Canadian Prime Minister Mark Carney does not mince his words. Writing for The Economist last November, Carney argued the post-Cold War had collapsed and said the world was “entering an era of ‘variable geometry’” involving “pragmatic coalitions, built around shared interests, and occasionally shared values, rather than shared institutions”. The essay, it turns out, was the prelude to a hard-hittin...
Canadian Prime Minister Mark Carney does not mince his words. Writing for The Economist last November, Carney argued the post-Cold War had collapsed and said the world was “entering an era of ‘variable geometry’” involving “pragmatic coalitions, built around shared interests, and occasionally shared values, rather than shared institutions”. The essay, it turns out, was the prelude to a hard-hitting speech at the World Economic Forum in Davos, Switzerland, on January 20. Carney told attendees that it was important to recognise that the international system was “in the midst of a rupture, not a transition”. Great powers were “using economic integration as weapons. Tariffs as leverage. Financial infrastructure as coercion. Supply chains as vulnerabilities to be exploited”. He urged the world’s middle-sized countries to reduce “the leverage that enables coercion … diversification internationally is not just economic prudence – it is the material foundation for honest foreign policy”. Carney, a former central banker, also argued it would be a mistake to mourn the demise of the rules-based order. “Nostalgia is not a strategy”, he said. Advertisement Few leading policymakers have spoken so frankly and publicly about the damage wrought by US President Donald Trump’s assault on the global trading system and the profound consequences of his administration’s evisceration of the rule of law. Yet Carney deserves praise not just for his candour, but also for his lucid arguments. While the unravelling of globalisation has been a major theme for some time, the primacy of national security and geopolitics – in particular the extent to which trade is subordinated to political exigencies – is a relatively new phenomenon that is reshaping the global economy and markets. Advertisement Carney put his finger on two increasingly important yet underappreciated megatrends: economic fragmentation and geopolitical realignments. While a number of investment banks, notably Morgan Stanley, have p...
Sumedha Lakmal/iStock via Getty Images By Edward Chancellor Over recent months, there have been a fair number of papers, investment letters, and press articles addressing the question of whether current interest in artificial intelligence constitutes a “bubble.” The verdicts are mixed. This essay adds to the burgeoning literature on the topic. Our aim is to provide an anatomy of a technology mania...
Sumedha Lakmal/iStock via Getty Images By Edward Chancellor Over recent months, there have been a fair number of papers, investment letters, and press articles addressing the question of whether current interest in artificial intelligence constitutes a “bubble.” The verdicts are mixed. This essay adds to the burgeoning literature on the topic. Our aim is to provide an anatomy of a technology mania, constructed from historical and more recent experience. And then to compare the current AI boom with earlier precedents. To jump to the conclusion, we believe that we are in a U.S. stock market and AI bubble, and that at some stage in the future, most investors will be nursing very large losses. There have been countless technology bubbles over the past couple of centuries, ranging from the British railway mania of the 1840s to the SPAC bubble of 2020-21. As a rule of thumb, the more revolutionary the innovation, the greater the accompanying bubble. In his book, Engines That Move Markets: Technology Investing from Railroads to the Internet and Beyond (2001), Alasdair Nairn describes their common characteristics, which provide a useful template to gauge the market’s current embrace of AI. (Incidentally, Nairn is a former colleague of Sir John Templeton, the author of that immortal warning engraved on the heart of every value investor: “‘This time it’s different’ are the four most expensive words in the English language.”) 1. The emergence of a new technology about which extravagant claims can be made with apparent justification. The arrival of railways generated tremendous and well-founded excitement in the early Victorian period. For the first time in history, people could travel much further and faster than on horseback. Goods could now be moved greater distances, at a lower cost and in less time. The ensuing euphoria had as much to do with the impact of railways on civilization as the economics of steam and iron. One paper jubilantly declared that “the length of our liv...
These companies offer high-yielding and steadily rising income streams. The S&P 500's dividend yield is a paltry 1.1% these days. That's approaching its all-time low. As a result, fewer stocks are offering compelling income streams right now. However, there are some enticing options available. Delek Logistics Partners (DKL +0.46%), Hess Midstream (HESM +1.15%), and Plains All American Pipeline (PA...
These companies offer high-yielding and steadily rising income streams. The S&P 500's dividend yield is a paltry 1.1% these days. That's approaching its all-time low. As a result, fewer stocks are offering compelling income streams right now. However, there are some enticing options available. Delek Logistics Partners (DKL +0.46%), Hess Midstream (HESM +1.15%), and Plains All American Pipeline (PAA +0.92%) currently offer yields of up to 9%. Even better, all three companies recently increased their payouts. The streak continues Delek Logistics Partners recently declared its quarterly distribution payment. The master limited partnership (MLP) set its rate at $1.125 per unit ($4.50 annualized). That's a slight 0.4% bump from what it paid last quarter. This raise extended its distribution growth streak to 52 consecutive quarters, while raising its yield to 9%. The MLP, which sends investors a Schedule K-1 Federal tax form each year, generates relatively stable cash flows backed by long-term midstream services contracts. It produced enough cash to cover its distribution payment by over 1.3 times last year. That gave it some cushion while allowing it to retain some money to reinvest in expansion projects and maintain its financial flexibility. Expand NYSE : DKL Delek Logistics Partners Today's Change ( 0.46 %) $ 0.23 Current Price $ 50.21 Key Data Points Market Cap $2.7B Day's Range $ 49.50 - $ 50.82 52wk Range $ 34.59 - $ 50.82 Volume 47K Avg Vol 62K Gross Margin 22.31 % Dividend Yield 8.86 % Delek completed its Libby 2 gas processing plant last year and also closed its acquisition of Gravity Water. It's currently working on a comprehensive acid gas injection and sour gas treating solution at its Libby Gas Complex. These investments should enable the MLP to continue raising its lucrative distribution payment. The steady growth continues Hess Midstream also recently announced its latest quarterly cash distribution payment. It's paying $0.7641 per share, a 1.2% increase c...
Orbán Backs Weidel's Demands That Ukraine Pay Germany Reparations For Nord Stream 2 Sabotage Via Remix News, Hungarian Prime Minister Viktor Orbán backed Alternative for Germany (AfD) co-leader Alice Weidel, who is demanding compensation from Ukraine for the explosion of the Nord Stream gas pipeline and tens of billions of euros in German financial support. Orbán responded to the German politician...
Orbán Backs Weidel's Demands That Ukraine Pay Germany Reparations For Nord Stream 2 Sabotage Via Remix News, Hungarian Prime Minister Viktor Orbán backed Alternative for Germany (AfD) co-leader Alice Weidel, who is demanding compensation from Ukraine for the explosion of the Nord Stream gas pipeline and tens of billions of euros in German financial support. Orbán responded to the German politician’s statement with a short but clear sentence on X, writing, “Alice Weidel is right!” . @Alice_Weidel is right! https://t.co/qX69UicBof — Orbán Viktor (@PM_ViktorOrban) January 26, 2026 The Hungarian prime minister also posted Weidel’s speech, where she stated: “If this party comes to power, we will demand compensation for the explosion of the Nord Stream gas pipeline, as well as the return of about 70 billion euros in financial and military support provided to Kyiv.” Germany has provided tens of billions to Ukraine, all during a time when the country is facing surging company bankruptcies, budget cuts, and even cities all on the verge of bankruptcy. The enormous sums of money sent to Ukraine, especially in the light of massive corruption scandals facing the country, have led the AfD to be highly critical of Germany’s continued support. Now, the AfD considers recouping this money as essential. In light of a number of arrests of Ukrainian operatives, who have been charged with sabotaging the Nord Stream 2 pipeline , the alliance between Germany and Ukraine looks increasingly problematic. “We will seek compensation. The Ukrainians and Zelensky have been paid by us to blow up our own pipeline. The country that has done this to us cannot be our friend, and this must be publicly acknowledged,” stated Weidel, emphasizing that Ukraine cannot be considered a friendly state. As Weidel said, the recovery of tens of billions of euros in support and the restoration of Nord Stream are inevitable. Weidel previously accused European leaders of double standards and believed that while Mosco...
Monty Rakusen/DigitalVision via Getty Images A very contrarian call to buy the shares! Figma ( FIG ) launched its IPO at the end of July 2025. The company raised $1.2 billion at a valuation of $33/share and the shares immediately skyrocketed to $125. At that price, the shares had essentially become decoupled from any kind of rational valuation, and I left them alone. Since that time, the company h...
Monty Rakusen/DigitalVision via Getty Images A very contrarian call to buy the shares! Figma ( FIG ) launched its IPO at the end of July 2025. The company raised $1.2 billion at a valuation of $33/share and the shares immediately skyrocketed to $125. At that price, the shares had essentially become decoupled from any kind of rational valuation, and I left them alone. Since that time, the company has released two earnings reports; the first one, in September 2025, was considered to be less than stellar, and the shares fell by 20% in the next few trading sessions. The next earnings release in early November of last year was well above consensus levels and featured accelerating growth. But in this era of sector rotation, initially the shares traded flat and then declined to the current low point. To answer the question in the title, yes, the current valuation, down sharply in recent months, has brought the shares to levels at which I can start to build a position at a valuation that I can live with. Figma is, I believe, the leading company in its space. It is offering a series of AI capabilities, and it can and is used in a collaborative process by both technical and non-technical users to create and then iterate the best possible graphic designs. Figma may not be well known by many readers. Its software is used to create designs for mobile applications and websites. It produces clickable prototypes so that users can test their designs to ensure optimal workflows. It allows multiple members of a product team to edit and suggest changes. It manages shared components, graphic styles, and libraries to ensure enterprise consistency. It can facilitate brainstorming and workshop functionality through the company's Figjam app. It is often used to create elaborate, graphic-based marketing material, which could include social media graphic content, graphic presentations of product functionality and use instructions, and storyboards. It is often used to create the kind of slide ...
A tribunal held in Watford upheld Hehir's dismissal and said "that the genuine belief of the disciplinary and appeal managers that the claimant was guilty of gross misconduct was held on reasonable grounds and was within the band of reasonable responses open to an employer in the circumstances".
A tribunal held in Watford upheld Hehir's dismissal and said "that the genuine belief of the disciplinary and appeal managers that the claimant was guilty of gross misconduct was held on reasonable grounds and was within the band of reasonable responses open to an employer in the circumstances".
Stephen Maturen/Getty Images News President Donald Trump and Senate Minority Leader Chuck Schumer (D-NY) moved toward a possible deal to negotiate new curbs on federal immigration agents in an effort to avert a partial government shutdown this weekend, The New York Times reported. The potential deal would separate legislation funding the Department of Homeland Security from the broader six-bill sp...
Stephen Maturen/Getty Images News President Donald Trump and Senate Minority Leader Chuck Schumer (D-NY) moved toward a possible deal to negotiate new curbs on federal immigration agents in an effort to avert a partial government shutdown this weekend, The New York Times reported. The potential deal would separate legislation funding the Department of Homeland Security from the broader six-bill spending package for federal agencies, two sources told NYT . A short-term funding bill for DHS would be considered to prevent interruption of services by the Transportation Security Agency, Coast Guard and Federal Emergency Management Agency. The stopgap bill for DHS would give lawmakers time to discuss restrictions on the Immigration and Customs Enforcement, in the wake of ICE agents killing U.S. citizens Alex Pretti and Renee Good in Minneapolis. Democratic lawmakers are demanding an end to roving patrols and stricter rules governing the use of warrants by ICE agents, a universal code of conduct, and a requirement for all ICE agents to be unmasked with their body cameras turned on. "Until ICE is properly reined in and overhauled, the DHS funding bill won't have the votes to pass the Senate," Schumer announced. The Senate will start voting on the six-bill spending package, which includes DHS funding, on Thursday. The other five bills in the package cover funding for military, labor and health programs as well as other federal agencies. The measure will require 60 votes to pass, and Republicans hold only 53 seats in the Senate. According to Sen. John Kennedy (R-LA), several Republican lawmakers are open to splitting off DHS funding from the spending package "I think the best path forward is to keep the package intact," said Senate Majority Leader John Thune (R-SD). "If there are things that the Democrats want that the administration can agree with them about, then let's do that." More on U.S. government Odds Of Government Shutdown Increase, How It May Impact Markets 7 Things...
Endeavour Mining Plc , which owns gold mines in West Africa, returned a record $435 million to shareholders last year after the price of the precious metal rallied sharply. The London-listed company said on Thursday it paid $350 million in dividends and bought back $85 million of shares in 2025. Endeavour expects to return a minimum of about $1 billion in dividends to investors over the next three...
Endeavour Mining Plc , which owns gold mines in West Africa, returned a record $435 million to shareholders last year after the price of the precious metal rallied sharply. The London-listed company said on Thursday it paid $350 million in dividends and bought back $85 million of shares in 2025. Endeavour expects to return a minimum of about $1 billion in dividends to investors over the next three years, as long as the gold price exceeds $3,000 an ounce. Bullion is currently trading above $5,500 an ounce. The gold price is on a record-breaking streak and has more than doubled since the start of last year as geopolitical tensions drove demand for haven assets. Endeavour produced 1.2 million ounces of gold last year – a 10% increase on 2024 – from five mines in Burkina Faso, Ivory Coast and Senegal. The company aims to develop its existing portfolio to reach annual output of 1.5 million ounces by the start of next decade. The surging gold price helped the company reduce its net debt by $574 million to $157 million, Endeavour said. The miner’s top shareholders are Blackrock Inc. and an investment firm owned by the family of Egyptian billionaire Naguib Sawiris .
primeimages/iStock via Getty Images Over the last 12 months, my long position in Intel Corporation (NASDAQ: INTC ) has been one of my most successful trades. Of course, this goes back to April 2025, when I explained (with a “ strong buy ” rating) that the stock was presenting investors with a “generational buying opportunity.” Since then, share prices have generated total returns of more than +162...
primeimages/iStock via Getty Images Over the last 12 months, my long position in Intel Corporation (NASDAQ: INTC ) has been one of my most successful trades. Of course, this goes back to April 2025, when I explained (with a “ strong buy ” rating) that the stock was presenting investors with a “generational buying opportunity.” Since then, share prices have generated total returns of more than +162%, and the stock position has seen almost no drawdown during this entire period of time. More recently, I began warning investors of some of the problems that might be associated with owning Intel (or really any stock that is in the process of generating monstrous gains in a very short period of time). On September 12th, 2025, I alerted investors to important risks that might be associated with the long trade (with the downgraded outlook in my article “ Intel: Warning Signs Are Emerging ”). Needless to say, all of this activity has created a bit of a rollercoaster ride that has ultimately culminated in a worrisome January 2026 earnings release and a massive sell-off in share prices. Fortunately, my contrarian nature as a trader is alerting me to potential buying opportunities when I feel that the market is overreacting in the bearish direction. In this article, I will be raising my outlook rating once again and explaining why I believe that the latest drop in INTC represents a good buying opportunity for investors. Historically Low Price / Tangible Book Value (YCharts) First, we have to go over the “elephant in the room” because Intel’s fourth-quarter earnings release has certainly placed the market in a more defensive position. I suppose we must start by acknowledging that Intel surpassed analyst estimates by a fairly wide margin (nearly doubling the expected adjusted EPS figure, at $0.15). The company also beat on top-line sales (at $13.7 billion), with the foundry recording revenues of $4.5 billion. However, the market is obviously not liking what it sees, and guidance i...
primeimages/iStock via Getty Images Over the last 12 months, my long position in Intel Corporation (NASDAQ: INTC ) has been one of my most successful trades. Of course, this goes back to April 2025, when I explained (with a “ strong buy ” rating) that the stock was presenting investors with a “generational buying opportunity.” Since then, share prices have generated total returns of more than +162...
primeimages/iStock via Getty Images Over the last 12 months, my long position in Intel Corporation (NASDAQ: INTC ) has been one of my most successful trades. Of course, this goes back to April 2025, when I explained (with a “ strong buy ” rating) that the stock was presenting investors with a “generational buying opportunity.” Since then, share prices have generated total returns of more than +162%, and the stock position has seen almost no drawdown during this entire period of time. More recently, I began warning investors of some of the problems that might be associated with owning Intel (or really any stock that is in the process of generating monstrous gains in a very short period of time). On September 12th, 2025, I alerted investors to important risks that might be associated with the long trade (with the downgraded outlook in my article “ Intel: Warning Signs Are Emerging ”). Needless to say, all of this activity has created a bit of a rollercoaster ride that has ultimately culminated in a worrisome January 2026 earnings release and a massive sell-off in share prices. Fortunately, my contrarian nature as a trader is alerting me to potential buying opportunities when I feel that the market is overreacting in the bearish direction. In this article, I will be raising my outlook rating once again and explaining why I believe that the latest drop in INTC represents a good buying opportunity for investors. Historically Low Price / Tangible Book Value (YCharts) First, we have to go over the “elephant in the room” because Intel’s fourth-quarter earnings release has certainly placed the market in a more defensive position. I suppose we must start by acknowledging that Intel surpassed analyst estimates by a fairly wide margin (nearly doubling the expected adjusted EPS figure, at $0.15). The company also beat on top-line sales (at $13.7 billion), with the foundry recording revenues of $4.5 billion. However, the market is obviously not liking what it sees, and guidance i...
POSCO Holdings press release ( PKX ): FY GAAP EPS of KRW 8,126.00. Revenue of KRW 69,095B (-4.9% Y/Y). More on POSCO Holdings POSCO Holdings: It's All About Capital Allocation POSCO Holdings Inc. 2025 Q3 - Results - Earnings Call Presentation POSCO Holdings FY 2025 Earnings Preview Posco buys 30% stake in Mineral Resources' Australia lithium unit in $765M deal Seeking Alpha’s Quant Rating on POSCO...
POSCO Holdings press release ( PKX ): FY GAAP EPS of KRW 8,126.00. Revenue of KRW 69,095B (-4.9% Y/Y). More on POSCO Holdings POSCO Holdings: It's All About Capital Allocation POSCO Holdings Inc. 2025 Q3 - Results - Earnings Call Presentation POSCO Holdings FY 2025 Earnings Preview Posco buys 30% stake in Mineral Resources' Australia lithium unit in $765M deal Seeking Alpha’s Quant Rating on POSCO Holdings