Practice of using apartments to store relatives’ ashes has risen as rapid urbanisation and aging population increases competition for cemetery plots China is introducing a law to stop people storing the ashes of their dead relatives in empty high-rise flats rather than paying steep costs for increasingly scarce cemetery plots. China’s new funeral management legislation will prohibit the use of “re...
Practice of using apartments to store relatives’ ashes has risen as rapid urbanisation and aging population increases competition for cemetery plots China is introducing a law to stop people storing the ashes of their dead relatives in empty high-rise flats rather than paying steep costs for increasingly scarce cemetery plots. China’s new funeral management legislation will prohibit the use of “residential housing specifically for the purpose of storing cremated remains” and the burial of corpses or construction of tombs in “areas other than public cemeteries”. Continue reading...
primeimages/iStock via Getty Images Willdan Group ( WLDN ) valuations have reset meaningfully toward historical highs seen pre-rally (levels seen last in 2023-24). The concerns that have led to this valuation reset are primarily a risk-off sentiment across the board in growth and high-valuation stocks and Willdan's own near-term growth normalization outlook. The near-term growth normalization is o...
primeimages/iStock via Getty Images Willdan Group ( WLDN ) valuations have reset meaningfully toward historical highs seen pre-rally (levels seen last in 2023-24). The concerns that have led to this valuation reset are primarily a risk-off sentiment across the board in growth and high-valuation stocks and Willdan's own near-term growth normalization outlook. The near-term growth normalization is off a high base, though, and is also driven by timing effects more than by any structural weakness. In fact, the secular tailwinds from electricity demand grid modernization, especially in an era of data center-driven demand, are very much intact. Late-cycle sentiments applicable to semis and other AI infrastructure plays are less applicable here as energy needs are a long lead item and look at long-term needs rather than cyclical troughs. Overall, earnings growth prospects are still strong in my view, and this is additionally supported by earnings quality improvements (supported by margin expansion, operating leverage, and a mix shift toward higher-value energy services). Even if there is moderate multiple compression from here, the earnings growth should be able to generate decent returns for fresh entries. Valuations Have Reset Meaningfully The forward EV to EBITDA ratio has reset significantly from well above 20x levels to ~13.5x levels now. The prices still look elevated, as the 3-year chart below shows, but that has more to do with earnings catch-up than multiple expansion. The forward EV to EBITDA ratio was previously seen in the low double digits before the recent run-up in 2025 - around ~13x in late 2024 and ~11x in late 2023. So, from a valuation perspective, Willdan is no longer pricing in hypergrowth or any narrative excess - unless markets see late-cycle characteristics in the stock (which could push the ratio toward mid- to high-single-digits too, going by historical levels in the past 2-3 years). Data by YCharts Data by YCharts I see fewer concerns around stag...
John B. Sanfilippo & Son ( JBSS ) declares $1.50/share special dividend . Payable May 21; for shareholders of record April 27; ex-div April 27. See JBSS Dividend Scorecard, Yield Chart, & Dividend Growth. More on John B. Sanfilippo & Son John B. Sanfilippo & Son Is A Buy After The Rally John B. Sanfilippo & Son, Inc. (JBSS) Q2 2026 Earnings Call Transcript JBSS outlines July 2026 bar production la...
John B. Sanfilippo & Son ( JBSS ) declares $1.50/share special dividend . Payable May 21; for shareholders of record April 27; ex-div April 27. See JBSS Dividend Scorecard, Yield Chart, & Dividend Growth. More on John B. Sanfilippo & Son John B. Sanfilippo & Son Is A Buy After The Rally John B. Sanfilippo & Son, Inc. (JBSS) Q2 2026 Earnings Call Transcript JBSS outlines July 2026 bar production launch while expanding margin initiatives and capex investments Seeking Alpha’s Quant Rating on John B. Sanfilippo & Son Historical earnings data for John B. Sanfilippo & Son
HOT TOPICS China targets excessive competition in tech and green sectors The State Administration for Market Regulation issued a notice aimed at preventing excessive competition in key sectors and fields, including the platform economy, solar power, lithium batteries, and new-energy vehicles. The regulator will strictly identify and penalize platform companies that use search rankings and algorith...
HOT TOPICS China targets excessive competition in tech and green sectors The State Administration for Market Regulation issued a notice aimed at preventing excessive competition in key sectors and fields, including the platform economy, solar power, lithium batteries, and new-energy vehicles. The regulator will strictly identify and penalize platform companies that use search rankings and algorithmic controls to force or covertly force merchants on their platforms to sell goods below cost.
Former US Assistant Secretary of State for South and Central Asian Affairs Nisha Biswal joins Former Permanent Representative of India to the UN Syed Akbaruddin for a panel on how South Asia is affected by the near-closure of the Strait of Hormuz. (Source: Bloomberg)
Former US Assistant Secretary of State for South and Central Asian Affairs Nisha Biswal joins Former Permanent Representative of India to the UN Syed Akbaruddin for a panel on how South Asia is affected by the near-closure of the Strait of Hormuz. (Source: Bloomberg)
Allbirds ( BIRD ), a sustainable footwear company, signed an asset purchase agreement with American Exchange Group under which the latter will acquire Allbirds' ( BIRD ) intellectual property and select assets/liabilities for about $39M. The transaction, unanimously approved by Allbirds’ ( BIRD ) board, is subject to shareholder approval, with a proxy filing expected by April 24, 2026. The deal is...
Allbirds ( BIRD ), a sustainable footwear company, signed an asset purchase agreement with American Exchange Group under which the latter will acquire Allbirds' ( BIRD ) intellectual property and select assets/liabilities for about $39M. The transaction, unanimously approved by Allbirds’ ( BIRD ) board, is subject to shareholder approval, with a proxy filing expected by April 24, 2026. The deal is anticipated to close in Q2, followed by a distribution after wind-down costs. The agreement includes the transfer of core intellectual property and operational assets, effectively handing control of the brand to American Exchange Group, which is seeking to expand its footprint in footwear and lifestyle categories. BIRD ( BIRD ) stock price jumped 30% on Monday during after-market hours of trading. More on Allbirds Allbirds to close remaining full-price U.S. stores Seeking Alpha’s Quant Rating on Allbirds Historical earnings data for Allbirds Financial information for Allbirds
Australia will likely gain an unexpected multi-billion dollar windfall from the Iran war, as higher coal and gas export prices boost revenues over the five years to 2030, according to Westpac Banking Corp. The national budget will get about A$20 billion ($14 billion) more revenue over that period, senior economist Pat Bustamante wrote in a report Tuesday. And the jump in gold prices since 2024 is ...
Australia will likely gain an unexpected multi-billion dollar windfall from the Iran war, as higher coal and gas export prices boost revenues over the five years to 2030, according to Westpac Banking Corp. The national budget will get about A$20 billion ($14 billion) more revenue over that period, senior economist Pat Bustamante wrote in a report Tuesday. And the jump in gold prices since 2024 is estimated to add another A$19 billion to the government’s coffers over the next five years. “Higher commodity prices and elevated inflation are lifting Treasury tax collections,” Bustamante wrote. “Because the tax system operates in the nominal world, tax receipts can continue to rise even as real economic activity slows over the coming years, as we expect.” The national budget is due in May and the government’s updated commodity assumptions and revenue forecasts will be closely watched, as that will affect Prime Minister Anthony Albanese ’s attempts to reduce the deficit. Using spot prices and its commodity forecasts, Westpac’s Bustamante estimated that the higher-than-assumed prices will deliver a windfall of almost A$60 billion over the five years to fiscal 2030, with about a third of that directly tied to the current conflict. The gains are expected to more than offset the estimated A$2.6 billion cost of a temporary cut to a fuel tax which was announced this week, leaving a net improvement in the budget position in the near term, he wrote. The windfall comes after Australia’s 2025 trade surplus shrank to the lowest since 2018 due to a decline in shipments to China, its largest trading partner. Australia’s broader economy is also on shaky footing, with UBS AG predicting a period of “ stagflation ” led by higher borrowing costs and renewed inflationary pressures. “Gold is also delivering an underappreciated windfall,” Bustamante wrote, noting the yellow metal is poised to become Australia’s second‑largest export by value in the fiscal year ending in June, overtaking lique...
Japan’s economy and health ministries are establishing a joint task force to ensure that the country won’t run out of medicines and health products as the conflict in the Middle East disrupts supplies of critical goods. Targeted items include blood products for transfusions, dialysis equipment, as well as syringes, gloves and aprons, the Ministry of Economy, Trade and Industry and the Ministry of ...
Japan’s economy and health ministries are establishing a joint task force to ensure that the country won’t run out of medicines and health products as the conflict in the Middle East disrupts supplies of critical goods. Targeted items include blood products for transfusions, dialysis equipment, as well as syringes, gloves and aprons, the Ministry of Economy, Trade and Industry and the Ministry of Health, Labour and Welfare said Wednesday. The agencies are heeding a call from Prime Minister Sanae Takaichi , who asked the public to remain calm, adding that “there will be no immediate disruption.” The monthlong conflict, triggered by the US attacks on Iran’s leadership and the subsequent closing of the Strait of Hormuz, has disrupted shipments of petroleum products, including naphtha and ethylene, which are used for surgery and dialysis. Ryosei Akazawa , METI’s minister, said it will be critical to respond flexibly, without ruling out any possibilities. While supplies aren’t expected to be interrupted immediately, the government will proceed with procuring alternative products from global markets, he added. Read More: Japan PM Seeks to Ease Concerns Over Medical-Product Supplies Japan relies heavily on imported petrochemical feedstock to manufacture basic medical supplies, leaving hospitals exposed when global energy routes are disrupted. Products dependent on production in Asian countries will be affected by potential crude oil shortages. “We are receiving information suggesting that long-term supply may be impacted,” Akazawa said. Medical-device manufacturers Nipro Corp. , Olympus Corp. and Terumo Corp. have sought to reassure stakeholders, saying that there was no imminent impact to production and that they were monitoring the situation closely. Last week, the Hodanren, a Japanese federation of medical workers and insurers, urged the government to take steps to ensure stable supplies, warning that “if supplies become tight, it will directly impact patients’ lives an...
Stadtratte/iStock via Getty Images To start 2026, there has been ample coverage of the broad selloff in software stocks due to artificial intelligence ('AI') disruption risk. This selloff has not only rippled through public markets but also private equity and private credit. This article will not explore the disruptive threat of AI to specific software products or other parts of the economy, which...
Stadtratte/iStock via Getty Images To start 2026, there has been ample coverage of the broad selloff in software stocks due to artificial intelligence ('AI') disruption risk. This selloff has not only rippled through public markets but also private equity and private credit. This article will not explore the disruptive threat of AI to specific software products or other parts of the economy, which could be very real for some companies. Rather, it will build on our belief that the sell-off in publicly listed software and software-linked securities may have been broader than warranted. During this process of figuring out the ultimate winners and losers in the software industry, it is important to keep in mind that indiscriminate selling almost always creates opportunities. Especially for active managers, and particularly for the nimblest active managers. So, how best to harvest these opportunities? Public Versus Private Investments During Market Turmoil In rapidly evolving situations where winners and losers are being identified and priced accordingly in near real-time, should investors feel comfortable being locked into a set of illiquid private software companies that they can’t sell or trim exposure to in the near term? Or might it be more prudent to have a liquid, private equity (PE)-mimicking portfolio that invests in publicly listed software companies and can be responsive to the dynamic situations surrounding individual companies and divest from specific holdings when appropriate? Then, as the dust settles and it becomes clearer which ones may face less disruption risk and thus may be mispriced, a strategy that can be nimble in picking its (re)entry points may allow investors to buy low and potentially capture the recovery more effectively than they can in illiquid private markets. This is the dilemma currently facing many investors, as software is the most dominant industry-level concentration risk in private credit portfolios, at approximately 25% of exposure...
The yen’s weakness has become a growing concern for Japan’s policymakers, given its impact on import prices and household costs. That pressure intensified in late March, when the currency slid past 160 yen per dollar for the first time since July 2024 — a level that has previously triggered government intervention. Officials have since stepped up warnings, with Vice Finance Minister for Internatio...
The yen’s weakness has become a growing concern for Japan’s policymakers, given its impact on import prices and household costs. That pressure intensified in late March, when the currency slid past 160 yen per dollar for the first time since July 2024 — a level that has previously triggered government intervention. Officials have since stepped up warnings, with Vice Finance Minister for International Affairs Atsushi Mimura signaling readiness to take “decisive action” against speculative moves. Why is the yen weak? The US-Israel war with Iran has added fresh pressure on the yen. Japan imports almost all of its energy, with more than 95% of its oil imports coming from the Middle East , making it highly exposed to disruptions in the region. Higher oil prices mean Japan must pay more for energy imports — in dollars — increasing demand for foreign currency at the expense of the yen. Structural factors continue to play a role as well. The gap between Japan’s ultra-low interest rates and those in the US and other major economies remain wide, which encourages investors to borrow cheaply in yen and invest in higher-yielding assets overseas, putting sustained selling pressure on the Japanese currency. While the Bank of Japan raised interest rates in December to the highest in 30 years, they remain low by global standards. Why is the yen’s weakness a cause for concern? The yen’s slide over the past decade or so has helped transform Japan into an affordable travel destination for millions of foreign tourists and boosted the profits of the nation’s biggest exporters. But in an economy heavily dependent on imported energy and raw materials, the feeble yen has also driven up costs, fueling inflation for households and squeezing margins for domestically focused businesses. The resulting cost-of-living crunch contributed to the downfall of two prime ministers before current leader Sanae Takaichi took office. Beyond the domestic picture, there’s another reason why Japan’s government...