Willard/iStock Editorial via Getty Images After years of lagging the equity market, Deere's ( DE ) stock saw a sharp jump in the beginning of this year, which for a brief period of time resulted in DE outperforming the S&P 500 on a 5-year time frame. As we see on the graph below, optimism did not last, and DE is now trading well below its recent highs, but the bad news is that the market is still ...
Willard/iStock Editorial via Getty Images After years of lagging the equity market, Deere's ( DE ) stock saw a sharp jump in the beginning of this year, which for a brief period of time resulted in DE outperforming the S&P 500 on a 5-year time frame. As we see on the graph below, optimism did not last, and DE is now trading well below its recent highs, but the bad news is that the market is still not pricing in ongoing risks as it should be. Data by YCharts Volumes have fallen sharply in recent years, which caused a major deterioration in Deere's margins. Anticipated pick-up in demand and speculations that the cyclical downturn is coming to an end have been the key drivers behind the recent rally. But as we see on the graph below, the rally was not backed by actual business fundamentals but instead was fueled by expectations, which is why we see the price/sales multiple increasing sharply over the past year or so. Data by YCharts In recent weeks, investors faced yet another risk factor in the form of skyrocketing energy and fertilizer prices. This now overshadows the expectations of a 2026 recovery, which, based on the elevated valuation multiples, got priced in over the course of 2025. I maintain my "Sell" rating on Deere. The Expectation Of A Turnaround The fact that Deere's share price has been so heavily driven by expectations about the future is quite concerning. As we saw above, the stock trades at a record-high sales multiple, and the non-GAAP earnings multiple is above 30 even on a forward basis. Seeking Alpha At the same time, operating margins are down significantly in recent years. After briefly increasing in the 2022-23 period on the back of the high agricultural commodity prices, Deere's operating margin has collapsed to 14% over the past 12-month period and just slightly above 9% over the last reported quarter . Prepared by the author, using data from Seeking Alpha and SEC Filings This dynamic between margins and valuation multiples clearly illustrates...
Bloomberg's Loukia Gyftopoulou, joins Scarlet Fu and Tim Stenovec on "Bloomberg Crypto." Companies offering alternative assets in retirement savings plans would get more legal protection under a new Trump administration proposal. The changes could make it easier for 401(k) plans to include private credit, private equity, crypto and real estate investments. (Source: Bloomberg)
Bloomberg's Loukia Gyftopoulou, joins Scarlet Fu and Tim Stenovec on "Bloomberg Crypto." Companies offering alternative assets in retirement savings plans would get more legal protection under a new Trump administration proposal. The changes could make it easier for 401(k) plans to include private credit, private equity, crypto and real estate investments. (Source: Bloomberg)
Oracle is reportedly moving forward with layoffs as the software giant looks to restructure its workforce amid an investment in building out AI infrastructure.
Oracle is reportedly moving forward with layoffs as the software giant looks to restructure its workforce amid an investment in building out AI infrastructure.
Though the US is almost certainly not going to have a draft, media commentary and online anxiety have surfaced Middle East crisis – live updates The United States is almost certainly not going to have a military draft to fight Iran. That hasn’t stopped the chatter, and anxiety, across the country. In recent weeks, Donald Trump has ordered a number of marines and army paratroopers to head to the Mi...
Though the US is almost certainly not going to have a draft, media commentary and online anxiety have surfaced Middle East crisis – live updates The United States is almost certainly not going to have a military draft to fight Iran. That hasn’t stopped the chatter, and anxiety, across the country. In recent weeks, Donald Trump has ordered a number of marines and army paratroopers to head to the Middle East, gesturing toward a possible ground war to reopen the strait of Hormuz or secure nuclear weapons material. The provocative military activity has led to speculative conversation about what it would take to invade a country twice the population and three times the territory of Iraq. Continue reading...
OlekStock/iStock via Getty Images Commentary as of 12/31/25 The fund posted a return of -1.75% (Class I shares) for the fourth quarter of 2025. The largest contributors to relative performance were investment decisions in the health care, financials, and consumer staples sectors. The largest detractors from relative returns were investment decisions in the communication services, information techn...
OlekStock/iStock via Getty Images Commentary as of 12/31/25 The fund posted a return of -1.75% (Class I shares) for the fourth quarter of 2025. The largest contributors to relative performance were investment decisions in the health care, financials, and consumer staples sectors. The largest detractors from relative returns were investment decisions in the communication services, information technology (IT), and industrials sectors. The largest exposures were in the IT, communication services, and consumer discretionary sectors. During the quarter, the fund increased its allocations to the IT and health care sectors, and reduced its exposures to the financials and consumer discretionary sectors. Contributors Selection decisions in the health care sector, namely an overweight allocation to the pharmaceuticals industry, were the largest contributor to relative performance. In the financials sector, selection decisions in the financial services industry proved beneficial. Allocation decisions in the consumer staples distribution & retail industry, within the consumer staples sector, also boosted relative results. Detractors The largest detractor was security selection in the communication services sector, notably in the interactive media & services industry. In the IT sector, selection decisions in the software industry hindered performance. Another meaningful detractor included selection decisions in the industrials sector, namely in the aerospace & defense industry. Portfolio management Reid Menge, Sally Du, CFA Top 10 holdings (%) Nvidia Corp ( NVDA ) 13.94 Microsoft ( MSFT ) 8.82 Amazon ( AMZN ) 8.07 Apple ( AAPL ) 5.89 Meta Platforms Inc Class A ( META ) 5.07 Alphabet Inc Class A ( GOOG ) 4.97 Broadcom Inc ( AVGO ) 4.84 Eli Lilly ( LLY ) 4.59 Tesla Inc ( TSLA ) 3.25 Bytedance Series E-1 Pref Eq Prvt 3.10 Click to enlarge Investment approach The fund seeks its investment objective of long-term growth of capital by investing in a portfolio of equity securities that ...
Mastercard’s push into stablecoin infrastructure, including its proposed acquisition of BVNK, alongside advances in enabling agentic payments, reflects an evolution rather than a disruption of its core business. In this episode of Bloomberg Intelligence’s Tech Disruptors podcast, Jorn Lambert, Mastercard’s chief product officer, joins BI fintech and payments analyst Diksha Gera to discuss how Mast...
Mastercard’s push into stablecoin infrastructure, including its proposed acquisition of BVNK, alongside advances in enabling agentic payments, reflects an evolution rather than a disruption of its core business. In this episode of Bloomberg Intelligence’s Tech Disruptors podcast, Jorn Lambert, Mastercard’s chief product officer, joins BI fintech and payments analyst Diksha Gera to discuss how Mastercard is extending its value proposition around trust into new environments — from owning the “plum
quantic69 Oil markets are undergoing a structural shift that will push crude ( CO1:COM ) prices to a bare minimum of $70 to $80 per barrel once conditions stabilize, according to Amrita Sen, founder and director of market intelligence at Energy Aspects. Sen told CNBC that despite recent sharp sell-offs, the underlying fundamentals driving higher prices remain unchanged, with geopolitical tensions ...
quantic69 Oil markets are undergoing a structural shift that will push crude ( CO1:COM ) prices to a bare minimum of $70 to $80 per barrel once conditions stabilize, according to Amrita Sen, founder and director of market intelligence at Energy Aspects. Sen told CNBC that despite recent sharp sell-offs, the underlying fundamentals driving higher prices remain unchanged, with geopolitical tensions in the Middle East and production delays creating lasting impacts on global supply. “What we are talking about is a structural shift,” Sen explained. She noted that even if conflicts in the region were to end, it would take months for production to return to normal levels, while Asia is already experiencing “outright shortages.” The strategic petroleum reserves being released now will eventually need to be replenished, adding significant restocking demand to an already tight market. A key factor driving the structural shift is the changing investment calculus for energy companies considering Middle East projects. “Every company I’m speaking to in Houston and in the U.S. is now reconsidering whether they want to invest in the Middle East,” Sen said. Companies now require a higher rate of return for projects in the region, effectively raising the breakeven price of oil by $10 to $15 per barrel. The U.S. stands to benefit significantly from this realignment as Asian buyers seek more reliable crude sources. Sen pointed to a dramatic surge in U.S. exports, noting that shipments to Asia typically average around 1M barrels per day but are expected to exceed 2.1M barrels per day in April alone. “The U.S. is absolutely the producer here [that is] benefiting,” she said, adding that midstream companies are also seeing gains as investment flows away from volatile regions. However, Sen cautioned that infrastructure constraints could limit America’s ability to capitalize on this opportunity. While U.S. exports are expected to hit a record above 5M barrels per day, sustaining those levels...
Both NVIDIA and Apple have gotten off to sluggish starts in 2026, but the reality remains that both companies remain top-tier picks, underpinned by robust cash-generating abilities, favorable EPS revisions, and rock-solid demand outlooks.
Both NVIDIA and Apple have gotten off to sluggish starts in 2026, but the reality remains that both companies remain top-tier picks, underpinned by robust cash-generating abilities, favorable EPS revisions, and rock-solid demand outlooks.
New Restrictions On SNAP Purchases To Take Effect In More States In April Authored by Tom Gantert via The Epoch Times (emphasis ours), Food stamp recipients in Florida, Texas, and West Virginia will face restrictions on buying certain kinds of less nutritious items such as soda and candy, some starting in April. A sign on the window of a grocery store in the Flatbush neighborhood of the Brooklyn b...
New Restrictions On SNAP Purchases To Take Effect In More States In April Authored by Tom Gantert via The Epoch Times (emphasis ours), Food stamp recipients in Florida, Texas, and West Virginia will face restrictions on buying certain kinds of less nutritious items such as soda and candy, some starting in April. A sign on the window of a grocery store in the Flatbush neighborhood of the Brooklyn borough of New York City on Oct. 30, 2025. Michael M. Santiago/Getty Images West Virginia’s restrictions became effective on Jan. 1, but retailers have until April 1 to be fully compliant. The U.S. Department of Agriculture (USDA) has approved Colorado’s restrictions waiver, but the state has delayed implementation of restrictions on certain items for food stamp recipients until after April 30 and stated that it would have a final vote on April 3 on the program. The Trump administration is clamping down on soda and candy being charged to food stamps , as 22 states now have been approved to restrict certain purchases under the program. The restrictions still require state approval before taking effect. Kansas, Nevada, Ohio, and Wyoming were the latest states to receive USDA approval for food and beverage restrictions. The Supplemental Nutrition Assistance Program (SNAP), also known as food stamps, had 40.7 million people participating nationwide at a monthly cost of $7.97 billion as of November 2025. “ The Trump Administration is leading bold reform to strengthen integrity and restore nutritional value within the Supplemental Nutrition Assistance Program, ” the USDA stated on its website. “USDA is empowering states with greater flexibility to manage their programs by approving SNAP Food Restriction Waivers that restrict the purchase of non-nutritious items like soda and candy. These waivers are a key step in ensuring that taxpayer dollars provide nutritious options that improve health outcomes within SNAP.” For example, starting on April 1, Texas residents will not be able to...
Nvidia (NASDAQ: NVDA) stock outpaced the market today after the company announced yet another move to expand its artificial intelligence (AI) ecosystem. While the overall market, especially the tech sector, is having a good day, Nvidia shares are outpacing those gains. As of 3:18 p.m. ET, Nvidia stock was up by 5.3% today. Image source: The Motley Fool. Continue reading
Nvidia (NASDAQ: NVDA) stock outpaced the market today after the company announced yet another move to expand its artificial intelligence (AI) ecosystem. While the overall market, especially the tech sector, is having a good day, Nvidia shares are outpacing those gains. As of 3:18 p.m. ET, Nvidia stock was up by 5.3% today. Image source: The Motley Fool. Continue reading
A U.S. District Court judge found that President Trump's executive ordering the defunding of NPR and PBS violated the First Amendment. (Image credit: Andrew Harnik)
A U.S. District Court judge found that President Trump's executive ordering the defunding of NPR and PBS violated the First Amendment. (Image credit: Andrew Harnik)