Just_Super/iStock via Getty Images Continuing my scrupulous assessment of growth and tech ETFs, today I would like to discuss the AOT Growth and Innovation ETF ( AOTG ), an actively managed vehicle that I believe offers an excellent combination of factor exposures and past performance. However, I gravitate towards the Hold rating. For clarity, I like the premise of its strategy, the upside capture...
Just_Super/iStock via Getty Images Continuing my scrupulous assessment of growth and tech ETFs, today I would like to discuss the AOT Growth and Innovation ETF ( AOTG ), an actively managed vehicle that I believe offers an excellent combination of factor exposures and past performance. However, I gravitate towards the Hold rating. For clarity, I like the premise of its strategy, the upside capture ratio of about 121% (with the Invesco NASDAQ 100 ETF ( QQQM ) selected as a benchmark), and very robust GARP and quality characteristics of its portfolio. However, there are reasons for skepticism, and quite persuasive ones. First, over the July 2022–May 2026 period, its risk metrics, including maximum drawdowns, were substantially weaker than QQQM's. Together with a very high weighted average 24-month beta its portfolio currently has, this implies that if the current market rally loses steam (and it certainly can as the S&P 500 is at an all-time high while the Strait of Hormuz question is not resolved), its drawdown can be of considerable depth. Given the historical data, I cannot rule out a decline in the high teens or even 20s. Second, its rather high expense ratio of 75 bps and liquidity that is far from ideal also contribute to my mildly skeptical stance. However, even though I am not defending a bullish thesis today, I still believe AOTG deserves to be shortlisted by investors seeking concentrated growth-heavy portfolios with high quality. AOTG Strategy And Portfolio As we know from the summary prospectus available on the ETF's website , the actively managed AOTG ...invests in U.S. listed equity securities that AOT Invest LLC (the “Sub-Adviser”) believes have high growth potential based on a low marginal cost business model. What is "a low marginal cost business model"? The following definition is given in the summary prospectus: The Sub-Adviser considers a company to have a low marginal cost business model if the company can deliver a greater amount of its goods or ...
While Nvidia and Tesla dominate the headlines, another company has quietly joined them at the very top. As of this writing, Broadcom (NASDAQ: AVGO) is worth about $2.1 trillion -- nearly half a trillion dollars more than Tesla, and one of only a handful of companies ever to reach that mark. Yet for a business this size, it draws a fraction of the attention. Its products don't sit in driveways or l...
While Nvidia and Tesla dominate the headlines, another company has quietly joined them at the very top. As of this writing, Broadcom (NASDAQ: AVGO) is worth about $2.1 trillion -- nearly half a trillion dollars more than Tesla, and one of only a handful of companies ever to reach that mark. Yet for a business this size, it draws a fraction of the attention. Its products don't sit in driveways or living rooms; they sit deep inside the data centers that train and run artificial intelligence (AI) . And that is exactly where the money is flowing. Broadcom has quietly become the most important AI chip company after Nvidia, the world's most valuable company. The stock is up about 85% over the past year and recently touched a record high, far outpacing the S&P 500 . The question is whether the overlooked giant still has room to run -- or whether the market has finally caught up to it. Image source: Getty Images. Continue reading
The Nocebo Effect: The Real PsyOp Behind Fake Pandemics Authored by Mike Adams via Natural News.com, The Nocebo Effect Is the Hidden Engine of Modern Pandemic Narratives When authorities tell you to be afraid of a virus, your mind can make symptoms real, even when no pathogen exists. This is not conspiracy theory; it's documented science, and it has been weaponized against the public for decades. ...
The Nocebo Effect: The Real PsyOp Behind Fake Pandemics Authored by Mike Adams via Natural News.com, The Nocebo Effect Is the Hidden Engine of Modern Pandemic Narratives When authorities tell you to be afraid of a virus, your mind can make symptoms real, even when no pathogen exists. This is not conspiracy theory; it's documented science, and it has been weaponized against the public for decades. The nocebo effect -- the evil twin of the placebo -- is the key to understanding how pandemics are manufactured as psychological operations. The word "nocebo" means "I will harm" in Latin, and that's exactly what this phenomenon does: it turns negative expectations into real physical harm. The idea that a suggestion can make you sick is as old as medicine itself, yet it has been deliberately ignored by the scientific establishment because it threatens the entire foundation of the infectious disease model. Research on the nocebo effect in the context of COVID-19 shows that the pandemic produced a "nocebodemic effect" characterized by mass negative interpretation of health services and medical treatments. When combined with the fear narrative pumped out by governments and media, this creates a perfect storm of psychogenic illness that requires no actual virus to produce symptoms. The institutions that profit from sickness have learned to weaponize this effect on a scale never seen before. How the Nocebo Effect Works: Mind Over Matter, the Dark Side The placebo effect demonstrates that belief can heal, but its dark twin shows that belief can also harm. In the book "Awaken the Power Within," hypnotist Del Hunter Morrill explains that suggestions create our belief systems and cultural mores, and they affect how we think, respond, and act. When suggestion is carefully engineered by those in power, it can produce real physiological effects. Consider the documented case of a patient who convinced himself he was dying after a mistaken last rites -- and actually died. That's the powe...
fcafotodigital/E+ via Getty Images Introduction Back when I first covered B&G Foods, Inc. ( BGS ), I initiated coverage on this diversified food producer with a Buy rating, calling them "Cheap For A Reason, But Too Cheap To Ignore," as the company was undergoing a major portfolio transformation, working on reducing its leverage and improving margins during a very tough macro landscape. With the ri...
fcafotodigital/E+ via Getty Images Introduction Back when I first covered B&G Foods, Inc. ( BGS ), I initiated coverage on this diversified food producer with a Buy rating, calling them "Cheap For A Reason, But Too Cheap To Ignore," as the company was undergoing a major portfolio transformation, working on reducing its leverage and improving margins during a very tough macro landscape. With the risk-reward getting much more attractive following the dividend cut and guidance boost that were met with a significant crash from the market, I'm upgrading BGS to a Strong Buy today, as the company seems to be taking major steps towards the right decision, in my opinion. Warning Overshadows The Guidance Boost B&G Foods, Inc. IR Despite reporting Q1 results that beat the market's top- and bottom-line estimates and announcing a well-warranted dividend cut that I'll detail below, BGS fell on the day of its release as a result of them highlighting the "unpredictable times" we live in, as the company's CFO called them during the Q1 Earnings Call , which is generally something that leads to this kind of crash: I would like to remind the audience that we continue to live in unpredictable times. Our 2026 guidance reflects what we know today and for example, does not factor in significant changes in inflation, tariff policies or the potential impact of escalation in the conflicts in Eastern Europe, the Middle East or Latin America could have on our results. For 2026, BGS actually raised its net sales guidance to a range of $1.735 billion to $1.775 billion (from $1.655 billion to $1.695 billion), the Adj. EBITDA to $275 million to $290 million ($265 million to $275 million), and the Adj. Diluted EPS to $0.575 to $0.675 ($0.55 to $0.65), which can make the valuation disconnect even higher as the market potentially overreacts to flashier news while the company advances on its turnaround. B&G Foods, Inc. IR Financially, based on BGS latest report , we can see why they are taking these si...
AI is getting expensive – and companies are starting to rethink their embrace of the disruptive technology. Playing by a well-worn Silicon Valley playbook, artificial intelligence companies charged rock-bottom prices to hook customers after ChatGPT burst onto the scene. Kevin Simback of start-up incubator Delphi Labs calls it the era of “subsidised intelligence” – meaning investors were basically ...
AI is getting expensive – and companies are starting to rethink their embrace of the disruptive technology. Playing by a well-worn Silicon Valley playbook, artificial intelligence companies charged rock-bottom prices to hook customers after ChatGPT burst onto the scene. Kevin Simback of start-up incubator Delphi Labs calls it the era of “subsidised intelligence” – meaning investors were basically footing the bill so companies could offer AI on the cheap. “But the tides are beginning to turn,”...
Klaus Vedfelt/DigitalVision via Getty Images Hess Midstream Analysis When scrolling through the North American midstream sector, it's easy to find high yielding names - you can find MLPs with yields ranging from 5% to 10% or higher (in some cases). But not every one of these stocks deserves a permanent home in an income portfolio for various reasons. It's not enough to just lock in a high yield. I...
Klaus Vedfelt/DigitalVision via Getty Images Hess Midstream Analysis When scrolling through the North American midstream sector, it's easy to find high yielding names - you can find MLPs with yields ranging from 5% to 10% or higher (in some cases). But not every one of these stocks deserves a permanent home in an income portfolio for various reasons. It's not enough to just lock in a high yield. In particular, I'm looking for high-yielding stocks with a positive history of growing distributions over time, even during weak oil price environments, as these are the stocks that in this sector that tend to outperform over the long haul. And I prefer midstream stocks with relatively low leverage and a history of strong operating results. Hess Midstream ( HESM ) is a name I've known for years but haven't pulled the trigger on yet. It isn't my top pick: Western Midstream ( WES ) and MPLX ( MPLX ) get that honor. But, when it comes to the things that matter most to income investors (distribution history and valuation, for starters), HESM screens a bit better than many of its peers. That's why I've rated the stock as a BUY. Chevron and Hess: A Good Partnership Hess Midstream Hess benefits from its partnership with Chevron ( CVX ), which has provided it with long-term, fee-based contracts after Chevron's acquisition of Hess closed last year. While this means single counterparty risk, it's a pretty great counterparty to have as Chevron is a $360+ billion company with massive financial firepower and a strong asset base. I don't think this key benefit has been fully appreciated by investors yet. Hess Midstream Also note that the contracts run for the next 7 years, through 2033. Again, they are 100% fee-based, meaning that commodity prices aren't a huge deal and a massive dip in oil and gas prices wouldn't impact earnings or cash flow by much. Chevron also has minimum volume commitments ("MVC"), and so it must produce a certain volume and pay HESM a certain amount, even if Bakken ...
TSMC’s recent performance snapshot Taiwan Semiconductor Manufacturing (NYSE:TSM) has quietly posted sizable gains over the past year, with the stock up 5.2% over the past month and 13.4% over the past 3 months, while one day performance has been weaker. See our latest analysis for Taiwan Semiconductor Manufacturing. The share price is now at US$418.45. Despite a 1 day decline of 1.51%, the 30 day ...
TSMC’s recent performance snapshot Taiwan Semiconductor Manufacturing (NYSE:TSM) has quietly posted sizable gains over the past year, with the stock up 5.2% over the past month and 13.4% over the past 3 months, while one day performance has been weaker. See our latest analysis for Taiwan Semiconductor Manufacturing. The share price is now at US$418.45. Despite a 1 day decline of 1.51%, the 30 day share price return of 5.23% and year to date share price return of 30.93% sit alongside a very...
BYD (SEHK:1211) has introduced new service packages for its "God's Eye" assisted-driving system, aimed at broadening access to its intelligent-driving features. The company has also unveiled a self-developed 4-nanometer chip that is designed to support higher level L3/L4 autonomous driving functions. BYD shares last closed at HK$91.3, with the stock down 10.9% over the past 30 days and down 29.5% ...
BYD (SEHK:1211) has introduced new service packages for its "God's Eye" assisted-driving system, aimed at broadening access to its intelligent-driving features. The company has also unveiled a self-developed 4-nanometer chip that is designed to support higher level L3/L4 autonomous driving functions. BYD shares last closed at HK$91.3, with the stock down 10.9% over the past 30 days and down 29.5% over the past year. Even with this pullback, the stock is still up 15.3% over three years and...
MannKind (NASDAQ:MNKD) said the U.S. Food and Drug Administration has approved Afrezza for pediatric patients with diabetes ages 6 and older, expanding the inhaled mealtime insulin’s label into children and adolescents. Chief Executive Officer Michael Castagna called the decisio
MannKind (NASDAQ:MNKD) said the U.S. Food and Drug Administration has approved Afrezza for pediatric patients with diabetes ages 6 and older, expanding the inhaled mealtime insulin’s label into children and adolescents. Chief Executive Officer Michael Castagna called the decisio
As artificial intelligence strains the physical limits of existing data centres, scientists and investors are turning to the ultimate speed limit of the universe for the next computing frontier: light. For Mi Lei, founder of CAS Star, a venture capital firm born out of the state-run Chinese Academy of Sciences (CAS), the sudden global fascination with photonics is less a surprise than a delayed va...
As artificial intelligence strains the physical limits of existing data centres, scientists and investors are turning to the ultimate speed limit of the universe for the next computing frontier: light. For Mi Lei, founder of CAS Star, a venture capital firm born out of the state-run Chinese Academy of Sciences (CAS), the sudden global fascination with photonics is less a surprise than a delayed validation. It is a thesis he has spent more than a decade trying to support with funding. “New...
Everybody would like catalysts to appear sooner rather than later for their stocks, and that's definitely the case with Tesla (NASDAQ: TSLA) . Investors have waited for years for the robotaxi rollout, for the Optimus robot, for full self-driving (FSD) software revenue to take off, and for the Semi truck to begin production. The bad news is that none of these will move the needle financially for Te...
Everybody would like catalysts to appear sooner rather than later for their stocks, and that's definitely the case with Tesla (NASDAQ: TSLA) . Investors have waited for years for the robotaxi rollout, for the Optimus robot, for full self-driving (FSD) software revenue to take off, and for the Semi truck to begin production. The bad news is that none of these will move the needle financially for Tesla this year, but the good news is that they are set to lay the foundation for long-term growth in 2026. Here's how. To illustrate the relevance of each of these four initiatives, here's a look at the current Wall Street consensus (median values) for each of them compared to the consensus for total revenue. All four combined are forecast to generate only 2% of total revenue in 2026, with doubts over Optimus revenue in particular this year, but that changes significantly in 2027 and 2028. Not only is their combined revenue forecast to be significant in 2027 and 2028, but they are forecast to contribute 46% of the growth in overall company revenue between 2026 and 2028. Continue reading
bluecinema/iStock via Getty Images Amid the rally in the stock market to fresh all-time highs, now is not the time to be complacent on any holdings in our portfolio. This is a market that requires constant monitoring of our positions, especially as the Q1 earnings season reveals companies that are starting to slip. DraftKings ( DKNG ), in my view, is one of these companies. Underneath the gusher o...
bluecinema/iStock via Getty Images Amid the rally in the stock market to fresh all-time highs, now is not the time to be complacent on any holdings in our portfolio. This is a market that requires constant monitoring of our positions, especially as the Q1 earnings season reveals companies that are starting to slip. DraftKings ( DKNG ), in my view, is one of these companies. Underneath the gusher of AI excitement this year, another major new product category that is emerging is predictions markets: and increasingly DraftKings is revealing itself to be a net-loser in the space. Since the start of the year, shares of DraftKings have lost ~30% of their value; in my view, there's further pain ahead. Data by YCharts I last wrote a neutral article on DraftKings in March, when the stock was trading at similar levels near ~$25. Since then, DraftKings shares have softened slightly and missed out on a broad market rally: underperformance which I now view to be justified in light of the company's disastrous Q1 earnings print. My previously balanced view on DraftKings was supported by the company's launch of its "super app," combining its traditional sportsbook products, iGaming, and most importantly predictions markets features under one application. Q1 results, however, have showcased that handle trends have weakened considerably as active players declined, showcasing clearly that DraftKings is losing market share and mindshare as Polymarket and Kalshi take off. Amid the fact that DraftKings still isn't a value stock, I'm reiterating my sell rating on this name. Q1 Download: Declining Active Players, Flat Handle Are A Clear Signal That Predictions Will Not Be Kind To DraftKings Let's cut straight into the reasons why DraftKings is looking substantially weaker post-Q1. Again, this is not a market that can sustain passive portfolios: amid changing technologies and trends, we have to consistently monitor what's "in" and what's "out," and I believe that DraftKings' time in the spo...
San Antonio Spurs 111–103 Oklahoma City Thunder Spurs seal series to advance to NBA finals against Knicks For large parts of this season, many wondered if the Oklahoma City Thunder had any weaknesses. One thing the reigning champions didn’t have was Victor Wembanyama , who led the San Antonio Spurs to a Game 7 victory in the Western Conference finals. The Spurs’ 111-103 victory on Saturday night m...
San Antonio Spurs 111–103 Oklahoma City Thunder Spurs seal series to advance to NBA finals against Knicks For large parts of this season, many wondered if the Oklahoma City Thunder had any weaknesses. One thing the reigning champions didn’t have was Victor Wembanyama , who led the San Antonio Spurs to a Game 7 victory in the Western Conference finals. The Spurs’ 111-103 victory on Saturday night means they will face the New York Knicks in the NBA finals, with Game 1 set for Wednesday in San Antonio. Continue reading...
Lumir Pecold/iStock via Getty Images Investment Thesis Erdene Resource Development ( ERDCF ) ( ERD:CA ) is a mining company operating in Mongolia and is focused on gold and silver, as well as exploration for copper, molybdenum, lead, and zinc deposits. The company's main project is the Bayan Khundii Gold Project, which is jointly owned by Erdene Resource Development and Mongolian Mining Corporatio...
Lumir Pecold/iStock via Getty Images Investment Thesis Erdene Resource Development ( ERDCF ) ( ERD:CA ) is a mining company operating in Mongolia and is focused on gold and silver, as well as exploration for copper, molybdenum, lead, and zinc deposits. The company's main project is the Bayan Khundii Gold Project, which is jointly owned by Erdene Resource Development and Mongolian Mining Corporation, ( MOGLF ) and has just achieved first commercial production in the first quarter of 2026. The company also has two more wholly-owned precious metal and base metal projects in the Khundii and Oyu Tolgoi districts, as well as technical work which is being done on the Zuun Mod and Khuvyn Khar copper projects. More information on these projects is coming in the third quarter of 2026, and investors are interested. Erdene was largely viewed as a speculative exploration company in prior years, but now that the Bayan Khundii Gold Project is a commercially viable gold mine, the stock looks attractive for microcap investors who have a long-term time horizon. With a market capitalization of approximately US$300 million, the company is considerably undervalued given the high grade and low cost production potential of the Bayan Khundii Gold Project alone, and not even factoring in the company's zinc, molybdenum, and copper projects. The first cash flows from operations are beginning to show up on the company's financial statements, and 2026 will be the first full year of earnings that the company has produced. The opportunity stems from the view that the market is currently overlooking the stock, and has not yet priced-in the fact that the company is no longer in an exploratory phase, but is transitioning into a high-margin precious metals producer. Introduction I discovered Erdene Resource Development through my research into the Mongolian Mining Corporation, which is primarily a coal mining operation with a market capitalization of $1.1 billion. Mongolian Mining trades internationa...