FilippoBacci Wall Street’s major market averages search for direction on Tuesday as investors digest the latest round of retail sales data. The tech-focused Nasdaq Composite ( COMP:IND ) was last down by -0.2%. At the same time, the benchmark S&P 500 ( SP500 ) was near flat, and the blue-chip Dow ( DJI ) was +0.3%. From a sector standpoint, seven of the S&P 500’s 11 segments were in positive tradi...
FilippoBacci Wall Street’s major market averages search for direction on Tuesday as investors digest the latest round of retail sales data. The tech-focused Nasdaq Composite ( COMP:IND ) was last down by -0.2%. At the same time, the benchmark S&P 500 ( SP500 ) was near flat, and the blue-chip Dow ( DJI ) was +0.3%. From a sector standpoint, seven of the S&P 500’s 11 segments were in positive trading territory, with consumer discretionary at the top. Going the other way, consumer staples were the weakest. U.S. Treasury yields slipped across the curve. The benchmark 10-year Treasury yield ( US10Y ) fell 5 basis points to 4.15%, while the 2-year yield ( US2Y ) declined 3 basis points to 3.45%. The 30-year yield ( US30Y ) dropped 5 basis points to 4.79%. On the economic calendar, U.S. retail sales held at $735.0B in December, unchanged from November, missing the +0.4% consensus and slowing from the prior 0.6% M/M growth, according to data released by the U.S. Census Bureau on Tuesday. As for stocks that were on the move, shares of Datadog ( DDOG ) were higher by 10.2%, and shares of S&P Global ( SPGI ) came down by 8.7%. More on markets Recession odds fade according to prediction markets Cantor Fitzgerald sees bitcoin washout setting the stage for a stronger rebound China Treasury fears resurface, but the data shows its grip on U.S. debt Is fading Magnificent 7 in overdrive: ProShares seeks approval for new 3X leveraged ETF Prediction markets speak: See which stocks are favored to miss earnings this week
watch now VIDEO 8:02 08:02 Strategy's Michael Saylor: We won't be selling bitcoin, we'll be buying 'every quarter forever' Squawk Box Strategy CEO Michael Saylor brushed off concerns about the company's credit risk if bitcoin continues to tumble. In fact, Saylor said he plans to keep accumulating the cryptocurrency for the company every quarter. "If bitcoin falls 90% for the next four years, we'll...
watch now VIDEO 8:02 08:02 Strategy's Michael Saylor: We won't be selling bitcoin, we'll be buying 'every quarter forever' Squawk Box Strategy CEO Michael Saylor brushed off concerns about the company's credit risk if bitcoin continues to tumble. In fact, Saylor said he plans to keep accumulating the cryptocurrency for the company every quarter. "If bitcoin falls 90% for the next four years, we'll refinance the debt," the executive said Tuesday on CNBC's "Squawk Box. " "We'll just roll it forward." Asked whether he believed banks would continue to lend to the digital asset treasury firm if bitcoin collapses, Saylor said, "Yeah, because the volatility of bitcoin is such that it's always going to be a value." Bitcoin was last trading at $68,970.45, down 9% over the past five days. It has retreated as investors broadly reassess its utility, with the token tumbling 15% to $60,062.00 on Thursday — its lowest level in roughly 16 months. At its trough, the crypto was down more than 50% from its record. Strategy has more than $8 billion in total debt on its balance sheet, in part due to its issuance of convertible notes used to buy bitcoin. The executive also dismissed suggestions that Strategy would sell any of its digital asset holdings: "I expect we'll be buying bitcoin every quarter forever," Saylor said. Stock Chart Icon Stock chart icon Strategy, 1 year Strategy holds 714,644 bitcoins worth about $49 billion as of writing time, per its website . That makes it the largest corporate owner of the digital asset. Saylor noted his firm has two-and-a-half years worth of cash on its balance sheet to cover dividends. Strategy shed about 2% on Tuesday as bitcoin broke below $70,000 again. The stock has tumbled more than 40% over the past three months.
↘️ BP (UK:BP, BP): The global energy company suspended its quarterly share buyback and stepped up plans to cut costs. Shares slid 6.5% in London. ↗️ TSMC (TW:2330, TSM): The world's largest contract chip maker posted its highest monthly revenue ever.
↘️ BP (UK:BP, BP): The global energy company suspended its quarterly share buyback and stepped up plans to cut costs. Shares slid 6.5% in London. ↗️ TSMC (TW:2330, TSM): The world's largest contract chip maker posted its highest monthly revenue ever.
Vertigo3d/iStock via Getty Images Bitcoin’s paper market When people say “paper Bitcoin,” they usually mean financial exposure to BTC that isn’t the coin itself: futures, perpetual swaps, options, structured products, and sometimes synthetic claims inside exchanges. None of this is inherently “bad.” It’s how big markets add liquidity and let hedgers manage risk. But it changes how price moves , be...
Vertigo3d/iStock via Getty Images Bitcoin’s paper market When people say “paper Bitcoin,” they usually mean financial exposure to BTC that isn’t the coin itself: futures, perpetual swaps, options, structured products, and sometimes synthetic claims inside exchanges. None of this is inherently “bad.” It’s how big markets add liquidity and let hedgers manage risk. But it changes how price moves , because price discovery often happens in derivatives first, and spot follows. There are three big mechanisms to understand: 1. Futures/perps set the marginal price If the most aggressive buying/selling is happening in perps/futures, the tape you see is mostly the derivatives market. Spot liquidity is thinner than people think, especially outside peak hours. So a relatively smaller amount of leveraged flow can move the headline price. 2. Leverage creates forced buyers and forced sellers In spot, you can only sell what you have. In derivatives, you can sell a lot with margin. That creates cascades: when price moves, exchanges liquidate the weak side, turning a move into a forced move. 3. Options dealers hedge dynamically (gamma) Options aren’t just “bets.” Dealers hedge their risk by buying/selling the underlying as price moves. That hedging can dampen moves in some regimes and amplify them in others. How “paper” can push price down A) Aggressive shorting in futures/perps A big short can hit perps/futures, push price below key levels, and trigger: stop-losses on spot long liquidations on perps (forced selling) risk-off de-leveraging from systematic traders Even if underlying spot demand exists, it can get steamrolled temporarily because forced selling is mechanical, not discretionary. B) Liquidation cascades (the waterfall) This is the classic “violent BTC dump” pattern: Price dips → leveraged longs hit maintenance margin Exchanges liquidate them → market sells increase Price dips more → triggers the next layer of liquidations Rinse-repeat until leverage is flushed This is why ...
Just three weeks after Taiwan Semiconductor Manufacturing (NYSE:TSM) delivered fourth-quarter results that beat estimates and reaffirmed the durability of AI demand, the world’s leading contract chip manufacturer reported January revenue of NT$401.3 billion ($12.7 billion), representing a 37% year-over-year increase that handily exceeded analyst expectations. Coming on the heels of a record Q4 and...
Just three weeks after Taiwan Semiconductor Manufacturing (NYSE:TSM) delivered fourth-quarter results that beat estimates and reaffirmed the durability of AI demand, the world’s leading contract chip manufacturer reported January revenue of NT$401.3 billion ($12.7 billion), representing a 37% year-over-year increase that handily exceeded analyst expectations. Coming on the heels of a record Q4 and full-year ... Taiwan Semiconductor’s January Sales Show the AI Tsunami Is Still Growing
US To Fund Free Speech Initiatives In Europe, Trump Official Reveals Authored by Kimberley Hayek via The Epoch Times, The Trump administration announced plans to direct funding toward promoting free speech in Western allied democracies, a senior State Department official said on Monday. The initiative bolsters efforts to counter European online regulations categorized by Washington as censorship. ...
US To Fund Free Speech Initiatives In Europe, Trump Official Reveals Authored by Kimberley Hayek via The Epoch Times, The Trump administration announced plans to direct funding toward promoting free speech in Western allied democracies, a senior State Department official said on Monday. The initiative bolsters efforts to counter European online regulations categorized by Washington as censorship. Under Secretary of State for Public Diplomacy Sarah Rogers discussed the initiative during a trip to Europe. It includes grants to support free expression, a result of concerns about rules such as the European Union’s Digital Services Act and Britain’s Online Safety Act. These laws, which E.U. officials say aim to deter hate speech and misinformation, have been scrutinized by U.S. officials as restricting the free speech of American tech firms and suppressing immigration policy critiques. “One way my office is going to operate differently is we’re going to be very forthright and transparent about everything we do,” Rogers said during a panel discussion in Budapest on Monday. She added that her role allows directing U.S. funding through grants, stating, “I want to promote free speech in Western allied democracies, and ... that’s what my grantmaking is going to be doing.” Rogers, appearing alongside a top aide to Hungarian Prime Minister Viktor Orbán, underscored the importance of free speech for democracy. “The United States government, via me, but not only me, has been engaging aggressively on the issue of free speech, because you don’t have self-governance without freedom of speech, you can’t have a democratic deliberation if viewpoints are proscribed from the public square,” she said. Rogers is scheduled to stop in Dublin, Budapest, Warsaw, and Munich to discuss digital freedoms with officials and others. The administration’s December National Security Strategy said that European leaders were censoring speech and suppressing opposition to immigration policies, warning of ...
Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “U.S. Large Cap Growth Strategy.” A copy of the letter can be downloaded here. In Q4 2025, the Portfolio returned 0.3% (Gross) and 0.2% (Net) compared to 1.1% return for the Russell 1000 Growth Index and 2.7% gain for the S&P 500 Index. Rising volatility, coupled with broadening...
Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “U.S. Large Cap Growth Strategy.” A copy of the letter can be downloaded here. In Q4 2025, the Portfolio returned 0.3% (Gross) and 0.2% (Net) compared to 1.1% return for the Russell 1000 Growth Index and 2.7% gain for the S&P 500 Index. Rising volatility, coupled with broadening market leadership, improved the portfolio’s relative performance in the second half of the quarter. In 2025, the Portfolio faced its most challenging years since the firm's inception in 2003. After a challenging year, the firm is encouraged by the robust growth potential in its portfolio and its historically attractive relative valuation. Progressing further, the portfolio is well-positioned to gain from a shift away from high momentum dynamics in U.S. markets and a broadening of market leadership. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, SGA U.S. Large Cap Growth Strategy highlighted stocks like Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions. The one-month return of Microsoft Corporation (NASDAQ:MSFT) was -11.04%, and its shares gained 1.77% of their value over the last 52 weeks. On February 9, 2026, Microsoft Corporation (NASDAQ:MSFT) stock closed at $413.71 per share, with a market capitalization of $3.09 trillion. SGA U.S. Large Cap Growth Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its fourth quarter 2025 investor letter:
Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “U.S. Large Cap Growth Strategy.” A copy of the letter can be downloaded here. In Q4 2025, the Portfolio returned 0.3% (Gross) and 0.2% (Net) compared to 1.1% return for the Russell 1000 Growth Index and 2.7% gain for the S&P 500 Index. Rising volatility, coupled with broadening...
Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “U.S. Large Cap Growth Strategy.” A copy of the letter can be downloaded here. In Q4 2025, the Portfolio returned 0.3% (Gross) and 0.2% (Net) compared to 1.1% return for the Russell 1000 Growth Index and 2.7% gain for the S&P 500 Index. Rising volatility, coupled with broadening market leadership, improved the portfolio’s relative performance in the second half of the quarter. In 2025, the Portfolio faced its most challenging years since the firm's inception in 2003. After a challenging year, the firm is encouraged by the robust growth potential in its portfolio and its historically attractive relative valuation. Progressing further, the portfolio is well-positioned to gain from a shift away from high momentum dynamics in U.S. markets and a broadening of market leadership. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, SGA U.S. Large Cap Growth Strategy highlighted stocks like Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions. The one-month return of Microsoft Corporation (NASDAQ:MSFT) was -11.04%, and its shares gained 1.77% of their value over the last 52 weeks. On February 9, 2026, Microsoft Corporation (NASDAQ:MSFT) stock closed at $413.71 per share, with a market capitalization of $3.09 trillion. SGA U.S. Large Cap Growth Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its fourth quarter 2025 investor letter:
J Studios/DigitalVision via Getty Images Investment Thesis Invesco KBW Property & Casualty Insurance ETF (NASDAQ: KBWP ) is a buy due to the steady growth potential of its top holdings from diversified and profitable revenue streams. Additionally, these companies have long track records of dividend growth and are demonstrating the potential for continued expansion. These qualities result in a mix ...
J Studios/DigitalVision via Getty Images Investment Thesis Invesco KBW Property & Casualty Insurance ETF (NASDAQ: KBWP ) is a buy due to the steady growth potential of its top holdings from diversified and profitable revenue streams. Additionally, these companies have long track records of dividend growth and are demonstrating the potential for continued expansion. These qualities result in a mix of consistent capital appreciation and income looking forward. Invesco KBW Property & Casualty Insurance ETF: Overview and Compared ETFs KBWP is a passive ETF that seeks to capture U.S. companies that are involved in property and casualty insurance . With its inception in 2010, the fund has 25 holdings and $286M in AUM. KBWP is exclusively focused on insurers in the financial sector. The fund uses a modified cap-weighted approach and rebalances quarterly. For comparison purposes, other funds examined are iShares U.S. Insurance ETF ( IAK ) and State Street SPDR S&P Insurance ETF ( KIE ). IAK focuses on a diversified mix of U.S. companies that provide property, casualty, and life insurance. I wrote previously on IAK back in summer 2025 and rated the fund a buy. KIE differs from KBWP in that it utilizes a modified equal-weight index to provide a more even blend of large, mid, and small cap insurance companies. KBWP Compared: Performance, Expense Ratio, and Dividend Yield KBWP has seen a 10-year average annual return of 12.72%. By comparison, IAK 10-year average return of 12.43% while KIE has seen a 10-year annual return of 12.31%. Therefore, all insurance funds have historically underperformed the broader S&P 500 Index's 10-year average return of over 15%. However, the upside of KBWP and peer funds is their lower volatility and reduced correlation to the market overall as I will discuss later. 10-Year Total Return: KBWP and Compared Insurance Funds (Seeking Alpha) KBWP’s 0.35% expense ratio is on par with peers. However, these fees are below average when considering all ETFs. ...
At Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 06/30/2024 reporting period, and noticed that SPDR S&P 500 ETF Trust (Symbol: SPY) was held by 15 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look. Before we proceed, it is important to point out that 13F filings do not tell the whole...
At Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 06/30/2024 reporting period, and noticed that SPDR S&P 500 ETF Trust (Symbol: SPY) was held by 15 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look. Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen. Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in SPY positions, for this latest batch of 13F filers: In terms of shares owned, we count 5 of the above funds having increased existing SPY positions from 03/31/2024 to 06/30/2024, with 6 having decreased their positions and 1 new position. Worth noting is that Polianta Ltd, included in this recent batch of 13F filers, exited SPY common stock as of 06/30/2024. Looking beyond these particular funds in this one batch of most recent filers, we tallied up the SPY share count in the aggregate among all of the funds which held SPY at the 06/30/2024 reporting period (out of the 7,256 we looked at in total). We then compared that number to the sum total of SPY shares those same funds held back at the 03/31/2024 period, to see how the aggregate share count held by hedge funds has moved for SPY. We found that between these two periods, funds reduced their holdings by 46,126,801 shares in the ag...
Maro Itoje has been restored to the England captaincy for Saturday’s Calcutta Cup clash against Scotland while Luke Cowan-Dickie starts at hooker with Steve Borthwick otherwise keeping faith with the side who thrashed Wales last week. Fin Smith replaces namesake Marcus in the No23 jersey but that, Itoje’s expected return to the starting lineup and the decision to utilise Jamie George’s experience ...
Maro Itoje has been restored to the England captaincy for Saturday’s Calcutta Cup clash against Scotland while Luke Cowan-Dickie starts at hooker with Steve Borthwick otherwise keeping faith with the side who thrashed Wales last week. Fin Smith replaces namesake Marcus in the No23 jersey but that, Itoje’s expected return to the starting lineup and the decision to utilise Jamie George’s experience from the bench, aside, Borthwick has challenged the majority of his players to repeat the trick at Murrayfield. Ollie Lawrence was on track to be fit for Saturday’s match but Borthwick is determined to persevere with Tommy Freeman at outside centre. Henry Arundell, who scored a hat-trick against Wales, can expect a barrage of high balls coming his way at Murrayfield but Borthwick has resisted the temptation to tinker, again selecting the Bath flyer on the left wing. Tom Roebuck, who was a late call-up to replace the injured Immanuel Feyi-Waboso against Wales, continues on the right. Ellis Genge was withdrawn at half-time against Wales and sat out training on Monday due to a hamstring niggle but he has been deemed fit to start in Edinburgh. Itoje’s return was expected - he was on the bench against Wales after missing the start of England’s training camp to attend his late mother’s funeral in Nigeria - but it is harsh on Alex Coles, who drops to the bench despite his excellent recent form. With Fin Smith one of only two backs named on the bench, England appear light at cover in the three-quarters. Borthwick has talked up Smith’s ability to play at inside-centre in the past, however, and Ben Earl moved to midfield in the latter stages against Wales with Freeman returning to the wing. Borthwick’s decision to start Cowan-Dickie makes sense insofar as it allows George to be fresh for the closing stages of the match. Elsewhere, Joe Heyes is again at tighthead prop, Ollie Chessum partners Itoje in the second-row while Guy Pepper, Sam Underhill and Earl comprise the back-row. Alex M...
At Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 09/30/2024 reporting period, and noticed that Vanguard Index Funds - Vanguard Total Stk Mkt ETF (Symbol: VTI) was held by 12 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look. Before we proceed, it is important to point out that 13F fi...
At Holdings Channel, we have reviewed the latest batch of the 20 most recent 13F filings for the 09/30/2024 reporting period, and noticed that Vanguard Index Funds - Vanguard Total Stk Mkt ETF (Symbol: VTI) was held by 12 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look. Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen. Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in VTI positions, for this latest batch of 13F filers: In terms of shares owned, we count 4 of the above funds having increased existing VTI positions from 06/30/2024 to 09/30/2024, with 4 having decreased their positions. Worth noting is that Brewster Financial Planning LLC, included in this recent batch of 13F filers, exited VTI common stock as of 09/30/2024. Looking beyond these particular funds in this one batch of most recent filers, we tallied up the VTI share count in the aggregate among all of the funds which held VTI at the 09/30/2024 reporting period (out of the 152 we looked at in total). We then compared that number to the sum total of VTI shares those same funds held back at the 06/30/2024 period, to see how the aggregate share count held by hedge funds has moved for VTI. We found that between these two periods, funds increased their holdings by ...
Monolithic Power Systems is continuing on its very strong run in 2026. However, is this chip stock's promising future already reflected in its valuation?
Monolithic Power Systems is continuing on its very strong run in 2026. However, is this chip stock's promising future already reflected in its valuation?