Whisper it quietly, but by the end of 2028 it has been predicted that there will be more rounds of virtual golf played in the UK than outdoors ones. It's a bold claim made by one of indoor golf's leading technology firms, who also suggest that globally 80% of all rounds will be virtual in two years. But it perhaps shouldn't surprise anyone. In golf-loving South Korea, the tipping point was reached...
Whisper it quietly, but by the end of 2028 it has been predicted that there will be more rounds of virtual golf played in the UK than outdoors ones. It's a bold claim made by one of indoor golf's leading technology firms, who also suggest that globally 80% of all rounds will be virtual in two years. But it perhaps shouldn't surprise anyone. In golf-loving South Korea, the tipping point was reached almost a decade ago as 'screen golf' overtook 'field golf'. And these virtual rounds are providing opportunities to play in professional tournaments, such as when Scottish-born Gavin Macpherson won a simulator event to qualify for the NSW Open in Australia. The rise of golf gaming started a little over 40 years ago with handheld dot-matrix computer games emerging out of Japan. These simple to play devices allowed you to get your golf fix virtually, wherever you were, by pressing buttons to hit the ball. Video game consoles naturally followed with Tiger Woods-endorsed offerings later dominating the market. Companies like Toptracer, Trackman and Golfzon are now further evolving the sport with their technology-driven developments intriguing established golfers, while also attracting new players. Recent data from the R&A - which runs golf globally outside the United States and Mexico - and the US, revealed more people globally are playing golf off-course than on-course. Even the PGA Tour pros are on board. Woods and Rory McIlroy's TGL venture has been taking the indoor game to the next level, with teams smashing balls at a screen that measures 64 feet by 53 feet - around 24 times bigger than your average sim. But before the purists among you spit out your pre-round bacon sandwich, it is worth noting that virtual golf can make it possible to play the sport at times when players would otherwise be denied their fix. "Golf is really good for five months of the year in the UK, OK for four, and rubbish for the rest," says Chris Ingham, co-founder of indoor venue Pitch Golf. And whil...
Luis Alvarez/DigitalVision via Getty Images What is the overall trend in commodity prices? The outbreak of the war in the Middle East at the end of February and beginning of March turned a relatively sedate 2026 outlook into one fraught with uncertainty. As a general statement, energy prices are now strongly higher. Chemicals are heavily dependent on oil and gas, so also see upward revision. Alumi...
Luis Alvarez/DigitalVision via Getty Images What is the overall trend in commodity prices? The outbreak of the war in the Middle East at the end of February and beginning of March turned a relatively sedate 2026 outlook into one fraught with uncertainty. As a general statement, energy prices are now strongly higher. Chemicals are heavily dependent on oil and gas, so also see upward revision. Aluminum is strongly impacted because of supply disruption, while steel is moderately affected and copper only indirectly through demand implications. The longer the duration of the war, the greater the exhaustion of existing inventory and thus much greater supply and price consequences. The war has taken attention away from protectionism, but the issue has not gone away. As measured by the Materials Price Index (MPI) by S&P Global Market Intelligence, industrial materials prices bottomed in the second quarter of 2025 and will revisit those levels in the second quarter of this year. For the fourth quarter of 2025, the MPI was 5% below its year-earlier level. Prices are returning to year-earlier levels, however, as the MPI for the second quarter of 2026 is forecast to be 0.4% below the previous year. Regionality rather than global is a commodity market feature that has grown in recent years, and the war will exacerbate the trend. Regions self-sufficient in energy — particularly oil and gas — will have less direct impact, while importers will face higher energy costs and thus dampened demand in other parts of the economy. What is our forecast for energy-related commodity prices? War in the Middle East sent oil prices soaring. The eventual price trajectory will depend on the length of time that little to no traffic passes the Strait of Hormuz. The base case presented here assumes about two weeks of near closure of the strait. Daily Brent crude pricing has already exceeded $100/barrel, but once traffic resumes in the strait, the price will come down slightly. Infrastructure damage w...
Darrin Klimek/DigitalVision via Getty Images Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company [BDC] sector from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes tha...
Darrin Klimek/DigitalVision via Getty Images Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company [BDC] sector from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. This update covers the period through the second week of March. Market Action BDCs underperformed this week amid market volatility and poor news flow. CION underperformed as a result of a bad Q4 result with a -5.1% total NAV return. The company has delivered a slightly negative total NAV return over the past year. Its portfolio has a 20% allocation to common shares - very high by BDC standards - which makes its performance very volatile. Systematic Income The sector has pushed through its recent low. Systematic Income The median valuation remains in distressed territory. It has only been lower during recessions. Systematic Income Market Themes The BDC sector continues to be rattled by news flow. BlackRock, Morgan Stanley, and Cliffwater capped withdrawals after investors tried to redeem more than is contractually allowed under the terms of the funds. At the Cliffwater fund, investors sought to pull out 14%. The fund increased the redemptions to 7%, above the 5% contractual level. Obviously, some of the redemption requests are due to fear surrounding the sector about potential (rather than current) losses. However, it's also likely that some portion of the redemption requests are from investors who want to take par out of the private funds and buy publicly traded BDCs at 70 cents on the dollar. In other private credit news flow, Blue Owl ( OBDC ) defended its sale of 1.4bn of loans from its funds to a new fund held by institutional investors, saying there were no hidden economics, backstops, or discoun...
Iranian Foreign Minister Abbas Araghchi has said Tehran is ready to facilitate the passage of Japanese vessels through the Strait of Hormuz, a key artery for global energy shipments, and that negotiations with Japan on the issue are ongoing. “We have not closed the strait. It is open,” Araghchi said in a telephone interview with Kyodo News on Friday. He also stressed that Iran , which was attacked...
Iranian Foreign Minister Abbas Araghchi has said Tehran is ready to facilitate the passage of Japanese vessels through the Strait of Hormuz, a key artery for global energy shipments, and that negotiations with Japan on the issue are ongoing. “We have not closed the strait. It is open,” Araghchi said in a telephone interview with Kyodo News on Friday. He also stressed that Iran , which was attacked by the United States and Israel in late February, was seeking “not a ceasefire, but a complete, comprehensive and lasting end to the war”. Araghchi said Iran had not closed the strategic waterway but had imposed restrictions on vessels belonging to countries involved in attacks against Iran, while offering help to others amid heightened security concerns. Advertisement He added that Iran was prepared to ensure safe passage for countries such as Japan if they coordinated with Tehran. Japan relies on the Middle East for over 90 per cent of its crude oil imports, most of which travel through the strait. Iranian Foreign Minister Abbas Araghchi speaking with Kyodo News in Tehran in December. Photo: Kyodo The issue of navigation through the strait by Japanese vessels was discussed in his recent talks with Japan’s Foreign Minister Toshimitsu Motegi, Araghchi said, noting that discussions were continuing, but the details could not be disclosed.
Small-cap stocks have the potential to produce massive returns for investors, but they also come with substantially more risk than many bigger, well-established companies. But finding a small-cap stock that trades at a price with a significant margin of safety can reduce that risk. You can do your own analysis on how much a stock is worth, or you can look at analyst estimates to help you figure it...
Small-cap stocks have the potential to produce massive returns for investors, but they also come with substantially more risk than many bigger, well-established companies. But finding a small-cap stock that trades at a price with a significant margin of safety can reduce that risk. You can do your own analysis on how much a stock is worth, or you can look at analyst estimates to help you figure it out. DraftKings (DKNG 4.98%) presents an excellent opportunity for investors right now. BMO Capital analysts put a $50 price target on the stock following its analyst day at the beginning of March. That's about double the current stock price. Even if the analysts are only directionally accurate, the stock could put up a solid performance this year. Here's why DraftKings can head higher in 2026. Betting on an expanding market leader DraftKings currently faces multiple headwinds from tax and regulatory changes across the country and from the rise of prediction markets like Kalshi and Polymarket (which aren't subject to the same tax and regulatory pressures as sportsbooks like DraftKings). In response, DraftKings launched its own prediction market, and it's integrating the futures-contract-based platform into its sportsbook for a seamless experience. Users will be able to use a single app, and DraftKings will serve up content based on what's legal in a user's location. The analysts at BMO Capital were impressed by management's investor day presentation. The addition of prediction markets, expansion of its online gaming products, and continued increase in sports betting led management to forecast a significant expansion in its total addressable market. Management expects it to grow from $34 billion in 2025 to between $55 billion and $80 billion by 2030. That's 15% growth at the midpoint. Expand NASDAQ : DKNG DraftKings Today's Change ( -4.98 %) $ -1.24 Current Price $ 23.67 Key Data Points Market Cap $12B Day's Range $ 23.57 - $ 24.91 52wk Range $ 21.01 - $ 48.78 Volume 15M Av...
Airlines boost outlooks despite higher fuel costs as travel demand surges. Some stocks look attractive, but analysts remain mixed on which carriers to buy.
Airlines boost outlooks despite higher fuel costs as travel demand surges. Some stocks look attractive, but analysts remain mixed on which carriers to buy.
kipgodi/iStock Editorial via Getty Images The last few days have been a particularly brutal time for shareholders of toy company Funko ( FNKO ). Since management announced financial results for the final quarter of the company's 2025 fiscal year on March 12th, the stock has fallen 21.6%. Because of this, shares are now down 17.2% since I reaffirmed the company as a ‘strong buy’ candidate back in S...
kipgodi/iStock Editorial via Getty Images The last few days have been a particularly brutal time for shareholders of toy company Funko ( FNKO ). Since management announced financial results for the final quarter of the company's 2025 fiscal year on March 12th, the stock has fallen 21.6%. Because of this, shares are now down 17.2% since I reaffirmed the company as a ‘strong buy’ candidate back in September of last year. This is disappointing to say the least, especially considering that the S&P 500 is down just 2.5% over that window of time. But honestly, I think the market is reading this all wrong. While the company certainly has certain issues that need to be contended with, management is now making progress on some important areas. Net debt is dropping. Inventories are pulling back. Yes, revenue is declining. But management is also forecasting stable or even growing revenue for this year while also pushing for significant profit improvement. Add on top of this how cheap the stock is, and I firmly believe that maintaining it as a ‘strong buy’ candidate is the right move. Mr. Market is wrong on this one After the market closed on March 12th, the management team at Funko announced financial results for the final quarter of the company's 2025 fiscal year. Over the ensuing days, shares of the company dropped 21.6%. At first glance, you might think that this was because of worsening results. But by almost every measure that matters, the company is showing signs of life. It is true that revenue dropped year over year, falling from $293.7 million to $273.1 million. However, overall revenue ended up being $12.4 million above what analysts were hoping to see . Author - SEC EDGAR Data One surprising data point provided by management involved sales of its Loungefly product line. Revenue actually inched up 1.8%, from $42.4 million to $43.1 million. In the past, management treated this like any other random product line. But in the latest earnings call , the firm said that the...