Abstract Aerial Art/DigitalVision via Getty Images The sorbent minerals industry remains a structurally supply-constrained niche where long reserve lives, permitting friction, and disciplined capital spending limit competition. Within that framework, Oil-Dri Corporation of America ( ODC )continues to benefit from vertically integrated clay reserves and a shift toward higher-margin specialty applic...
Abstract Aerial Art/DigitalVision via Getty Images The sorbent minerals industry remains a structurally supply-constrained niche where long reserve lives, permitting friction, and disciplined capital spending limit competition. Within that framework, Oil-Dri Corporation of America ( ODC )continues to benefit from vertically integrated clay reserves and a shift toward higher-margin specialty applications. The recent earnings softness reflects cost inflation and temporary segment disruptions, not a deterioration of the capital cycle. The market, however, appears to be extrapolating near-term margin compression into a structural decline, creating a valuation disconnect. Regarding Oil-Dri, my original thesis from August 2024 deemed the stock significantly undervalued; I then revisited it in January 2025 and indicated that my thesis was validated and the company was on a path to continued growth. Therefore, it continued to be a strong buy. In this updated thesis, I consider key developments since January 2025 and maintain my strong buy thesis. A Quiet Capital Cycle Oil-Dri operates in a niche of the industrial minerals market where supply, not demand, determines returns, which is antithetical to what we've seen with gold prices lately. The company’s major raw materials –Sorbent clay deposits– are geologically rare, geographically fixed, and require long permitting timelines. This contrasts with commoditized aggregates since materials must meet specific absorption, purity, and structural characteristics. Moreover, the company is vertically integrated, allowing it to extract the benefits of occupying various segments of the value chain. New entrants are rare not because demand is weak, but because supply expansion is slow and risky. Critically, capital discipline has remained intact as I will discuss shortly in the financials section. Oil-Dri has undergone decline and subsequent modest recovery in capital expenditures, alongside stabilizing returns on assets and capital. T...
Goldman Stock Slides After FICC Unexpectedly Misses Despite Highest Overall Profit In 5 Years Goldman Sachs reported its highest quarterly profit in five years, as the bank's equities traders beat their own previous all-time quarterly high revenue by more than $1 billion thanks to a surge in market volatility due to the war in Iran; however this stellar performance in equities was offset by an une...
Goldman Stock Slides After FICC Unexpectedly Misses Despite Highest Overall Profit In 5 Years Goldman Sachs reported its highest quarterly profit in five years, as the bank's equities traders beat their own previous all-time quarterly high revenue by more than $1 billion thanks to a surge in market volatility due to the war in Iran; however this stellar performance in equities was offset by an unexpected drop in FICC revenues. Here are Goldman's Q1 results in a nutshell: EPS $17.55, exp. $16.41 Net revenue $17.23 billion, +14% y/y, exp. $16.95 billion Equities sales & trading revenue $5.33 billion, estimate $4.9 billion FICC sales & trading revenue $4.01 billion, estimate $4.87 billion Net interest income $3.56 billion, +23% y/y, estimate $3.52 billion (Bloomberg Consensus) Global Banking & Markets net revenues $12.74 billion, +19% y/y, estimate $12.5 billion Investment banking revenue $2.84 billion Advisory revenue $1.49 billion, +89% y/y, estimate $1.27 billion Equity underwriting rev. $535 million, +45% y/y, estimate $478.4 million Debt underwriting rev. $811 million, +7.8% y/y, estimate $771.7 million Total deposits $561 billion, +12% q/q Provision for credit losses $315 million, +9.8% y/y Total operating expenses $10.43 billion, +14% y/y, estimate $10.35 billion Compensation expenses $5.41 billion, +11% y/y, estimate $5.51 billion The Wall Street bank reported first-quarter net income of $5.6bn, up 19% from a year ago and better than the $5.3BN median analyst consensus. Goldman’s chief executive David Solomon said the “geopolitical landscape remains very complex”. Goldman’s equities traders delivered revenues of $5.33BN, up 27% YoY, and ahead of the $4.9BN expected; This was the highest three-month haul by any bank in history, and was also more than $1 billion higher than the $4.31 billion record set in the fourth quarter of last year as Goldman benefited from wild market swings triggered by a string of geopolitical shocks. The equities boom was also driven by ...
Meta Platforms will surpass Google in net ad revenue this year, advertising research firm Emarketer projects, reaching over $243.46 billion and edging past Google’s $239.54 billion. Meta’s ad business is seeing a lift, thanks to the success of new ad offerings, including the short-form video format Reels, and the broader boost that artificial intelligence has provided.
Meta Platforms will surpass Google in net ad revenue this year, advertising research firm Emarketer projects, reaching over $243.46 billion and edging past Google’s $239.54 billion. Meta’s ad business is seeing a lift, thanks to the success of new ad offerings, including the short-form video format Reels, and the broader boost that artificial intelligence has provided.
Welcome to Next Africa, a daily newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. In today’s edition, we spoke with the new leader of South Africa’s Democratic Alliance. And: Aliko Dangote plans a pan-African refinery IPO Botswana’s president heads to Oman Taiwan’s leader will visit the island’s last African ally A New Era The yo...
Welcome to Next Africa, a daily newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. In today’s edition, we spoke with the new leader of South Africa’s Democratic Alliance. And: Aliko Dangote plans a pan-African refinery IPO Botswana’s president heads to Oman Taiwan’s leader will visit the island’s last African ally A New Era The youthful new leader of the Democratic Alliance has swiftly stamped his mark on South Africa’s second-biggest political party. Geordin Hill-Lewis, 39, made clear his ambition for the DA to win the 2029 elections in remarks to reporters in our Johannesburg office today. Asked whether he wants to be president, his answer was an unequivocal yes. That’s a tall order. Support for President Cyril Ramaphosa’s African National Congress plummeted to 40% in the national vote two years ago amid widespread outrage over shoddy government services, yet the DA’s share nudged up to just 22%. The two parties and eight smaller rivals then teamed up to form a fractious coalition to run the country. Hill-Lewis said he remains committed to the unity government, even as he criticized the ANC and called for the DA to be given more sway over foreign policy. While the business-friendly DA has proved to be more adept at governing in most of the municipalities it controls, a new party started by former President Jacob Zuma has been the main beneficiary of disgruntlement with the ANC. It’s garnered strong support among Zuma’s fellow Zulu speakers, who account for almost a fifth of the population. Hill-Lewis acknowledges the DA needs to overcome a trust deficit to make meaningful inroads among a predominantly Black electorate. Yet he insists that voters are increasingly seeing past skin color and focusing on performance. His thesis will be tested in an upcoming municipal ballot. Most opinion polls show the ANC shedding further support but remaining the largest party, with the DA capturing slightly more vo...
shaunl/E+ via Getty Images Borr Drilling ( BORR ) up 2.1% pre-market Monday after saying it is set to resume operations at as many as four of its rigs in the Middle East that were affected by the conflict in the region. Borr ( BORR ) said its Arabia III rig resumed operations offshore Saudi Arabia in late March, it received resumption notices for the Groa rig in Qatar and the Arabia II rig in the ...
shaunl/E+ via Getty Images Borr Drilling ( BORR ) up 2.1% pre-market Monday after saying it is set to resume operations at as many as four of its rigs in the Middle East that were affected by the conflict in the region. Borr ( BORR ) said its Arabia III rig resumed operations offshore Saudi Arabia in late March, it received resumption notices for the Groa rig in Qatar and the Arabia II rig in the United Arab Emirates and expects these rigs to recommence operations in April, and the Forseti rig—which is operated by a third party—also is undergoing preparations to resume operations in Qatar . In other regions, Borr ( BORR ) said in Southeast Asia, its Skald rig received a binding letter of award from an undisclosed operator, and in the U.S. Gulf, the Odin rig, which originally was expected to start operating earlier this year, experienced delays due to the need for additional maintenance work. "We have continued to execute our contracting strategy, securing important near-term coverage for our fleet, which now stands at 70% for full-year 2026," at an average dayrate of ~$134K, while the coverage for H1 and H2 2026 stands at 78% and 62%, respectively, Borr Drilling ( BORR ) CEO Bruno Morand said. More on Borr Drilling Borr Drilling: Share Price Is Not Supported By Future Revenues Borr Drilling Made Its Bet With A New Acquisition (Rating Downgrade) Borr Drilling Q4 2025 Earnings Call Transcript
Golfer puts spotlight on Rosie and Gerry McIlroy’s sacrifices to support his dream in emotional victory speech In a sport filled with pushy parents the McIlroys do things differently: Rory McIlroy had to push his parents to attend the scene of his greatest triumph. Rosie and Gerry McIlroy feared their presence might jinx their son’s defence of the Masters, so they planned to steer clear of Augusta...
Golfer puts spotlight on Rosie and Gerry McIlroy’s sacrifices to support his dream in emotional victory speech In a sport filled with pushy parents the McIlroys do things differently: Rory McIlroy had to push his parents to attend the scene of his greatest triumph. Rosie and Gerry McIlroy feared their presence might jinx their son’s defence of the Masters, so they planned to steer clear of Augusta National. Continue reading...
There is no one-size-fits-all cryptocurrency allocation, according to Charles Schwab Corporation (NYSE:SCHW). Schwab Director of Digital Currencies Research and Strategy Jim Ferraioli said in a report last week that investors could determine cryptocurrency allocations either through traditional portfolio theory or...
There is no one-size-fits-all cryptocurrency allocation, according to Charles Schwab Corporation (NYSE:SCHW). Schwab Director of Digital Currencies Research and Strategy Jim Ferraioli said in a report last week that investors could determine cryptocurrency allocations either through traditional portfolio theory or...
My top 10 things to watch Monday, April 13 1. Dow futures are down almost 500 points this morning and WTI crude is back above $100 a barrel after President Donald Trump said the U.S. would implement a blockade of the Strait of Hormuz. Peace talks between Washington and Tehran were unsuccessful this weekend. I feared the market was acting overconfident last week. 2. In my Sunday column for Investin...
My top 10 things to watch Monday, April 13 1. Dow futures are down almost 500 points this morning and WTI crude is back above $100 a barrel after President Donald Trump said the U.S. would implement a blockade of the Strait of Hormuz. Peace talks between Washington and Tehran were unsuccessful this weekend. I feared the market was acting overconfident last week. 2. In my Sunday column for Investing Club subscribers, I explored Wall Street's three main battlegrounds (Iran war, the software stock rout and earnings season) with the goal of answering the question on everybody's mind: Why has the market been so resilient? The bond market has a lot to do with it. 3. Club name Goldman Sachs reported better-than-expected first-quarter earnings. Stronger investment banking revenues and record equities trading were both highlights. Excellent return on equity. Fixed-income trading was a blemish. The stock is down on the numbers, but it's still at a very high level after rallying 16% off its mid-March low. We want to hear about the dealmaking pipeline on its 9:30 a.m. ET conference call. 4. Devastating Best Buy double downgrade at Goldman Sachs. Analysts took the retailer to sell from buy, and lowered their price target to $59 from $76. They're worried about the impact of high memory prices on computer sales and continued struggles in appliances. Best Buy has been raising its dividend, but is that sustainable if top-line pressure persists? The yield is already 6%. 5. On the other hand, Goldman upgraded Williams-Sonoma to buy from hold. With shares down about 14% from their February highs, analysts said this is a good entry point. They like the steady improvement at West Elm, plans to open new locations across its store portfolio and the upcoming relaunch of college decor brand Dormify. CEO Laura Alber has done a great job here. 6. TD Cowen upgraded Modelo brewer Constellation Brands to buy from hold. Analysts are betting that Constellation's fiscal 2027 guidance issued last wee...
Phiwath Jittamas/iStock via Getty Images BDC investing, by definition, comes with above-average risks. The role that BDCs play in the marketplace is to finance small and mid-sized private businesses that can't access capital from traditional (or less expensive) sources such as banks and public debt markets. They must invest at least 70% of their assets in U.S. businesses and provide management (st...
Phiwath Jittamas/iStock via Getty Images BDC investing, by definition, comes with above-average risks. The role that BDCs play in the marketplace is to finance small and mid-sized private businesses that can't access capital from traditional (or less expensive) sources such as banks and public debt markets. They must invest at least 70% of their assets in U.S. businesses and provide management (strategic and financial) support for them. Plus, to qualify for tax benefits, BDCs have to also distribute at least 90% of their income to shareholders (similar concept as for REITs). The reason why these businesses that BDCs finance can't tap into the more borrower-friendly sources is because of either weak financials or complex (risk-saturated) transactions that they seek to fund (e.g., inorganic growth funding, debt refinancings, leveraged buyouts, specific business unit carve-outs, etc.) These deals are inherently underpinned by relatively high leverage. As we know, leverage works both ways: it juices the upside when things are good and compounds the downside when they are bad. And this is one of the key reasons why the BDC ( BIZD ) space is so cyclical. The past 3 years when the S&P 500 ( SPY ) was booming were characterized by strong BDC total returns. Now, when the market has headed in the opposite direction, the BDC sector has completely gone out of vogue. All this is very logical. Just think of it (a couple of rhetorical questions): In the case of recession, what are the odds of highly leveraged companies that cannot access traditional bank financing avoiding any defaults? How defensive can these BDC underlying portfolios be if their cost of debt is ~10%? What are the chances of certain BDCs remaining disciplined in the past 3 years when the markets were booming and new BDC funds were mushrooming (due to massive inflows of capital into private credit space)? Now, one of the key ways to mitigate these risks, or the so-called value traps, is to cherry-pick conservative...
John M. Chase Strategy ( MSTR ) announced on Monday that it purchased 13.9K BTC for ~$1.00B, at an average price of ~$71.9K per Bitcoin ( BTC-USD ), as per its 8-K filing with the SEC. This is the fourth-largest weekly purchase by the company in 2026. The company has also reported a Bitcoin ( BTC-USD ) yield of 5.6% YTD 2026, showing how its Bitcoin-focused strategy is performing. As of April 12, ...
John M. Chase Strategy ( MSTR ) announced on Monday that it purchased 13.9K BTC for ~$1.00B, at an average price of ~$71.9K per Bitcoin ( BTC-USD ), as per its 8-K filing with the SEC. This is the fourth-largest weekly purchase by the company in 2026. The company has also reported a Bitcoin ( BTC-USD ) yield of 5.6% YTD 2026, showing how its Bitcoin-focused strategy is performing. As of April 12, 2026, Strategy ( MSTR ) holds 780.90K BTC, acquired for a total of ~$59.02B, with an average cost of ~$75.6K per asset. The latest purchase was fully funded by the issuance of Series A perpetual Stretch preferred stock ( STRC). During the April 6–12, 2026 cycle, the company raised ~$1.00B by selling 10M+ shares via its ATM program, without using any other securities. Importantly, it still has a strong capacity to raise more funds. It can still raise around ~$21.6B via STRC and ~$27.1B via common stock, giving it a big runway for future buys. All the proceeds raised were directly used to buy 13.9K Bitcoin ( BTC-USD ), showing a clear 1:1 capital-to-BTC allocation strategy, with no diversion of funds. Moreover, this buy was made at a price below its overall average cost, slightly improving its total cost basis. Meanwhile, Strategy Inc. Class A ( MSTR ) stock is down 2.13% at $125.90 in pre-market hours, while Bitcoin ( BTC-USD ) is trading near ~$71K. More on Strategy Strategy: Down 77% And Still Isn't Cheap Enough Strategy: I'm Gonna Knock It Out The Park (Rating Upgrade) Strategy: Soon A Long, But Not Yet Strategy buys $330M of bitcoin, records $14.5B unrealized loss for Q1 Nasdaq rebounds to end flat as chip, AI-related stocks recover after Trump's speech
Drugmaker Leo Pharma AS has lined up investment banks to lead a potential initial public offering as soon as this year in Copenhagen, according to people familiar with the matter.
Drugmaker Leo Pharma AS has lined up investment banks to lead a potential initial public offering as soon as this year in Copenhagen, according to people familiar with the matter.