J. Michael Jones/iStock Editorial via Getty Images Thesis Vanguard is an asset management powerhouse, and as of late, they have been rolling out a number of generic funds with very low expense ratios to capture allocation flows. The Vanguard Total Treasury ETF ( VTG ) is such a name. The ETF was IPO-ed fairly recently, namely in mid-2025. By ETF standards, that is very new. In today's article, we ...
J. Michael Jones/iStock Editorial via Getty Images Thesis Vanguard is an asset management powerhouse, and as of late, they have been rolling out a number of generic funds with very low expense ratios to capture allocation flows. The Vanguard Total Treasury ETF ( VTG ) is such a name. The ETF was IPO-ed fairly recently, namely in mid-2025. By ETF standards, that is very new. In today's article, we are going to take a close look at VTG's composition, its analytics, and its goals, as well as articulate our view on this name in today's macro context. What does the fund do? Let us start by looking at what VTG aims to do exactly: Seeks to track the performance of the Bloomberg U.S. Treasury Total Return Unhedged USD Index. So the ETF is passive, aiming to track an index. The details regarding the index can be found here . The index aims to capture intermediate-duration U.S. treasuries, thus representing a take on intermediate rates: Bloomberg Index (Bloomberg) As a reminder, there are three distinct sections in the yield curve as currently parsed out by market participants: Front End (Short End): 1-3 years tenor. Intermediate Rates (The Belly): 3-10 years tenor. The Back End (Long End): 10-30 years tenor. VTG targets intermediate rates via its composition. We can see those details in VTG's holdings, which have the following characteristics: Duration: 5.7 years. Portfolio yield to maturity: 4.2%. Number of bonds: 282. Expense ratio: 0.03%. SEC yield: 4.32%. This new fund aims to capture significant institutional flow via its ultra-low expense ratio of only 3 bps. That is a very, very low figure, and for allocators who just need to have exposure to intermediate-duration treasuries, that aspect is very appealing. Institutional investors and retail investors are very different actors when it comes to portfolio allocations. While retail investors aim to make a high total return (irrespective of the segments invested in), institutional investors usually have allocation buckets ...
[The content of this article has been produced by our advertising partner.] AI has long been caught in a paradox: AI workloads demand high performance storage, long associated with flash, but scaling at AI levels with all-flash is prohibitively expensive. Hard disk drives (HDDs), on the other hand, already store the majority of AI data cost-effectively at scale. They are the proven, cost-effective...
[The content of this article has been produced by our advertising partner.] AI has long been caught in a paradox: AI workloads demand high performance storage, long associated with flash, but scaling at AI levels with all-flash is prohibitively expensive. Hard disk drives (HDDs), on the other hand, already store the majority of AI data cost-effectively at scale. They are the proven, cost-effective capacity foundation of the modern data centre. What has separated them is the assumption that...
Social media protection service offered by Fifa English FA yet to confirm whether it will use service Fifa will expand the use of AI at the World Cup to reduce the amount of abusive messages that teams and players are exposed to on social media. World football’s governing body introduced a social media protection service after the 2022 World Cup in Qatar and has offered its moderation element for ...
Social media protection service offered by Fifa English FA yet to confirm whether it will use service Fifa will expand the use of AI at the World Cup to reduce the amount of abusive messages that teams and players are exposed to on social media. World football’s governing body introduced a social media protection service after the 2022 World Cup in Qatar and has offered its moderation element for free to all football associations at the 2026 tournament, which starts next Thursday. The Football Association has not confirmed whether it is taking up the offer. Continue reading...
As markets (^DJI, ^IXIC, ^GSPC) prepare for the public launch of SpaceX (SPAX.PVT) on June 12, should investors be skeptical of these mega-IPOs expected to sweep Wall Street? 9i Capital Group founder and CEO Kevin Thompson cites the circular investing occurring between Big Tech names and these pre-IPO companies — SpaceX, OpenAI (OPAI.PVT), Anthropic (ANTH.PVT). OpenAI and Anthropic have also filed...
As markets (^DJI, ^IXIC, ^GSPC) prepare for the public launch of SpaceX (SPAX.PVT) on June 12, should investors be skeptical of these mega-IPOs expected to sweep Wall Street? 9i Capital Group founder and CEO Kevin Thompson cites the circular investing occurring between Big Tech names and these pre-IPO companies — SpaceX, OpenAI (OPAI.PVT), Anthropic (ANTH.PVT). OpenAI and Anthropic have also filed to go public in 2026.
You signed up for Social Security this year, and you're already feeling the pinch from rising inflation. Your checks may not go as far as you expected, forcing you to fall back on your personal savings or a job to cover the rest. The 2027 Social Security cost-of-living adjustment (COLA) coming your way in January may make your life a bit easier. But even though it's expected to be an above-average...
You signed up for Social Security this year, and you're already feeling the pinch from rising inflation. Your checks may not go as far as you expected, forcing you to fall back on your personal savings or a job to cover the rest. The 2027 Social Security cost-of-living adjustment (COLA) coming your way in January may make your life a bit easier. But even though it's expected to be an above-average boost, it probably won't help you get ahead. Here's a look at what the latest COLA projections say about the average 62-year-old's impending benefit bump. Image source: Getty Images. Continue reading
JulieAlexK/iStock via Getty Images By James Knightley & Francesco Pesole Inflation and jobs data don't justify hawkish shift At the April Bank of Canada policy meeting, officials struck a dovish tone, saying they were prepared to "look through the war’s immediate impact on inflation." Assuming a relatively swift conclusion to the conflict, "a policy rate close to current settings looks appropriate...
JulieAlexK/iStock via Getty Images By James Knightley & Francesco Pesole Inflation and jobs data don't justify hawkish shift At the April Bank of Canada policy meeting, officials struck a dovish tone, saying they were prepared to "look through the war’s immediate impact on inflation." Assuming a relatively swift conclusion to the conflict, "a policy rate close to current settings looks appropriate." Six weeks on, and unfortunately, the Strait of Hormuz remains effectively closed, and energy prices remain elevated. Nonetheless, there is little in the data to justify a more hawkish shift from the BoC at their forthcoming meeting on June 10. April inflation undershot expectations with headline CPI rising more modestly than feared to 2.8% from 2.4% – the market consensus had been 3.1% – while core inflation surprisingly slowed. Meanwhile, the labour market has been mixed. After losing 112,300 jobs in the first four months of the year, employment rebounded by 87,800 in May, but the unemployment rate remains elevated at 6.6%. Recession and USMCA still argue for a dovish stance The biggest headlines were generated by the fact that Canada is now in a technical recession after the economy contracted 0.1% annualised in the first quarter after a 1% drop in the fourth quarter last year. In fact, Canada has recorded three quarters of negative growth out of the past four, meaning that the BoC’s previous 1.2% full year GDP forecast looks set to be missed. The early estimate for the monthly April GDP print is better at 0.4% month-on-month, but while higher energy prices are a boon for Canada’s economy given it is a major net producer of oil and gas, the ongoing uncertainty about trade policy continues to hold back sentiment. The coming evaluations of the US-Mexico-Canada trade deal and the potential for the US to put more of a squeeze on trade partners prompted BoC Governor Tiff Macklem to warn that a further rate cut cannot be ruled out if rule changes significantly harm Canada. W...
British actor starred on the West End before finding international fame in the 90s on Buffy the Vampire Slayer Anthony Head, the actor best-known for playing Rupert Giles in Buffy the Vampire Slayer, has died aged 72. “He passed away peacefully of complications due to pneumonia, surrounded by his family,” his daughters Emily and Daisy Head said in a statement. Continue reading...
British actor starred on the West End before finding international fame in the 90s on Buffy the Vampire Slayer Anthony Head, the actor best-known for playing Rupert Giles in Buffy the Vampire Slayer, has died aged 72. “He passed away peacefully of complications due to pneumonia, surrounded by his family,” his daughters Emily and Daisy Head said in a statement. Continue reading...
Allegations of bullying by Newsnight host not upheld after case emerges from 2025 workplace culture review The BBC presenter Victoria Derbyshire was the subject of an investigation over her behaviour, after multiple complaints were received by the broadcaster. It is understood that three complaints about the Bafta-winning Newsnight host were received, which came to light as part of the BBC’s campa...
Allegations of bullying by Newsnight host not upheld after case emerges from 2025 workplace culture review The BBC presenter Victoria Derbyshire was the subject of an investigation over her behaviour, after multiple complaints were received by the broadcaster. It is understood that three complaints about the Bafta-winning Newsnight host were received, which came to light as part of the BBC’s campaign to improve its workplace culture after high-profile cases of inappropriate behaviour. Continue reading...
JHVEPhoto/iStock Editorial via Getty Images I started my bullish coverage on Advanced Micro Devices, Inc. ( AMD ) in May 2025, when the company traded at ~ $112 per share. As my followers know, I am a long-time AI bull , and I think the risk of not being exposed to the market nowadays is higher than that of potential corrections. Seeking Alpha That said, I think that when it comes to AMD, it is ti...
JHVEPhoto/iStock Editorial via Getty Images I started my bullish coverage on Advanced Micro Devices, Inc. ( AMD ) in May 2025, when the company traded at ~ $112 per share. As my followers know, I am a long-time AI bull , and I think the risk of not being exposed to the market nowadays is higher than that of potential corrections. Seeking Alpha That said, I think that when it comes to AMD, it is time to move this company to a Hold. I think AMD will keep being a winner in the AI race, and existing investors may benefit from holding it in their portfolio for the long term (I never recommend buying stocks if I am not willing to hold them for at least 10 years). However, new investors should be wary of the fact that the market may have gotten ahead of itself. There are now more undervalued semiconductor stocks, and a broader exposure to the sector may also be preferable to entering AMD. My Original Bull Thesis Has Fully Played Out My original valuation model for AMD, whose assumptions are summarized in the table below, saw a target of $457 per share in a mid-point bull case. My bull thesis rested on the idea that AI-driven demand for GPUs was more than enough to benefit the second largest AI chip provider in the world. Base case Bull Case 1 Bull Case 2 FCF Margin % 12.19% + 40% incremental 15% × 2 years, then 30% Linear ramp to 40% Growth Rate 40% YoY (first 3 years) 40% YoY (first 3 years) 100% YoY (first 3 years) FCF (2035) $26.5 Bln $64.9 Bln $439.7 Bln Terminal Growth 5% 5% 5% Discount (WACC) Rate 10% 10% 10% PV of FCFs $139.4 Bln $205 Bln $884 Bln TV $557 Bln $1,363 Bln $9,234 Bln PV of TV $214 Bln $526 Bln $3,560 Bln Stock Price Target $219 $457 $2,778 Click to enlarge The market has now fully caught up with my thesis and is pricing in my second most bullish valuation scenario. Indeed, in Q1 2026, revenue overall grew at 38% Y-o-Y, which is roughly what I assumed. Operating Income tells an even rosier story: driven by increasing demand, it jumped 83%, with Net Inco...
JHVEPhoto/iStock Editorial via Getty Images I started my bullish coverage on Advanced Micro Devices, Inc. ( AMD ) in May 2025, when the company traded at ~ $112 per share. As my followers know, I am a long-time AI bull , and I think the risk of not being exposed to the market nowadays is higher than that of potential corrections. Seeking Alpha That said, I think that when it comes to AMD, it is ti...
JHVEPhoto/iStock Editorial via Getty Images I started my bullish coverage on Advanced Micro Devices, Inc. ( AMD ) in May 2025, when the company traded at ~ $112 per share. As my followers know, I am a long-time AI bull , and I think the risk of not being exposed to the market nowadays is higher than that of potential corrections. Seeking Alpha That said, I think that when it comes to AMD, it is time to move this company to a Hold. I think AMD will keep being a winner in the AI race, and existing investors may benefit from holding it in their portfolio for the long term (I never recommend buying stocks if I am not willing to hold them for at least 10 years). However, new investors should be wary of the fact that the market may have gotten ahead of itself. There are now more undervalued semiconductor stocks, and a broader exposure to the sector may also be preferable to entering AMD. My Original Bull Thesis Has Fully Played Out My original valuation model for AMD, whose assumptions are summarized in the table below, saw a target of $457 per share in a mid-point bull case. My bull thesis rested on the idea that AI-driven demand for GPUs was more than enough to benefit the second largest AI chip provider in the world. Base case Bull Case 1 Bull Case 2 FCF Margin % 12.19% + 40% incremental 15% × 2 years, then 30% Linear ramp to 40% Growth Rate 40% YoY (first 3 years) 40% YoY (first 3 years) 100% YoY (first 3 years) FCF (2035) $26.5 Bln $64.9 Bln $439.7 Bln Terminal Growth 5% 5% 5% Discount (WACC) Rate 10% 10% 10% PV of FCFs $139.4 Bln $205 Bln $884 Bln TV $557 Bln $1,363 Bln $9,234 Bln PV of TV $214 Bln $526 Bln $3,560 Bln Stock Price Target $219 $457 $2,778 Click to enlarge The market has now fully caught up with my thesis and is pricing in my second most bullish valuation scenario. Indeed, in Q1 2026, revenue overall grew at 38% Y-o-Y, which is roughly what I assumed. Operating Income tells an even rosier story: driven by increasing demand, it jumped 83%, with Net Inco...
Experts stress need for transparency while aiming to prevent premature announcements and protect scientists Alien hunters have released fresh guidelines on how to handle potential signals from intelligent life beyond Earth, in the hope of avoiding an outburst of panic, misinformation and confusion if any are detected. While the idea of little green men may be a thing of the past, the possibility o...
Experts stress need for transparency while aiming to prevent premature announcements and protect scientists Alien hunters have released fresh guidelines on how to handle potential signals from intelligent life beyond Earth, in the hope of avoiding an outburst of panic, misinformation and confusion if any are detected. While the idea of little green men may be a thing of the past, the possibility of intelligent civilisations elsewhere in the universe remains a serious topic among astronomers. Continue reading...
Chevron (NYSE:CVX) is a stock worth owning for decades because it generates oceans of cash through every commodity cycle and shares that cash with owners on a schedule you can set your retirement clock to. Chevron is built for long-term ownership. It is the kind of business a 60-something investor can buy, file away, and ... Got $3,000? 1 Ultra-Safe Dow Dividend Stock to Buy and Hold Forever
Chevron (NYSE:CVX) is a stock worth owning for decades because it generates oceans of cash through every commodity cycle and shares that cash with owners on a schedule you can set your retirement clock to. Chevron is built for long-term ownership. It is the kind of business a 60-something investor can buy, file away, and ... Got $3,000? 1 Ultra-Safe Dow Dividend Stock to Buy and Hold Forever