primeimages/E+ via Getty Images When it comes to designing the perfect business model, it’s hard to think of something better than investment management. As an asset manager, your fixed costs are relatively low, there’s minimal cost of capital, and your fee sources are typically recurring in nature. Not only that, but your earnings grow exponentially in line with your overall AUM, assuming that yo...
primeimages/E+ via Getty Images When it comes to designing the perfect business model, it’s hard to think of something better than investment management. As an asset manager, your fixed costs are relatively low, there’s minimal cost of capital, and your fee sources are typically recurring in nature. Not only that, but your earnings grow exponentially in line with your overall AUM, assuming that your products remain competitive. In the investment management industry, these days, it’s all about scale. With the emergence of firms like Vanguard and BlackRock ( BLK ), fee compression has become the norm and created new classes of winners and losers. Blackstone ( BX ) clearly is one of those winners. As an asset manager focused primarily on private asset classes, including real estate, credit, and private equity, Blackstone has become the trusted go‑to asset manager for high‑dollar pension funds that need to deploy tens of billions of dollars. At the same time, the company’s scale has allowed it to streamline cost centers, driving margin efficiency and strong ROA vs peers. I first wrote about Blackstone roughly one year ago, when I labeled the stock a 'Buy' on the expectation that continued asset inflows, ongoing FRE expansion, and a reasonable‑looking price point made shares attractive. Unfortunately, this has been one of my worst calls since I began writing here on Seeking Alpha, and shares of Blackstone have returned roughly -34% over the last 12 months, significantly trailing the S&P’s +16% performance: Seeking Alpha What’s behind the decline? Why have shares of the prolific asset manager gone down, amidst a solid year of growth for the underlying company? Today, I’ll break down the company’s recent performance, allay perception issues with the stock, and make the case that shares of Blackstone, now trading at under 7x sales, represent an unbelievable long‑term deal for investors. Sound good? Let’s dive in. Financials I alluded to Blackstone’s business model at the st...
Proposal approved by Modi government will bring official English name into line with Malayalam language The Indian state of Kerala, known as “God’s own country” for its golden beaches and lush tea plantations, is to be given a new name. Narendra Modi’s cabinet has approved a proposal to change the southern coastal state’s name from Kerala to Keralam. The move will bring the official English name i...
Proposal approved by Modi government will bring official English name into line with Malayalam language The Indian state of Kerala, known as “God’s own country” for its golden beaches and lush tea plantations, is to be given a new name. Narendra Modi’s cabinet has approved a proposal to change the southern coastal state’s name from Kerala to Keralam. The move will bring the official English name into line with how it is pronounced in Malayalam, the primary language spoken by the state’s estimated population of 35 million. Continue reading...
DNY59/E+ via Getty Images Blue Owl: From Premium Multiples To Becoming A Value Play I don't know whether I should feel sorry or aggrieved for the alternative asset managers, as they encountered the most significant downdraft in recent years. In fact, we are looking at losses all the way back to mid-2023. For those of us who were watching the industry developments back then, I'm quite sure you reme...
DNY59/E+ via Getty Images Blue Owl: From Premium Multiples To Becoming A Value Play I don't know whether I should feel sorry or aggrieved for the alternative asset managers, as they encountered the most significant downdraft in recent years. In fact, we are looking at losses all the way back to mid-2023. For those of us who were watching the industry developments back then, I'm quite sure you remember the days of the Silicon Valley Bank debacle. Yes, that's right; almost three years of hard-earned gains have been obliterated in this massive decline. To be fair to Blue Owl Capital Inc. ( OWL ), I believe the company has been working very hard to convince investors that the portfolio remains robust. However, the fact that most of their fee-based revenue (about 60%) is driven by the exposure in direct lending is always going to be very challenging in the current context, where direct lending is undergoing a messy market reckoning. Blue Owl AUM (Bloomberg) OWL has been on a massive run to accelerate the growth of its AUM, crossing just over the $307M mark in Q4. And you know that part of the whole industry's proposition is to leverage the growth into retail money. That space has always been a bit contentious, especially when you think about the protections that regulators have consistently set aside for the retail public previously. However, the ongoing pace in financial sector deregulation has also propped up investor sentiment in this previously more opaque segment of the market. And then, add on the massive opportunity to get more retail money on board to fuel the relentless AI infrastructure themes underlining OWL’s recent debt financing deals with the hyperscalers like Meta ( META ) and other notable data center players. However, amid the unprecedented opportunity and growth levers underpinning the outlook for the alternative asset managers, the collapse in software multiples appears to have thrown a spanner in the works, as the market digests their portfolio expos...
Antonio Bordunovi/iStock Editorial via Getty Images On Wednesday, we get earnings from Nvidia ( NVDA ) - (still) the most important company in the world. Let's talk about what to expect... We've closely tracked Nvidia over the past three years in these daily notes. And as we've discussed, following the explosive growth in 2023, it became clear that Nvidia's supply had hit a wall by 2024. Quarterly...
Antonio Bordunovi/iStock Editorial via Getty Images On Wednesday, we get earnings from Nvidia ( NVDA ) - (still) the most important company in the world. Let's talk about what to expect... We've closely tracked Nvidia over the past three years in these daily notes. And as we've discussed, following the explosive growth in 2023, it became clear that Nvidia's supply had hit a wall by 2024. Quarterly growth became relatively fixed, and the year-over-year growth rate slowed from triple digits to mid-double digits. But remember, in October of last year, Jensen gave some very clear clues that growth was back. In his keynote at an Nvidia developer conference in DC, he posted this slide of capex plans from the big hyperscalers... This projected over half a trillion dollars in planned capex spend for 2026 - rising to $632 billion through 2027. So, more than $1.1 trillion over the next two years. The bigger news was this next chart he showed... From this, Jensen said they have 20 million of the most advanced chips already spoken for through 2026 (Blackwell and then Rubin), representing half a trillion dollars in revenue! He went on to say, "the next five quarters there's half a trillion dollars" to fulfill. So, that was a pretty good clue on what was coming in Q3 (the report this past November). Would they deliver? Did they have the supply? Yes, and yes. They did $51 billion in data center revenue alone in Q3. It was the hottest quarter-over-quarter growth in seven quarters. And it was led by compute - the compute component grew by $10 billion, up 27% on the quarter. That $51 billion was a huge number and demonstrated that new global manufacturing capacity had come on-line for Nvidia's most advanced chips. You can see it in this chart... But if we parse Jensen's comments from that October presentation, the "five quarters" he referenced did not include Q3. So, tomorrow's Q4 would be the first of five quarters that Jensen himself has told us they have half a trillion dollars to...
Antonio Bordunovi/iStock Editorial via Getty Images On Wednesday, we get earnings from Nvidia ( NVDA ) - (still) the most important company in the world. Let's talk about what to expect... We've closely tracked Nvidia over the past three years in these daily notes. And as we've discussed, following the explosive growth in 2023, it became clear that Nvidia's supply had hit a wall by 2024. Quarterly...
Antonio Bordunovi/iStock Editorial via Getty Images On Wednesday, we get earnings from Nvidia ( NVDA ) - (still) the most important company in the world. Let's talk about what to expect... We've closely tracked Nvidia over the past three years in these daily notes. And as we've discussed, following the explosive growth in 2023, it became clear that Nvidia's supply had hit a wall by 2024. Quarterly growth became relatively fixed, and the year-over-year growth rate slowed from triple digits to mid-double digits. But remember, in October of last year, Jensen gave some very clear clues that growth was back. In his keynote at an Nvidia developer conference in DC, he posted this slide of capex plans from the big hyperscalers... This projected over half a trillion dollars in planned capex spend for 2026 - rising to $632 billion through 2027. So, more than $1.1 trillion over the next two years. The bigger news was this next chart he showed... From this, Jensen said they have 20 million of the most advanced chips already spoken for through 2026 (Blackwell and then Rubin), representing half a trillion dollars in revenue! He went on to say, "the next five quarters there's half a trillion dollars" to fulfill. So, that was a pretty good clue on what was coming in Q3 (the report this past November). Would they deliver? Did they have the supply? Yes, and yes. They did $51 billion in data center revenue alone in Q3. It was the hottest quarter-over-quarter growth in seven quarters. And it was led by compute - the compute component grew by $10 billion, up 27% on the quarter. That $51 billion was a huge number and demonstrated that new global manufacturing capacity had come on-line for Nvidia's most advanced chips. You can see it in this chart... But if we parse Jensen's comments from that October presentation, the "five quarters" he referenced did not include Q3. So, tomorrow's Q4 would be the first of five quarters that Jensen himself has told us they have half a trillion dollars to...
"Enough Is Enough": David Tepper Slams Whirlpool For Value Destruction In "Scathing" Letter David Tepper, the billionaire behind Appaloosa Management, blasted Whirlpool’s board in a sharply critical letter, accusing the appliance maker of eroding shareholder value and demanding a strategic reset, according to CNBC , who viewed the letter. Tepper said he watched with “a certain astonishment” as Whi...
"Enough Is Enough": David Tepper Slams Whirlpool For Value Destruction In "Scathing" Letter David Tepper, the billionaire behind Appaloosa Management, blasted Whirlpool’s board in a sharply critical letter, accusing the appliance maker of eroding shareholder value and demanding a strategic reset, according to CNBC , who viewed the letter. Tepper said he watched with “a certain astonishment” as Whirlpool moved ahead with what he described as a sizable and avoidable equity issuance that diluted investors. He argued the capital raise carried a cost of more than 10% — far above the company’s tax-adjusted borrowing costs of under 5% in public markets — despite management’s stated aim of cutting leverage. “Over the years this management team has destroyed hundreds of millions of dollars of shareholder value. Enough is enough. There can be no more excuses,” Tepper wrote in the letter, first reported by CNBC’s Andrew Ross Sorkin. The share sale triggered a sharp market reaction. Whirlpool stock fell 14% Tuesday after announcing plans to raise about $454.9 million through a common stock offering and $508.1 million via depositary shares. The company also placed 435,000 shares with Guangdong Whirlpool Electrical Appliances at a discounted $69 apiece in a private deal. Whirlpool was Appaloosa’s eighth-largest position at the end of the fourth quarter, valued at $282 million, according to Verity data. CNBC noted that shares later rebounded nearly 1%, though they remain down roughly 36% from a 52-week high reached in July. Tepper also criticized Whirlpool for not fully leveraging tariffs imposed during the Trump administration, suggesting it consider alliances or mergers with foreign competitors disadvantaged by trade policy to improve its footing. “We encourage the Board to (i) remember their fiduciary responsibilities and not accept management acting purely in its own self-interest, and (ii) invite domestic entities or foreign corporations who want to create American jobs and i...
You can claim Social Security as soon as you turn 62, and many people jump on that chance and start their benefits ASAP. In fact, the Center for Retirement Research revealed that 31% of retirees claimed Social Security at 62 in 2019, and 26% did the same in 2023. In both years, 62 was the most popular age to start benefits. Some people claim Social Security at 62 because they just can't wait to re...
You can claim Social Security as soon as you turn 62, and many people jump on that chance and start their benefits ASAP. In fact, the Center for Retirement Research revealed that 31% of retirees claimed Social Security at 62 in 2019, and 26% did the same in 2023. In both years, 62 was the most popular age to start benefits. Some people claim Social Security at 62 because they just can't wait to retire, and they need that money. Others, however, are motivated by fear. Specifically, some seniors think it's risky to put off their claim past the earliest age of eligibility because they think Social Security benefits will run out, they worry about changes at Social Security, or they worry that they'll die before collecting benefits if they put off their claim. It's understandable to be concerned about these issues, but the reality is that a delayed claim can end up having a big payoff -- and may be the best approach for most retirees. Continue reading
JHVEPhoto/iStock Editorial via Getty Images Invesco ( IVZ ) has rolled out four fixed-income ETFs designed to help investors “address some of the current investment challenges, including persistent interest ‑ rate uncertainty, the need for diversified income, and a means to manage risk across changing market conditions.” The four ETFs launched today include: Invesco Flexible Income ETF ( FLXI ) - ...
JHVEPhoto/iStock Editorial via Getty Images Invesco ( IVZ ) has rolled out four fixed-income ETFs designed to help investors “address some of the current investment challenges, including persistent interest ‑ rate uncertainty, the need for diversified income, and a means to manage risk across changing market conditions.” The four ETFs launched today include: Invesco Flexible Income ETF ( FLXI ) - an actively managed ETF with a global, multisector bond strategy Invesco Agency MBS ETF ( IMTG ) - an actively managed ETF that aims to provide high ‑ quality income allocation through exposure to agency mortgage ‑ backed securities Invesco MSCI Treasury Duration Rotation ETF ( TROT ) - a passively managed ETF that tracks the MSCI U.S. Treasury Duration Rotation Select Bond Index Invesco U.S. Hybrid Bond ETF ( HBRD ) - a passively managed ETF that tracks the ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.65% Constrained Index Source: Press Release More on Invesco, FlexiInternational Software Inc., etc. Invesco Ltd. (IVZ) Q4 2025 Earnings Call Transcript Invesco Ltd. 2025 Q4 - Results - Earnings Call Presentation Invesco: Asset Manager Hits Ceiling Of Fair Value Invesco Q4 earnings top, revenue top consensus, helped by strong net inflows Invesco Non-GAAP EPS of $0.62 beats by $0.04, revenue of $1.26B beats by $10M
Glanbia plc press release ( GLAPF ): FY Non-GAAP EPS of $0.13. Revenue of $3.95B (+2.9% Y/Y) misses by $140M . 2026 outlook: • In line with the Company’s medium-term targets, Glanbia expects to deliver adjusted EPS growth of 7% to 11% constant currency and operating cash conversion of 85%+ in FY 2026. • Segmental performance is expected to be in line with the Group’s medium-term targets. More on G...
Glanbia plc press release ( GLAPF ): FY Non-GAAP EPS of $0.13. Revenue of $3.95B (+2.9% Y/Y) misses by $140M . 2026 outlook: • In line with the Company’s medium-term targets, Glanbia expects to deliver adjusted EPS growth of 7% to 11% constant currency and operating cash conversion of 85%+ in FY 2026. • Segmental performance is expected to be in line with the Group’s medium-term targets. More on Glanbia plc Glanbia plc (GLAPY) Q4 2025 Earnings Call Transcript Glanbia plc 2025 Q4 - Results - Earnings Call Presentation Seeking Alpha’s Quant Rating on Glanbia plc Historical earnings data for Glanbia plc Dividend scorecard for Glanbia plc
JHVEPhoto/iStock Editorial via Getty Images Exxon Mobil Corporation ( XOM ), aka ExxonMobil, is the largest publicly traded oil and gas company, worth more than $600 billion. Despite this massive scale, the company has continued to struggle with low oil and gas prices. However, an impressive portfolio with substantial cash flow growth by 2030E makes the company a valuable investment with strong re...
JHVEPhoto/iStock Editorial via Getty Images Exxon Mobil Corporation ( XOM ), aka ExxonMobil, is the largest publicly traded oil and gas company, worth more than $600 billion. Despite this massive scale, the company has continued to struggle with low oil and gas prices. However, an impressive portfolio with substantial cash flow growth by 2030E makes the company a valuable investment with strong returns. Exxon Mobil Overview ExxonMobil remains one of the largest publicly traded companies in the world, with continued impressive safety performance. Exxon Mobil Investor Presentation The company had 4.7 million barrels/day in production, its highest production in more than 40-years as the company has continued to benefit from the Permian Basin and Guyana. ExxonMobil has closed its acquisition of Pioneer Natural Resources, worth more than $60 billion, and the company's synergies are double initial estimates. At the same time, we have concerns about ExxonMobil's ability to handle a changing climate and long-term demand. While the company has substantial CO2 under contract, it's a small portfolio versus the company's business. Still, ExxonMobil has a more than $600 billion market cap and has returned 25% of its market cap to shareholders in the last 5 years. Going to 2030, as the company has continued to succeed, it's expanded earnings growth plans that should enable substantial returns. ExxonMobil Projections ExxonMobil's projections show its strength to drive future shareholder returns. Exxon Mobil Investor Presentation The company's 2030 plan is ~5.5 million barrels/day in production, driven by the company's Guyana and Shell assets with earnings margins increasing almost 50% from last year. The company expects products at the downstream end to more than double as the company increasingly builds more complex petroleum-based products with stronger cash flow. Combined with cost savings as the company integrates Pioneer Natural Resources and ExxonMobil will be able to increa...