Konoplytska/iStock Editorial via Getty Images Investing in EPOL to Gain Exposure to Poland's Growth in 2026 Polish equities have had stellar performance recently, as Poland has stood out as one of the strongest economies in the region in recent years. Polish equities have outperformed emerging markets by over 100 percentage points over the past five years and have also significantly outperformed o...
Konoplytska/iStock Editorial via Getty Images Investing in EPOL to Gain Exposure to Poland's Growth in 2026 Polish equities have had stellar performance recently, as Poland has stood out as one of the strongest economies in the region in recent years. Polish equities have outperformed emerging markets by over 100 percentage points over the past five years and have also significantly outperformed other European markets. Data by YCharts Poland's stock market had record performance in 2025, in line with other emerging markets, but the market's valuation is still reasonably valued on a forward earnings basis . Data by YCharts Economic growth projections for 2026 are very favorable, and economic sentiment should continue to support the stock market in 2026. Poland stands out in the region due to its superior growth, lower debt, strong FX reserves, and reasonable inflation levels. While returns will certainly not be as strong as they were in 2025, Poland still appears positioned to continue outperforming emerging markets in 2026. The iShares MSCI Poland ETF ( EPOL ) is an appropriate vehicle to gain exposure to the market, especially since ADR listings are limited and have much lower liquidity. EPOL should return over 10% in the next 12 months, driven by broader emerging market performance and country-specific catalysts. Poland's Economic Outlook Poland's economy has had strong momentum in recent years, and its outlook for 2026 also appears very favorable. Poland's economy expanded by 3.6% in 2025 , compared to only 3% in 2024. Poland's growth has been driven by a healthy balance of new investments and domestic consumption. It has also been able to hold its ground despite the slight dip in exports. Poland's economy has still had healthy growth even after exports declined in 2024 and 2025. ING Poland's economy has outpaced many European peers in terms of its post-pandemic growth. The country is still on track to continue outperforming the Central and Eastern European avera...
Chinmayi Shroff/iStock via Getty Images Commentary as of 12/31/25 The fund posted a return of 5.80% (Class I shares) for the fourth quarter of 2025. The largest contributor to relative performance was stock selection in the financials, information technology (IT), and consumer staples sectors. The largest detractors were investment decisions in the communication services, health care, and utilitie...
Chinmayi Shroff/iStock via Getty Images Commentary as of 12/31/25 The fund posted a return of 5.80% (Class I shares) for the fourth quarter of 2025. The largest contributor to relative performance was stock selection in the financials, information technology (IT), and consumer staples sectors. The largest detractors were investment decisions in the communication services, health care, and utilities sectors. The largest exposures were in the financials, industrials, and health care sectors. During the quarter, the fund increased its allocations to the industrials and real estate sectors, and reduced its exposures to the consumer discretionary and communication services sectors. Contributors Stock selection in the financials sector was the largest contributor to relative performance, specifically in the banks industry. Security selection in the IT sector, especially in the technology hardware, storage & peripherals industry, was beneficial. Investment decisions in the consumer staples sector, notably in the consumer staples distribution & retail industry, also had a positive impact. Detractors The largest detractor was investment decisions in the communication services sector, particularly in the interactive media & services industry. Security selection in the health care sector, especially in the health care equipment & supplies industry, weighed on relative performance. Stock selection in the utilities sector, notably in the multi-utilities industry, also had a negative impact. Further insight After a standout year for U.S. equities in 2025, we enter 2026 constructive but more cautious. Exuberance driven by artificial intelligence (AI) and narrow leadership raise questions about durability, and we think investor enthusiasm may be overlooking attractive opportunities beyond AI. At the same time, we see upside risks to inflation from sticky services, tight labor markets, potential energy and commodity volatility, tariff and reshoring pressures, and large-scale AI-rela...
BeritK/iStock via Getty Images Introduction In recent months the plethora of threats for financial stocks have resulted in underperformance for many companies. At the time of writing, Mastercard ( MA ) and Visa ( V ) are both down double-digits, while Capital One Financial ( COF ) is down close to 4%. American Express Company ( AXP ) and Synchrony Financial ( SYF ) despite recent volatility, are b...
BeritK/iStock via Getty Images Introduction In recent months the plethora of threats for financial stocks have resulted in underperformance for many companies. At the time of writing, Mastercard ( MA ) and Visa ( V ) are both down double-digits, while Capital One Financial ( COF ) is down close to 4%. American Express Company ( AXP ) and Synchrony Financial ( SYF ) despite recent volatility, are both in the green. Large banks like JPMorgan Chase ( JPM ), Wells Fargo & Company ( WFC ), Bank of America Corp ( BAC ), and U.S. Bancorp ( USB ) have also sold off due to AI risks and growing credit concerns. But most are still up double-digits in the past year. As a result of this and increasing recession risks, I rate them a hold. While AI disruption for financial stocks is a real risk, I believe this is overstated as major financial companies will likely continue to integrate AI successfully. But further labor market weakening from AI disruption could lead to a U.S. recession in the near to medium-term. But for dividend growth investors, this should be viewed as a golden buying opportunity. Especially, since MA and V now trade near their 52-week lows. Furthermore, I expect both credit card behemoths to successfully navigate the challenges, despite persistent headlines, and deliver low to mid double-digit growth in 2026. I expect this to be fueled by the likelihood to see increased buybacks due to price suppression. In this article, I discuss what caused the sell-off, how I expect Visa and Mastercard to navigate, and why the pullback near their 52-week lows should be viewed as a buying opportunity. The Impacts Of A Hypothetical AI Crisis As mentioned previously, credit card companies have been hit hard by recent news. The threat of Stablecoins, higher for longer interest rates impacting consumer spending, and the President's threat of placing a 10% cap on credit cards have all played a role in the underperformance of major credit card companies like Mastercard and Visa. Y...
Terrestrial channels seeking more legislative protection Number of Labour MPs are understood to be supportive Public service broadcasters are making renewed attempts to persuade the government to expand the list of televised sport’s free-to-air “crown jewels”. A call from the then BBC director of sport, Barbara Slater, to add the Six Nations Championship to the group A list of events that must be ...
Terrestrial channels seeking more legislative protection Number of Labour MPs are understood to be supportive Public service broadcasters are making renewed attempts to persuade the government to expand the list of televised sport’s free-to-air “crown jewels”. A call from the then BBC director of sport, Barbara Slater, to add the Six Nations Championship to the group A list of events that must be offered to terrestrial channels was rejected three years ago, but a group of Labour MPs is understood to be working with the broadcasters to force a change of policy. Continue reading...
Canada’s aviation regulator certified the remaining Gulfstream private jet models that US President Donald Trump asked it to approve, a move which let the White House claim a win in its trade dispute with Canada. The certifications of Gulfstream’s GVIII-700 and GVIII-800 models, the largest business aircraft made by the unit of General Dynamics, were issued on Monday by Transport Canada. Trump sai...
Canada’s aviation regulator certified the remaining Gulfstream private jet models that US President Donald Trump asked it to approve, a move which let the White House claim a win in its trade dispute with Canada. The certifications of Gulfstream’s GVIII-700 and GVIII-800 models, the largest business aircraft made by the unit of General Dynamics, were issued on Monday by Transport Canada. Trump said on January 29 that Canada had “wrongfully, illegally” refused to certify Gulfstream jets. Unless...
In Q4-2025 the Company generated ~$400K in Operating Cash Flow, and Adjusted EBITDA of close to $1M In Q4-2025 the Company generated ~$400K in Operating Cash Flow, and Adjusted EBITDA of close to $1M
In Q4-2025 the Company generated ~$400K in Operating Cash Flow, and Adjusted EBITDA of close to $1M In Q4-2025 the Company generated ~$400K in Operating Cash Flow, and Adjusted EBITDA of close to $1M
Bloom Productions/DigitalVision via Getty Images The risk appetite in the bond market has picked up this year as investors grow more comfortable with the economic outlook and the path of interest rates. A set of bond ETFs through yesterday’s close (Feb. 24) highlights a clear trend so far in 2026: favoring government securities with longer maturities has been a winning strategy. Long‑dated Treasur...
Bloom Productions/DigitalVision via Getty Images The risk appetite in the bond market has picked up this year as investors grow more comfortable with the economic outlook and the path of interest rates. A set of bond ETFs through yesterday’s close (Feb. 24) highlights a clear trend so far in 2026: favoring government securities with longer maturities has been a winning strategy. Long‑dated Treasuries continue to lead by a comfortable margin year to date. The Vanguard Long‑Term Corporate Bond ETF ( VCLT ) is up 3.5% so far this year. In second place is the iShares 10–20 Year Treasury Bond ETF ( TLH ), posting a 2.8% year‑to‑date gain. On both counts, returns are far ahead of the U.S. investment‑grade fixed‑income benchmark, represented by the Vanguard Total Bond Market ETF ( BND ), which is up 1.5%. The lone loser: bank loans ( BKLN ), which have slumped 2.0% this year. The ETF is getting hit amid heightened concerns about credit risk in leveraged loans. The pain is especially acute in the software industry, which is considered vulnerable amid rise of artificial intelligence. With nearly one‑fifth of BKLN’s portfolio exposed to software, the fund has taken a beating as the credit health of the industry has come under scrutiny. Investors are asking: Does AI pose an existential crisis for software companies? “The question is if [AI] agents and new platforms are interacting with existing software or replacing them,” says Jim Tierney, head of US growth investment at AllianceBernstein. “I’m leaning more to the former. What becomes the system of record for a business? It is unlikely to be a half dozen new vendors.” As the crowd sorts out the answer, buying longer-dated Treasuries is in vogue. A key part of the reasoning is that inflation looks less threatening while the market is anticipating that the Federal Reserve will keep rates steady before resuming cuts in June, based on Fed funds futures. Add in the slowdown in economic growth and a downshift in hiring, and conditi...
John M. Chase/iStock Unreleased via Getty Images Intro Since my first article about Molson Coors ( TAP ), shares have to the dollar remained flat at $49. We have seen some fluctuation in both directions, up and down, but essentially not much has happened over the last half year. However, last week, TAP published its results for 2025 . Seeking Alpha After having worked through them, I confirm my pr...
John M. Chase/iStock Unreleased via Getty Images Intro Since my first article about Molson Coors ( TAP ), shares have to the dollar remained flat at $49. We have seen some fluctuation in both directions, up and down, but essentially not much has happened over the last half year. However, last week, TAP published its results for 2025 . Seeking Alpha After having worked through them, I confirm my previous sell rating. In my view, the results were weak, potentially sending the stock to new lows in the next weeks. I am concerned that seemingly low multiples (e.g., P/E 10x) might be justified, signaling a potential value trap. Volumes are telling Let’s come straight to the point. Both fourth quarter and full-year results showed negative developments. Sales fell 2.7% on a reported basis for Q4 and 4.2% for the year. Due to asset impairments of $2.5 billion during the year, TAP posted a net loss for 2025. The final quarter did not have a major write-down, but still reported net income was down a painful 23.1%. Even if adjusted for one-time effects, especially currency, the bottom line shrank by 23.1% in Q4 and 14.7% for the year. TAP Q4 FY25 results The main reason for this disappointing development can be found in what management calls “Financial volume.” I do not know why they have put the word “financial” in front of volume, as this is simply how volumes sold/total amounts have performed. Besides, the table below shows a cleaner overview of what I described above—the business had a weak year with declining business results. TAP Q4 FY25 results Unpacking “Financial Volume,” in this case for the fourth quarter, we can see that volumes fell by 7.7%, while TAP applied a 3.7% price increase across its portfolio. Some tailwinds from the currency side (weaker USD) have resulted in the quarterly sales decline of 2.7%. TAP Q4 FY25 results And this is the issue that I have with consumer companies, be it food or beverages like we have here. As long as volumes fall, especially at s...
US Defense Secretary Pete Hegseth has threatened to cut Anthropic from his department’s supply chain unless it agrees to sign off on its technology being used in all lawful military applications by Friday. The threat is the latest escalation in a feud between Anthropic and the department, triggered by the AI group’s refusal to give unfettered access to its models for classified military use, inclu...
US Defense Secretary Pete Hegseth has threatened to cut Anthropic from his department’s supply chain unless it agrees to sign off on its technology being used in all lawful military applications by Friday. The threat is the latest escalation in a feud between Anthropic and the department, triggered by the AI group’s refusal to give unfettered access to its models for classified military use, including domestic surveillance and deadly missions with no direct human control. Hegseth summoned Anthropic chief executive Dario Amodei to Washington for a meeting on Tuesday. During tense talks, the defense secretary threatened to cut the company out of the department’s supply chain or to invoke the Defense Production Act, a Cold War-era measure enabling the president to control domestic industry in the interest of national defense, said a person with knowledge of the talks. Read full article Comments
Israeli government pushes for Hamas to abandon weapons first and claims US deadline imminent Progress in the Gaza peace plan has stalled over disagreements on how Hamas should be disarmed, with Israel threatening to go back to full-scale war if the condition is not carried out quickly. The second phase of the US-brokered ceasefire, which Washington declared had begun in January, was meant to invol...
Israeli government pushes for Hamas to abandon weapons first and claims US deadline imminent Progress in the Gaza peace plan has stalled over disagreements on how Hamas should be disarmed, with Israel threatening to go back to full-scale war if the condition is not carried out quickly. The second phase of the US-brokered ceasefire, which Washington declared had begun in January, was meant to involve Hamas disarming, Israeli forces withdrawing, and a Palestinian interim administration moving into Gaza backed by a Palestinian police force and an international stabilisation force (ISF). Continue reading...
Palantir (NASDAQ:PLTR) was defying gravity for nearly three years, and it looked like a company that could genuinely violate the norm. However, PLTR stock looks more vulnerable today than it ever did in the past. The reality is that investors have grown pickier over time, and AI is no longer a novelty to them. A ... Michael Burry Says Palantir Is Worth $46. The Stock Trades at $130. Who’s Right?
Palantir (NASDAQ:PLTR) was defying gravity for nearly three years, and it looked like a company that could genuinely violate the norm. However, PLTR stock looks more vulnerable today than it ever did in the past. The reality is that investors have grown pickier over time, and AI is no longer a novelty to them. A ... Michael Burry Says Palantir Is Worth $46. The Stock Trades at $130. Who’s Right?
TJ Maxx parent company TJX reported a triple beat with its fourth-quarter results on Wednesday, but shares of the off-price apparel and home-fashions retailer slipped as the outlook disappointed.
TJ Maxx parent company TJX reported a triple beat with its fourth-quarter results on Wednesday, but shares of the off-price apparel and home-fashions retailer slipped as the outlook disappointed.