Both Sides' Starting Ceasefire Positions Are: "We Won, You Surrender" By Michael Every of Rabobank Don't screen yourself off from reality Today starts with markets in a positive mood, stocks up in Asia, bond yields down slightly, and Brent oil down around 7% to $97.5. Yet don’t screen yourself from reality. As underlined before, the price of energy on a screen currently has no relation to its actu...
Both Sides' Starting Ceasefire Positions Are: "We Won, You Surrender" By Michael Every of Rabobank Don't screen yourself off from reality Today starts with markets in a positive mood, stocks up in Asia, bond yields down slightly, and Brent oil down around 7% to $97.5. Yet don’t screen yourself from reality. As underlined before, the price of energy on a screen currently has no relation to its actual availability in different forms in certain geographies. The Philippines just declared a national emergency to conserve fuel; South Korea is curtailing private driving; Slovenia has introduced rationing; and the boss of Shell is quoted saying Europe will face fuel shortages within days (see " Where Demand Destruction Is Greatest "). Iran, via its parliamentary speaker Ghalibaf , whom the US is now negotiating with, also makes this clear: “We are aware of what is happening in the paper oil market, including the firms hired to influence oil futures. We also see the broader jawboning campaign. But let’s see if they can turn that into "actual fuel" at the pump - or maybe even print gas molecules!” We are aware of what is happening in the paper oil market, including the firms hired to influence oil futures. We also see the broader jawboning campaign. But let’s see if they can turn that into "actual fuel" at the pump —or maybe even print gas molecules! — محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) March 24, 2026 That said, Iran has stated “non-hostile” ships can now transit Hormuz if the vessels co-ordinate with it. That would mean this crisis is essentially already over, albeit with Iran de facto taking control of Hormuz as a toll-way : only the US and Israel are ‘hostiles’, and they don’t use the Strait. But haven’t we seen this on our screens before? Did you notice any change in energy flows? Indeed, looking at your screens won’t tell you what’s going to happen in this war. For example, the New York Times reports Saudi’s MBS is still pushing Trump to continue fighting due ...
Alistair Berg/DigitalVision via Getty Images Introduction Tapestry, Inc. ( TPR ) is the parent company of Coach, Kate Spade, and Stuart Weitzman. Each year, Coach represents a higher percentage of Tapestry, Inc.'s sales, reaching ~80% in FY25. It has also performed incredibly well over the past few years, having returned ~250% over the past three years. Tapestry’s management has significantly impr...
Alistair Berg/DigitalVision via Getty Images Introduction Tapestry, Inc. ( TPR ) is the parent company of Coach, Kate Spade, and Stuart Weitzman. Each year, Coach represents a higher percentage of Tapestry, Inc.'s sales, reaching ~80% in FY25. It has also performed incredibly well over the past few years, having returned ~250% over the past three years. Tapestry’s management has significantly improved the Coach brand and is the textbook example of a turnaround from a “mall brand” to a luxury contender. Its margins expanded, with gross margins increasing from 69% in 2022 to 75% in 2025 and operating margin expanding from 17.5% to 20% over the same period. Virtually every profitability metric, apart from net margin, improved. Seeking Alpha So what did management do? Changes to its business Coach’s turnaround relates to having more control over its prices. This was achieved through less discounting, higher AUR, and a sales mix focused on DTC. Through a combination of strategies, it managed to become popular among Gen Z. On its Q1 FY21 earnings call , Tapestry’s then-CEO said: ...gross margin expanded 320 basis points year-over-year, driven by significant -- by a significant 350 basis point improvement at Coach. This expansion was primarily due to lower levels of promotion as we successfully executed our strategy to maintain price discipline and raise AURs, along with the continued tailwind from geographic mix. Promotions in the luxury business are a classic way to degrade the brand, as it damages its luxury status and it trains its customers to wait for discounts. It also attracts more price-sensitive customers, destroying its pricing power. Successful luxury brands such as Hermes ( HESAY ) are notorious for not offering discounts at all and making some of their customers spend 10X the price of a Birkin bag to even get the chance to buy it. While Tapestry’s management is probably not going to position Coach as an ultra-luxury brand, it has pivoted towards it. Gross mar...
RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The US stock market delivered modest gains in the quarter with the S&P 500 index (“S&P”) and the Russell 1000 Growth […]
RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The US stock market delivered modest gains in the quarter with the S&P 500 index (“S&P”) and the Russell 1000 Growth […]
A_teen/iStock via Getty Images Quarterly commentary Most asset categories produced positive returns in the final three months of 2025, reflecting the favorable backdrop for the world financial markets. The fund posted a gain but slightly underperformed its benchmark. Asset allocation contributed to performance, while underlying manager results detracted. Market review and outlook Global equities r...
A_teen/iStock via Getty Images Quarterly commentary Most asset categories produced positive returns in the final three months of 2025, reflecting the favorable backdrop for the world financial markets. The fund posted a gain but slightly underperformed its benchmark. Asset allocation contributed to performance, while underlying manager results detracted. Market review and outlook Global equities registered solid gains in the fourth quarter, helping the major, broad-based indexes record their third consecutive year of double-digit returns. Performance was uneven over the first half of the quarter due to concerns that AI-related stocks were in a bubble, but the market staged an impressive rebound and went on to achieve new all-time highs by year end. A continued decline in inflation enabled the U.S. Federal Reserve to enact two quarter-point interest rate cuts, boosting sentiment. In addition, corporate earnings were robust and world economic growth remained positive. Emerging- and developed-market international equities outperformed the United States, continuing a trend that was in place for the full year. Within the U.S. market, the value style outpaced growth as investors rotated toward opportunities outside of AI-related stocks. Global bonds logged only slightly positive total returns amid a growing consensus that most central banks were largely finished easing policy. Credit-oriented market segments continued to outperform, primarily as a result of their yield advantage. Contributors and detractors The majority of the benefit from allocation came from the fund's overweight in developed-market international equities and corresponding underweight in the United States. We have favored the non-U.S. markets for some time based on their attractive relative valuations, and this aspect of our positioning paid off in both the quarter and the year. The fund's real assets portfolio also contributed to relative performance, primarily as a result of a position in metals and m...
Ireland face Czech Republic in playoff semi-final ‘We are just riding the wave of confidence’ Seamus Coleman believes the Republic of Ireland have “a duty” to lift the country by completing the job of qualifying for a World Cup for the first time since 2002. The Republic visit the Czech Republic on Thursday in a World Cup playoff semi-final that few would have imagined possible after collecting on...
Ireland face Czech Republic in playoff semi-final ‘We are just riding the wave of confidence’ Seamus Coleman believes the Republic of Ireland have “a duty” to lift the country by completing the job of qualifying for a World Cup for the first time since 2002. The Republic visit the Czech Republic on Thursday in a World Cup playoff semi-final that few would have imagined possible after collecting one point from their opening three qualifiers. Having reignited their campaign with two Troy Parrott-inspired wins over Portugal and Hungary in November, however, Heimir Hallgrímsson’s side will take confidence and momentum into their bid to end a 24-year absence from the World Cup. Continue reading...
US President Donald Trump appointed Meta Platforms CEO Mark Zuckerberg, Oracle Executive Chairman Larry Ellison and Nvidia CEO Jensen Huang to a council that will weigh in on AI policy and other issues, the White House said on Wednesday. Google co-founder Sergey Brin and AMD CEO Lisa Su are also part of the initial batch of 13 members from the industry named to the President’s Council of Advisors...
US President Donald Trump appointed Meta Platforms CEO Mark Zuckerberg, Oracle Executive Chairman Larry Ellison and Nvidia CEO Jensen Huang to a council that will weigh in on AI policy and other issues, the White House said on Wednesday. Google co-founder Sergey Brin and AMD CEO Lisa Su are also part of the initial batch of 13 members from the industry named to the President’s Council of Advisors on Science and Technology (PCAST). Trump has made securing US leadership in artificial...