元，从而挤压已达到十多年来最大增幅的日元空头头寸。上周最后几个交易小时内，日元走势剧烈波动，从跌向2024年低位的态势中逆转，对美元一度大涨1.75%至155.63，创下去年8月以来的最大单日涨幅。AT Global Markets 首席分析师Nick指出，如果美国方面参与了潜在的汇率检查，其影响不仅限于日元，还可能波及全球市场。
After Arsenal defeated Chelsea on Saturday, this becomes a huge Sunday for leaders Manchester. A win in the capital will stretch out their lead at the top of the WSL to nine points, and mean the title is surely headed to the Etihad Campus. Tottenham can climb into the top three reckoning by beating bottom club Liverpool. Same goes for Manchester United at Villa. West Ham can do themselves a favour...
After Arsenal defeated Chelsea on Saturday, this becomes a huge Sunday for leaders Manchester. A win in the capital will stretch out their lead at the top of the WSL to nine points, and mean the title is surely headed to the Etihad Campus. Tottenham can climb into the top three reckoning by beating bottom club Liverpool. Same goes for Manchester United at Villa. West Ham can do themselves a favour by winning at Leicester. Aston Villa v Manchester United London City v Manchester City Leicester v West Ham Liverpool v Tottenham
Key Points Realty Income has a high dividend yield and impressive track record of dividend hikes. The stock offers remarkable stability thanks to primarily to its diversified portfolio of properties. Realty Income also has significant growth prospects, especially in Europe. 10 stocks we like better than Realty Income › What's the best stock on the market for income investors? To be honest, I'm not...
Key Points Realty Income has a high dividend yield and impressive track record of dividend hikes. The stock offers remarkable stability thanks to primarily to its diversified portfolio of properties. Realty Income also has significant growth prospects, especially in Europe. 10 stocks we like better than Realty Income › What's the best stock on the market for income investors? To be honest, I'm not sure. There are quite a few worthy candidates. However, I think that Realty Income (NYSE: O) ranks among the top contenders. Here are five reasons income investors will absolutely love this high-yield dividend stock. 1. The high yield (of course) I've already intentionally given away the most crucial attraction for Realty Income. Its forward dividend yield tops 5.2%. Sometimes, high dividend yields are a warning sign of potential problems with a stock. That's not the case with Realty Income, though. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Realty Income's dividend payout is so juicy primarily because it's a real estate investment trust (REIT). All REITs must return at least 90% of their income to shareholders as dividends to be exempt from federal income taxes. Unsurprisingly, REITs often offer high dividend yields. Real estate companies must generate profits to pay those dividends. That's not an issue with Realty Income. The REIT recorded net income of over $766 million in the first nine months of 2025. 2. An impressive track record of dividend hikes Income investors don't like their dividend income to be eroded by inflation. They won't have to be concerned about this possibility with Realty Income. The REIT has increased its dividend for over 30 consecutive years with a compound annual growth rate (CAGR) of 4.2%. Be prepared to be even more impressed. Realty Income has increased its dividend a stunning 133 times since listing its shares on the ...
I think exchange-traded funds (ETFs) offer one of the best ways to invest. You can buy a basket of stocks (or bonds) in one fell swoop. Many ETFs are quite cost-effective, too. Vanguard's family of funds especially stands out for its low costs. It's easy to be overwhelmed by the number of choices, though. Vanguard alone markets 90 ETFs. What's the best Vanguard ETF to invest $1,000 in right now? S...
I think exchange-traded funds (ETFs) offer one of the best ways to invest. You can buy a basket of stocks (or bonds) in one fell swoop. Many ETFs are quite cost-effective, too. Vanguard's family of funds especially stands out for its low costs. It's easy to be overwhelmed by the number of choices, though. Vanguard alone markets 90 ETFs. What's the best Vanguard ETF to invest $1,000 in right now? Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » Several good candidates Several Vanguard ETFs are good candidates to buy. The Vanguard S&P 500 ETF (NYSEMKT: VOO) is a perennially smart pick for long-term investors. Probably the only major knock against this fund is that it's historically expensive right now with a price-to-earnings (P/E) ratio of 27.5. Over the long run, small-cap value stocks have outperformed all other equities, and Vanguard provides an easy way to invest in these stocks with its Vanguard Small-Cap Value ETF (NYSEMKT: VBR). This ETF owns 838 stocks with relatively small market caps and attractive valuations. However, the Vanguard Small-Cap Value ETF could be highly volatile with significant uncertainty in the market. If you had asked me a few weeks ago to pick the best Vanguard ETF to buy, I would have probably gone with the Vanguard Financials ETF (NYSEMKT: VFH), which invests in the financial sector. Despite a strong performance over the last 12 months, its valuation remains attractive with a P/E ratio of 17.3. I still think this Vanguard ETF will likely deliver solid gains in 2025 as financial stocks benefit from deregulation in the second Trump administration. But the aforementioned market uncertainty keeps it from ranking at the top of my list, at least right now. Arguably the best choice right now So which member of the Vanguard family is the best choice to invest $1,000 in right now? I'd go with the Vanguard Utilities ETF (NYSEMKT: VPU). The potential negative impact of tariffs combined wit...
For more than a century, no asset class has been able to hold a candle to the return potential that stocks bring to the table. While bonds, commodities, and real estate have been effective at increasing investors' nominal wealth, Wall Street's major stock indexes -- the Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite (NASDAQINDEX: ^IXIC) -- have de...
For more than a century, no asset class has been able to hold a candle to the return potential that stocks bring to the table. While bonds, commodities, and real estate have been effective at increasing investors' nominal wealth, Wall Street's major stock indexes -- the Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite (NASDAQINDEX: ^IXIC) -- have delivered a higher long-term annualized return. Though Wall Street's major indexes rising in value over multidecade periods is the norm, getting from Point A to B is rarely, if ever, a straight line . Short-term directional moves in stocks can be influenced by news events and investor emotions, which is what makes forecasting these moves with any accuracy so challenging. Although no data point or previous event can guarantee short-term directional moves for the Dow, S&P 500, and Nasdaq Composite, certain events have strongly or even flawlessly correlated with significant swings in these indexes throughout history. One such flawless forecasting tool for the S&P 500 is currently flashing an unmistakable warning for Wall Street. Continue reading