Readers respond to Daniel Trilling’s article asking if fascism is making a comeback As an analysis of rightwing populism, Daniel Trilling’s argument works well enough ( The impossible promise: are we witnessing the return of fascism?, 18 April ). We cannot assume that fascism will always take the same form, rather than adapt to, and try to provide answers to, events as they unfold. Fascism might b...
Readers respond to Daniel Trilling’s article asking if fascism is making a comeback As an analysis of rightwing populism, Daniel Trilling’s argument works well enough ( The impossible promise: are we witnessing the return of fascism?, 18 April ). We cannot assume that fascism will always take the same form, rather than adapt to, and try to provide answers to, events as they unfold. Fascism might best be seen as history’s punishment for the failed universalism of the Enlightenment project – the failure to deliver on the promise of universal equality. The resurgence of the far right is a reactionary response to the broken promises of social democracy. Working-class supporters of the far right, having seen the fight for equality for all replaced with a neoliberal war of all against all, simply adopt the logic of the day. Continue reading...
Readers respond to the Guardian’s picture essay showing a year in the life of London zoo vets We were pleased by your article on the important work of zoo vets ( From sleeping lions to spitting snakes: a year in the life of London zoo vets, 19 April ). Our father, Calvert Appleby, worked as a vet at Edinburgh zoo from 1948 to 1959, before moving to the Royal Veterinary College in London. His first...
Readers respond to the Guardian’s picture essay showing a year in the life of London zoo vets We were pleased by your article on the important work of zoo vets ( From sleeping lions to spitting snakes: a year in the life of London zoo vets, 19 April ). Our father, Calvert Appleby, worked as a vet at Edinburgh zoo from 1948 to 1959, before moving to the Royal Veterinary College in London. His first few years were as a PhD student of veterinary pathology with the Dick veterinary school while also active in the zoo, before being fully employed there from 1951, so he might have claimed to predate Oliver Graham-Jones, who your article says became “Britain’s first dedicated zoo vet” at London zoo that year. For these pioneering vets, some animal physiology was unknown, so experimental treatments were necessary. A crocodile with an abscess was anaesthetised with chloroform (via a huge cotton-wool ball on a long pole), but sadly didn’t survive. It wasn’t known then that reptiles couldn’t cope with chloroform. Appleby later received an award from a learned society for his pioneering work on reptiles and amphibians. He had many other stories, often successes, but also including the huge efforts made to move a sick camel indoors one winter’s day, only for the camel to stagger to its feet and return to the bottom of the paddock. Continue reading...
Gary Yeowell/DigitalVision via Getty Images The U.S. economy may not be fully in the clear just yet, but three consecutive manufacturing PMI numbers above 50 are definitely encouraging for machinery names like Westinghouse Air Brake Technologies Corporation ( WAB ) (better known as “Wabtec”) that have traditionally outperformed when the manufacturing PMI moves back above 50. What’s more, this lead...
Gary Yeowell/DigitalVision via Getty Images The U.S. economy may not be fully in the clear just yet, but three consecutive manufacturing PMI numbers above 50 are definitely encouraging for machinery names like Westinghouse Air Brake Technologies Corporation ( WAB ) (better known as “Wabtec”) that have traditionally outperformed when the manufacturing PMI moves back above 50. What’s more, this leading player in rail equipment and services is seeing meaningful orders from major customers, building a backlog that helps reduce near-term earnings risk. Wabtec shares have risen about 65% since my last update , largely matching the broader industrial space until multiple order announcements earlier in 2026 started driving meaningful outperformance. I’d also note that the shares have been outperforming other rivals like Knorr-Bremse ( KNRRY ) and Stadler ( SRAIF ), though Knorr-Bremse too had been tracking in line with Wabtec until relatively recently. Strong orders and general bullishness about the prospects of a freight volume recovery have certainly helped the shares already. I can’t say that this is a fundamentally undervalued name today, but it is leveraged to improve end markets and still offers self-help in areas like margin expansion. A Mixed Q1 On Reported Results, But The Order Book Continues To Grow Reported results for Wabtec’s first quarter weren’t all that exceptional, but they did exceed Street expectations at the earnings lines, and between management’s guidance commentary and a growing backlog, I don’t see a lot of ongoing headwinds from this report. Revenue rose 13% as reported, but organic growth was closer to 2% and was slightly below Street expectations. Freight revenue rose 1% in organic terms, missing by 3%, with weaker Service revenue (down 17% as reported), but strong Equipment (up 53%) and Digital (up 76%) boosted by acquisitions. Transit revenue rose more than 5% in organic terms, beating by 8%, with a good balance between new equipment and afterm...
estt/iStock via Getty Images Introduction & Investment Thesis The software sector ( IGV ) again came under fire yesterday, with ServiceNow ( NOW ) shares dropping 17% after its Q1 FY26 earnings , dragging the whole sector down with it. As I wrote in my previous post , 2026 has been an extremely challenging year for software, as Agentic AI (with Anthropic Claude Cowork and OpenAI Frontier) is rewri...
estt/iStock via Getty Images Introduction & Investment Thesis The software sector ( IGV ) again came under fire yesterday, with ServiceNow ( NOW ) shares dropping 17% after its Q1 FY26 earnings , dragging the whole sector down with it. As I wrote in my previous post , 2026 has been an extremely challenging year for software, as Agentic AI (with Anthropic Claude Cowork and OpenAI Frontier) is rewriting the software tech stack, whereby the classic system of records gets pushed down the stack and the incremental value created is directed towards AI agents, thus disrupting the predictable “seat-based” pricing model of SaaS companies. In fact, just as we started seeing early signs of a bottoming in the software sector, it was soon hit by yet another rock in early April when Anthropic launched its Managed Agents platform, threatening the agentic platform roadmap of the whole industry, including Salesforce’s Agentforce ( CRM ), ServiceNow’s Now Assist, and Workday’s Workday Build ( WDAY ), among others. While the industry staged an impressive rally post April 10, outperforming the S&P 500 ( SP500 ), I warned that the reversal in sentiment had likely been triggered by the severe undervaluation in the software segment and that at a fundamental level, we still needed a couple/few quarters of accelerating RPO (Remaining Performance Obligations), strengthening NRR (Net Retention Rate), and stable margins across companies to help investors find footing on how to value the sector and the companies within it. Unfortunately, ServiceNow’s Q1 FY26 earnings failed to deliver on the above fundamental metrics, with cRPO (Current Remaining Performance Obligations) projected to decline in the coming quarter, along with management reducing their guidance on gross margins. Even their FY26 subscription revenue raise came with footnotes that we will discuss later. In certain ways, the software industry is increasingly starting to look like PayPal ( PYPL ) as the stock never recovered and rema...
Readers respond to an article suggesting Justin Trudeau was too old to attend Coachella While I appreciate that Emma Brockes’ article was slightly tongue-in-cheek, I do reject the premise that there are aspects of modern culture that should be “off-limits” as you get older ( Justin Trudeau at Coachella? That’s just wrong: at a certain age, things must change, 16 April ). I am 57, absolutely love d...
Readers respond to an article suggesting Justin Trudeau was too old to attend Coachella While I appreciate that Emma Brockes’ article was slightly tongue-in-cheek, I do reject the premise that there are aspects of modern culture that should be “off-limits” as you get older ( Justin Trudeau at Coachella? That’s just wrong: at a certain age, things must change, 16 April ). I am 57, absolutely love dancing and clubs (although I rarely go), and I think this raises the question of whether it’s OK to maintain what is, essentially, a product of societal expectations and mores which are moving on. I went with my wife and 16-year-old daughter to the Reading festival last year. We left our daughter to enjoy the festival with friends as she wanted independence – we were on hand “just in case”, and it meant she had a safe tent to return to at whatever time of night she chose. Continue reading...
Prof Peter Ayton welcomes science in sporting commentary, but wants to set the record straight While it is wonderful to see scientific theories cited in sport analysis ( Guardiola ready to benefit as fellow Cruyff disciple Arteta strays from path, 17 April ), Daniel Kahneman and Amos Tversky’s Nobel prize-winning paper on prospect theory did not show that “human beings suffer from loss aversion wh...
Prof Peter Ayton welcomes science in sporting commentary, but wants to set the record straight While it is wonderful to see scientific theories cited in sport analysis ( Guardiola ready to benefit as fellow Cruyff disciple Arteta strays from path, 17 April ), Daniel Kahneman and Amos Tversky’s Nobel prize-winning paper on prospect theory did not show that “human beings suffer from loss aversion when in a favourable position”. Or that those in pursuit of the favourable position are “much more open to risk taking”. Prospect theory predicts that people are more highly motivated to avoid losses than to achieve gains of comparable magnitude – which explains why teams facing a disappointing scoreline get more yellow and red cards and use more substitutes , why basketball teams behind by a point at half time win more often than teams ahead by a point , and why golfers hole more par putts than birdie putts at the same distance , but not why a race leader would take less risk than their pursuers. Continue reading...
RHJ The U.S. and European Union signed an agreement Friday to coordinate on securing critical minerals needed for key industries including defense, in a move meant to reduce reliance on China for rare earths and permanent magnets. The plan includes an agreement to collaborate on setting price floors, subsidies, and other trade measures to boost a critical minerals market among the participating co...
RHJ The U.S. and European Union signed an agreement Friday to coordinate on securing critical minerals needed for key industries including defense, in a move meant to reduce reliance on China for rare earths and permanent magnets. The plan includes an agreement to collaborate on setting price floors, subsidies, and other trade measures to boost a critical minerals market among the participating countries, according to the Office of the U.S. Trade Representative. " We will explore how trade measures, such as border-adjusted price floors, can strengthen our domestic critical minerals industries and the downstream sectors critical to our industrial competitiveness," U.S. Trade Representative Jamieson Greer said. The agreement does not mention China, but the country processes more than 80% of the world's rare earths, and its decision last year to impose export controls on certain rare earths and permanent magnets intensified the trade war with the U.S. Potentially relevant stocks include Critical Metals ( CRML ), MP Materials ( MP ), USA Rare Earth ( USAR ), Lynas Rare Earths ( LYSCF ) ( LYSDY ), U.S. Antimony ( UAMY ), Ramaco Resources ( METC ), NioCorp Developments ( NB ), TMC the metals company ( TMC ), Lithium Americas ( LAC ), Perpetua Resources ( PPTA ), Nouveau Monde Graphite ( NMG ), Trilogy Metals ( TMQ ), Westwater Resources ( WWR ), Albemarle ( ALB ), Sigma Lithium ( SGML ), Standard Lithium ( SLI ). ETFs: ( REMX ), ( XME ), ( LIT ), ( BATT ) More on Critical Metals and rare earth ETFs Critical Metals: New Clarity And Momentum At Tanbreez For This Emerging HREE Miner Critical Metals: Focus On Execution Reality Instead Of Speculative Story (Rating Downgrade) REMX: The Geopolitics Of A US REE Stockpile Depletion
asiantiger247/iStock Editorial via Getty Images In the months that followed my previous coverage , Keurig Dr. Pepper, Inc. ( KDP ) continued to drop until it hit its current price and delivered about 4% of investment losses. Somehow, I still understand the cautious stance as its decision to integrate JDE Peet didn’t sit right with many investors. This move was highly transformative, risky, and eve...
asiantiger247/iStock Editorial via Getty Images In the months that followed my previous coverage , Keurig Dr. Pepper, Inc. ( KDP ) continued to drop until it hit its current price and delivered about 4% of investment losses. Somehow, I still understand the cautious stance as its decision to integrate JDE Peet didn’t sit right with many investors. This move was highly transformative, risky, and even uncertain, and macroeconomic volatility did not help it. Even so, this has opened a new buying opportunity at a discount considering its valuation and robust fundamentals. Technicals are still a bit weak today, but some recent improvements are evident. Q1 2026: A Decent Start In the face of rising prices fueled by tariff wars and potential energy commodity shocks, consumer spending may keep softening. Consumer staples, including soft drinks and non-alcoholic beverages may be among the first to experience the unfavorable impact. Even so, Keurig Dr. Pepper, Inc. continues to prove that strong brand popularity, customer loyalty, and staple products can sometimes help a company stay afloat or even take advantage of the situation. In Q1 2026, its net sales amounted to $4.0B YoY, up by 9.3% YoY from $3.6B. This YoY growth was much stronger than in my previous coverage at only 6.1%, showing a notable improvement since then. We can attribute to the sustained strength of demand for cold beverages. Once again, US Refreshment Beverages, particularly brands like Dr Pepper, Snapple, and 7UP, remained its primary growth engine. This was supported by energy drinks and sports hydration products. But what I really think that’s driving its growth is its strategic product mix improvements and volumes. Of course, KDP is capitalizing on its strong brand recognition, allowing it to maintain strong pricing power. But what is more interesting is its adaptation to health trends. Its new products include healthier options, such as zero-sugar and energy drinks for health-conscious customers and ath...
Jane Street Made A Record $40 Billion In Trading Revenue Last Year, More Than All Wall Street Banks The 10am slam in bitcoin, which we documented virtually every days since 2024 may have ended once Jane Street got busted for insider trading in the Terraform collapse , but that doesn't mean that the Wall Street HFT trading giant slowed down. On the contrary: according to Bloomberg, Jane Street Grou...
Jane Street Made A Record $40 Billion In Trading Revenue Last Year, More Than All Wall Street Banks The 10am slam in bitcoin, which we documented virtually every days since 2024 may have ended once Jane Street got busted for insider trading in the Terraform collapse , but that doesn't mean that the Wall Street HFT trading giant slowed down. On the contrary: according to Bloomberg, Jane Street Group reeled in a Wall Street record $39.6 billion of trading revenue last year, more than any Wall Street bank. According to the report, the firm beat out all global investment banks after reaping $15.5 billion in the year’s final quarter, and with only 3,500 employees, it beat nearest rival JPMorgan by 11% during the year . The company's adjusted ETBIDA for the full year was a stunning $31.2 billion. While Jane Street’s profits were lifted by surging valuations of its stakes in privately held companies, the firm’s main business matching buyers and sellers across assets thrived on bouts of market volatility. The new annual record - which includes gains on long-term investments - shows "how the balance of power has shifted in one of the most lucrative arenas of global finance." Jane Street’s "appetite for risk" helped the firm generate more than $11 million of revenue on average per employee. Jane rivals Citadel Securities and Hudson River Trading also notched records of their own last year, pulling in a more modest $12.2 billion and $12.3 billion respectively, Bloomberg has previously reported. They and Jane Street have filled voids left by banks more focused on higher-returning businesses. JPMorgan posted $35.8 billion of trading revenue in 2025 and Goldman Sachs Group Inc. $31.1 billion. For banks, Jane's ascent - marked with various regulatory mishaps - is a manifestation of the fears they have long harbored about someday losing ground to upstarts when US regulators imposed prop trading rules which sought to curb betting by deposit-taking institutions after the 2008 financi...
Smile/DigitalVision via Getty Images Procter & Gamble ( PG ) rose on Friday after delivering a solid fiscal Q3 beat, with organic sales up 3%, ahead of the 2.8% consensus, as both volume and pricing contributed positively to growth for the first time in several quarters. Yet despite Friday's strong showing, P&G ranks only second on Seeking Alpha's Quant Rating leaderboard for U.S. household produc...
Smile/DigitalVision via Getty Images Procter & Gamble ( PG ) rose on Friday after delivering a solid fiscal Q3 beat, with organic sales up 3%, ahead of the 2.8% consensus, as both volume and pricing contributed positively to growth for the first time in several quarters. Yet despite Friday's strong showing, P&G ranks only second on Seeking Alpha's Quant Rating leaderboard for U.S. household products stocks, sitting at 3.20, just behind Central Garden & Pet Company ( CENT ), which leads with a 3.39. More notably, every single stock on this list carries a Hold rating, with none clearing the 3.5 bullish threshold, a signal that even after P&G's beat, the quant models see limited near-term upside across the entire household products space, likely reflecting stretched valuations and ongoing margin pressure from tariffs and input costs. Church & Dwight ( CHD ) ranks third at 3.05, followed by Colgate-Palmolive ( CL ) at 3.02 and Clorox ( CLX ) at 2.87. Kimberly-Clark ( KMB ), WD-40 Company ( WDFC ), and Reynolds Consumer Products ( REYN ) round out the bottom of the list, each with scores between 2.66 and 2.79 — edging closer to bearish territory. Seeking Alpha's Quant Rating system grades stocks based on valuation, growth, stock momentum, and profitability on a scale of 1 to 5. Scores of 3.5 or above are bullish; 2.5 or below is bearish. Here is the list: Central Garden & Pet Company ( CENT ), Quant Rating: 3.39 The Procter & Gamble Company ( PG ), Quant Rating: 3.20 Church & Dwight Co., Inc. ( CHD ), Quant Rating: 3.05 Colgate-Palmolive Company ( CL ), Quant Rating: 3.02 The Clorox Company ( CLX ), Quant Rating: 2.87 Kimberly-Clark Corporation ( KMB ), Quant Rating: 2.79 WD-40 Company ( WDFC ), Quant Rating: 2.74 Reynolds Consumer Products Inc. ( REYN ), Quant Rating: 2.66 Consumer Staples ETFs: ( XLP ), ( VDC ), ( IYK ), ( FSTA ), ( KXI ), and ( RSPS ) More on State Street® Consumer Staples Select Sector SPDR® ETF, Vanguard Consumer Staples Index Fund ETF, etc. RSPS: C...
Thomas Roell/iStock via Getty Images CAE Inc. ( CAE ) ( CAE:CA ) shares have dropped another 17% since my last report . In that report, I made the case that CAE was nothing more than collateral damage in a dispute between the US and Canada regarding the certification of Gulfstream business jets in Canada. However, we are now seeing new risks emerge for the provider of flight training and simulatio...
Thomas Roell/iStock via Getty Images CAE Inc. ( CAE ) ( CAE:CA ) shares have dropped another 17% since my last report . In that report, I made the case that CAE was nothing more than collateral damage in a dispute between the US and Canada regarding the certification of Gulfstream business jets in Canada. However, we are now seeing new risks emerge for the provider of flight training and simulation hardware and services. In this report, I discuss those risks, review the earnings expectations, and update my price target. CAE Commercial Pilot Training Business Is Under Pressure For several quarters, CAE’s business has been facing some pressures as airplane deliveries remained delayed, and that also delays demand for pilot training. That is nothing new, really. However, what is new is the pressure that the war in Iran exerts. High oil prices are leading to airlines flying less, and lower GDP growth may affect demand for air travel. Putting it simply, when airplanes fly less, there are also fewer pilots needed to fly those airplanes, and that affects pilot hiring and training demand, which is what CAE’s business is built on. There are partial offsets as pilots need recurring simulation training to remain current, and phasing out less fuel-efficient assets could drive retraining for pilots on new airplane types. However, generally, we have seen airline pilot hiring normalize after the post-pandemic surge, and it is now more driven by airline pilot retirements, driving demand, and, moreover, the lower utilization due to the war is being layered. So, this is a near-term cyclical pressure. In the defense business, we have seen profitability improve as CAE has been working on closing legacy loss-making contracts and is replacing those contracts with higher-margin work. Overall, CAE has recognized the pressures on the business due to economic uncertainty and slow airplane deliveries and is targeting a workforce reduction of 280 positions . With a new CEO in place, I do believ...