Sumedha Lakmal/iStock via Getty Images The following segment was excerpted from the Giverny Capital Asset Management Q4 2025 Letter. We initiated a 3.5% position in Watsco ( WSO ), the country's largest distributor of so-called HVAC systems - heating, ventilation and air conditioning. Its most important relationship is with Carrier ( CARR ), but it also distributes products from Rheem, Daikin (Goo...
Sumedha Lakmal/iStock via Getty Images The following segment was excerpted from the Giverny Capital Asset Management Q4 2025 Letter. We initiated a 3.5% position in Watsco ( WSO ), the country's largest distributor of so-called HVAC systems - heating, ventilation and air conditioning. Its most important relationship is with Carrier ( CARR ), but it also distributes products from Rheem, Daikin (Goodman) and others. Founded by the Miami entrepreneur Albert Nahmad, Watsco entered the HVAC market in 1989 and over the next 36 years bought 70 regional players, turning itself into the largest distributor nationally with a low teens market share. I like the HVAC market because it is stable and grows steadily over time. The major brands - Trane ( TT ), Lennox ( LII ) and Carrier - are nicely profitable and command premium valuations in the marketplace, as does Watsco. An air conditioning unit lasts 15-to-20 years. With some 140 million US homes, that's about eight million units a year that need replacing. The US builds roughly one million homes a year, so in a normal year perhaps nine million AC units get sold into the residential market. Watsco also sells heat pumps, hot water heaters, boilers and spare parts, plus some equipment into the light commercial market, all of which have fairly predictable sales. Watsco has been technology-forward for years, and because of its size it can invest more than peers. It built a mobile app that contractors can use to run their business, including pricing jobs, ordering parts and checking inventory specifications, all while at a customer's home. This convenience helps Watsco be a good partner to contractors and gain market share. In recent decades, the federal government has mandated higher efficiency standards for HVAC systems every few years. Such an upgrade went into effect in 2025. The new HVAC equipment and refrigerant generates lower emissions and uses less power than the older standard but sells at higher prices. As a result, cons...
Putin Hosts Syria's Sharaa As Russian Forces Exit North In Tandem With US Drawdown Syria's self-declared President Ahmad al-Sharaa is in Moscow on Wednesday, where he has met with President Vladimir Putin, at a moment Russia's long-running presence in Syria is in question . Sharaa, formerly Abu Mohammad al-Jolani, who founded Syrian al-Qaeda and began fighting the ousted President Assad under the ...
Putin Hosts Syria's Sharaa As Russian Forces Exit North In Tandem With US Drawdown Syria's self-declared President Ahmad al-Sharaa is in Moscow on Wednesday, where he has met with President Vladimir Putin, at a moment Russia's long-running presence in Syria is in question . Sharaa, formerly Abu Mohammad al-Jolani, who founded Syrian al-Qaeda and began fighting the ousted President Assad under the flag of ISIS, is trying to shore up international recognition for his rule. "Russia has supported Syria’s territorial integrity and unity, and has also played a historic role in the stability of the region," President Putin stated during the meeting. "I would like to emphasise the need to preserve Syria's unity and territorial integrity ." He hinted that ending the American occupation of the oil and gas rich northeast is paramount. "The return of eastern Syria to Damascus’s control is an important step," Putin said. via Reuters But while Russian forces are still present at historic bases on the coast, there are signs of a final Russian withdrawal from the country underway , also as US troops appear to be making a slow exit : Days before the scheduled meeting, Russian forces began a phased withdrawal from Qamishli Airport in northeast Syria , relocating personnel and equipment to the Hmeimim Air Base in Latakia, according to a security source cited by Shafaq News last week. ...The final stage involved the relocation of what the source described as an “elite team,” marking the departure of the last Russian contingent stationed at the airport . The redeployment was carried out in coordination with both Syrian and US sides, according to the same account. AP journalists who visited the base next to Qamishli airport reported it was guarded by Syrian Democratic Forces (SDF) fighters, who said Russian troops had been “evacuating bit by bit” over several days. Conflict has been engulfing the same region, as Syrian forces loyal to Sharaa attack Kurdish-dominated Syrian Democratic For...
(RTTNews) - Samsung Electronics Co. Ltd. (SSNLF, SMSN.L, 005930.KS, 005935.KS) reported that its attributable profit for the fourth quarter rose 154.64% year-over-year, while operating income increased 209.17% compared to the prior year. Quarterly sales increased 23.82 percent from the previous year. The South Korean electronics giant reported that its net income attributable to the shareholders o...
(RTTNews) - Samsung Electronics Co. Ltd. (SSNLF, SMSN.L, 005930.KS, 005935.KS) reported that its attributable profit for the fourth quarter rose 154.64% year-over-year, while operating income increased 209.17% compared to the prior year. Quarterly sales increased 23.82 percent from the previous year. The South Korean electronics giant reported that its net income attributable to the shareholders of the parent company for the fourth quarter rose to 19.292 trillion Korean won from 7.576 trillion won in the prior year. Operating profit for the fourth quarter was 20.073 trillion won up from 6.493 trillion won in the prior. Sales for the quarter increased to 93.837 trillion won from 75.788 trillion won last year. Looking ahead to the first quarter of 2026, the DS Division expects AI and server demand to continue increasing, leading to more opportunities for structural growth. In response, the Division will continue to focus on profitability via a strong emphasis on high-performance products. For the first quarter 2026, the company aims to expand automotive sales, particularly the sales of digital cockpit and car audio products. It also plans on maintaining revenue growth in its consumer audio offerings. Samsung Electronics Co., Ltd. (005930.KS) was trading at KRW 160,100.00, down KRW 2,300.00 or 1.42% as of 11:43:44 AM GMT+9. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Jan 28 (Reuters) - Nvidia, Amazon, and Microsoft are in talks to invest up to $60 billion in OpenAI, The Information reported on Wednesday. Nvidia, an existing investor whose chips power OpenAI's AI models, is in talks to invest up to $30 billion, The Information said, citing a person with knowledge of the situation. Microsoft, a longstanding backer with exclusive rights to sell OpenAI model...
Jan 28 (Reuters) - Nvidia, Amazon, and Microsoft are in talks to invest up to $60 billion in OpenAI, The Information reported on Wednesday. Nvidia, an existing investor whose chips power OpenAI's AI models, is in talks to invest up to $30 billion, The Information said, citing a person with knowledge of the situation. Microsoft, a longstanding backer with exclusive rights to sell OpenAI models to cloud customers, is in talks to invest less than $10 billion. And Amazon, which would be a new investor, is also in talks to invest significantly more than $10 billion, potentially even more than $20 billion, the report added. OpenAI is close to receiving term sheets, or an investment commitment, from these firms, The Information, said citing people familiar with the matter. Nvidia, Amazon, Microsoft and OpenAI could not immediately respond to Reuters' requests for comment outside regular business hours. Reuters could not immediately verify the report. (Reporting by Disha Mishra in Bengaluru; Editing by Sonia Cheema)
O2O Creative/E+ via Getty Images While searching for a strong growth company with a reasonable valuation, I found oncology company Exelixis ( EXEL ). Exelixis is a profitable oncology company with multiple FDA approved therapies on the market. The company also has a strong compound in the pipeline that is pending FDA approval for its first indication. Exelixis Company Background Exelixis operates ...
O2O Creative/E+ via Getty Images While searching for a strong growth company with a reasonable valuation, I found oncology company Exelixis ( EXEL ). Exelixis is a profitable oncology company with multiple FDA approved therapies on the market. The company also has a strong compound in the pipeline that is pending FDA approval for its first indication. Exelixis Company Background Exelixis operates as a $12 billion market cap developer of oncology medications for cancers that are difficult to treat. The company has three FDA approved treatments in the U.S. and another treatment being used in Japan. EXEL also has multiple compounds being developed in its pipeline. The company's main compound, cabozantinib, has been FDA approved under two marketed products, Cabometyx and Cometriq. The compound cabozantinib is an inhibitor of multiple tyrosine kinases. Cabometyx is the tablet form for the treatment of those with "advanced renal cell carcinoma who received prior anti-angiogenic therapy." Cometriq is the capsule form for those with "progressive and metastatic medullary thyroid cancer." EXEL sells Cotellic (an inhibitor of MEK) for the treatment of certain forms of advanced melanoma. The company also sells Minnebro in Japan for the treatment of hypertension. Exelixis also has a pipeline of compounds being developed. This includes the combination of cabozantinib and nivolumab in Phase 3 for the treatment of renal cell carcinoma. It also includes a combination of zanzalintinib and atezolizumab at the successful completion of Phase 3 for the treatment of colorectal cancer, and zanzalintinib and nivolumab in Phase 3 for the treatment of "non-clear cell renal cell carcinoma." Zanzalintinib is in Phase 2/3 by itself for the treatment of neuroendocrine tumors as compared to everolimus. The combination of zanzalintinib and belzutifan is in a Phase 3 study to treat renal cell carcinoma. Exelixis also has other compounds in earlier development stages to treat multiple solid tumors. I...
High dividend yields are often a sign of trouble, which makes Enbridge's 5.6% yield very interesting. Investing for dividend income is often a test of patience. It can take years for a portfolio of dividend stocks to compound into the avalanche of income that can pay your bills, a dream for many people. Therefore, investors should typically select dividend stocks based on their long-term prospects...
High dividend yields are often a sign of trouble, which makes Enbridge's 5.6% yield very interesting. Investing for dividend income is often a test of patience. It can take years for a portfolio of dividend stocks to compound into the avalanche of income that can pay your bills, a dream for many people. Therefore, investors should typically select dividend stocks based on their long-term prospects. Be warned: Building that dividend income isn't about chasing the highest yields. Those stocks are often yield traps, troubled companies that wind up doing more harm than good to your portfolio. Enbridge (ENB +0.98%) stands out in the energy space. The Canadian company is a leader in North America's energy picture, and the stock offers a juicy 5.6% dividend yield. Can buying the stock today pay dividends for a lifetime? Here is what you need to know. Can investors trust Enbridge's high dividend yield? Right off the bat, investors can see that Enbridge's dividend is no fluke. The company has paid and raised its dividend for 28 consecutive years. Financially speaking, management maintains a dividend payout ratio of about 60% to 70% of the company's distributable cash flow at any given time. That helps protect the dividend in case the business hits a rough patch. That doesn't happen very often. Enbridge is a very consistent company because its two primary businesses, oil and gas pipelines and gas utilities, are highly regulated and make money based on consumption volumes. When was the last time society simply stopped using energy? It doesn't happen. Enbridge invests in its infrastructure and negotiates price increases with customers and regulators. Management will also make the occasional acquisition. But overall, Enbridge has shown itself to be a slow and steady grower for years. That not only supports the dividend, but also bumps it higher over time. Expand NYSE : ENB Enbridge Today's Change ( 0.98 %) $ 0.47 Current Price $ 48.49 Key Data Points Market Cap $105B Day's Range...