XH4D/iStock via Getty Images Investment Thesis The ongoing wars in Ukraine and the Middle East have dramatically redefined military tactics. We can see UASs (Unmanned Aircraft Systems), or drones, worth tens of thousands of dollars destroying tanks or other military systems worth millions. And we can see these drones countered with Patriot systems worth even more. And it’s not only about military ...
XH4D/iStock via Getty Images Investment Thesis The ongoing wars in Ukraine and the Middle East have dramatically redefined military tactics. We can see UASs (Unmanned Aircraft Systems), or drones, worth tens of thousands of dollars destroying tanks or other military systems worth millions. And we can see these drones countered with Patriot systems worth even more. And it’s not only about military operations, but we have also seen drones flying and spying over Copenhagen and other European airports. And if cheap drones can pose such serious problems, then C-UAS (Counter-UAS, or counter-drone) technologies should keep up, and if also cheap, even better. I added two small positions during the last months, in DroneShield ( DRSHF ) and Electro Optic Systems ( EOPSF ). The first one is specialized in multi-sensor detection and jamming (“soft-kill”), especially suitable for civilian environments. The second one is known for its high-energy lasers, very powerful but more limited systems, but also developing some C-UAS interceptors. Both are Australian companies, with their main customers in Europe, followed by Asia. Then, I have close to a half position in Select STOXX Europe Aerospace & Defense ETF ( EUAD ), through options this time, mostly due to increased defense spending in Europe, but also with a minor exposure to UAS and C-UAS. Therefore, my exposure is mainly to Europe with regard to UAS and C-UAS. Today, I want to focus on an American-based company, Ondas Inc. ( ONDS ), a more versatile company including both UAS and C-UAS (jamming systems or interceptors), but also UGV (Unmanned Ground Vehicles) and others. I will detail my fair value estimate and my strategy. Business Analysis Ondas has two primary business lines: OAS (Ondas Autonomous Systems) and Ondas Networks. OAS develops, integrates, and operates autonomous systems-related solutions focused primarily on defense and security applications, while also targeting commercial and critical infrastructure customers....
zhengzaishuru/iStock via Getty Images Riley Exploration Permian ( REPX ) is another small company that I follow that is pursuing conventional opportunities. This has been covered in the last article and articles before that. Because the opportunity is conventional, there is less competition for the acreage. That lowers location costs considerably. Lower location cost often shows itself as higher p...
zhengzaishuru/iStock via Getty Images Riley Exploration Permian ( REPX ) is another small company that I follow that is pursuing conventional opportunities. This has been covered in the last article and articles before that. Because the opportunity is conventional, there is less competition for the acreage. That lowers location costs considerably. Lower location cost often shows itself as higher profitability. Because these wells are considered small wells, it takes a lot of them to "move the needle" for larger companies. But a smaller company like this one can grow profitably for quite some time without attracting competition for acreage in this area of the upstream industry. Investors can consider that a relatively permanent competitive advantage (or even a "moat"). Acquisition The other advantage is that this company waited for this part of the industry to develop to the point that the "good" acreage was known compared to all the possible places that could establish this conventional opportunity. As a result, this company was able to begin operations in the most profitable areas of this opportunity while others had to figure out the desirable areas from the discovery. The Silverback acquisition was the latest of several made in the Red Lake area. The company began operations with the Northwest Shelf leases. That already was a prime area for this location. Now it is building upon the first prime area by adding acreage in yet another very profitable area. Riley Permian Map Of Operations (Riley Permian Corporate Presentation March 2026) As shown above, New Mexico and closely related areas are some of the most profitable areas to lease. Some very large companies like Occidental Petroleum ( OXY ) have operations that extract oil and related products from different intervals in the area. Riley Permian Profitability Summary Characteristics Of Wells (Riley Permian Corporate Presentation March 2026) Note that the decline rate of these wells is very different from the typi...
The US Separation From Europe And NATO Is Long Overdue Authored by Brandon Smith via Alt-Market.us As much as many centrists and libertarians are opposed to Donald Trump’s ongoing strikes against Iran, I have to say, the downstream result might end up becoming one of the most libertarian results I have ever seen. For decades, small government activists like those in the Ron Paul movement have been...
The US Separation From Europe And NATO Is Long Overdue Authored by Brandon Smith via Alt-Market.us As much as many centrists and libertarians are opposed to Donald Trump’s ongoing strikes against Iran, I have to say, the downstream result might end up becoming one of the most libertarian results I have ever seen. For decades, small government activists like those in the Ron Paul movement have been calling for a comprehensive US divorce from NATO and the shutdown of America’s military bases overseas. Trump has, either deliberately or inadvertently, set this very process in motion. The refusal of most of Europe (and Australia) to provide support in the reopening of the Strait of Hormuz might seem like geopolitical orbiting – In other words, getting involved could hurt them more than it would help them. Of course, these nations are far more exposed to the Hormuz closure and the slowdown in energy exports than the US. You would think their interests would demand a securing of the strait. Europe is already struggling for energy resources due to the Ukraine war (a war they are deeply involved in), and this is where we stumble upon the ideological disconnect. Europe’s Goal Is WWIII And They Expect America To Maintain The Status Quo Europeans are perfectly willing to engage in war tensions with Russia while risking energy inflation and WWIII, all over a country that had minimal strategic or economic importance to them before the conflict. They have consistently called on the US to provide weapons and funding and intel to the Ukrainians, which we have obliged. And, they have called for American troops to stand at the forefront should a wider war erupt. NATO and European governments love America…but only as a shield that benefits them. To be clear, it’s true that years ago NATO allies invested troops and equipment into the wars in Afghanistan and Iraq, but one could also argue that, at that time, the establishment was in sync on both sides of the Atlantic. There was no large ...
The Artemis era well and truly began Friday evening when a shiny spacecraft that had traveled 700,000 miles around the Moon, carrying four astronauts, splashed down in the Pacific Ocean off the coast of California. For NASA, for its international partners, and for all of humanity the successful conclusion of the Artemis II mission marked a return to deep space by our species after more than half a...
The Artemis era well and truly began Friday evening when a shiny spacecraft that had traveled 700,000 miles around the Moon, carrying four astronauts, splashed down in the Pacific Ocean off the coast of California. For NASA, for its international partners, and for all of humanity the successful conclusion of the Artemis II mission marked a return to deep space by our species after more than half a century. It was a spectacular achievement, and NASA deserves credit for making something what is very difficult look relatively easy. But it also raises an important question: What comes next? Read full article Comments
akinbostanci/iStock via Getty Images By Elior Manier Metals have been an essential store of value and currency since the dawn of humanity. Traditionally seen as safe havens, however, their price action has been nothing but confusing, even before the onset of the conflict. Following the appointment of Kevin Warsh as head of the Federal Reserve, a massive wave of profit-taking triggered an unavoidab...
akinbostanci/iStock via Getty Images By Elior Manier Metals have been an essential store of value and currency since the dawn of humanity. Traditionally seen as safe havens, however, their price action has been nothing but confusing, even before the onset of the conflict. Following the appointment of Kevin Warsh as head of the Federal Reserve, a massive wave of profit-taking triggered an unavoidable crash. They managed to retain a large part of their 2025 appreciation but haven't found stable ground despite the evident appeal of safe havens. Having stalled their corrections as geopolitical sentiment was starting to heat up (Greenland Crisis, Iran revolts leading to the War), the precious metals still could not muster the appeal to return to their January highs. Metals performance in 2026 – Source: TradingView, April 10, 2026. As you can see on the 2026 performance chart, metals reacted almost the opposite of what most Participants would have expected, particularly at the beginning of the War. This dynamic continued with them only rebounding as rumors of a ceasefire and negotiations began, pointing to a new realization: Around current levels, Metals are now behaving like risk assets. This reminds us that all asset classes and correlations move a certain way in "normal" Markets, but such historic trends can change brutally when: Prices get extreme and/or When volatility gets extreme (and Markets break). Turning back to today, what will happen if the war actually ends? Will they continue going higher? Why look for quite expensive safe havens if there are no more fundamental reasons to do so? If they are really risk assets, they should keep bouncing, but buying discounted Stocks and Cryptos makes more sense for a risk-on trade. Once again, these are million-dollar questions. Let's dive right into a Daily timeframe analysis of Gold (XAU/USD), Silver (XAG/USD), and Copper (XCU/USD) to see if technicals can tip the scales in favor of one side of the asset equation. Gold (X...
Global funds are dumping Indian equities at a record clip as an energy shock from the US-Iran war threatens to derail the outlook of the world’s fastest-growing major economy. In just over three months, they have pulled $18.84 billion from local shares, edging past the full-year record outflow of $18.79 billion seen in 2025, according Central Depository Services India Ltd. The sustained selling ha...
Global funds are dumping Indian equities at a record clip as an energy shock from the US-Iran war threatens to derail the outlook of the world’s fastest-growing major economy. In just over three months, they have pulled $18.84 billion from local shares, edging past the full-year record outflow of $18.79 billion seen in 2025, according Central Depository Services India Ltd. The sustained selling has kept markets under pressure, and even a modest rebound following a temporary ceasefire earlier this week has done little to lift the mood. Local shares remain bruised, with over $600 billion wiped off their value from last year’s peak. India’s $4.8 trillion equity market is losing some of its relative appeal, as global capital rotates toward artificial intelligence-linked economies where semiconductor demand is the bigger driver. The oil crisis has magnified existing concerns for the country — from recent rupee volatility to a still-fragile earnings recovery — while also underlining another problem: a lack of a clear catalyst to bring foreign money back. “Indian stocks are missing a narrative,” said Abhishek Thepade , an Oslo-based portfolio manager with DNB Asset Management AS. “Earnings are undergoing a cyclical slowdown while weakening currency and impact of artificial intelligence on local software companies also impacts the outlook.” Although tech-heavy South Korea and Taiwan saw larger headline outflows in March — totaling $24 billion and $29 billion respectively — the peace deal may given them a stronger boost by refocusing investor attention on AI-driven chip demand, a factor largely absent in India. That gap is already showing up in flows. South Korean and Taiwanese equities have seen inflows of $3.6 billion and $5.6 billion, respectively, so far this month. In contrast, global funds have pulled $3 billion from Indian equities, data compiled by Bloomberg show. Read More: AI Stocks in Asia Lure Back Global Funds as War Tensions Ease To be sure, domestic money cont...
Harvest-ready rice fields are lying idle and farmers are deciding whether to skip planting for the coming season, as spiking fuel and fertiliser costs from the war in the Middle East hit one of the world’s biggest rice-growing regions. Across Southeast Asia, tens of millions of smallholders are struggling to find affordable crop nutrients as well as the diesel needed to run tractors, irrigation pu...
Harvest-ready rice fields are lying idle and farmers are deciding whether to skip planting for the coming season, as spiking fuel and fertiliser costs from the war in the Middle East hit one of the world’s biggest rice-growing regions. Across Southeast Asia, tens of millions of smallholders are struggling to find affordable crop nutrients as well as the diesel needed to run tractors, irrigation pumps and rice planters. In Thailand, some farmers are leaving the crop in the ground as it is too...
Fang Liu, a partner at global law firm Clifford Chance, counts among his clients many technology companies that are keen to list in Hong Kong, but find the current requirements cumbersome. Clifford Chance has helped more than a dozen innovative companies raise funds under the new listing regime since 2018, when Hong Kong Exchanges and Clearing (HKEX) introduced reforms for pre-revenue biotech firm...
Fang Liu, a partner at global law firm Clifford Chance, counts among his clients many technology companies that are keen to list in Hong Kong, but find the current requirements cumbersome. Clifford Chance has helped more than a dozen innovative companies raise funds under the new listing regime since 2018, when Hong Kong Exchanges and Clearing (HKEX) introduced reforms for pre-revenue biotech firms and companies with weighted voting rights (WVR), where one class of shareholders carries more...
Court Documents Reveal Confession Note Hand Written By Alleged Kirk Assassin In September of 2025, prosecutors in the Charlie Kirk murder case alleged that they had access to a hand-written note left by prime suspect Tyler Robinson for his trans boyfriend which contained a confession to the crime. Tyler Robinson, 22, left a note under a keyboard for his roommate/romantic partner to discover, said ...
Court Documents Reveal Confession Note Hand Written By Alleged Kirk Assassin In September of 2025, prosecutors in the Charlie Kirk murder case alleged that they had access to a hand-written note left by prime suspect Tyler Robinson for his trans boyfriend which contained a confession to the crime. Tyler Robinson, 22, left a note under a keyboard for his roommate/romantic partner to discover, said Utah County Attorney Jeffrey Gray. According to Mr Gray, the note said: "I had the opportunity to take out Charlie Kirk, and I'm going to take it." Newly unsealed court documents now reveal that this letter does indeed exist. An affidavit for a search warrant outlined a letter that Tyler Robinson allegedly wrote before Charlie Kirk's assassination. Robinson is accused of shooting and killing the conservative political activist on September 10, 2025, at Utah Valley University. Detectives seized ammunition, computers, a DNA sample, and a copy of a note that Robinson allegedly left for his roommate, with whom he had a romantic relationship. The affidavit states that an FBI agent met with Robinson's partner, Lance Twiggs, whom Robinson sometimes referred to as "Luna." Twiggs showed the agent text messages between the two, which investigators photographed. In one of the messages, Robinson instructed Twiggs to "drop what you are doing" and "look under my keyboard." Twiggs told investigators he found the following handwritten letter : "Luna, If you are reading this per my text, then I am so sorry. I left the house this morning on a mission, and set an auto text. I am likely dead, or facing a lengthy prison sentence. I had the opportunity to take out Charlie Kirk, and I took it. I don’t know if I will/have succeeded, but I had hoped to make it home to you. I wish we could have lived in a world where this did not feel necessary. I wish I could have stayed for you and lived our lives together. I lack the words to express how much I love you, and how very much you mean to me. Please t...